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Best Credit Cards In India for Different Income Groups

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Credit card interesst rate

Make sure to keep a check on the minimum income, before you apply for a credit card. Make sure to do so, otherwise it might lead to your application being rejected. The minimum income requirements differ from the type of lender you will be receiving the credit card from. Comparatively, a credit card has the criteria to have a specific income, whereas a premium card would require the income requirements which needs to be a higher amount. 

A lot of people raise concerns on the types of credit cards that are appropriate for their income group. For people who earn below INR 25, 000 can receive approval for credit cards catering to SBI SimplyCLICK and HDFC MoneyBack. They are also charged with a lower fee and are accustomed to basic features, including spend-based fee waiver, rewards and EMI conversion facility. This way, they will be able to avail the bank-specific offers on other brands and e-commerce websites.

Credit CardFeeMinimum IncomeFeatures
SBI SimplyCLICK Credit CardINR 499INR 20, 0005X on online expenditure and 10X reward points on online expenditure with exclusive partners
HDFC Times Titanium Credit CardINR 500INR 15, 00025% discount on cinema tickets
HDFC MoneyBank Credit CardINR 500INR 13, 5002X Reward points on online expenditure
ICICI Bank Coral Contactless CardINR 500INR 20, 0002 movie tickets on a complimentary tickets each month from BookMyShow

For people who earn between INR 25, 000 – INR 50, 000, the annual fee would be up to INR 3, 000. If you are someone who associates their lifestyle with expenditure, the following credit cards are suitable for you. They offer you bonus points on dining and shopping, along with two free airport lounge passes. Airmile earnings, foreign exchange markup fee and complimentary lounge passes are some of the benefits that will make you feel on top of the world.

Credit CardsFeeMinimum IncomeFeatures
SBI Card PRIMEINR 2, 999INR 32, 000Gain 20 points on every time you spend INR 100
HSBC CashbackINR 750INR 33, 3331% cashback on all of your spendings
RBL World SafariINR 3, 000INR 25, 0000% Forex markup fee
Air India SBI Platinum CardINR 1, 4999INR 40, 000Gain 15 points on every time you spend INR 50

For those who earn between INR 50, 000 – INR 1 Lakh, you can easily avail for premium and super-premium cards. They come with a set of benefits, catering to low foreign exchange markup fee, bonus points, free airport lounge passes and much more.

Credit CardsFeeMinimum IncomeSuitable for
Standard Chartered Manhattan Platinum Credit CardINR 999INR 90, 000 p.m.Rewards and Cashback
HDFC Regalia Credit CardINR 2, 500INR 70, 000 p.m.Travel and Shopping
SBI Elite Credit CardINR 4, 999INR 60, 000 p.m.Travel and Shopping
ICICI Sapphiro Credit CardINR 3, 500INR 9.6 Lakh p.m.Travel

For those people who earn an income of above INR 1 Lakh, premium credit cards are for you. You will feel overwhelmed with the benefits offered, including lounge passes, attending free golf sessions and if you are an international traveller or a shopaholic, these cards are a suitable match.

Credit CardsMinimum IncomeFeeSuited for
YES Premia Credit CardINR 1.44 LakhINR 1, 599Travel
American Express Platinum Credit CardINR 2.08 LakhINR 60, 000International Travel
HDFC Bank Diners Club Black Credit CardINR 1.75 LakhINR 10, 000Travel

You might have had a clearer view on the type of credit card acceptable for your income group. 

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Features and Benefits of Using the Home Loan EMI Calculator

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The Indian home loan market is estimated to grow at a CAGR rate of 22% between 2021 and 2026. Thus, this is a perfect time to invest in real estate. Nevertheless, it is essential to have proper knowledge regarding EMI payments. Therefore, it is wise to rely on a home loan EMI calculator to evaluate the EMI amount and other key factors beforehand to avoid further issues. 

What is a home loan EMI calculator?

