Thursday, April 20, 2017

Save money smartly with digital wallets

When banks are in news for charging customers under unheard expenses, the new found digital payment methods offer some cool in the summer for us. Post digitization drive, there is a considerable amount of competition between the digital wallets for customer acquisition and retention and in the battle, consumer is the clear winner.

The independent digital wallets are fighting head on with home grown banks as well as government baby BHIM and Adhaar PAY. while I wish there is a long and healthy battles between the companies, let's quickly look at how best we can save some smart cash. Every penny saved is every penny earned. And you are much important customer than you think  😊

I am listing down some key ways to earn extra cash using these digital wallets.

1. The referal program - Have a friend?  Refer your wallet to him/ her and get some cash/ discounts on their first purchase. It's the most common feature amongst wallets.

2. Don't forget the joining bonus - Yes, thats right, you are rewarded handsomely for choosing them. Some loyalty points, discounts are mostly on offer. Just do a basic Google to find promo codes /joining offers 

3. Check for the partner offers on discounts - there are loads. Food delivery companies, online shopping portals and many more are queuing up for your attention with attractive discounts by partnering with these wallets. Check out!

4. Keep an eye on the wallet recharge deals - there are many deals floating on the wallet recharge. What you need to do is just Google the recharge "wallet name" coupons, there s A chance you may get some extra cash on recharge, some up to 20%. How that's big!

5. Have you explored Utility payments - Now it's possible to pay your electricity bills with your wallets, besides some attractive offers it saves you from long view and previous time. Time saved is money saved.

6. Have you won cashback on your purchases - big discount offers on airline tickets, movies and other purchase. Not of research always helps.

Hope you enjoy summer and the offers. Have a good time. Happy spending and happy saving.

Next read - Have you heard of peer2peer lending?

Tuesday, April 18, 2017

Packed for summer holidays? are you forex ready?

It is about time that travelers are set for summer holidays abroad. I am sure the destination, tentative itenary, and bookings must be done by now. Two important things for foreign travel you should carefully plan is a comprehensive travel insurance and arrangement of foreign currencies. 

  • While traveling to other countries, one can carry about USD 3000 per trip as a cash component. Individual limit for forex expenses per year is capped at USD2,50,000 which can be used with traveller's cheque and #Forex-cards.
    In this post, I would like to focus on forex cards, a must hassle-free card for your foreign travel. Forex cards are pre-loaded currency card for your expenses abroad.
  • IndusInd Bank recently launched wherein the travelers can by prepaid forex cards and reload anytime, anywhere. The portal allows a user to carry out the foreign exchange on the overseas trip in an innovative and secured ways.  The portal also allows customers to buy and sell foreign currency with zero conversion charges, send money abroad with no extra charges and processing fee. Visit for a quick process for getting your #forex-card.

    How it works 
    ·     Select what you wanna do – buy Forex Card or cash and send money abroad, the portal fetches the best rates for you
    ·       Complete a few details, upload your documents online and select your preferred mode of delivery
    ·       Book your rate online by paying a token amount, and pay remaining later

     Get your order completed within 24-48 hours
  • Multiple currency cards available in 16 currencies, allows you to add up to 8 currencies at a go. you can reload the card for your next trip from any of these 8 currencies. 

  • Advantages of Indus Forex cards –
    • It is the safest form to carry money
    • It is PIN protected, hence safe and can have configurable spending limits
    • Cards are accepted in establishments like Hotels, shopping centers, without any charges
    • The cards usually offer better rates than travellers' cheques (TC). Travellers’Cheques is  a dying business with very few accepting establishments
    • You can reload currency anytime
    • Better than debit /credit cards which charges extra 2-5% for transaction. Also offers free ATM Transactions. 
    • Also, come with insurance cover, (Customers can buy online for lost baggage, trip cancellation, hospitiasation)
    • 8 currencies available on card and cash. 16 currencies for wire transfer
    Happy holidaying :) 
    Do share your experienes

    Friday, April 14, 2017

    Small and short term loans are new flavors of the season

    High time we change our view about loans and make most of it!

    Loans and debts are usually not the favourite words of Indians! It generally reminds of all negative emotions! But no more, if you are a good money manager, it helps you live a better life. It is no more just about emergency, loan has become a convenience tool too. The misselling and misusing credit card has left Indians with a bad taste for debt. Let us see how the short, quick and small loans are actually much more than just convinience. Prudence in repayment approach is a must.

    There are series of offerings by non-banking loan providers and innovative concepts launched in last couple of years by Start-ups to attract Indian investors and borrowers, gradually making an entry. The target audience is specially the young 20 something's and early 30 population who are comfortable with their financial positions.

    The #peer2peer lending companies like i2i funding, lendbox are few names which is a new concept of getting landed and borrower at the same platform The loan amount, payment terms are flexible.

    The NBFCs are joining hands with apps to provide #short-term-loans of up to 1 lakh rupee for a period of 3 months, 6 months and 9 months. PAYSENSE is one such app. The interest is 1-2% per month.

    What is #short-term-loan?
    it is nothing but unsecured personal loan taken for a short period. Generally a short term indicates time period less than a year. Few companies offer repayment period of 3-6-9 months.

    What is a #small-loan?
    small loan in individual context is Rs. 1

    When do you use it?

    As the name goes, you should take this loan only when you are sure of repaying it comfortably within the stipulated time limit without any struggle. It's best for unplanned small expenses, which you are sure of repaying in splits within the boundary of salary in few months. It could be for a small vacations, medical expenses, buying a gadget without breaking your bank FDs or Mutual Fund savings. 

    How is it beneficial?

    It has some interesting benefits - 
    1. It can help you build your credit history, which will help you for future big ticket purchases like home loan, personal loans etc.
    2. On timely repayment, it helps you get a better CIBIL score which may be useful for negotiating interest rate for big loans
    3. It helps you get a better understanding of documentation for loans, which will help in future
    4. It helps you avoiding untimely withdrawal of your long term planned investments and plan repayment within your few instalments from your salary
    5. Makes you financially more aware and responsible
    6. It can help you bridge the liquidity gap, when you are sure of getting the sum in short period like salary or maturity of FD within a short period of time.

    Word of caution
    1. Loan amount shouldn't be more than your 2 months salary
    2. You should be well prepared and calculated about your repayment ability and sources of funds
    3. The interest rate in these products are higher than bank loans, so choosing minimum amount with shorter tenure is advisable.
    4.On non-repayment, the penalties may ruin your pocket as well as credit history.
    5. Check with the borrower thoroughly on the term and conditions, required documentation, actions in non-timely repayment and interest rates
    6. The interest are higher than Banks. So checking the exact interest viz a viz banks and NBFC would be prudent. 

    It's a convinience product and should be used with a proper repayment plan. It will be unwise take a hasty call taking such loans on emergency without understanding the implication

    Please share if you like