Missed your credit card payment - What to do with Missed credit card payment ?

Here are some of the actions you can take if you have missed your payment options:

Settle the Account : When you realized that you missed a payment a payment then pay it immediately.if you cannot the full amount then pay the minimum required payment.A card-issuing companies report delinquent payments when you are more than 30 days late.Pay the dues before the next bill arrives. However, you must know that there is no guarantee that this will work. There is a chance that the company might report it the moment you fail to pay.

Ask for a Waiver : When you miss a credit card payment, a late fee will certainly be added to your outstanding balance. Late fees can be very high and you should try finding a way to avoid it. Many creditors will be willing to waive your late fee if you have a history of regular payments. Contact the issuing company and explain your situation to them. Try to convince them for a waiver politely. Don’t be shy. Don’t be demanding either. If they don't agree, do not pursue it further. Learn a lesson, pay the fee, and be resolute that the mistake won't be repeated.

Set Reminders : If missing a payment was an accidental one-time issue, then hopefully you already have an organized system for reminders. However, if you notice that you keep defaulting now and then, you need to be more vigilant and find a way to remind yourself. You could put up a monthly bill payment calendar on the wall, listing all the due dates and the minimum payment amounts for all your accounts. This might sound archaic but has proven to be a useful technique that has stood the test of time. I assume you are a tech-savvy person; so you might prefer setting up reminders on your phone. Email reminders could also do the work - you could try FollowUpThen for this purpose.


 

Top 5 Financial Mistake - Common Financial Mistake

Mistakes and regrets - an endless vicious cycle that is common to each one of us. I have made innumerable ones, and still make a couple of them every other day. Financial mistakes are quite common and can be deadly. Since you are here reading this article, I am sure that you too have made some mistakes and you're looking for solutions now. We learn from our mistakes, right? Here are a few typical "Oh no!" moments in the finance field from which you can learn some important lessons.

Mistake #1: Not Researching Enough
Money matters can be very complicated and confusing. We often tend to consult a friend or an acquaintance or an expert for advice or suggestion. Unfortunately, this might backfire.

I have a friend who is passionately involved in the share market. When I wanted to invest some money in shares, he was my go-to guy. Taking his advice, I invested my money. A month later, those share prices fell beyond my imagination. That's when I learned a lesson - educate yourself and take responsibility for your own decisions. Nobody else would be as interested in your financial well being than yourself.

Mistake #2: Ignoring Your Gut

Investing is an excellent way to build your wealth and grow your money. Investment advisers are abundant, but they might not be reliable all the time. Amidst a hectic life, consulting an adviser might be very convenient. However, there are moments when you get a hunch that things are not going on the right track. Don't ignore those gut feelings. They have a reason. You wouldn't want to take a wrong financial advice and lose your hard-earned money. Be sure in every way before making a decision.

Mistake #3: Delaying Investments

Life happens. And it happens rather too quickly. You must start investing when you're young. If you don't, you'll surely regret later. Money invested early has a huge potential to grow. Every penny counts. I had started my investments with a meager amount of Rs.100 a month. It's more about developing the habit of saving - the earlier you start, the better you pick it up. You must also have a retirement plan - start thinking of the end and work backward to make it work.

Mistake #4: Ignoring a Commitment

Getting into debt can be easy and scary, and getting out of it is extremely difficult. You must never ignore your financial obligations. It can affect your credit score and lead to severe consequences as well. Missing a payment can significantly impact your credit score. Ending up with a substantial outstanding amount is even more dangerous for your financial health. When you are fresh into the finance market, you might be a little careless or forgetful. Try not to make such mistakes. Repay your balance on time.

What is a Good credit score ? - Credit Score Dropped for no reason

Lenders use your credit score to evaluate whether you will repay your debt responsibly or not. A high credit score would make you a worthy candidate in the eyes of lenders, whereas a low credit score could easily hinder your chances of getting credit. Credit bureaus like Equifax, Experian, and TransUnion assess your entire financial history and use a fact-based mathematical algorithm to calculate your credit score.

A good credit score can open up a lot of possibilities. It can help you to qualify for the best APR when you borrow money, and it can influence lenders to consider you creditworthy. Landlords, teleservice providers, and even cable companies consider your credit score when you apply with them for a product or service. You must know how you can increase your credit score and improve your credit health. Go through our tips to boost your credit score.

Why Did My Credit Score Drop?

There can be a few surprising but very pertinent reasons for a sudden fall in your credit score. Let us dig deep into them.

Old and Inactive Accounts

Have you ever found an interesting promotional offer in a shopping mall or a retail outlet and applied for a credit card? Well, I did at some point in time. And being my ever-forgetful self, I had conveniently forgotten about it.

An inactive account is of no profit to a lender, and a lender can automatically close it without giving you notice. Also, there’s no standard law to decide on how long your account needs to be inactive for before the lender can automatically deactivate it.

The solution to this problem? Well, I have learned my lesson, and so I have set up my internet bill to be auto-deducted every month from another one of my long-forgotten credit cards. You could do the same. Remember to set up auto-pay so that you don’t miss a single payment.

A New Hard Inquiry

My mobile phone connection was pathetic, and I had decided to switch over to a different teleservice provider. A gentleman from the new phone company visited my house to get all the paperwork done. There were a handful of forms to be filled, read, and signed. As I was running late, I had blindly signed wherever the person asked me to. Unknowingly, I had permitted the company to conduct a credit check to ensure that I have the financial capability to afford their services. In short, a hard inquiry was made without my knowledge.

Although you haven’t applied for a loan or a credit card recently, you might have undergone similar minor changes in your lifestyle that resulted in a hard inquiry. You might have inadvertently permitted your internet service provider, cable company, teleservice provider, and even your landlord to conduct a hard inquiry on your credit report. Upgrading your credit card or applying for an increase in credit limit can also result in a hard inquiry.

The solution to this problem? I have become super vigilant. Now I read documents before signing on them; additionally, I always ask a service provider or a lender if the transaction involves a hard inquiry. I keep a close eye on my mymoneykarma account and ensure that all hard inquiries are made with my permission. If you find an unauthorized hard inquiry, it could be fraudulent activity, and you must take action immediately.

