Fixed and floating rate of interest are two types of interest rates usually offered with secured loans like home loans or loans against property.
By knowing the differences of fixed vs floating interest rate, an individual can opt for one with ease -
By considering the fixed vs floating interest rate, borrowers must choose a rate accordingly. Usually, the majority of financial institutions offer floating rates when it comes to loan against property and home loans.
While repayment of multiple small debts requires extensive planning, you must also take care to pay the dues in time for proper financial management and high creditworthiness. Conversely, you can opt for a debt consolidation loan and pay off your existing small debts with the high-value advance.
Available as a loan against property for debt consolidation, the advance simplifies the management of finances. Repayment of only one loan also reduces the chances of default. The following features accompany the loan.
A type of loan against property advances for debt consolidation are available in large amounts, which can extend up to Rs.3.5 crore with some lenders. It thus facilitates repayment of debts like personal loans, credit card bills, etc.
Long and flexible repayment tenor
Tenors ranging up to 20 years make repayment of debt consolidation loans convenient. Choice of a suitable tenor thus brings EMIs within your repayment capacity as well as affordability.
Balance transfer facility
You can also transfer the loan balance from your existing lender to a new one offering lower rates of interest. It thus helps you save on interest payment significantly, among other advantages.
High affordability, accompanied by ease of repayment makes a debt consolidation loan one of the best options to convert multiple small debts into one. Make sure to compare lenders to arrive at the best loan offer.
To provide financial assistance against every possible mishap during a trip, insurers offer different types of travel insurance policies. They vary in terms of coverage, benefits, exclusions, and so on.
Various types of travel cover available in IndiaHere are the different types of travel plans offered by insurers in India-
1. Domestic travel cover:
This insurance plan covers unforeseen situations when you are travelling within the Indian subcontinent.
2. Overseas travel cover:
It provides assistance to help you deal with baggage loss, flight cancellations, hijack risks, hospitalisation charges while you are travelling overseas.
3. Family travel cover:
This travel insurance policy covers every member of the family travelling with you. It extends compensation for any mishap that happened to any of the beneficiaries while travelling.
4. Group travel cover:
You might be travelling with your friends or colleagues. This insurance plan covers all the members in a travel group travelling to a destination together.
5. Student travel cover:
This type of travel insurance is tailor-made for students going abroad for higher studies. It provides comprehensive coverage against loss of luggage, passport, documents, and so on.
6. Pregnancy travel cover:
Women require special care while travelling during their maternity period. This travel cover provides financial assistance to pregnant women travelling within or out of India.
Some insurers also offer travel cover specially planned for senior citizens. They are provided with special benefits to safeguard them from unnecessary hassle during a trip.
You must know which type of travel cover is best suited for you and your requirements. Once you have chosen which plan to opt for, you can look for the benefits offered by different insurers and select the one that best suits your unique financial requirement
Additional Read: Different Types of Travel Insurance Coverage in India
Considering the exponential rise of medical and healthcare expenses, availing a family health insurance policy is of paramount importance. However, choosing the ideal health insurance policy at an affordable premium is challenging as the Indian insurance market is flooded with lucrative schemes offered by leading insurers.
Thus, here are the factors that a policyholder must analyse before choosing a family health cover. Take a look at these aspects –
It is essential for insurers to go through the list of network hospitals before settling on a family insurance policy. Check if the insurance policy has hospitals within your vicinity and have sufficient options for you to choose form.
Furthermore, make sure the hospitals have cashless medical facilities with minimal formalities to avoid any hassle during a medical emergencies.
As treatment for most diseases covered by health insurance schemes does not start or end with hospitalisation, it is appropriate to check whether your family insurance scheme includes pre and post hospitalisation expenses. A health insurance policy must cover both of this expenditure.
Apart from things, ensure you are aware of the set of exclusions before settling on a health insurance scheme.
Read Also: Things to consider before buying a Family Health Insurance policy
Your family is one of the most precious assets of your life and their protection is more important than anything else. You must have spent a lot of time thinking about which family health insurance plan you should select for your home. In general, health insurance plans can help you cope with any unexpected expenses from medical problems that can severely affect the well being of your family. Something as important as family health insurance should be selected with your specific needs in mind such as the number of members in your family and their health problems. Here are three major points that should help you select the perfect health insurance plan for your family.
