Sometimes situations arise in life when money is suddenly needed, such as a health emergency or money for education. At such times, it becomes necessary to manage money.

To get a loan from a bank, we often have to follow various documents and rules. If you are also in such a situation, then there is nothing to worry about now. You will be happy to know that you can get a personal loan of up to Rs 2 lakh using your Aadhaar card. To get this loan, one can also take the help of banks and government schemes. Now getting a personal loan has become easy with the help of Aadhaar card.

Aadhaar card has become an important document for Indian citizens in today’s time. Now Aadhaar card is necessary for every work, be it opening a bank account, making a PAN card or for proof of address, Aadhaar card is used everywhere. Now Aadhaar card can be used not only as proof of identity and address but also for personal loans. If you need money in an emergency, then you can take a personal loan of up to Rs 2 lakh with the help of your Aadhaar card.

Advantages of taking a loan on Aadhaar card

Simple documents: Aadhaar card loans are different from normal loans as they do not require much documentation. Like proof of income, proof of address and proof of identity, only Aadhaar card is used instead. Aadhaar card verifies both identity and address, which reduces paperwork.

Digital Process: These loans are available online and the entire process is digital. This ensures faster approval and eliminates manual work, thus the loan amount is disbursed to the account quickly.

Faster process : These loans get approved quickly due to the digital application process. This saves you time and you can get the money easily.

Who can take a loan?

Age: To apply for this, your age should be between 21 and 60 years. He should be a citizen of India.

Credit Score : If your credit score is 650-700 or above, it becomes easier to get a loan and you can get lower interest rates.

Valid Aadhaar Card: Aadhaar card should be active and linked to the applicant’s mobile number for verification.

Employment status: You must be a salaried employee or self-employed person.

How to Apply

Apply Online: To apply for a loan, visit the lender’s (bank or NBFC company) website or download their mobile app.

Check eligibility: Check the eligibility criteria for the loan. You can check your eligibility using the lender’s calculator.

Upload Documents: Upload your Aadhaar card, PAN card and income proof for verification. To enable OTP based verification, make sure your Aadhaar card is linked to the mobile number.

Approval and Fund Transfer : The loan is approved after submitting the documents. Disbursement of the amount will usually be credited to your account within 24 to 48 hours.

Keep these things in mind before taking a loan:

Take a reliable bank loan only from a reliable bank or NBFC.

Interest rates: Personal loans are given without any collateral, so their interest rates depend on your credit score, income, credit history, and other factors. Before taking out a loan, compare interest rates from different lenders.

Processing Fees: Know about processing fees and other charges in advance to avoid any unexpected expenses at the last minute.

Manage EMIs: Understand your repayment capacity and ensure you are able to pay your EMIs on time.

Impact on credit score : Paying off your loan on time can improve your credit score, while defaulting or not paying can damage your credit standing. Therefore, take out a loan only when it is truly necessary.

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The post Aadhaar Loan Online: You can get a loan of up to Rs 2 lakh on your Aadhaar Card! Key Details Inside first appeared on Rightsofemployees.com.

Everyone knows about the precautions to be taken regarding signatures on cheques, but do you know about a fact regarding the amount in words on the cheque? The amount on the cheque is written in words as well as in numbers. After writing the amount in numbers and words on the cheque, ‘Rupees only’ is written. But, some people just write Rupees and forget or omit writing the ‘Method’. Do you know why Rupees only is written on cheques?

Why write ‘only’ before rupees on a cheque

While signing a cheque, always write only “Rupees” followed by “Rupees”. This is an important measure to prevent cheque tampering. If you write only “Rupees” without the full amount, someone can easily add extra digits or words to increase the amount to be paid.

• -Writing the amount on the cheque in numbers and words “only” at the end makes it difficult for someone to alter the cheque and claim a larger amount.
• -Writing the currency with “Rupees only” ensures that there is no confusion about the amount intended.
• -In case of cheques, this is a standard procedure followed in banking systems for security reasons to prevent fraud.

However, now in the age of internet banking, transactions through cheques have reduced. But, if you issue a cheque in any situation, then it is important to know the rules related to it.

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The post Why is ‘Rupees only’ written on the cheque, what will happen if you forget to write it? Know here first appeared on Rightsofemployees.com.

RBI Loan New rules: The Reserve Bank of India (RBI) said that banks and non-banking financial companies (NBFCs) will be bound by the loan terms and conditions indicated in the Current Fact Statement (KFS). That means whatever charges will be there should be in one statement i.e. KFS. RBI is going to make big changes from October 1, 2024, which is expected to benefit the loan taking customers also.

Loan giving banks or institutions will now have to provide all information about the loan agreement to individuals and businesses seeking loans from October 1. Actually, this step will increase transparency and its purpose is to provide better information to the loan takers, so that they can take the right financial decisions. However, exemption has been given in case of credit cards.

What will KFS include?

Key details of the loan agreement will be part of the KFS. This will include the entire cost of the loan. In this, a unique number will be provided to the customers taking the loan and there will be a validity period of at least three working days for the loan period of seven days or more. According to RBI, what should be included in KFS? This is explained below.