Paying off a Loan

This one was my strangest finding. That feeling of satisfaction and relaxation when you finally settle a loan isn’t relaxation in the financial world. You need to have a variety of accounts for maintaining a good credit score. If you pay off a loan, the loan account is closed, and you lose an account. Your credit score drops inevitably.

It is better to have different types of accounts running. Keep a mix of credit accounts and loans if you want to maintain a consistent record of credit score. It indicates that you responsibly manage your finances. Lenders thus consider you to be a creditworthy candidate.

The solution to this problem? Well, it is not a great worry. Paying off a loan might reduce your credit score at the moment, but it also proves that you’re capable of repaying loans and makes it easier to get approval for loans in the future.

Being an Authorized User of a Delinquent Account :

A few years ago, my grandfather had added me as an authorized user(second account holder) of one of his accounts to help me build my credit score. Unfortunately, my old and forgetful grandfather missed a payment. Since I am an authorized user, credit bureaus include that account in my credit report although I never actually use it.

There can be ups and downs of being an authorized user. If the primary account holder pays the bills responsibly, you benefit from the account. If the account holder misses payments, it brings down your credit score as well.

A solution to this problem? You could consider getting yourself removed from the account in case the account holder is a major payment defaulter. However, if the concerned account is your oldest account as per your credit report, removing it can reduce your credit score considerably. Think well before taking a step.

Reasons Why You Should Monitor Your Credit Report - mymoneykarma

Credit bureaus like Equifax, Experian, and TransUnion maintain this record. They evaluate your financial information to calculate your credit score, which is a numerical score that decides your creditworthiness.

Your credit score tells potential lenders how trustworthy you would be with a credit or a loan. Every individual has the facility to check their credit report from time to time. While some do not care about keeping an eye on their credit report, it is important that you develop the habit of monitoring your credit at least once in a year.

Here are a few common errors that you must look out for:

• A new address or phone number that is not yours
• Error in the spelling of your name
• Unknown accounts owned by someone with a name that’s similar to yours
• The same debt or payment failure note listed multiple times
• Incorrect dates
• Mistakenly reported delinquency or late payment
• False record of the current balance
• Incorrectly recorded credit limit
• Closed accounts that are marked as open
• Accounts appearing various times with different creditors listed
• Unauthorized accounts
• Statements in which you are an authorized user, but you are marked as the primary user

To ensure that these errors don't haunt you, try to review your credit report from each credit bureau at least once in a year.

Factors Impacts on your Credit Score - What is my credit score ?

What Determines My Credit Score?

To keep it short and simple, your entire financial history! The number of accounts you have, your credit history, your payment history, the inquiries you make, etc. Everything you do in the financial sphere using your PAN impacts your Credit Score.

Let me tell you something amusing: to build your credit score, you must take credit, you must open a variety of accounts, and you must be active in the money market. A person with no loans or credit cards will end up with no credit score.
How is My Credit Score Measured?

Not using a beam-balance, for sure! I'm just kidding. It is a complicated fact-based mathematical model - an algorithm to be precise - which evaluates your financial history and comes up with the score. You cannot possibly calculate it on your own. Why don't you try mymoneykarma's excellent Intelligence Finance Tool? It not only calculates your credit score but also guides you in managing your finances.
Are you still confused? Put yourself at ease, as we are here to provide you with the necessary  information to help you maintain a good credit score.

Let us now quickly glance through the factors that typically impact your credit score.
 
High-Impact Factors

Credit card utilization: How much should you borrow through your credit cards? Experts recommend that you shouldn't exceed 30% of your available credit limit. A low rate of credit utilization indicates that you spend responsibly. It also suggests that you are more likely to repay the loan on time. Additionally, keeping a substantial buffer on your credit limit also helps you in times of crisis or financial emergencies.

Medium-Impact Factors
Age of credit history: This doesn't refer to your actual age. Rather, it shows how long you have been managing credit. You will be considered more worthy of getting credit if you can prove that you have been maintaining your credits responsibly for a longer period. To sum it up, avoid closing your oldest credit card account, as it might drastically bring down your credit score.

Low-Impact Factors

Total accounts: This doesn't just refer to your savings accounts. It includes the number of credit cards, loans, or mortgages that you have. A variety of accounts is always preferable, as it shows that you have been trusted with credit by other lenders.

Monitor your credit report - Reasons Why You Should Monitor Your Credit Report

Consolidated record of your finances in a detailed document is called credit report.Credit bureaus like Equifax, Experian, and TransUnion maintain this record. They evaluate your financial information to calculate your credit score, which is a numerical score that decides your creditworthiness.
 
Based on your credit score a potential lender can know how trustworthy your to get a credit or loan.you should have a habit of monitor your credit at least once a year.

Reporting Errors :

Credit Report errors are quite common and Your card-issuing company might make mistakes while filing your report with the credit bureaus.

Here are a few common errors that you must look out for:

1. A new address or phone number that is not yours
2. Error in the spelling of your name
3. Unknown accounts owned by someone with a name that’s similar to yours
4. The same debt or payment failure note listed multiple times
5. Incorrect dates
6. Mistakenly reported delinquency or late payment
7. False record of the current balance
8. Incorrectly recorded credit limit
9. Closed accounts that are marked as open
10. Accounts appearing various times with different creditors listed
11. Unauthorized accounts
12. Statements in which you are an authorized user, but you are marked as the primary user.
    
    
     

 

How Do I Deal With Unauthorized Hard Inquiries? - Unauthorized Hard Inquiries

If it is unrecognized one then the hard inquiries will be hard on your credit score.Now, if you wonder how it can be unauthorized one.it will happen for several reasons.

It can be from : authorized lender, it could be a reporting error, or it could even indicate possible identity theft.

Authorized lender : Only with your permission a hard inquiry can be made on your credit report. It cannot make a hard inquiries unless you authorize it.

Even if you haven’t applied for a loan or credit card it will result in a hard inquiry.You probably signed on documents without carefully reading them, hence not realizing that you have authorized the company to perform a hard inquiry.

Reporting Error :If you find a hard inquiry that you didn’t authorize, it could either be a reporting error or fraudulent activity.nce you know the name of the lender under suspicion, you can search online for contact details and approach the concerned lender to check the reason for the hard inquiry.

