Paisa Bazaar https://www.paisabazaar.com/learn Compare & Apply Tue, 16 Jan 2018 13:49:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.2 Bharat 22 ETF May Be Listed on Global Stock Exchanges https://www.paisabazaar.com/mutual-funds/news/21001-bharat-22-etf-may-be-listed-on-global-stock-exchanges/ https://www.paisabazaar.com/mutual-funds/news/21001-bharat-22-etf-may-be-listed-on-global-stock-exchanges/#respond Thu, 07 Dec 2017 07:32:47 +0000 https://www.paisabazaar.com///21001-/ Bharat 22 ETF, the recently launched ICICI Prudential Mutual Fund AMC-managed exchanged traded fund, is looking into getting listed on global stock exchanges according to an ET Now report. As per the report, the government has tasked ICICI Prudential AMC with getting the ETF listed on various global indices. At present, the US, Singapore, London […]

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Bharat 22 ETF, the recently launched ICICI Prudential Mutual Fund AMC-managed exchanged traded fund, is looking into getting listed on global stock exchanges according to an ET Now report. As per the report, the government has tasked ICICI Prudential AMC with getting the ETF listed on various global indices. At present, the US, Singapore, London and Hong Kong exchanges are being considered as the prime candidates for this listing. The Bharat 22 ETF is currently listed on Indian indices and since its launch in November, the ETF has garnered significant attention from domestic institutional and retail investors according to the ET report.
 

The Bharat 22 ETF is a unique blend of the public sector, SUUTI and CPSE equities across diverse sectors featuring individual stock investment cap of 15% and sector wise cap of 20%. The ET Now report also added that being a passively managed fund, the Bharat 22 ETF features a lower expense ratio as compared to actively managed funds. As per earlier reports, the Bharat 22 ETF was introduced in order to help the government meet its divestment target in a few select public sector and SUUTI companies. Hence, the international listing would dilute the government’s stake in the Bharat 22 ETF companies further. The ET Now report also mentions that the government has announced that its stake dilution in these companies would cease subsequent to the proposed listing on international indices.

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Paisabazaar.com Announces New Product Category for Short Term Personal Loans https://www.paisabazaar.com/press-release/media/20925-paisabazaar-com-announces-new-product-category-for-short-term-personal-loans/ https://www.paisabazaar.com/press-release/media/20925-paisabazaar-com-announces-new-product-category-for-short-term-personal-loans/#respond Tue, 05 Dec 2017 05:39:01 +0000 https://www.paisabazaar.com///20925-/ Gurgaon, November 28: Paisabazaar.com, India’s No. 1 Marketplace for loans and cards, today announced a new lending product category – Short Term Personal Loans or STPL – for customers who need small loans for a short period. Paisabazaar.com has tied up with new-age digital lenders like CASHe, Early Salary, Paysense, StashFin and Shubh Loans to […]

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Gurgaon, November 28: Paisabazaar.com, India’s No. 1 Marketplace for loans and cards, today announced a new lending product category – Short Term Personal Loans or STPL – for customers who need small loans for a short period. Paisabazaar.com has tied up with new-age digital lenders like CASHe, Early Salary, Paysense, StashFin and Shubh Loans to offer this product on its platform. It plans to bring at least 5 more partners on board and disburse over 10,000 loans per month by March, 2018.
 

Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “Being India’s largest online platform for loans, we receive demands for various kinds of credit products. Over the last six months, we saw emergence of a significantly sized customer segment that is looking for quick loans of small amounts. These are usually young salaried professionals who need immediate funds for an impending need, but do not have a strong credit profile to approach banks and NBFCs. Through STPL, we are ensuring that not only these customers’ credit needs are met, but also helping build their credit profile for the future.”
 

STPL is available on Paisabazaar.com through an end-to-end digitized process and would help customers get almost instant access to credit.
 

Gaurav Aggarwal, Head, Unsecured Loans, Paisabazaar.com, said, “From traditional lending products offered by banks and NBFCs to innovative credit offerings by digital lenders, Paisabazaar aims to meet borrowing need of consumers. STPL has enabled us to partner with fintechs and together, we have leveraged the best technologies to not just offer borrowers a range of great products but a delightful experience.”
 

V. Raman Kumar, Chairman, Aeries Financial Technologies, said, “We, at CASHe, are thrilled to partner with Paisabazaar.com to offer our app-based short-term lending products on its platform. This provides us with a great opportunity to tap the massive customer base of Paisabazaar.com and help them meet their short-term credit needs through a completely digital and hassle-free process.”
 

Akshay Mehrotra, Co-Founder & CEO, EarlySalary.com, said, “At EarlySalary, we are looking to help young salaried professionals every time they fall short of cash. Our partnership with Paisabazaar.com has enabled us to expand our distribution base and reach out to millennials from all parts of the country.”
 

Tushar Aggarwal, Founder & CEO, StashFin, said, “for borrowers in this segment, quick disbursement and hassle-free service are of topmost priority, which we are able to cater to by implementing Machine Learning and AI models, leading to a much faster lending process. Through our integration with Paisabazaar, we provide a seamless experience to a wider range of borrowers.”
 

