Personal Line of credit

A Bajaj Finserv Line of Credit is an “interest-only” loan facility where you pay interest only on the amount of money utilized. Your EMI comprises only of interest and you can repay the loan amount in bullet payments at the end of your loan tenor.

Personal Loan for debt consolidation

Debt consolidation is a financial concept that involves taking a personal loan at a lower interest rate to consolidate and pay off other debts. It is convenient, helps you manage your finances better, and if done properly works out to give you a lower monthly expense. Take a look at Bajaj Finserv Personal Loan for Debt Consolidation today.

Personal Loan for medical emergency

A health emergency usually comes unannounced and the only thing that comes in the way of your loved ones and quality medical care is quick access to funds. Bajaj Finserv with its Personal Loan for Medical Emergency wants to make sure you never have to worry about your family’s health care needs.

Personal Loan for travel

You need time and most importantly money to travel the world. And while making time is in your hands, Bajaj Finserv has vacation loans to help you manage the expenses of your holiday. Avail a travel loan and find the quickest approvals, fastest disbursals, lowest interest rates and more!

Getting a loan against property for doctors? choose the best interest rate

Dr. Amita was an established gynaecologist. She started her first clinic three years back and never looked back. Her reputation grew and she started getting patients from far and wide. She was now looking to set up another clinic at a different location. However, she had one problem.

Though her practice was flourishing, she did not have enough finance to open another clinic. She kept delaying her expansion plans till she could save enough money for it. However, it wasn’t long until she found out about a Loan against Property for Doctors.

One of her colleagues had opted for this source of finance and advised her to look it up. She did. Here’s what Dr. Amrita found:

What is loan against property?

Loan against Property is a loan which is granted against the mortgage of a property. The borrower is required to pledge his/her property as security. Lenders allow loans based on the value of the property pledged. Thus, a Loan against Property is a secured loan.

Dr. Amita compared the other sources of loan, viz. personal loan, professional loan and a business loan against a loan against property. She found that loan against property had lower interest rates and, thus, it scored over personal or professional loans. Do you know why?

Loan against property is a secured loan where the quantum of loan depends on the value of the mortgaged property. In case of a default, the lender can sell off the property and realize the outstanding amount of loan. This helps lower the interest rates. In the case of a personal loan, professional loans or business loans, no collateral security is required. As a result, the lenders face a very high probability of defaults and interest rates are higher.

Dr. Amita owned her residential home which could serve as collateral security for her loan against property. She, thus, promptly made a decision to borrow the loan. But, she did not know how to find the loan with the best interest rates. Do you know how? Let’s find out:

How to find out the best rate of interest for a loan against property?

  • Use an online calculator:

Lenders have gone online and are offering their loan products at the simple click of a mouse. Besides offering the loan products, lenders also allow an online calculator. The calculator offers a rate of interest section and also helps you to calculate the prospective EMI. Bajaj Finserv also has an online calculator which can be used to find out the rate of interest and the Equated Monthly Installment (EMI) payable.

  • Try negotiating with the lender:

Though lenders specify the rate of interest applicable for the loan against property, they might be open to negotiations. They have a minimum and maximum rate of interest. The rate of interest charged lies within the minimum and maximum limit. You can try to negotiate the rate of interest charged on your loan against property. The lender might even allow you a lower interest rate in some such situations.

  • Run an online comparison and get the best rates:

Did you know the online medium lets you compare the different available loans? Yes, you can not only compare the different loans online but also find the best rate of interest and apply for a loan against property. When you compare online, you can see the amount of loan offered and also the interest rate charged by different lenders for loan against property.

To sum it up:

Dr. Amita easily got a loan against property. The loan amount she availed was sufficient for her to lease a new clinic and the rate of interest was affordable. She applied for the loan online and the funds were transferred to her bank account in a very short time.

If you are also looking for a loan against property, ensure you follow this guide to find the best rate of interest.