Identity Theft :If you suspect that your identity has been compromised, approach the card-issuing company, and extensively look for information regarding the account. Look at the account opening date, contact details, amount charged, etc. You must seek help from the company and follow the protocols to deal with fraudulent activity.

Factors Affecting Credit Score — What Is My Credit Score?

Factors That Impact Your Credit Score

• There is a common misconception that your age, salary, and employment history decide how creditworthy you are. That is simply not true.

• These factors play just as much a role as your race, ethnicity, nationality, religion, gender, marital status, area of residence, or assets play in determining your credit score — None!

• The system used to calculate your credit score is efficient, and only assesses your behavior pattern concerning credit.

What Is My Credit Score?

• In layman’s terms, your credit score is a number that tells how worthy you are of getting credit.

• Lenders use your credit score to evaluate whether you will repay your debts responsibly or not. 

• A high credit score would make you a worthy candidate in the eyes of lenders, whereas a low credit score could easily hinder your chances of getting credit.

4 Reasons why your credit score dropped - Why Did My Credit Score Drop?

I have always been particularly keen on keeping an eye on my finances — I have never missed a payment, my accounts are in good shape, and I always keep my credit utilization within 30%.

Why Did My Credit Score Drop?
There can be a few surprising but very pertinent reasons for a sudden fall in your credit score. Let us dig deep into them.

1. Old and Inactive Accounts

Have you ever found an interesting promotional offer in a shopping mall or a  retail outlet and applied for a credit card? Well, I did at some point in time. And being my ever-forgetful self, I had conveniently forgotten about it.

2. A New Hard Inquiry

My mobile phone connection was pathetic, and I had decided to switch over to a different teleservice provider. A gentleman from the new phone company visited my house to get all the paperwork done. There were a handful of forms to be filled, read, and signed. As I was running late, I had blindly signed wherever the person asked me to. Unknowingly, I had permitted the company to conduct a credit check to ensure that I have the financial capability to afford their services. In short, a hard inquiry was made without my knowledge.

3. Paying off a Loan

This one was my strangest finding. That feeling of satisfaction and relaxation when you finally settle a loan isn’t relaxation in the financial world. You need to have a variety of accounts for maintaining a good credit score. If you pay off a loan, the loan account is closed, and you lose an account. Your credit score drops inevitably.

4.Being an Authorized User of a Delinquent Account

A few years ago, my grandfather had added me as an authorized user(second account holder) of one of his accounts to help me build my credit score. Unfortunately, my old and forgetful grandfather missed a payment. Since I am an authorized user, credit bureaus include that account in my credit report although I never actually use it.

4 Reasons to check your credit score - Why you should monitor credit score ?

4 Reasons why you should monitor your credit score :

•     Reporting Errors
•     Identity Theft
•     Financial Infidelity
•     Progress Report

A credit report is a detailed document that contains a consolidated record of your finances. Credit bureaus like Equifax, Experian, and TransUnion maintain this record. They evaluate your financial information to calculate your credit score, which is a numerical score that decides your creditworthiness.

Reasons Why You Should Monitor Your Credit Report :

Reporting Errors :

Credit report errors are quite common. Your card-issuing company might make mistakes while filing your report with the credit bureaus. It is also possible that the credit bureaus make errors while consolidating your overall credit report.

Identity Theft :

Have you heard about credit card fraud, scams, data breaches, and identity thefts? Sounds scary, right? An imposter could steal your personal information, such as Aadhaar and PAN, driver’s license number, date of birth, or other financial information and use it for their own financial gain. These are serious crimes that can not only affect your finances but also ruin your credit history.

Financial Infidelity :

Infidelity indicates a breach of trust. There have been those unfortunate situations wherein a person was betrayed by a trusted or loved one. Don’t be surprised. Incidents like this have become quite frequent, and many people suffer although it is not their fault at all.

Progress Report :

Checking your credit report gives you clarity and aids you in planning your finances well ahead. Your credit report tells you exactly how much you owe to whom and by when you need to settle the amount. If you are in debt, you get to know about the total amount and also track your monthly progress in resolving the debt.

What is good Credit Score ? - 4 tips for good credit score

Fix Your Credit Utilization Ratio

You should keep your credit utilization ratio within 30%. If you notice that your expenses are exceeding 30% of your credit limit, your credit scores will inevitably drop. Consider increasing your credit limit in such a situation.

A higher credit limit automatically brings down your credit utilization rate, provided that your expenditure or credit balance remains constant.

You may call your credit card issuing company and request for an increase in the credit limit or make an application online.

You could also get another credit card for the same purpose. However, increasing your credit limit isn't a piece of cake, and you might have to go through a rough road.

Once you successfully manage to improve your credit limit, spend carefully - your expenses must not increase.

This will balance out your credit utilization rate, and a low utilization rate boosts the credit score.
Don’t Apply for Too Many Credits Simultaneously

Hard inquiries deduct points from your credit score. If you apply for too many lines of credit at a time, each will amount to a hard inquiry.

These hard inquiries remain on your credit report for quite some time. Many hard inquiries at a time will not only reduce your credit score but will also make you seem quite desperate for cash.

Hence, lenders will not be able to trust you. So whenever you apply for credit cards, spread the applications apart over a long period.

How can I stop unauthorised companies to check my credit history?

A hard inquiry can be hard on your credit score, especially if it is an unrecognized one. Now you must be wondering how it could be unrecognized. Well, a hard inquiry could have happened for several reasons. It could have come from an authorized lender, it could be a reporting error, or it could even indicate possible identity theft. Let me tell you about these three issues in detail.

A hard inquiry on your credit report can ideally be made only with your permission. An organization cannot make a hard inquiry unless you authorize it. However, some situations can be confusing.

Even if you haven’t applied for a loan or a credit card recently, you might have undergone minor changes in your lifestyle that resulted in a hard inquiry. You might have inadvertently permitted your internet service provider, cable company, teleservice provider, and even your landlord to conduct a hard inquiry on your credit report. You probably signed on documents without carefully reading them, hence not realizing that you have authorized the company to perform a hard inquiry. Even upgrading your credit card or applying for an increase in credit limit could result in a hard inquiry.