It is mandatory for everyone who possesses a car or a bike to have vehicle insurance but one must also know the best way of claiming it. To make the best claim, one must collect all the relevant information.
If the car was hit by another car, then be sure to collect all the information regarding the car owner and the driver details.
Depending whether you have a comprehensive car insurance or a third party car insurance policy, this information is very much required. It is also important to determine what kind of claim one wants to make.
There are mostly two options available when another car is hit is to charge it to the insurance company or paying for it oneself.
In the case of the latter, it is important to determine whether paying the claim oneself and getting the No Claim Bonus would result in greater profit.
Informing the car insurance company at the right time is also very important. If the required time has elapsed, then your claim might not be accepted.
It is also important to file an FIR in case of an accident involving another vehicle and the insurer would also demand a copy of the same. Receiving the No- Trace Certificate from the police is also important in case of a theft as the police report would have to verify whether the car was traceable or not.
It is important to raise the claim first and also submit the proper documents in the right time to process the claim process. Most automatically tend to assume that just because the policy has been taken, the claim amount can be retrieved any time but that is not true. Be sure to follow the right procedure for the best chances of getting the claim.
Read Also: How to Get no Claim Bonus While Buying Insurance for New Car?
Financial setback or emergencies in the life of people is a common situation even if you are well planned for such situations. This generates a situation when you may have to drain all your savings and liquidate investments. Despite this, you may fall short of money and may look for Loan. If such a situation arises in your life, Loan against property India is the best way to get the needed money. Here the property is mortgaged and non-banking financial agencies and banks provide loans.
This loan definitely comes up with a low-interest rate and is easy to avail when needed. NBFCs like Bajaj Finserv offer this loan with zero charges for part or repayment options. Just meet your needs like expanding the business, education, medical emergencies, etc. Just look for the right lender and get a secured loan on your property. In order to get the maximum benefit from the loan, it is necessary to consider a few factors.
Reference Read: Understand These Things Before Taking a Loan Against Property
Travel insurance is important in every travel. It can benefit you in many ways. The extra money you pay for the insurance is worth every penny. You are safe and protected and can enjoy a worry-free journey.
With the growing crime rates all over the world, not getting travel insurance is being ignorant and childish. But the behavioural aspects are not that important. It is important that we are aware of how effective travel insurance is and what it safeguards against.
Read Also: Is Travel Insurance a Waste of Money?
One of the most essential aspects of life is that life is unpredictable. No one knows what lies ahead. The very next moment in life is not known by anyone. The concept of free will is an irony because everything is predestined. All that is in our hands is to be prepared for all kinds of troubles and tribulations. What would happen the very next moment is not in our control. However, we can make our positions in life safe and secure by adhering to safety measures which would help during the times of unaccustomed situations. Having insurance policy is one of the best ways to remain secure. There are special accident insurance policies that are made to protect the concerned people from unexpected harms.
Personal Accident Cover is a kind of accident insurance policy wherein the basic tenet is to provide the best possible financial aid if something serious accident takes place. Be it serious injuries or even in the case of death, such covers are extremely helpful and prepare the concerned people to remain financially secure. However, there are certain guidelines that ought to be taken care of while going for Personal Accident Cover. These are as follows:
Read Also: Things You Should Know Before Buying Personal Accident Cover
A top up health insurance acts as a stand-by in case your original health insurance doesn’t cover up the expense, is. As you are always sure that to have a backup plan for everything that you do, in a similar way to cope with sudden health emergencies, top up health insurance gives stability to your lives.
There are some unique aspects to this type of insurance such as:-
Read Also: How to Use Top-up Health Insurance to get Complete Coverage?
Alisha Antil is your best financial helper for insurance. She has a vast experience in finance and insurance and provide to you the expert advise in insuring your property and health. She has in depth knowledge and has written more than 1200 blogs on topics related home and car insurance. She also provide you with knowledge about home improvement and cooking.