Fixed Deposit Interest Rate: Get All Information

The fixed deposit can be classified as a type of investment where you deposit an amount for a fixed period of time and you receive the interest over the fixed amount. This is one of the safest and risk-free investment. As the banks are directly involved in securing the money that has been deposited in it. The Fixed deposit interest rate is one of the main concern of most of the people. You can read the article below to know every detail about it.

It is one of the oldest and most trustworthy ways of securing the money and earn the interest over it. The main reason for the popularity is the trust that the scheme has maintained over the period of time. For general people who do not want to take the risk and wants the guaranteed returns, always opt for the scheme of term deposit.

You can invest for a short-term, mid-term, or large term as per your convenience. The depositor can put the money for the minimum of 7 days to the maximum of 10 years. You get a lot of benefits in this scheme. You can opt to reinvest the money and gain the interest over the amount. The fixed deposit helps you in tax deduction. If the amount of less than 1.5 lakh is deposited for the tenure of 5 years then no tax is levied on it. Whereas the tax can be leveraged on the interest amount. Here you get the high-interest rate as compared to the interest rate on the savings account.

The Points to Remember for Maximum Outcome-

• The Principal amount that is deposited with the banks or NBFC should be carefully seen before choosing the scheme.
• Duration of the time period.
• Penalty Clause.
• The interest rate on the fixed deposit.

Factors affecting the interest rate for the fixed deposit- There are many internal as well as external factors that affect the rates of the fixed deposit. Some of them are briefly:

RBI regulations-  The Reserve bank of India is the head regulator for the banks. They often make changes in the policies. Due to this monetary policy and changes in it, the interest rate fluctuates accordingly.

Inflation- one of the important factor. When the inflation hit the economy the rates of all the commodities increases and the prices become dearer for all the items. In such a scenario, the rates increase so as to increase the flow of cash in the bank so as to pacify the inflation and bring the economic situation in control.

Demand and supply of credit - The demand and supply of credit in the economy plays its own role in the rate change. If the demand for money is more and supply is less from bank’s end then the rates increases. It increases so as to encourage the depositor to invest in the fixed deposit which ultimately increases the bank's credit and they are able to fulfill the requirements. It is exactly opposite if the situation is different where the demand is less and the supply is more.

Current economic scenario-  The current situation that is prevailing in the economy also decides the rates for fixed deposit. If the bank has enough liquidity then the interest rate is low while it is more when the liquidity is less. Thus if the economy is stable then the rates tend to decrease accordingly.

Thus, there are many things which affect the fixed deposit rates. You should consider these factors before investing in any term deposit scheme. It is one of the ways to increase the savings but it might give fewer returns as compared to the other risky investment. While here with the help of Fixed deposit interest calculator you can know the amount you will be receiving at the end of the tenure. You will have exact details about the returns. This can help you to be assured of a certain amount after you have completed the tenure.

You should compare the interest rate provided by different banks and NBFCs before depositing the amount. Every bank provides different rates and you can go online to check the offers given by all the banks. Choose and select the one which is more beneficial for you. Also, read the fine prints carefully before agreeing to the clauses. To obtain the maximum benefits you will have to look out for all the details before opening an account with your desired bank which gives you maximum benefits.

Fill Bandhan Bank Loan Application Form & Get Quick Funds

Times do not remain same forever. How much we earn and save, at times it falls short to meet some of the requirements. And in those times, we need an institution that can lend help. Though there are multiple banking and financial institution but it becomes difficult to select the one. The one that can provide you right remedy and guidance. Therefore, it is necessary to know the lender first.

Bandhan Bank is the private sector bank that was inaugurated on 24 August 2015. The head office of the bank is located in Kolkata. Initially, the bank opened 501 branches, 50 ATMs and 2,022 door step service centres. In the short span of 2 years, the bank has extended its touch points to 3,383. It delivers a wide range of banking products to cater the variant needs of the people. It has developed a pack of customized loan products from which the customer can select the one that best suits his/her requirement. It has kept the process simple and steady to provide the aid timely. So, all that you need to do is fill the Bandhan Bank loan application form and get funds to reach your financial objectives.

How to Apply for Loan Products-

To apply for the loan, submit the Bandhan Bank loan application form with required documents at the nearest branch and after complying all terms and conditions loan will be disbursed.

Different Loan Products Offered by the Bank-

The details of various loan products offered by the bank are mentioned below:

Home Loan: The bank provides home loan for the longest tenure of 15 years to the eligible candidates at the interest rate of 12% p.a. The eligibility criteria for a home loan is:

Eligibility:

• The home loan facility can be availed by the salaried/ self-employed professionals/ self-employed non-professionals.
• Minimum age of the applicant should be 23 years.
• Maximum age at the time of loan maturity should be 65 years.  