Paisabazaar.com currently disburses over Rs 300 crore of loans every month, to more than 450 cities and towns across India. It plans to reach an annualized disbursal of Rs 6000 crore by the end of this financial year.
 

About PaisaBazaar.com
 
Paisabazaar.com is India's largest online financial marketplace for loans and Credit Cards. It offers all a complete spectrum of lending and investment products for retail customers. Paisabazaar.com currently partners with more than 75 partners across lending and investment categories with 300+ products on offer. Since its inception in early 2014, the company has marked a staggering growth and now has over 33 million visitors coming to its website each year.


It is the only financial player to disburse loans worth Rs 2500 crore worth in a financial year (2016-17). The company is targeting a 3X growth and aims to cross Rs. 6000 crore annualized disbursal run rate by the end of this financial year. It plans to touch annualized disbursal of Rs 25000 crore by 2020.


The portal has been conferred with Economic Times "Best BFSI Brand Award", Money Tech “Startup of the Year and Money Tech “Best Customer Experience Innovation” in the last one year.  Apart from this, Paisabazaar.com has been recognized as an “Emerging Brand” at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.


Paisabazaar is part of Policybazaar group, India's largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest,  Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company. 


For further information, please contact:
 
Sandeepa Santiago
sandeepa@paisabazaar.com
09599423244

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Have You Chosen the Right Mutual Funds for Child Education? https://www.paisabazaar.com/mutual-funds/articles/20886-have-you-chosen-the-right-mutual-funds-for-child-education/ https://www.paisabazaar.com/mutual-funds/articles/20886-have-you-chosen-the-right-mutual-funds-for-child-education/#respond Fri, 01 Dec 2017 07:22:52 +0000 https://www.paisabazaar.com///20886-/ With every passing day, education in India is becoming more and more expensive. The cost of getting a decent school education in India has skyrocketing. As per data released by the National Sample Survey Office, the average annual expenditure on a private schooling has increased by a whopping 175% in the last 10 years. During […]

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With every passing day, education in India is becoming more and more expensive. The cost of getting a decent school education in India has skyrocketing. As per data released by the National Sample Survey Office, the average annual expenditure on a private schooling has increased by a whopping 175% in the last 10 years. During the same period, the cost of professional or technical education has increased by 96%.
 
In view of this, saving for children’s education is of utmost importance. If you are a parent, their children’s needs would tend to come much before their own. Once couples turn parents, their priorities change completely. From living for themselves, the spotlight shifts to providing the best to the child.  So, you need to implement a financial strategy with a sound investment portfolio and stick to maintaining it. Educating yourself for being your own financial planner and following the path is crucial for building a sufficient corpus for your child’s education.

 
Cost of Higher education in India
 
Let us consider the rapid increase in cost of higher education in India. The class of 2018 at IIM Ahmedabad has paid Rs.19.5 lakhs for their 2-year course. This is an increase of 353% compared to what it was in 2007. Even if this amount increases at a rate of 20% a year, you will have to pay Rs.70 lakhs in 2025 pay for your child’s tuition at this premier business school.
 

What is the situation in undergraduate courses? The tuition fees of all IITs have been raised to Rs.2 lakh per year from the earlier Rs. 90,000 per year. This is only the tuition fees. There are a number of other costs which are incurred by a student. If we consider an average increase rate of 10% on the tuition fee itself, the total cost of tuition for an engineering course would be an estimated Rs.15.60 lakhs in 7 years compared to Rs.8 lakhs it is today. And this is just the tuition fees.
 

  Class of 2007
 (Amount in Lacs)
Class of 2018
(Amount in Lacs)
 Change (%)
IIM Ahmedabad 4.3 19.5 353
IIM Bangalore 5 19.64 293
IIM Kolkata 5 19 280
IIT (Engineering) 3.6 8 122

 Table 1. Change in tuition fees of premium education institutes in the last decade (Fees amount taken in approximation)

                                                                          Tuition Fees Trend in Decade

Table 2. Graphical representation of percentage change in tuition fees of premium education institutes in the last decade
 

Based on the above calculations, if you have a 1-year-old child now, you would need to create a total corpus of Rs 42 lakhs for paying just the tuition fees of an Engineering degree. The tuition fees are even higher at Rs 46 lakhs for funding an MBA education for your child.
 
Hence, you need to be able to save regularly and invest effectively in order to fund you child’s ongoing education as well as save for his/her higher education. And this is where mutual funds can provide a possible solution.
 
Child Plan or Mutual Funds – Which is the better investment?
 

Many investors opt for child plan instead of mutual funds when planning their children’s education expenses. There are quite a few reasons why child plans might not be a suitable alternative. For starters, it is best not to mix insurance and investment. The main intention of an insurance policy is to provide protection, not make the funds grow. Naturally, a child plan is not managed with a view to maximize returns and hence, returns of such schemes can never match up to the potential returns offered by a mutual fund. In a child plan, one or both the parents are insured. Hence, a significant portion of the fund is set aside to provide for this insurance amount and the rest is invested in market-linked instruments either equity or debt. This way, in case of the unexpected demise of an insured parent, a sizable sum (sum assured) is paid out in favor of the child, which can be utilized for the child’s education and upbringing. However, the main point to note here is that only a portion of premium amount is being invested to make your money grow, while the rest is diverted towards maintaining insurance coverage of the parents.