All You Need to Know About Senior Citizen Fixed Deposits

Every individual looks forward to retiring to a relatively easier life. Senior citizens therefore look for investments that not only assure the safety of their savings, but also guarantee substantial returns with the added advantage of liquidity for their needs. Most people after hanging their boots on reaching 60 years of age just want to relax and make their money work for them. Their source of income now limited, and they are not inclined to taking any risks resulting in any erosion of their income. If you are one of those, who after a long innings at work, want to supplement your pension, you may consider investing in senior citizen fixed deposits.

Our Handy Guide Lists Why Senior Citizen Fixed Deposits Should Be The First Preference For Those Over 60:

Safety At Its Peak:

Every fixed deposit comes with a bundled up protection feature. Regulated by the Reserve Bank of India, fixed deposits are insured up to Rs.1 lakh under the Deposit Insurance & Credit Guarantee Scheme of India. This makes bank fixed deposits safe investments compared to equities which are sensitive to market fluctuations. Even when it comes to FDs offered by companies or corporates, an FD scheme is a highly safe and low-risk investment. Simply check the agency stability and security ratings on an FD offered and your investment is sure to be safe.

Fixed Returns:

A glance at your fixed deposit receipt or even using an FD calculator before you even invest will let you know how much you will earn at the end of your selected tenure. A return with a fixed percentage is one of the several brownie points senior citizen fixed deposits offer. This is not available in other financial instruments such as mutual funds where the rewards you get are based on estimates or sometimes even guesswork based on past performance.  The fixed return on fixed deposits is possible largely due to their stability.

Higher Interest Rates:

Stability is not the only positive characteristic senior citizen fixed deposits have. Non-banking financial institutions (NBFCs) offer a higher rate of interest on FDs for senior citizens. Bajaj Finserv, for example, offers an additional 0.25% interest rate for senior citizens opening a Fixed Deposit account, making the interest rate 8.30%. To understand how you can best leverage senior citizen fixed deposits with Bajaj Finserv, use the FD calculator and know exactly what your savings will earn.

Good Degree of Liquidity:

Fixed deposits have one important safeguard against cash crunches: liquidity. They can be broken whenever you are in need of funds. Some banks and non-banking financial institutions allow you to close your fixed deposits and withdraw the principal amount within a few hours, while others disburse the money in a couple of days. However, liquidity in senior citizen fixed deposits comes at a price. Premature withdrawals attract a penalty where you will end up with an interest rate lower than the one mentioned in your deposit certificate.

Tax Concessions:

Fixed deposits not only bring you guaranteed returns on your investment, but also allow you to avail of tax benefits. Under section 80C of the Income Tax Act, you can save up to Rs.3,00,000 in tax if you are aged above 60. To enjoy this rebate, all senior citizens need to do is declare their interest income while filing their IT returns every fiscal year.

The Current Scenario For Senior Citizen Fixed Deposits:

Banks and non-banking financial institutions today are attracting senior citizens with varying interest rate fixed deposits. Bajaj Finserv aces the competition with their fixed deposits with an interest rate of 8.30% on senior citizen fixed deposits. You can deposit any amount starting from Rs.25,000 and opt for a tenure ranging between 36 and 60 months. With minimal documentation senior citizens will find opening an FD with Bajaj Finserv a breeze.

 

Know More About Senior Citizen FD

Invest in Senior Citizen FD @8.30% High Interest Rate

6 important things to consider before investing in an FD

A fixed deposit involves investing a sum of money with a bank or an NBFC for a certain tenor and earning money from the interest. There are numerous FD schemes to choose from, and all these schemes have their own highlights and features. However, before going for an FD it is important for you to examine some factors closely.

Savings:

Before going ahead with any fixed deposit schemes, it is imperative for you to calculate and get an accurate estimate of your overall savings. This can help you gain transparency about the amount of money available to you for investing. You can assess your savings by checking your bank statements and even passbook entries. It is important to get a clear figure and carry out all the calculations of your savings before signing up for any fixed deposit scheme.

Income:

As with any investment, when investing in FDs it is important to first get a clear picture about your income. This can mean income from salary, interest and other assets or investment options. Once you have more clarity about your income, you can decide how much money you want to invest in a fixed deposit. You can view your income through salary slips, bank statements, dividend slips, invoices and more. Getting the correct figure pertaining to your income can also help you determine how much money is available for you to invest.