Availing a loan is a crucial financial decision. Hence, before availing of a loan, it is essential to do a loan planning exercise to estimate monthly EMIs. A home loan calculator helps borrowers calculate the monthly EMI based on the principal amount, loan tenor, and interest rate of a home loan. This calculator makes loan planning easier for borrowers. Hence, individuals can take a look at the features and benefits of home loan EMI calculator that will make their repayment more convenient:

Aspects and advantages of home loan EMI calculator

This simple, user-friendly tool will evaluate the home loan EMI amount at once and provide borrowers with a fair idea of monthly outflow that will contribute towards your repayment procedure.

  • Choosing the right tenor- The repayment of any loan is made through monthly EMI that makes their repayment convenient since they can choose a feasible tenor that will not be stressful. After getting a fair idea of the monthly EMIs, individuals can decide whether they can manage to pay a high EMI and choose a short tenure period or pay a pleasant EMI amount and extend their loan period. One can also focus on ways to reduce home loan tenure and EMI to further ease repayment. 
  • Easy calculation- Borrowers, who want to know the exact figure of EMI repayment, they need to enter the loan amount, interest rate, processing fees and loan tenor and the amount will be provided by the calculator.
  • Comparing Interest rate- The interest rate charged by financial institutions regulate the cost of home loan. When individuals pay their home loan EMI, the home loan interest rate charged decides how much of an amount is to be paid to the lender. Choosing a short tenor reduces the interest rate and allows individuals to compare several financial lenders’ different rates.
  • Choosing the principal amount- Though the financial lenders calculate the higher eligible amount, it is not necessary to borrow that particular amount. Borrowers should try to arrange the maximum down payment to keep the EMI amount minimal.

Hence, a home loan calculator is a handy financial tool that gives instant and accurate results, thereby helping individuals customise home loan based on their comfort and convenience.

To meet your needs, some reputed housing finance companies offer a home loan amount of up to Rs.3.5 crore over a flexible tenor period of 20 years. 

Top HFCs also provide pre-approved offers to simplify and quicken the lending process. These offers are available on several financial products, such as home loans, loan against property and more. You can check your pre-approved offer by providing your name and contact details.

Hence, using a home loan EMI calculator, users gain a fair idea about their financial obligation associated with the credit option and gauge their financial standing.

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Finance

Women Outfit Ideas For Valentine Day 2021

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Valentine’s day comes with the promise of romance in the air. And on that special day, we all love to look good and attractive. When it comes to women’s fashion wear for valentine’s day, the choice is endless. You can either go simple and elegant or you can pick something bold and classy.

To help you get started with your dress shopping this Valentine ’s Day, here is the list of the best outfit ideas.

Flaunt A Sheath Dress

A sheath or a shift dress is very popular for special days like valentine’s and dates. This dress is pretty simple, yet looks perfect for the evening. A shift dress in soft colours or a dark one will definitely set the right mood for your romantic date. Some of the best colours to choose are pink, coral red, dark maroon, navy and bottle green. Pick the right size for comfortability and fittings while buying a shift dress online.

Stylish Tops With Palazzos

The most simple and smart looking dress idea for this valentine’s day would be a pair of the flared palazzo and a stylish ladies top. Embroidered tops are great or you can choose a crop top and wear a shrug on top to make the appearance more regal. Earrings, bangles or just a nose pin will look dazzling with tops and palazzos. 

Ravishing High-low Dress 

Go for the high-low hemline if you want to impress your special one. A dark or bold coloured high-low dress is simply perfect for your first valentine’s. You just need to wear a pair of heels or bellies, carry a clutch and wear your hair down. To highlight your dress, wear very little makeup and stay natural. If you are wearing a sleeveless and low neckline high-low dress, you can also drape a scarf.

Appealing Red Saree

Nothing creates magic like a stunning red saree. You can wear a classic chiffon or silk red saree and pair it with designer tops for girls. Instead of the regular blouse style, do a little experiment and wear a shirt style tp or a tunic kurta with your saree to make a bold and fresh statement. Oxidised jewelry or simple stone studded jewellery will look awesome with your red saree look. To accentuate your coverall attire, do a stylish hair bun and get bold eye makeup.

Elegant White And Red

Just like every time, red and white is the most demanding and evergreen combination for valentines day dress code. Wear a white tunic with a deep red palazzo and you need nothing else to look fashionable. You can also go ethnic and wear a red and white combination anarkali suit with silver jewellery. A white top with a long ethnic red skirt is another fabulous choice for your evening valentine day outing.