If you find a hard inquiry that you didn't authorize, it could either be a reporting error or fraudulent activity. You can keep an eye on your credit report using mymoneykarma's Intelligent Finance Tool. 

This tool shows you the source of all hard inquiries made on your credit report. Once you know the name of the lender under suspicion, you can search online for contact details and approach the concerned lender to check the reason for the hard inquiry.

What is my Credit Score - Impacts on Credit Score

High-Impact Factors

• Credit card utilization: How much should you borrow through your credit cards? Experts recommend that you shouldn't exceed 30% of your available credit limit. A low rate of credit utilization indicates that you spend responsibly. It also suggests that you are more likely to repay the loan on time. Additionally, keeping a substantial buffer on your credit limit also helps you in times of crisis or financial emergencies.
• Payment history: Pay your bills on time. By doing so, you let lenders know that you are reliable and that you ensure timely repayment of credit. If you miss a payment, your credit score could fall significantly.
• Negative remarks: Your credit reports must be free of any disparaging remarks. This includes accounts in collections, bankruptcies, as well as foreclosures.

Medium-Impact Factors

Age of credit history: This doesn't refer to your actual age. Rather, it shows how long you have been managing credit. You will be considered more worthy of getting credit if you can prove that you have been maintaining your credits responsibly for a longer period. To sum it up, avoid closing your oldest credit card account, as it might drastically bring down your credit score.

Low-Impact Factors

Total accounts: This doesn't just refer to your savings accounts. It includes the number of credit cards, loans, or mortgages that you have. A variety of accounts is always preferable, as it shows that you have been trusted with credit by other lenders.

Hard inquiries: A hard inquiry refers to applying for a new line of credit - be it a loan, a new credit card, a rental apartment, or a mortgage. Too many hard inquiries in a short period present you as desperate for credit. It also indicates that several other lenders have refused you the same.


How is My Credit Score Measured?

Not using a beam-balance, for sure! I'm just kidding. It is a complicated fact-based mathematical model - an algorithm to be precise - which evaluates your financial history and comes up with the score. You cannot possibly calculate it on your own.
Are you still confused? Put yourself at ease, as we are here to provide you with the necessary  information to help you maintain a good credit score.

Why Did My Credit Score Drop? - Being an Authorized User of a Delinquent Account

There can be a few surprising but very pertinent reasons for a sudden fall in your credit score. Let us dig deep into them.

Old and Inactive Accounts :
 
Have you ever found an interesting promotional offer in a shopping mall or a retail outlet and applied for a credit card? Well, I did at some point in time. And being my ever-forgetful self, I had conveniently forgotten about it.

An inactive account is of no profit to a lender, and a lender can automatically close it without giving you notice. Also, there’s no standard law to decide on how long your account needs to be inactive for before the lender can automatically deactivate it.

The solution to this problem? Well, I have learned my lesson, and so I have set up my internet bill to be auto-deducted every month from another one of my long-forgotten credit cards. You could do the same. Remember to set up auto-pay so that you don’t miss a single payment.

Although you haven’t applied for a loan or a credit card recently, you might have undergone similar minor changes in your lifestyle that resulted in a hard inquiry. You might have inadvertently permitted your internet service provider, cable company, teleservice provider, and even your landlord to conduct a hard inquiry on your credit report. Upgrading your credit card or applying for an increase in credit limit can also result in a hard inquiry.

The solution to this problem? I have become super vigilant. Now I read documents before signing on them; additionally, I always ask a service provider or a lender if the transaction involves a hard inquiry. If you find an unauthorized hard inquiry, it could be fraudulent activity, and you must take action immediately.

State Bank of India - SBI Credit Card - Apply for SBI Credit Card - mymoneykarma

State Bank of India offers credit cards in association with GE Capital. SBI is one of the largest credit card institutions in India and provides a wide range of credit cards to suit the needs of different types of customers. These cards are designed to maximize the benefits when the customers are shopping, traveling, dining, going to the movies, or booking airline tickets. Here are some of the features of the credit cards from SBI.

• Facility to transfer balances from other bank credit cards.
• Flexipay option to break huge expenses into affordable EMIs.
• Hassle-free cashless shopping experience with convenient repayment options.
• Easy payment of utility bills with attractive cashback rewards.

SBI Card ELITE

• Free e-Gift voucher worth Rs. 5,000 on receiving the card.
• Complimentary movie tickets worth Rs. 6,000 every year.
• The opportunity of earning 50,000 Bonus Reward Points worth Rs.12,500 every year.
• Complimentary membership of Club Vistara and Trident Hotels. 

SBI Credit Card Eligibility

To be eligible for an SBI credit card, the minimum age of the applicant should be at least 21 years and below 60 years. They should have a regular source of income and a decent credit score. Also, they should also meet SBI credit card document requirements.

City Union Bank Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

Although two-wheelers are convenient and preferred means of transport, they are not affordable for a majority of the middle-class section of India to buy entirely out of their pocket. Hence two-wheeler loans from City Union Bank provide support to people who are looking to purchase these vehicles.

Features of Two-Wheeler Loan

1. The motive of loan:

The two-wheeler loan is only eligible for new two-wheelers, not for the used ones.

2. Permitted Loan Amount:

The maximum two-wheeler loan amount offered by City Union Bank is determined by calculating the applicant's salary for 10 months and Rs 35,000 is the upper limit.

3.Interest Rates:

Base Rate is 10.75%

Base Rate+7.00 = 17.75%

4.Security:

Hypothecation of the bike to be bought is kept as security or collateral with the bank.

5.Third Party Guarantee:

Along with the loan applicant, the spouse (or maybe someone else who fulfills the eligibility criteria as per the requirement may apply as co-applicant.

6. Repayment Period:

The applicant can repay the loan maximum in a period of 36 months through EMIs and the bank doesn't allow any moratorium period in this regard.

7. Two Wheeler Insurance:

A comprehensive insurance cover is to be acquired by the applicant at the price of the vehicle as per the loan clause.

8. Processing Fees:

The bank will impose a processing charge at 1% of the entire loan amount. However, the whole process is transparent as there are no hidden charges.

9. Loan Disbursement:

The approved loan amount will be credited directly to the seller.