Documents Required for Home Loan:

• Identity Proof- PAN Card/Passport/Voter ID/ Driving License/Aadhaar Card
• Address Proof- Utility Bill/Passport/Aadhaar Card/Voter ID
• Income Proof- Latest Salary Slips & Form 16 for Salaried
• Profit & Loss A/C Statement & Audited Balance Sheet for the Last 3 Years
• Bank Account Statement for the Last 6 Months
• Track record of existing loans, if any
• Property details

Two Wheeler Loan: Bandhan Bank lends funds to potential two-wheeler buyers to buy the desired motorbike or scooty. It lends ₹ 10,000-1,50,000 for the flexible period of 1 year to 3 years.

Eligibility Criteria:

• The minimum age of the applicant at the time of application should be 23 years.
• The maximum age at the time of maturity of loan should not be more than 65 years.

Documents Required:

Identity Proof- PAN Card/Passport/Voter ID/Driving License/Aadhaar Card

Address Proof- Utility Bill/Passport/Aadhaar Card/Voter ID

Income Proof- Latest Salary Slips & Form 16 for Salaried

Profit & Loss A/C Statement & Audited Balance Sheet for the Last 3 Years

Bank Account Statement for the Last 6 Months

Track record of existing loans, if any

Quotation or proforma invoice of vehicle to be purchased

Loan Against Property: The bank sanctions loan against property to finance the impending goals and responsibilities. The loan amount depends on the disposable income or surplus income of the candidate.

Eligibility Criteria:

• The loan against property is available to Salaried / Self-employed Professionals / Self-employed Non-Professionals.
• The minimum age of the borrower should be 23 years & above and maximum age at loan maturity to be 65 years or retirement age, whichever is earlier.

Documents Required:

• Proof of ID: PAN Card/Passport/Voter ID/Driving License/Aadhaar Card
• Address Proof- Utility Bill/Passport/Aadhaar Card/Voter ID
• Age Proof
• Income Documents
• Statement of operative bank accounts for last 6 months
• Repayment Track record of existing loans
• Details of property proposed to be mortgaged

SME and Agri Loan:  To help small and medium scale enterprises and agricultural units expand their business, the bank provides multiple types of credit facilities and they are as follows:

i) Agri loan - The loan amount disbursed under this loan depends on the type of agricultural land and activities. The repayment tenure too varies with the loan amount and type of agricultural activity. However, it ranges from one year to 5 years.

Documents Required:

• Duly Filled loan application forms
• KYC documents like ID Proofs and address proof
• Financial statements from the last two years if available.
• Details of Land, Equipment Etc.

ii) SME Loan- The bank grants term loan and working capital loans to the trading, manufacturing and service providing units and help them scale up their operations.

Documents Required:

• Duly filled Loan application form
• Incorporation documents and Bank statements for the last 6 months.
• KYC documents like ID Proof, address proof etc
• Financial statements from the last two years.
• Proof of address for office and factory

Check out Personal Loan Rates in Top 5 Banks & Apply Now!

Personal loans, as you know, are generally unsecured (without collateral) which means the applicant does not have to provide any security to the finance company. This loan can be taken by anyone with a good source of income and a positive credit score. Having said that, banks and NBFCs have certain eligibility criterion on the basis of which they provide the fund and is also subject to change from one applicant to another.

Now when a person plans to take this loan, he would look for the best deal for sure. With the term best deal, I mean the one that gives a lower rate of interest, a higher loan amount and flexible tenure option. Being one of the most demanding loans of all kinds, personal loans are offered by many banks and NBFCs with attractive offers. So, how can you actually decide which one if the best for you? Well, the first and foremost important thing to keep in mind while applying for a personal loan is the interest rate. So, let us have a look at the interest rates in top 5 lenders in India:

Personal Loan Rates

• SBI Personal Loan Rates- 11.95% p.a. onwards
• Axis Bank Personal Loan Interest Rates- 15.50% p.a. onwards
• ICICI Bank- 11.50% p.a. onwards
• Bajaj Finserv Personal Loan Interest Rates- 13.99% p.a. onwards
• HDFC Bank- 11.49% p.a. onwards

You must know that there are some factors that affect the eligibility which is as follows:

Factors affecting personal loan eligibility-

Monthly Income: A regular and good source of income if one of the most important factors in the loan amount that a borrower can get from the banks or NBFCs. So, if you have a good in-hand monthly income, you are probably going to get higher loan amount at a lower rate.