Reputation for your FD provider:

Usually, a company, corporate or NBFC FD gets you higher interest than a fixed deposit with your bank. But as an investor you should first conduct research into various lenders and the FDs they provide to guarantee the safety of your investment. A lender’s reputation is all about trust, and this will help you approach a trustworthy lender too. Reading customer testimonials and talking to friends and family as well as financial planners or tax advisors is also a good option.

Interest rates:

This is the primary and the most important factor that you should consider when investing in an FD. The interest rate is the monthly pay-out that you would receive on your investment. Various schemes and lenders offer a variety of interest rates. The average interest on FDs offered by Bajaj Finserv is above 8%. Choose a scheme that offers you interest rates that suit your requirements.

Tenor:

This is the time period over which your investment grows. The tenor varies within the schemes. While some schemes have long tenors ranging from 12 to 33 months, others have tenors ranging from 36 to 60 months. You can decide the tenor better by considering whether you seek a short-term investment or a long-term investment. While short term tenors offer quick returns, long term tenors can improve the value of your investment and provide better growth and capital returns.

Terms of Investment:

Every financial institution has terms that vary within schemes. It is important for you to read these terms thoroughly and ensure that they suit your requirements. These terms consist of the frequency of the interest pay-outs, the maturity period and numerous other details, which need your attention.

 

Benefits of Fixed Deposits:

  1. It is the safest option since your investment is unaffected by market influences and fluctuations.
  2. You receive attractive interest returns.
  3. Interest pay-out can be taken on a cumulative basis to finance your monthly, quarterly or annual expenses.
  4. Senior citizens are eligible for higher rates of interest.
  5. It works as a good medium for saving money.
  6. FDs are liquid and can be broken when a need for urgent cash arises.

On the whole, fixed deposits are a safe investment option. And if you do your research well and consider all the factors before making a decision, you are likely to benefit from investing in FDs.

Bajaj Finserv provides various FD schemes to suit your purpose.

 

Know about FD Interest Rate

Doctors, here’s how you can finance your dream home

Dr. Francis is back at his rented home after a 17-hour shift at the hospital. With erratic schedules at the hospital, he barely gets time to search for a home that suits his status and a loan to finance it. Bajaj Finserv understands this difficulty of doctors and offers a special home loan for doctors.

Let’s find out how it can help:

Quick home loan:

Bajaj Finserv has created a special financial product that is tailor-made for doctors. Called as the home loan for doctors, this product offers quick home loans exclusively to medical professionals. All you need to do is go online to the Bajaj Finserv website and check the home loan for doctor’s section.

Loan amount and repayment schedule:

Dr. Francis plans to buy a two-bedroom house. In addition, he also wants the house to be near the centre of the city as he doesn’t want to commute too much on a daily basis. Such a house is going to be costly, especially in metros like Delhi or Mumbai. For this reason, the loan amount offered to doctors is as high as Rs. 2 crore. You can choose from the various flexible repayment schemes available and pay the loan accordingly.

Documentation

Once you apply for the loan, the immediate worry is about documentation. Filling out forms is generally a long and tedious process. Fortunately, that’s not the case here. All you have to do is fill the online form with correct details. A representative from Bajaj Finserv may contact you and come to collect all the necessary documents for verification. This would save the time you would otherwise spend going to the lender’s office. These documents include your photograph, ID proof, income and employment details along with your bank account statements.

Fast approvals:

For someone like Dr. Francis, time is of the essence. Every second counts! That’s why it is possible for doctors to get loan approval in just 24 hours under this facility. This saves you a lot of time in uncertainty and you can move in to your dream home before you know it.

Hassle-free process:

The entire process is simple and hassle-free. There is no need to visit a branch and stand in long lines to submit your application form and documents. This is to ensure that you can continue with your noble duties without worrying about the loan sanctioning.

To sum it up:

By applying for the Bajaj Finserv home loan for doctors, Dr. Francis and others in his profession can buy their dream home.

To know more about home loan for doctors by Bajaj Finserv, Click Here

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