                                                 Mutual Fund Investment

Mutual funds offer a better way of investing and making your funds grow faster. All you need to do is purchase a pure term plan for insurance, which is quite cheap and invest the rest into mutual fund. A pure term plan is life insurance coverage that can be availed by paying a nominal annual premium. In case of the untimely death of the insured parent (s), the term plan will pay the sum assured to the next of kin. Simultaneously, the amount invested in the mutual fund will continue to grow at a rate that is much faster than the child plan.
 
How to Invest in Mutual Funds for Child Education Plan
 
It is now common knowledge that mutual funds feature various advantages over many traditional investment options. In case you are new to mutual funds or are busy to follow a DIY investment strategy, an experienced fund manager can do the job on your behalf. 
 
The following are a few tips to help you get started. You need to remember that making investments should be a regular habit rather than. Regular investment and starting to save early in life provides you with the benefit of compounding. Of course, if you have a large sum of money sitting idle, it can easily be put to work according to your investment targets and prevailing market conditions. However, one of the best ways to save for your child’s education is to invest through a Systematic Investment Plan (SIP). An SIP works best for all kinds of professionals – salaried or business. Regularly investing small amounts over the long term leads to accumulation of a large corpus which can be very useful at a later date.
 
Depending upon your income and factoring in your monthly expenses, you should be able to arrive at an amount suitable for investing in SIPs. Since the target corpus tends to be a substantial amount, such an SIP will have to be done for a long-term and not for a short one or three year period. Investing small sums regularly will not burn a hole in your pocket and is bound to help you reach your target corpus in a timely fashion. Moreover, by investing through SIPs, you will not have to time the market since the concept of Rupee Cost Averaging will apply. When you invest through a SIP, you invest on a particular day of each month, irrespective of market conditions. In some cases, you will purchase units at a higher NAV while in other cases units will be available at a lower NAV – ultimately leading to an average NAV. This way, you remain largely unaffected by the volatility of the market. This is feature of SIP investments is known as Rupee Cost Averaging.
 
Now let us show you an example of how investing in SIPs can benefit you as a parent. Let us consider that you want to invest Rs 5000 per month. Let us also assume that your child is aged about 5 years at present. If we consider an average return of 12%, by the time your child goes to college 13 years down the line, your total corpus would be worth around Rs.18.61 lakhs. The rate of return however does depend on the type of fund invested in. However, even if the investment is done in the most conservative way, equity mutual fund returns over the long term have tended to range between 10% and 12%.
 
Obviously if you are able to increase the total annual SIP amount, a larger fund can be accumulated. In the above scenario, if the amount of investment per month is increased by 20% annually, your total accumulated corpus should be worth over Rs. 1 crores by the time the child is ready for college. This is the beauty of compounding. Considering that on average your income will continue to increase, investing more through SIP should be a definite possibility.
 
Which mutual funds to choose for your child education plan?
 
Selecting the ideal mutual fund based on your specific requirements is crucial for generating adequate long term savings for your child’s education. To begin with, instead of investing in just a single fund, you should consider diversifying your investments across at least two or three different funds. On an average a Rs.2000 SIP in each fund is a good place to start. This will ensure that your investment portfolio will benefit from the expertise of different fund managers and various types of funds. After all, when it comes to investing, the importance of diversification can never be ignored.
 
The core of your investment portfolio should ideally be relatively lower risk diversified equity funds with smaller investments made into various small and mid-cap funds. Diversified equity funds provide key benefits such as lower volatility in the long term. Small and mid-cap funds tend to feature a higher level of volatility,  however, the potential rewards on offer are a lot higher than most other equity investments. If you are extremely risk-averse, choosing a few good hybrid funds might be a suitable alternative however your returns will tend to be lower than equity investments. This is mainly because 30 to 40% of a hybrid fund’s investments are done into potentially low return debt instruments. In the last five years, equity funds have given an average return of 12% while hybrid funds have given around 10%. The returns of all equity funds and equity oriented hybrid funds will be tax-free if redeemed after 1 year of investment.
 
However, you also need to look at the time frame you have to stay invested in order to create your target corpus. If you have more than 10 years in hand before you need the money, go all out and invest in equity funds which have the highest growth potential. However, if you have between 5 and 10 years in hand, it might be more suitable to opt for a balance between equity and hybrid funds. Potentially lowest risk debt funds on the other hand are only suitable in case you are highly risk averse or need the payout immediately. 
 
Start investing early and Enjoy Big Benefits 
 
With regards to investments, starting early is the key to ensuring that your finances are less burdened. For example, if you start saving for your child’s college education (required at approximately 18 years of age) when the child reaches 5 years of age, you will have to invest only Rs 6700 per month to reach the goal of Rs 25 lakhs. However, if you start saving after the child reaches 11 years of age the investment amount per month will go up to Rs 19000 (assuming equity return of 12% p.a.) in both cases. As in every case, understanding how mutual fund investment is useful for beginners can serve as the first step to developing an investment plan that is ideally suited to for your specific needs.