-A calculation sheet of the Annual Percentage Rate (APR) and loan amortization information over the loan term. Let us tell you that APR is the annual credit cost for the borrower.

-All charges levied by RE.

-Charges charged by RE to borrowers on behalf of third party service providers on actual basis such as insurance charges and legal fees.

Overall, complete information about all the conditions, interest rates and additional costs will have to be given in the KFS. RBI ordered that all the guidelines from its side should be implemented without any exception from October 1, 2024. RBI said that by creating a format, it will be easier for people to get all the information related to the loan.

What is the benefit to customers?

As per RBI, RE cannot levy any fees or charges mentioned in the KFS without the consent of the borrower in any manner during the loan tenure. That means there is no charge for anything which is not mentioned in KFS. RBI said that the bank or any other institution cannot charge fees separately from the customers whose information is not in the KFS. In such a situation, these rules will clearly strengthen the interests of the customers.

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The post Bank Loan Rules: Loan taking rules will change from October 1, RBI made new rules first appeared on Rightsofemployees.com.

Many customers take bank loan. Many banks have revised interest rates in the months of January and February. If you are also planning to take a loan then first see where you are getting a cheap loan. Both private and government banks are included in this list.
Let us check which bank is giving loan at what rate-

Bank of Baroda

Bank of Baroda (BoB) has amended the MCLR of the bank on 12 February 2024. The MCLR rate of the bank for overnight period is 8.05 percent. Apart from this, MCLR for one month is 8.30 percent. The MCLR rate for a period of 3 months is 8.40 percent. MCLR rate for a period of 6 months is 8.60 percent. One year MCLR rate is 8.80 percent.

ICICI Bank

According to the website of ICICI Bank, at present the overnight MCLR rate is 8.40%. The MCLR rate for three months and six months in ICICI Bank is 8.45 percent and 8.60 percent respectively. The one year MCLR rate has been revised to 8.65 percent.

Punjab National Bank

According to the website of PNB, the MCLR rates of the bank for overnight period have increased from 7.90 percent to 7.90 percent. One month MCLR rate has increased from 7.90 percent to 8 percent.

Yes Bank

According to the website of Yes Bank, MCLR rates have increased. The new rates are effective from January 1, 2024. The overnight period rate is 9.2%. MCLR rate for one month is 9.45%. MCLR rate for three months is 10%. The six month rate is 10.25% and the one year rate is 10.50%.

Bank of India

According to the website of Bank of India, the bank has increased the MCLR rates for overnight period and one month period. The bank has increased the rate by 10 bps and it is effective from February 1, 2024. The three month rate is 8.40%. At the same time, the six month rate is 8.60% and the one year rate is 8.80%.

HDFC Bank

HDFC Bank has increased the loan interest rates. The bank has increased the MCLR rates. The new rates of the bank have come into effect from 8th February. The bank has increased the rates of some selected tenure loans by 10 bps. The MCLR of the bank has come between 8.90 percent to 9.35 percent. The bank has increased the overnight MCLR rate by 10 basis points, after which its rate has increased from 8.80 percent to 8.90 percent.

The post Bank Loan Interest Rates : Important update for HDFC, PNB and ICICI Bank customers, loan rates changed first appeared on Rightsofemployees.com.

HDFC Bank Loan Costly: Today the Reserve Bank of India will announce its monetary policy, but before that, the country’s largest private bank HDFC Bank has made its loan rates expensive. HDFC Bank has increased the Marginal Cost of Lending Rates i.e. MCLR yesterday, after which the bank’s loans like home loan, car loan, personal loan have become expensive.

HDFC Bank increased MCLR – most loans will be expensive

HDFC Bank has shocked its customers because the interest rates on most of the consumer loans of this bank have become expensive. Actually, HDFC Bank has increased its Marginal Cost of Lending Rates i.e. MCLR by 10 basis points i.e. 0.10 percent and the EMI of all the loans related to it will increase from today. This news is being given according to the information given on the website of HDFC Bank.

Know by how much HDFC Bank has increased MCLR and where

The bank’s MCLR rate for loans with different tenures has ranged between 8.9 percent to 9.35 percent.

The bank’s one day MCLR i.e. overnight MCLR has increased by 0.10 percent to 8.9 percent.

One month MCLR has increased by 10 basis points to 8.95 percent.

Three-month MCLR has increased by 10 basis points to 9.10 percent.

Six-month MCLR has increased by 10 basis points to 9.30 percent.

Apart from this, one year MCLR related to consumer loan has also been increased by 5 basis points and it has been increased from 9.25 percent to 9.30 percent. The bank’s 2-year MCLR has now increased from 9.30 percent to 9.35 percent and apart from this, the 3-year MCLR has been maintained at 9.30 percent without any change.

(Source- HDFCbank.com)

Since when did loans become expensive?

These new MCLR rates of HDFC Bank have become effective from 7 February 2024 and will be fully applicable to new loan borrowers.

The post HDFC Bank gave a shock and increased the loan interest rates, since when and how much did the loan become expensive – know first appeared on Rightsofemployees.com.