Age: Just like in any other loan, a borrower must fulfill the age criteria which is variable depending upon the banks. Generally, the age criteria for a loan borrower is between the age of 21-58 years. However, some lenders have the upper limit of 65 years as well.

Monthly Expenses: To get a personal loan, monthly expenses like investments and other responsibilities of the borrower are considered by the banks. If the monthly expenses are higher, getting high loan amount can be hard.

Any Other Loan: Banks often find it easier to lend money to the borrower's who have no other running loan. As the repayment capacity of the borrower if higher if he/she is free from any other loan.

Credit History: The credit history of the applicant is most importantly taken care of as cibil score play a very important role in getting this loan. Hence, maintaining a higher cibil score can really prove to be very helpful to get more fund.

Job Stability: A good job stability is another important factor when it comes to a personal loan. A person who has good working experience with a minimum of 2-3 years can get a hassle-free loan.

Relationship with the Bank: Maintaining a healthy relationship with the banks/NBFCs is very important to get a personal loan smoothly. Since there are chances that the borrower can get the higher loan amount at low-interest rates.

Category of Your Employer: If the borrower is working in an MNC or the employer comes under fortune 100 companies, the loan eligibility increases as the loan repayment capacity also increases.

Now, let us have a look at the general personal loan eligibility criteria for a personal loan in India:

 For Salaried:

• The applicant must be between 21-58 years
• Minimum Net Monthly Income of the applicant should be ₹15,000/-.
• Good score
• Minimum work experience of the applicant should be 1 year

For Self-employed:

• The age of the applicant should be between 24-65 years
• Net Monthly Income of the applicant should be ₹2 lakhs
• The applicant must have a minimum work experience of 3 years
• Good cibil score

Hence, with the all the above information provided, you will now be prepared to apply for a personal loan online or offline. So, what are you waiting for? Apply now!

Axis Bank Home Loan Eligibility: Get All the Information About It

The home loan is the product given by the financial institution which helps the people to attain and realise the dream to own a house. A house is one such thing which is the basic requirements of every individual and after a point of time, they think to be an owner of their own home. Sometimes, the financial situation does not permit you to have a home for yourself. You can opt for the home loan in such situation and it will fulfill the financial requirements that you need. The amount you pay rent can be diverted to pay the monthly installment. There are many banks and NBFC that offer the home loan. The Axis bank home loan is one of the best among the banks. The Axis bank home loan eligibility is easy to attain and the bank needs minimal documentation.

The Axis bank being the third largest private sector bank in India has been providing the home loan with compatible rates. The application process is easy and transparent. You can avail the minimum amount of ₹ 3 lakh and the maximum amount depends on your combined income. The home loan is available to you in both the floating as well as fixed rate of interest. The bank does not charge the prepayment charges if you have availed the loan in the fixed rate of interest while for floating it charges only 2% on the outstanding amount.

Also, the home loan has the maximum repayment period of 30 years. It allows you to take the big amount while you pay the small monthly installments. The home loan can be taken to purchase the house or land, construction of house, renovation or enlargement of the house. You can utilize the home loan for any of these purposes.

The eligibility criteria required by Axis Bank -

• The applicant of the home loan should be a minimum age of 21 years at the time of filing the loan application and the maximum age of 60 years for the salaried individual while 65 years for self- employed at the time of loan maturity.
• The applicant should be either salaried individual or self- employed.
• The applicant should have the regular source of income.

Documents Required-

For salaried individual:

• Proof of Identity: Passport/ Voter’s ID/ Driving license/ Pan card
• Proof of Residence: Utility bill/ Passport/ Registered lease agreement with the Utility bill in the name of the landlord.
• Proof of Income: Latest 3 months salary slip/ certificate for fixed income/ latest form 16
• Bank statement: Last 6 months bank statement/ Passbook of the salary account.

For the self- employed:

• Proof of Identity: Passport/ Voter’s ID/ Driving license/ Pan card
• Proof of Residence: Utility bill/ Passport/ Registered lease agreement with the Utility bill in the name of the landlord.
• Proof of Income: Last 2 years details for IT returns along with the computation of the income certified by CA.    
• Bank statement: Last 6 months bank statement of operative accounts both personal and business.

The factors that affect the Axis bank eligibility:

Age- The age is one of the factors that determines the eligibility. The age of the applicant should be legal and valid. It is necessary to know if the person has attained the legal age to earn and be responsible for the financial matters or not.