                             SIP plan

  Table 3. The following is a schematic of some key mutual fund investment strategies. It suggests some suitable debt-equity mix as per age of the child.


Conclusion :
 
To sum up, let us list the key points to keep in mind when planning to save for your child’s education:
 

  • The cost of education is going up day by day. Hence, it is extremely important to start saving as soon as possible. This will lessen your financial burden at a later date.  
  • Never mix insurance and investment. Child plans are insurance policies. Their returns can never match up to that of mutual funds.
  • For insurance needs, a term plan is a cheaper alternative to child plan coverage.
  • One of the best ways to accumulate a corpus for child’s education over the long term is by investing through SIPs in mutual funds.
  • The investment strategy in mutual funds is a combination of – the time you have to build the corpus, your risk appetite, your income level and the target corpus.
  • Investing regularly through SIP helps beat market volatility and also build a sense of investment discipline.

 By following the above-mentioned strategies, there is a god chance that you will be able to able to save enough to provide the desired level of education at a reputed institute to your child/children.

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Bharat 22 ETF Increases up to 3.5% above List Price on Debut https://www.paisabazaar.com/mutual-funds/news/20840-bharat-22-etf-increases-up-to-3-5-above-list-price-on-debut/ https://www.paisabazaar.com/mutual-funds/news/20840-bharat-22-etf-increases-up-to-3-5-above-list-price-on-debut/#respond Tue, 28 Nov 2017 07:15:43 +0000 https://www.paisabazaar.com///20840-/ Bharat 22 ETF, the exchange traded fund managed by ICICI Prudential Mutual Fund AMC, increased by up to 3.5% above its list price on its debut according to a Livemint report. The ETF featured an issue price of Rs. 35.97 per unit and rose to Rs. 37.23 per unit within minutes of getting listed. The […]

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Bharat 22 ETF, the exchange traded fund managed by ICICI Prudential Mutual Fund AMC, increased by up to 3.5% above its list price on its debut according to a Livemint report. The ETF featured an issue price of Rs. 35.97 per unit and rose to Rs. 37.23 per unit within minutes of getting listed. The report added that this increase was line with the interest this ETF generated during its NFO period earlier this month. The Livemint report also mentions that the Bharat 22 ETF was subscribed 4 times over its initial size of Rs. 8000 crores during the NFO period itself.
 

The Bharat ETF 22 features a total of 22 public sector and SUUTI companies considered to be top candidates for the current government’s disinvestment goals. The report added that this ETF is a diversified fund and features investments in multiple sectors of the economy including financial, industrial, utilities, FMCG as well as energy to name a few. This ETF is based on the Bharat 22 Index which follows a free float adjusted market cap weight methodology. As per data provided by Livemint, the weight of each individual constituent of the Bharat 22 Index is capped at 1.5%.

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5 Habits of People with High Credit Score that Every One Must Follow https://www.paisabazaar.com/credit-report/articles/20751-5-habits-of-people-with-high-credit-score-that-every-one-must-follow/ https://www.paisabazaar.com/credit-report/articles/20751-5-habits-of-people-with-high-credit-score-that-every-one-must-follow/#respond Thu, 23 Nov 2017 08:59:16 +0000 https://www.paisabazaar.com///20751-/ We have said this time and again that a good credit score is important to secure loans at best rates. It often happens that to establish strong credit, people use credit cards, get their credit limit increased but subsequently get swayed by expenses that come along with it.   While establishing credit is easy, reaching […]

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We have said this time and again that a good credit score is important to secure loans at best rates. It often happens that to establish strong credit, people use credit cards, get their credit limit increased but subsequently get swayed by expenses that come along with it.
 

While establishing credit is easy, reaching a good credit score range and then maintaining it is quite a challenge in itself.
 

If you’re struggling to improve your credit score or to maintain it, we’re here to help. In this post we have compiled a few common habits that you’ll find in people with a good credit score.
 

  1. They check their credit scores and credit reports regularly

Credit score usually ranges between 300 and 900. The higher it is, the easier it will be for you to secure loans and get other credit benefits. To improve your credit score, you must first know where you stand on the credit meter. People with good credit scores have a habit of checking it every month to ensure there is nothing wrong with their credit.
 

If there is a dip in their credit score, it will be due to reason(s) about which they either know or don’t know. If they don’t know the reason behind the drop in their credit score, they check their credit reports carefully to find possible error(s) such as incorrect personal information, incorrect credit information or signs of fraudulent activity. If they spot an error, they take steps to rectify it as quickly as possible.
 

Tip: To keep a track of your credit score, you can either request credit report every month from credit bureaus, which will obviously cost you or get free credit report and credit score along with monthly updates at Paisabazaar.com.
 

  1. They pay their repayments full and in time

Credit bureaus calculate your credit score on the basis of various factors, one of them being your credit history. It is also one of the factors that largely affect your credit score. People with good credit score develop a habit to pay their loan repayment and credit card bills in time without fail. They ensure to make full payments so that it does not impact their credit score.
 

Tip: People who constantly miss their credit repayment dates can either set a reminder regarding the same or set up automatic money transfer from your savings account to your credit account. You can adopt other ways as well if they help you pay credit repayments in time.
 