Capital Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

Capital first is a financial services company primarily indulged in micro consumer loans and corporate lending. The company also operates in general insurance and life insurance products. The premium consumer products of the company include two wheeler loan along with some other products. The two-wheeler loan can be availed for the purchase of two-wheelers such as scooters, mopeds and motorcycles.

Features and Benefits of Capital First Bike Loan
The following features characterize capital First's two-wheeler loans:

• Quick disbursal of the loan request
• Affordable EMIs

Loan Eligibility Criteria:

• The eligibility criteria of the loan are as follows:
• The applicant must be at least 18 years old if the applicant is a student.
• The applicant must have a work experience of at least six months in case of salaried individuals.
• The applicant must have a work experience of at least two years in case of a self-employed individual and must be of at least 21 years of age.

PNB Two Wheeler Loan - Two Wheeler Loan Interest Rate - mymoneykarma

Two Wheeler Loan Interest Rate

1. Interest Rate for the Salaried Individual: The interest rate will Base Rate +3.00% for less than three years and BR+3.00%+TP for three years and above.

2. Interest Rate for the Self-Employed: The interest rate for three years or lesser is BR+4.00% and BR+4.00%+TP for more than three years.

The PNB is one of the leading nationalized banks and offers a wide array of financial products and services along with loans.

Eligibility Criteria of Two-Wheeler Loan

• The applicant must be getting a salary of minimum Rs. 10,000/- per month.
• The applicant must be a salaried individual who draws a salary from any employer via any PNB branch.
• The applicant must come under the age bracket of 18 to 60 years.
• The applicant should have a valid driving license.
• The applicant either should be a customer of PNB for at least the last six months with clear transactional record or a customer of any bank with a satisfactory transactional history of the previous one year.
• In case if the borrower is a student, he or she must be more than 18 years. The loan will only be sanctioned if a working parent becomes the co-borrower.
• If the applicant is married and not working, then the income of his/her salaried spouse will be considered for deciding the income criteria. Here the income of the salaried spouse will be considered.
• For Self-Employed Applicants: Here to verify the business income, the last ITR filed, and challans for tax deposited will be recognized.

Q1. Being a 19-year-old student, am I eligible to apply for a two-wheeler loan at PNB?

Yes, you can apply for a loan even if you are a student. However, this will only be possible by assigning a salaried parent as co-borrower. Along with that, a valid driver's license is also required from your side.

Q2. What are the charges for prepayments before the decided term?
There are no extra charges for doing so.

SBI Online - SBI Bank Two Wheeler Loan - mymoneykarma

Benefits of Two-Wheeler Loan from SBI

• The loan can be taken to buy any two-wheeler such as a scooter, motorbike, moped, and the battery operated two-wheelers.
• EMI is not required in advance.
• Affordable and low-interest rates that result in lower EMIs.
• The bank pays 85% of the on-road price of the two-wheeler in the loan.
• Avail the flexibility in payments of EMIs at any day of the month.
• An optional SBI life cover is also provided to borrowers.
• Free Accidental insurance cover.
• For any salaried individual who avails the loan, the maximum loan amount is kept at 1/6th of the net monthly income of the borrower.
• For the borrower who is self-employed, the maximum loan amount is limited to half of the borrower's annual net income.
• The yearly net income for agriculturists is based on the nature of their activity like orchards, land holding, farming, dairy, poultry, cropping pattern, yield, etc.
• The repayment tenure of the loan is 36 months.
• The loan margin provided by SBI is 15% of the road price of the vehicle which includes vehicle registration charges, insurance, and one-time road tax.

SBI Bike Loan Eligibility
The two-wheeler loan applicant should be :

• At least 21 years to 65 years of age.
• Either a permanent employee of the Central/State Government, Public Sector Undertaking, or from a reputed private company or firm.
• A self-employed income tax assessee, or involved in agricultural and allied activities.
• The minimum net annual income of the applicant should be Rs. 75,000 to avail loan for buying regular petrol/diesel/gas operated scooters and motorcycles. To avail the credit for buying mopeds and battery-operated two-wheelers, the same should be Rs. 60,000.

HDFC Bank - HDFC Bank Two Wheeler Loan - mymoneykarma

Features of HDFC Bank Two Wheeler Loan

HDFC two-wheeler loans come with a wide range of lucrative features that are listed below:

• The interest rate of the loan is 2% less, and the processing fees are 50% less for HDFC account holders.
• The bank has an online facility where the applicant can check the loan eligibility and status of application anytime.
• The time limit for repayment option ranges from 12 to 48 months. The repayment options are very flexible and can be availed even at the time of purchase.
• The EMIs of the loan can be paid through auto debit payments or post-dated cheques.
• Interest rates are very reasonable.
• Around 3000 branches across India provides this facility.
• Payment process of the loan is streamlined without any hiccups.
• The documentation procedure is simple and can be availed through a doorstep service.
• For some specific two-wheeler models, lucrative loans are provided to HDFC account holders
• All the loan charges are mentioned in writing along with the loan quotation.

Eligibility Criteria

The applicant of HDFC two wheeler loan has to be –

• Minimum 21 years old during the application, and should be less than 65 years when the tenure ends.
• Either a salaried or self-employed professional.
• Salaried individuals with a minimum yearly income of Rs. 84,000, and self-employed individuals with an annual salary of at least Rs. 72,000.
• Working for more than a year before applying for the loan.
• Have a landline phone either at their office, or at home.
• The applicant must reside for at least a year at the given address before applying.

SBI Bank Credit Cards - SBI Credit Card Customer Care - How to Make SBI Credit Card Bill Payment

How to Make SBI Credit Card Bill Payment :

There are two ways of paying SBI credit card bills, online and offline. Customers can avail the following options on the online method.

• Visa Credit Card Pay
• NEFT payment
• Paynet - Pay Online
• National Automated Clearing House
• YONO App
• UPI ID
• Google Pay

SBI Card Categories

SBI has the following types of credit cards.

• Lifestyle cards: These cards provide discounts and offers on dining, shopping, and entertainment.
• Reward cards: These cards offer PAYBACK rewards and cashback deals.
• Shopping cards: These cards offer huge discounts on various retail brands across countless outlets.
• Travel and fuel cards: These cards offer discount deals on airline tickets, train tickets, and fuel surcharge waivers.
• Banking partnership cards: SBI, in partnership with other banks, offers these credit cards that offer special discounts on grocery outlets and other retail outlets.