Nature of profession- The applicant should be working and have the regular source of income. It is necessary as the home loan is the amount taken from the bank and you will have to return it. The regular income will come only if you are working. You might be a salaried individual, a professional, or self- employed with the stable job and regular income. It is the important factor to determine your eligibility.

Minimum income and expenses- The minimum income of the applicant should be enough to support the individual’s expenses and to pay off the EMIs. The amount that is remaining after the total expenses should be more than the EMIs.

Job stability-The work experience should be more than 2 years for the salaried individual and should have 3 years for the self- employed. The more you are stable with the job the chances of getting the home loans are more.

Credit history- One of the important factors is to have good credit score. The main aim of the credit score is to reflect your past credits and repayment history. Accordingly, the credit bureaus give you the scores. Thus higher the score chances to avail the loan become more.

Any other loan- Any other loans taken at the time can lessen your chance.

The Axis bank home loan eligibility is one of the factors that will determine whether your loan application will be accepted or not. Thus it is necessary to take all the factors into account before applying for the home loan. Once you are eligible then within 15 to 20 days after the approval of the application the funds will be disbursed. Axis bank gives you the opportunity to have your own home through its home loan.

Get All Information About Personal Loan Axis Bank Here

There are many wishes which we carry in our heart and long for them to be fulfilled. Some of us must be wishing to go to Paris while others want to renovate their house. Some might want to provide the best education to their children while others wish to provide their parents the best medical treatment. Wishes might be different but the solution for them remains the same. And that solution is known by the name personal loan. A personal loan proves to be very beneficial in case of any of the above requirements. One can find many products under this segment in the market. Personal loan Axis bank has emerged as a popular choice amongst the loan seekers due to quick approval and less documentation work.

The bank offers a finance to suitable applicants up to Rs. 15 Lakhs. The minimum amount that can be availed is Rs. 50,000. The tenure for repaying the loan is between one to five years. You will be happy to know that the bank allows you to carry over an existing loan of yours from any bank. When you secure a loan from the bank, you will be able to earn rewards points, which you can redeem later as per your choice. Read this article thoroughly to know about the product in detail.

Eligibility criteria-

The norms of eligibility imposed by the bank are as follows-

• The applicant should have crossed the age of 21 years while applying for a loan. This means he/she should be at least 21 years old at the time of application of loan.
• The applicant should not be over the age of 60 years when the loan matures. This clearly signifies that the loan has to be fully repaid within 60 years of age.
• The net income of the applicant each month should be at least Rs. 15,000
• The individuals who are eligible to secure finance from the bank include the likes of salaried doctors, employees of reputed private and public limited companies, salaried individuals, government sector employees in the central or states bodies or public sector undertakings and private & public limited companies.

Documents required-

The best part about the product is its minimal requirement of documents. The applicant is supposed to furnish the following documents to the bank-

• Fully filled application form
• Proof of Age- Birth certificate/High school mark sheet/Passport
• Proof of Identity-Passport/Aadhar card/Voter ID card/Driving license/PAN card
• Photographs of passport size
• Proof of Residence-Water bill/Passport/Telephone bill/Allotment letter/Electricity bill
• Income Proof- Salaried individuals: Income Tax returns of the previous two financial years, Form 16, and a latest salary slip
• Bank statement of the last six months
• Proof of signature verification- Passport/PAN card/Driving License

Interest rates and processing fees-

The bank offers a personal loan interest rate of 15.50% to 24%. Any applicant should keep in mind the interest he/she is securing as the interest rates play an important in determining the amount of money you will have to pay to successfully repay your loan. The processing fee between 1.50% to 2% is charged along with the service taxes. You should keep in mind that the processing fee is non-refundable There are no prepayment or foreclosure charges as such.

Personal Loan Axis Bank EMI Calculator-

It is essential to have a check on the amount of money you will have to pay as your monthly installment. Calculating the EMI is now easier, all thanks to personal loan Axis bank EMI calculator. Yes, that's completely true, my dear friend. With the magical tool at your disposal, you can easily calculate the monthly installments you will have to pay within few seconds. It will also give you information about the total interest payable. You are just supposed to enter the desired amount of money you wish to take, the rate of interest you have secured and the tenure of the loan. This tool is truly magical.

Suppose you take an amount of Rs. 1,50,000 from the bank at an interest rate of 17% for a tenure of two years. You will simply have to feed in the details of the same. The tool will instantly give you information about the monthly EMI that you will have to pay. Here, in this case, the amount is Rs. 7,416.

Don’t hold your dreams any longer. Approach the nearest branch of the bank or apply online or call on the toll free number of Axis bank. The toll free numbers are-  1800-2335-577 or 1800-209-5577 or 1800-1035-577.