  1. They apply for new credit only when it is required

Some people think that signing up for every lucrative credit card that comes in the market will help them improve their credit scores. However, that is not always the case. Taking multiple credit cards or applying for loans frequently in a short span can affect your credit score negatively. When lenders see multiple new credit accounts on your credit report, they get a negative impression about your credit profile and therefore extend loan offers with high interest rates to secure their money.


In addition, when you apply for a new line of credit, creditors fetch your credit report from credit bureaus (This is called hard enquiry) to check your credit worthiness. Each time they do so it gets reflected on your credit report, which resultantly impacts your credit score negatively.


Tip: Don’t apply for a new line of credit unless it is absolutely required as multiple new credit accounts and unnecessary hard enquiries can pull your credit score down.
 

  1. They do not overuse the available credit

A good credit score is an indication that the borrower has used his/her credit responsibly in the past. To assess how responsibly you use your credit, credit bureaus and lenders look at credit utilization ratio, also known as debt-to-limit ratio. Credit utilization ratio is the ratio of credit card balance to available credit limit. Although to establish and improve your credit score, you must use your credit regularly but without getting caught with high balances. People with good credit score have their credit utilization ratio not more than 30%. 


Keeping your credit utilization ratio under control will not only save you from potential debt troubles but also help you improve your credit score.


Tip: If your credit utilization ratio is above 30%, pay your credit card debts to make more credit available. Another way to keep your credit utilization ratio down is to find out when your lender sends your credit information to credit bureaus so that you can make the required payments before that date.
 

  1. They keep long and stable credit histories

Keeping long and stable credit history also helps in increasing your credit score. Credit bureaus and lenders consider the age of your credit lines and people with good credit score know it and therefore, do not close their old credit accounts until necessary. A long and stable credit history gives an impression that the borrower can be trusted with credit. If you’re just starting with credit, use your credit card regularly (at least once a month) to establish a good credit history.


Tip: To build long and stable credit history, do not close old credit accounts. Make small and manageable purchases to build stronger credit history. As your credit report will get old, your credit scores will improve.

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Aadhaar Linking with Flight Tickets to Enable Faster Airport Entry Soon https://www.paisabazaar.com/financial-planning/news/20748-aadhaar-linking-with-flight-tickets-to-enable-faster-airport-entry-soon/ https://www.paisabazaar.com/financial-planning/news/20748-aadhaar-linking-with-flight-tickets-to-enable-faster-airport-entry-soon/#respond Thu, 23 Nov 2017 08:35:35 +0000 https://www.paisabazaar.com///20748-/ As per media reports, domestic passengers, who mention their Aadhaar at the time of air-ticket booking, will soon be able to gain access to the airport facility quicker than normal flyers. These passengers would get seamless travel experience at Ahmedabad, Kolkata and Vijaywada airports from 2018 under the Central Government’s “digi yatra” programme. Airports Authority […]

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As per media reports, domestic passengers, who mention their Aadhaar at the time of air-ticket booking, will soon be able to gain access to the airport facility quicker than normal flyers. These passengers would get seamless travel experience at Ahmedabad, Kolkata and Vijaywada airports from 2018 under the Central Government’s “digi yatra” programme. Airports Authority of India (AAI) is planning to implement this feature in other domestic airports as well.

 
Under this programme, passengers will have to use stored biometric data to gain access to the terminal entry. Aadhaar details of such passengers on the database of the airlines would provide their flight booking details. The flyers will not have to display their ID cards, boarding cards or paper tickets. However, those passengers who opt to present a different identity card at the entry gate will have to go through the regular verification process.

 

How to Link Aadhaar with Flight Tickets
 

  • Aadhaar number has to be entered at the time of booking the ticket.
  • An e-gate will read the ticket’s bar code and Aadhaar information at the airport.
  • The e-gate will authenticate the passenger’s details.
  • The passenger has to go through the biometric verification and the e-gate will open.
     
Services like check-in, security check and boarding can be availed using the biometric or the QR code.
 

 

 

 

Source: https://goo.gl/1LDdgL

 

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Follow These 7 Strategies to Optimize Your Credit Card Rewards https://www.paisabazaar.com/credit-card/articles/20739-follow-these-7-strategies-to-optimize-your-credit-card-rewards/ https://www.paisabazaar.com/credit-card/articles/20739-follow-these-7-strategies-to-optimize-your-credit-card-rewards/#respond Thu, 23 Nov 2017 05:58:15 +0000 https://www.paisabazaar.com///20739-/ Credit cards are not just about making big purchases and paying them off in EMIs. Rewards and cashbacks are also important parts of credit cards but most of us find them too complicated to understand, let alone take benefit from them. Lately, credit card reward programmes have become more popular than ever. Have you ever […]

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Credit cards are not just about making big purchases and paying them off in EMIs. Rewards and cashbacks are also important parts of credit cards but most of us find them too complicated to understand, let alone take benefit from them. Lately, credit card reward programmes have become more popular than ever. Have you ever seen a credit card advertisement trying to sell a low interest rate or easy EMI feature? Probably not, because all credit card providers are focusing on their reward programmes and brand loyalty benefits by painting a dreamy vacation picture or a 5-star dine out.
 