SBI Credit Card Eligibility

To be eligible for an SBI credit card, the minimum age of the applicant should be at least 21 years and below 60 years. They should have a regular source of income and a decent credit score. Also, they should also meet SBI credit card document requirements.

How can I get my SBI user ID and password? - Regenerating Forgotten SBI Net Banking Password - mymoneykarma

SBI net banking has 2 types of passwords – account/login password and profile password. The user sets both the passwords at the time of registration and first-time use. These passwords may sometimes slip from our memory as they are quite long and complex. Here is what you can do to regenerate your forgotten passwords.

Account/Login Password

As the name suggests, the account/login password is used to login to the SBI net banking portal. Follow the steps mentioned below to regenerate the account password:

• Visit the SBI personal banking page.
• Click on 'Forgot Login Password.'
• Again click on 'Forgot My Login Password' in the new window.
• Enter your username, account number, date of birth, phone number, and the captcha text.
• Click on 'Submit' to proceed.
• A 6-digit OTP will be sent to the registered mobile number.
• Now, enter this OTP and click 'Confirm.'

After entering the OTP, you have the following 2 ways of going forward and regenerating the password:

Through Mail

• This method is quite time-taking as the password is sent via postal mail.
• Select the option – 'Forgot profile password.'
• Now there are two options, and you can either go to the bank and reset the account password or simply make a request for a new password to be sent through the mail to your registered address. 
• Select your preference from 'Reset login password at bank' or ‘Receive new login password by Post.'

How can I check my SBI balance? - SBI Balance Enquiry - mymoneykarma

SBI has made it easy for its customers to avail all the services from the comforts of their homes.

Registration Process

If you are not registered with this service, follow the steps mentioned here to register:

• Send an SMS in the given format from your registered mobile number for that particular account.
• REG<space>Account Number to 09223488888
• For e.g., REG 9876543210
• A Confirmation message will be received, indicating a successful/unsuccessful registration.
• If successful, you can use the services.
• If unsuccessful, either ensure that the SMS format and destination mobile numbers are correct or the mobile number is updated with the bank for that account number.

Through SBI's Missed Call Banking, knowing the account balance is a piece of cake. Your balance inquiry is just one missed call away.

‘SBI Quick - Missed Call Banking’ is an initiative taken by SBI for its customers to get Account Balance and Mini Statement just by giving a missed call to predefined mobile numbers from the mobile number that is registered with the bank. You need to ensure that your mobile number is linked with your account in order to register for this service.
Toll-free Number

To check the account balance, you can simply give a missed call to the SBI balance inquiry toll-free number, i.e., 09223766666.

How many transactions are free in SBI ATM? - ATM Services - mymoneykarma

State Bank of India has set specific limits for the ATM transactions based on the previous month's Monthly Average Balance (MAB). Let us study the SBI ATM charges in detail.

Withdrawal at SBI ATM

• 5 free transactions per month are allowed.
• For any financial transaction beyond the transaction limit, Rs. 10 + GST is charged, and for any non-financial transaction, it is Rs. 5 + GST.
• Customers who are maintaining a Monthly Average Balance (MAB) of more than Rs. 25,000 in the previous month can avail 10 free transactions at SBI ATMs.
• Customers with MAB of more than a lakh in the previous month can avail unlimited free transactions at SBI ATMs.

Charges for Cardless Cash Withdrawal

• Rs. 22+GST is charged for Cardless Cash withdrawal at ATMs using the SBI YONO mobile app.
• Note:  Financial transactions are the ones that include cash withdrawal 
• and non-financial transactions include activities such as balance inquiry, PIN change, and mini statement.

Allahabad Two Wheeler Loan - Two Wheeler Laon - mymoneykarma

The Allahabad Bank came into existence when the banking sector was getting organized. It is one of the most trusted banks by people and has a widespread network in the country. The bank provides various products and services in the sector of personal banking, social banking, and corporate banking. The Allahabad Bank offers a wide range of financial products in the personal banking sector such as debit and credit cards, home loans, personal loans, car loans, two-wheeler loans, and a variety of savings accounts.

The New Saral Loan has been customized by the Allahabad Bank to facilitate people working in an organization whose salaries are being credited through the Allahabad Bank accounts. This loan can be used to buy a two-wheeler or any consumer durable. A two-wheeler maintenance requires a lesser effort than keeping a car. The bank understands this requirement of every Indian and has introduced New Saral Loan and AB Mobike loan for the public at reasonable rates of interest.

Features and Benefits of Two-Wheeler Loans
 
1. AB Mobike Loan:

• The loan is provided for buying a new two-wheeler.
• The guarantor for the loan can be the spouse of the borrower or a third person who can take up the responsibility.
• The Loan amount offered is a maximum of Rs. 1 lakh.
• The margin on the loan is 10% of the total on-road cost of the two-wheeler.
• The repayment period provided by the bank is 48 months.

2. Allahabad Bank New Saral Loan:

• This kind of loan can be availed by people whose salaries are credited through Allahabad Bank accounts.
• The minimum gross salary of the borrower per month should be Rs.20,000.
• The loan can be processed by the applicant only if he or she is a permanent employee with a minimum of 2 years service experience within the same organization.
• The organization of the salaried borrower must have the minimum 20 employees.
• The loan can be used for purchasing a bike, any consumer durable item, or any other tangible asset.
• The movable assets need to be hypothecated to Allahabad Bank.
• The utilization of the loan should not exceed 50% of the loan amount for meeting domestic, social, religious, and other exigency expenses.
• The quantum of credit is 24 times the net salary of the borrower, subjected to a maximum loan limit of Rs.7.50 lakhs and a minimum loan limit of Rs.50,000.
• The loan margin is 10%, calculated from total assets owned or bought by the borrower.