Some other great options in red and white are: midi or mini skirts in red with white tops, red cape tops with white jeans or you can wear a red and white gown. 

Asymmetrical Dress

The dress is the most preferred outfit for valentines day. And asymmetrical dresses always make the top of the dress list. The symmetric hemline looks offbeat, attractive and very classy. You can also pair a legging with an asymmetric dress and drape a dupatta to make a fusion style statement. 

Flared Long Kurta

Gown style flared kurtas are very much loved by modern women for their elegant look. Flared kurtas can be worn with churidars or leggings. If you are wearing ankle-length flared kurta, you can ditch bottoms and wear it like a dress.

Hope this valentine’s day, you look bold and beautiful and feel confident. 

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Finance

Some Facts You Must Know When You Apply Personal Loan For Women

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The number of women borrowers in India has increased significantly in the last few years. As per a report, female borrowers numbered around 2.4 crore in 2014 compared to 7.8 crore in March 2020. It just goes to indicate how the mindset has changed regarding borrowing among women in the country.

  • According to a December 2019 survey, women contributed approximately 15% of the total personal loan borrowers.

Fortunately, a personal loan for women is available against a standard set of qualifications, making them easily accessible. While the requirements remain gender-neutral, they indicate an increasing inclination of women in arranging personal financing conveniently. So, here are a few essential facts you must know about these advances, included under the eligibility requirements and application process, for easy financing.

Eligibility criteria for personal loans

The following simple personal loan eligibility criteria enable borrowers, including women, to avail hassle-free funding.

  1. Maintain an impressive credit score and history

The minimum CIBIL score requirement from some of the reputed lenders in the market is 750. Thus, borrowers must aim for a CIBIL rating higher than this particular score if they plan to secure a personal loan conveniently. 

Applicants with scores over 800 also stand a chance to acquire additional benefits, such as favourable rates, higher principal amounts, and much more. If one’s current score does not meet the minimum requirements set by a lender, a borrower must check out things to improve his/her personal credit score.

Nevertheless, taking care of factors such as maintaining a balanced credit mix, keeping the credit utilisation ratio in check and the likes always help maintain an individual’s credit profile for easy borrowing.

  1. Meet age specifications

Generally, salaried employees aged between 23 and 55 years are offered personal loans.

Match minimum income requirements

To acquire a personal loan for women, you must also possess a stable source of income. Monthly earnings should thus be around Rs.25,000 or more to qualify for these forms of credit. 

However, the exact specifications regarding earnings can vary based on your city of residence. If one’s income is limited, she can opt for a Flexi personal loan for women to ensure repayment affordability. Under such an arrangement, lenders provide a pre-sanctioned amount to borrowers for multiple withdrawals, with interest charged on such withdrawals only.

For instance, if this limit is Rs.1 lakh and a borrower utilises Rs.25,000 from this amount, he/she would only need to bear interest on the latter sum and not on an entire principal sanctioned.

How to apply for a personal loan?

Borrowers can complete the following steps for an easy and convenient loan application – 

  1. Depending on the financial institution selected, visit its official website and navigate to the personal loan application section. 
  2. Next, fill up an online application form with the required personal, financial, and other details.
  3. Proceed to choose a suitable loan amount and ideal repayment tenure from the available options. Generally, the personal loans for women come with tenures ranging between 12 to 60 months.

Note that while an option to apply offline is available, one should avail a personal loan online to acquire the best deals. Borrowers can also compare the various rates and terms before choosing a low interest personal loan. For interest rate affordability, one can look for NBFCs like Bajaj Finserv.

The financial institution also provides pre-approved offers to hasten and ease the process of lending. One can avail these offers on personal loans, business loans, credit cards, and more. You can check your pre-approved offer by submitting your name and phone number.

  • Around 30 million women borrowers acquired credit in India, as per a CIBIL report from 2019.

Evidently, women are borrowing more frequently today than ever before. It is due to increased financial independence among Indian women, which has enabled them to avail and repay such credit efficiently.

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