As a customer, what you need to understand is that banks are no generous donors which is the reason why these reward programmes come with a whole set of terms and conditions. So, being a smart user, you must know how to strategize the use of your credit cards in order to make the most of these reward programmes.
 

But let us first understand how rewards work.
 

Most of the banks assign a certain number of reward points for every Rs 100 spent on your credit card which can be redeemed for merchandise or gift cards. Some credit cards offer extra rewards on specific use such as dining, travel, online shopping, etc. The trick here is that rewards are characteristically complex since they are not calculated in terms of cash. Unless a good deal of points is accumulated, they won’t be of much use. On the other hand, some banks also offer cashback credit cards which either provides direct cashback into your statement or the reward points collected can be converted into statement credit.
 

It is easy to collect reward points but it is even easier to lose them. You will not be able to make the most of these benefits if-
 

  • The reward points have expired
  • You have not spent the minimum amount for that reward to be valid
  • The store you have visited is not in the list of your credit card benefit providers
  • The terms and conditions with respect to reward points have been changed by the bank

If you have read so far, we bet that you are quite puzzled about reward points. So now we will talk about a few strategies that can help you maximize the reward point benefits on your credit card-
 

1- Don’t Spend Money just for the Sake of Earning Rewards
 

Trust us! This is what the banks want. The whole idea behind reward points is to encourage people to make more use of their credit cards. Don’t go busting your budget just for earning the reward points. Turn off those emails they keep sending you. Don’t get influenced, just use your credit card wisely.
 

2- Pick a Credit Card that Offers Rewards Matching your Lifestyle
 

You should always get a credit card that matches your personality. A card that offers extra reward points on travel will be of no use if the last trip you made was three years ago. So this is something you need to decide at the time of getting a credit card. You will be able to make the most of your rewards and cashback benefits only when it is aligned with your lifestyle choices.
 

3- Read the Fine Print
 

Pay attention to your credit card reward programmes as they are subject to change. Your credit card provider can change the terms of rewards and cashbacks as and when they like. So it is in your interest to stay updated with the latest rules by visiting their website from time to time. You should also know about reward categories and the stores where the rewards can be redeemed.
 

4- Research about the Offers and Schemes
 

Do not just go with the promotional mail in your inbox. It is possible that the same benefit is available in the market to other users also. Research and then take the step. If you have several credit cards, you should know how to utilize the rewards of each card. Banks also put up sales for their credit card users, especially during festive seasons. Although these are also targeted at enticing you to spend, they can be beneficial for your festive shopping.
 

5- Know your Limits
 

Some credit cards offer tremendous rewards but with the condition that you have to reach a certain spending limit. In case you have such a credit card and you wish to enjoy the benefits, keep track of how much you have spent and how much more you need to be eligible for the rewards and discounts.
 

6- Be Regular with your EMI Payments
 

Reward points would not make any sense if you miss out on credit card bill payments and have to pay interest plus penalty for delay. The benefits you get from reward points are not enough to make up for the penalties you pay. Also, some credit card providers cancel the rewards if you make late payments. Hence, be regular and enjoy all benefits.
 

What you need to understand here is that credit card rewards are beneficial for the credit card company. For you to derive benefits from them, strategic spending is required. Roughly you need to know a few things. Credit card rewards are beneficial only when they are accumulated in bulk. It is important to know the benefits aligned with your credit card and use it accordingly. Keep up with the changes in terms and conditions of your rewards programme. If you follow these rules, it will truly be a rewarding bunch for you.

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How is Housing For All by 2022 mission boosting the Housing Sector https://www.paisabazaar.com/home-loan/articles/20956-how-is-housing-for-all-by-2022-mission-boosting-the-housing-sector/ https://www.paisabazaar.com/home-loan/articles/20956-how-is-housing-for-all-by-2022-mission-boosting-the-housing-sector/#respond Thu, 23 Nov 2017 05:32:27 +0000 https://www.paisabazaar.com///20956-/ To live in a sustainable house is among the most basic of necessities for all. However, even after 68 years of independence in 2015, India could not claim that her each and every citizen had an accommodation in a pucca house. To fulfil this goal Pradhan Mantri Awas Yojna (PMAY) was launched and the mission […]

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To live in a sustainable house is among the most basic of necessities for all. However, even after 68 years of independence in 2015, India could not claim that her each and every citizen had an accommodation in a pucca house. To fulfil this goal Pradhan Mantri Awas Yojna (PMAY) was launched and the mission to achieve Housing For All by 2022 began.
 

‘Housing For All By 2022’ mission was launched by the government of India in 2015 to accomplish a decades-old development objective of providing housing to all citizens.
 

As one can assess, the success of Housing For All by 2022 totally depends on creating affordable houses at both urban and rural centers of India so that people, especially those who belong to the Economically Weaker Sections and Lower Income Groups of the society can own an affordable home.
 