Punjab National Bank Two Wheeler Loan - PNB Two Wheeler Loan - mymoneykarma

Eligibility Criteria of Two-Wheeler Loan

• The applicant must be getting a salary of minimum Rs. 10,000/- per month.
• The applicant must be a salaried individual who draws a salary from any employer via any PNB branch.
• The applicant must come under the age bracket of 18 to 60 years.
• The applicant should have a valid driving license.
• The applicant either should be a customer of PNB for at least the last six months with clear transactional record or a customer of any bank with a satisfactory transactional history of the previous one year.
• In case if the borrower is a student, he or she must be more than 18 years. The loan will only be sanctioned if a working parent becomes the co-borrower.
• If the applicant is married and not working, then the income of his/her salaried spouse will be considered for deciding the income criteria. Here the income of the salaried spouse will be considered.
• For Self-Employed Applicants: Here to verify the business income, the last ITR filed, and challans for tax deposited will be recognized.

Two Wheeler Loan Interest Rate

1. Interest Rate for the Salaried Individual: The interest rate will Base Rate +3.00% for less than three years and BR+3.00%+TP for three years and above.

2. Interest Rate for the Self-Employed: The interest rate for three years or lesser is BR+4.00% and BR+4.00%+TP for more than three years.

Best Bike Loans In India - Bike Loan for Students - mymoneykarma

In a country like India, bikes are trendy as they help people in commuting quickly amidst traffic jams. Considering the fact that nowadays nuclear families are in vogue, bikes are more preferred due to convenience and economical usage. Another reason for the increase in bike buyers and riders is the majority of the young population, among which the youth between 18-25 years, prefers bikes due to their passion and swag. In India, the two-wheeler industry is said to be one of the largest of its kind across the globe. Other significant reasons for the rise in two-wheeler purchase is that they are readily available to Indians and many banks and NBFCs provide cost-efficient two-wheeler loans.
Additional Interesting Facts About Two-Wheelers in India

Some of the top two-wheeler companies in India that offer bikes and scooters include Bajaj Auto, Yamaha, Hero Motocorp, TVS Motor, Honda Motorcycle & Scooter India (HMSI), Royal Enfield, etc. The Indian market also contains bikes made by foreign bike manufacturers.

Some of the best-selling bikes of the year 2017 were Aprilia SR 150, Honda Dio, Honda Activa 4G, Hero Glamour 2017, TVS Apache RTR 160, etc.

The next generation of bikes in India will mainly consist of electric two-wheelers, which will run on electricity rather than petrol or diesel. The country has already seen a fantastic start of electric bikes being introduced by Electrotherm and Hero Electric. There are a few other companies which are working towards the development and release of electric scooters. It includes Yamaha, Bajaj Auto, Mahindra Two Wheelers, and TVS Motor. These bikes will use lithium-ion (Li-ion) batteries to operate. Ather Energy is another company which will release its first electric scooter in India by the name, Ather S340.

Besides Indian manufacturers, there are foreign bike manufacturers too, who are interested in selling their vehicles in the market of India. Some of the different bike manufacturers who are already selling their cars in India include Harley Davidson, Suzuki, Ducati, and UM Bikes.

Why Choose a Two-Wheeler Loan?
Considering the increasing number of private cars in the urban regions of India, the rural area transportation may be judged by similar trends. But the fact is that the majority of the rural demographics can afford a two-wheeler, mainly due to convenient access to bike loans and infrastructure. So, once the loan repayments for the old two-wheeler are made, you can think of buying a new vehicle. Though lots of people in India can buy an entry-level vehicle without any loan, it may cause much distress, regarding finances for the family. Also, that amount could be used for making investments such as mutual funds, fixed deposits or just for buying two-wheeler Insurance. In other words, purchasing a two-wheeled vehicle with a loan can reduce the burden of buying it with the whole amount in a single month.

Majority of the population fall under the bracket of availing the facility of completing payments through EMIs, which is another reason behind choosing the loan. Two-wheelers have much lower maintenance costs in comparison to four-wheelers, and the mileage or fuel consumption is better in the former.

The Indian credit market provides several options in the form of banks with competitive interest rates. They even offer the combos for loans and insurance packages, and sometimes come with the advantage of paying through post-dated cheques.

L&T Finance Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

L&T Finance offers two-wheeler loans customized as per the customer needs and provides financial aid in buying a two-wheeler at reasonable rates of interest. Given the chaos of plethora of traffic conditions and disintegrated Indian roads, purchasing a two-wheeler for daily commute is a brilliant move. It is reasonable to maintain, convenient to use, and time effective.


Eligibility

1. The applicant must have a stable source of income.

2. The applicant must have an experience of a year with the current employer.

3. The applicant should have resided at the current address from last year.

Documentation Required for L&T Finance Two Wheeler Loan

1. Passport size photograph of the applicant.

2. Income Proof - Bank statement,Form 16, salary slips, etc.

3. Government issued ID cards - voter's identity card, PAN card, driving license, passport, etc.

4. Residence Proof - telephone bills, electricity bills, ration card, passport, etc.

If I ever make an excess payment, will I get a refund of the amount through cheque?

If you have made an excess payment, please inform the L&T branch immediately, so that amount shall be refunded or adjusted within the stipulated time once the claim has been verified.

How to Transfer from one Gas Company to Another - Transferring a Gas Connection - mymoneykarma

Transferring a Gas Connection

Transferring of a gas connection from one company to another creates healthy competition between the gas companies and it ensures that the companies provide their customers with the best quality and service.

In the earlier days, the companies used the system known as de-linking, in which the customer was supposed to approach the distributor of the current gas company and submit the request for transfer manually. The customer would then be required to approach the gas distributor company that he/she is switching to and submit the transfer request. However, sometimes these distributors refused to accept the requests and cause nuances for the customers.

Bharat gas, Indane Gas as well as HP Gas allow you to transfer a gas connection among them without requiring you to cancel the existing connection.
Online Method of Transferring Gas Connection from One Company to Another

The process to initiate a transfer from Indane Gas to HP Gas is now done electronically. This means that the transfer request is accepted by the company online.

Transferring HP Gas Connection to Bharat Gas

• To transfer HP Gas to Bharat Gas, the consumer will have to register online
• Choose your distributor from the list of options provided on the website
• A confirmation email is sent to the customer which confirms the distribution and other procedures following that.
• The customer will be required to return the safety regulator and all other equipment that came along with HP Gas since they won't be compatible with the Bharat Gas cylinder
• The customer can track the status of the transfer request and he/she will be notified through the registered email or registered phone number once the request is accepted.
• Once the transfer request is processed, the customer receives the cylinder and no additional fees is charged from the customer for this
• To make the transfer from any of the gas connection, the same procedure is required to be followed by the customer.