The Housing For All scheme is to be realized in three phases, April 2015 – March 2017, April 2017 – March 2019 and April 2019 – March 2022. We are currently in the second phase of the said mission. As the Housing For All mission speedily heads towards 2022, the government plans to inject the housing market with the below-listed boosters so that both the governmental and private initiatives in the housing sector increase and result in a pucca house for all Indians in 2022, at the occasion of 75 years of our independence:
 

  • Interest subsidies on home loans under Credit linked subsidy scheme (CLSS) for Economically Weaker Sections and Low Income Groups (LIG) at the rate of 6.5% for a maximum loan tenure of 20 years or lower for loan amount till Rs. 6 lakhs.
  • Interest subsidies on home loans under Credit linked subsidy scheme (CLSS) for Middle Income Groups (MIG) with an interest subsidy of 4% for loan amount till Rupees 9 lakh and 3% for loan amount till Rs. 12 lakhs for a maximum loan tenure of 20 years or lower.
  • Carpet area allowed under CLSS scheme for EWS and LIG respectively is 30 sq. meters and 60 sq. meters. Carpet area allowed under CLSS scheme for MIG-I and MIG-II categories has been recently increased to 120 square meter and 150 square meters.
  • Many real estate developers and agents including private builders and developers along with state-controlled and private builder-bodies are concentrating on building affordable housing units.
  • Many nationalized and private-sector banks and Housing Finance companies have significantly reduced the interest rates on their housing-related loan products and launches attractive home loan schemes.
  • Banks and Housing Finance companies have also reduced or completely done away with their processing fees and a few other miscellaneous fees.
  • Slum-dwellers rehabilitation and building affordable houses with help from public and private sector through Public Private Partnership (PPP) models.
  • Implementation of the Smart Cities mission – A mission to renew, retrofit and develop 100 cities across the country to make them citizen-friendly.
  • Decentralizing the Housing For All mission by involving state governments in the fold.
  • Affordable Housing granted Infrastructure Status by the government in FY 2017-2018 Union budget.
  • Affordable Housing covering the majority of sections in the society who want to own a home, i.e. the Economically Weaker Section (EWS), the Lower Income Group (LIG), the Middle Income Groups (MIG-I and MIG-II).
  • Establishment of RERA (Real Estate Regulatory Authority) and reforming the process line through e-governance.
  • Promotion of Land Pooling, dormitory housing and using unutilized land kept with government companies and Public sector undertakings.
  • Optimum utilization of Floor Space Index (FSI) in Affordable Housing units.
  • Investment options in real estate sector increased through Real Estate Investment Trusts and Infrastructure Investment Trusts (InvITs).
  • HUDCO and National Housing Bank are acting as Central Nodal Agencies.
  • Usage of fast, contemporary and eco-friendly technologies in construction.
  • Launching different central government schemes tailored as per different areas such as PMAY (Urban) and PMAY (Rural).

As implementation of these initiatives accelerates, the homebuyers feel their interests protected as on-going and upcoming projects, real estate developers, agents and promoters are now registered with RERA. Moreover, home loans are being offered at record-low rates throughout the country and Smart Cities are relocating the populace from densely populated metro areas to suburban places where already the inventory of completed and ready-for-possession homes exist. This is how a mission such as Housing For All by 2022 is paving the way towards a brighter future while truly providing wholesome development to the housing sector.

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Visa payWave and MasterCard PayPass – The New Contactless Methods of Payment https://www.paisabazaar.com/savings-account/articles/20724-visa-paywave-and-mastercard-paypass-the-new-contactless-methods-of-payment/ https://www.paisabazaar.com/savings-account/articles/20724-visa-paywave-and-mastercard-paypass-the-new-contactless-methods-of-payment/#respond Wed, 22 Nov 2017 13:13:48 +0000 https://www.paisabazaar.com///20724-/ Do you carry a number of debit cards with you and forget your card’s PIN while making transactions like during shopping or at restaurants too often? Gone are those days when you had to enter your ATM PIN for making even a small transaction. Visa and MasterCard have introduced payWave and PayPass respectively, the new […]

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Do you carry a number of debit cards with you and forget your card’s PIN while making transactions like during shopping or at restaurants too often? Gone are those days when you had to enter your ATM PIN for making even a small transaction.


Visa and MasterCard have introduced payWave and PayPass respectively, the new contactless payment methods that will not only make small transactions super quick but also make it easier for you to shop even if you don’t remember your debit card PIN.


The most significant feature of payWave and PayPass is that the payment is made in seconds and the user does not have to enter his PIN or provide his signature. However, for making transactions above Rs 2,000, the user has to swipe his debit card and enter his ATM PIN to make payments.
 

Benefits of payWave and PayPass Cards

payWave and PayPass have a number of benefits over traditional debit cards. Some of those are mentioned below:
 

  • You don’t have to hand over your card for swiping. Thus, it reduces the chances of fraudulent transactions.
  • Your payment is done in seconds as soon as you tap the card or bring it near the POS machine.
  • You don’t have to enter your PIN for making small transactions. So, even if you forget your PIN, you can shop easily.
  • You can make payment through your mobile using the payWave app even if you don’t have your card with you.
  • Transactions done through contactless debit cards are safe and secure.
  • Provisions have been made to prevent the misuse of the card. You have to enter your PIN for making transactions above Rs 2,000.
  • This card can also be used at those PoS terminals where contactless method is not applicable.

How To Carry out Contactless Transactions

It is easy to make contactless payment through these debit cards. The user has to follow these simple steps:
 

  • Find a PoS machine with symbol payWavemark.
  • The retailer enters the bill details in the PoS machine.
  • Wave your card or bring it within 4 cm range of the device.
  • Wait for the authentication and payment confirmation.
  • Green light confirms the completion of the transaction.
  • You may ask for the receipt if you want one or opt out.

Technology Behind payWave and PayPass Debit Cards

Visa payWave and MasterCard PayPass work on the Near Field Communication (NFC) technology. These cards have an antenna embedded in the plastic. Whenever the contactless card is brought near a PoS machine, it transmits purchase information to and from the reader securely.
 

The contactless debit card consists of a contactless chip along with the NFC antenna and magstripe. The contactless transaction is done through this NFC antenna. The chip and magstripe is used at places where contactless payment system is not available.
 

The time taken for contactless payment is very less as compared to traditional card swiping payment method thus making the transaction process faster and more convenient.


Is payWave and PayPass Secure Enough?


Visa payWave and MasterCard PayPass cards use cryptographic key encryption technology for protection of data and security of transactions done through these cards. You have to keep the card at least 4 cm away from the PoS machine in order to prevent from accidentally paying for someone else. Contactless cards are secure as they have same safety features as that of traditional debit cards.


Some other advanced features of these contactless cards that make them safe enough for usage are:
 

  • Fraudulent activities would be minimised as the card will remain in your hand throughout the transaction period.
  • Contactless cards use the same network as swipe cards which are too tough to breach.
  • Same transaction cannot be processed twice as a unique authentication code is generated for each transaction.

Limitations of Contactless Debit Cards


Even though contactless debit cards have a lot of advantages, there are certain limitations as well:
 

  • A maximum transaction of Rs 2,000 can be done through this feature each time.
  • The maximum value of all contactless transactions does not exceed Rs 10,000 in a day.
  • There are a very few contactless PoS machines installed.

However, the transaction limit on contactless method ensures that your card is not misused for a higher amount in case of theft. You should always ensure the safety of your contactless debit card.
 

In case you want to make a transaction of more than Rs 2,000, you can still use the same card and follow the traditional swiping method to carry out the transaction. Just swipe your card and enter your PIN and you can make high value transactions through your contactless card as well.
 

Currently, the service is available with a few stores only. Thus, contactless cardholders cannot avail this feature everywhere they go. However, the facility will soon be available across the country.
 

List of Banks that Provide Contactless Debit Cards


Following banks provide contactless debit cards to their account holders:
 

  • DBS
  • SBI
  • IndusInd Bank
  • HDFC Bank
  • Axis Bank
  • Standard Chartered Bank
  • Kotak Mahindra Bank
  • ICICI Bank
  • Citibank
  • Canara Bank
  • Bank of Baroda
  • IDBI Bank
  • Punjab & Maharashtra Co-operative Bank
  • Tamilnad Mercantile Bank

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Paisabazaar.com HDFC Bank Partnership Crosses Rs 1000 Crore Loan Milestone https://www.paisabazaar.com/personal-loan/news/20700-paisabazaar-com-hdfc-bank-partnership-crosses-rs-1000-crore-loan-milestone/ https://www.paisabazaar.com/personal-loan/news/20700-paisabazaar-com-hdfc-bank-partnership-crosses-rs-1000-crore-loan-milestone/#respond Wed, 22 Nov 2017 06:41:55 +0000 https://www.paisabazaar.com///20700-/ HDFC Bank and Paisabazaar.com have crossed Rs 1000 crore loan milestone making Paisabazaar.com one of the leading distributors for HDFC Bank.   Paisabazaar.com entered into a partnership with HDFC Bank in April 2015. Paisabazaar.com and HDFC Bank have recently launched instant and paperless approval process through which customers would get instant approval on loans applied […]

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HDFC Bank and Paisabazaar.com have crossed Rs 1000 crore loan milestone making Paisabazaar.com one of the leading distributors for HDFC Bank.
 

Paisabazaar.com entered into a partnership with HDFC Bank in April 2015. Paisabazaar.com and HDFC Bank have recently launched instant and paperless approval process through which customers would get instant approval on loans applied from HDFC Bank through the Paisabazaar.com platform.
 

Naveen Kukreja, CEO & Co-founder, Paisabazaar.com, said, “From the sixth player to enter the market, to becoming the market leader in less than three years, Paisabazaar.com has been growing at 130% p.a. consistently. One of the biggest reasons behind our success has been the valuable support of HDFC Bank. Through technology and innovation, we are aiming to make this partnership stronger in the future. We are targeting to reach the Rs 1500 crore milestone with HDFC Bank by March next year.”
 

Arvind Kapil, Group Head, Unsecured Loans, Home and Mortgage Loans, HDFC Bank, said, “At HDFC Bank, our endeavour is to give our customers an experience by leveraging digital platforms. One of the areas is to make our lending process simpler and faster. Paisabazaar.com has been working with us to enable an efficient system to source and lend to customers using technology and innovation. The success of the partnership is evident from the milestone we have touched."
 

HDFC Bank and Paisabazaar.com have also collaborated on multiple products across the spectrum including credit cards and lending products like Home Loans, Business Loan, Auto Loans and Gold Loans.

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