L&T Finance Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

L&T Finance Holdings Limited entirely owns Larsen and Toubro (L&T) Finance. It was established in 1994, as an NBFC. L&T is one of the prominent financial companies in the country. It offers a wide array of innovative commercial products and services, along with business solutions to its customers who are from trade, industry, and agricultural sector. L&T Finance has exponentially emerged as one of the leading financial institutions in the country and has been earning huge profits, as well.

L&T Finance offers two-wheeler loans customized as per the customer needs and provides financial aid in buying a two-wheeler at reasonable rates of interest.

FAQs

Q1. Can I sell my two-wheeler before repaying the loan?

No, unless you complete the repayment, you won't be allowed to sell your vehicle. A NOC is required from the company to sell the two-wheeler.

Q2. I want to take a two wheeler loan from L&T, but I already have an existing family loan with the company. So can I avail?

Yes, based on the transaction history of previous loan repayment, you can avail a two-wheeler loyalty loan from the company.

Q3. If I ever make an excess payment, will I get a refund of the amount through cheque?

If you have made an excess payment, please inform the L&T branch immediately, so that amount shall be refunded or adjusted within the stipulated time once the claim has been verified.

Bharat Gas New Connection - Bharat Gas Transfer Process - mymoneykarma

Bharat Gas Transfer Procedure :
 
There are a different situation in which consumers can apply for a transfer of Bharat Gas connection.

Transfer of Bharat Gas to a Family Member :
 
Transfer of Bharat Gas LPG connection is permitted for the following members of the family

• Brother
• Sister
• Father
• Mother
• Son
• Daughter

To transfer the gas connection to a family member, the applicant is required to fill up the KYC form and the declaration form. The transferee must provide their identity proof along with these forms

Transfer of Bharat Gas Connection Outside the Family :

 
The owner of the Bharat Gas connection can transfer the connection outside the family as well. To transfer the ownership, the transferee has to fill up the KYC along with the declaration form. Also, the transferee has to provide his/her identity proof and address proof along with the forms. The forms are required to be submitted to the nearest LPG distributor.

Transfer of Bharat Gas Connection without Consent from the Transferor
If the person to which the Bharat Gas connection is being transferred has the SV equipment, but he/she doesn't have the consent letter from the actual owner, the connection can still be transferred. To transfer the ownership, the transferee is required to fill up the KYC and Declaration form. The transferee must also provide their identity and address proof.

Bharat Gas New Connection Price - Bharat Gas Booking - mymoneykarma

Bharat Gas has 5.8 million customers in the country and the statistics suggest that every second gas connection in India is Bharat Gas. The Bharat Sales network is one of the most efficiently spread-out and it has over 45 Area Offices. The Bharat Gas distributors deliver around 1.2 million Bharat Gas cylinders each day. 27% of the Bharat Gas customers hail from the rural or semi-urban places.

How can I book Bharat Gas?

• Some of the ways in which Bharat Gas booking can be made are:
• Visit the official website of Bharat and book your refill using your login c edentials. You'll be required to register if you are a new user.
• You can also send an SMS from your registered contact number to book your LPG Gas. Get the format of the text in the official website of Bharat Gas and use the phone number allotted to your state to use this SMS Service.
• The gas cylinder can be booked through IVRS service as well. The steps to book the gas cylinder through the IVRS service are described below.

The Bharat Gas Online booking is now easier since the Gas provider currently offers a mobile application. You can now download the Bharat Gas Application online and then book your GAS cylinder from the app
How to book Bharat Gas Online

Bharat Gas refill can be booked online easily through the web portal. Follow the steps described below to know how to book the Bharat Gas cylinder online.

• To book the Bharat Gas cylinder online, you need to be a registered customer of Bharat Gas . If you aren't registered, you can provide details like customer number, your LPG ID, PAN, Ration Card Number, Mobile Number and Contact Address.
• You can log in to the Bharat Gas Portal after giving your login ID and password details. After you have logged in successfully, you'll be able to book the Bharat Gas cylinder online easily. For completing the process of booking online, you'll be required to provide your details and submit the form.
• The order is then forwarded to your local distributor and you'll be able to pay the amount to the distributor on its delivery. You can track the status of your booking online through the Bharat GAS Booking portal .

Bharat Gas Booking through SMS

Even if you don't have an internet connection, you can still book for an LPG Gas refill using the SMS facility that is offered by Bharat. You can follow these steps below to book Bharat Gas online through SMS.

How can I register for Bharat Gas SMS Service

• If you are using the SMS facility of Bharat Gas for the first time, then you'll be required to register to the online portal.
• You'll be required to send your IOC to the IVRS Number for your area.
• For any subsequent bookings, you can SMS IOC and send it to the concerned area number through your registered mobile number.

LInk Your Aadhaar with SBI Bank Account to Avail LPG Subsidy - mymoneykarma

How to Link Aadhaar with SBI Bank Account
To receive their subsidies, the eligible individuals need to link their Aadhar Card with SBI Bank Account. There are two ways in which the Aadhar Card can be linked to the bank account; through online mode and offline mode
Online mode of linking SBI Bank Account with Aadhar Card for LPG Subsidy

You can follow these steps to link Aadhaar Card with your SBI Bank Account to avail the LPG Subsidy

• Login to the SBI Bank internet banking webpage
• Navigate to Service Requests
• You'll be redirected to the services provided by SBI
• Click on the link which says Linking SBI Bank Account with Aadhar Card
• Enter the Account Number that you wish to link with your bank account
• Provide your mobile number and email ID and click on Submit
• Your Aadhar Card will be linked to your SBI Bank Account

Offline Linking of Aadhaar with SBI Bank Account

If you do not have access to the internet, then you can choose to link Aadhaar Card to your SBI Bank Account through offline mode by following these steps

• Visit your nearest SBI Bank Branch
• Fill the 'Stay Connected' Form
• Submit the form
• A copy of Aadhar will also be needed along with the form
• The bank will require the original Aadhar Card to link your bank account with your Aadhaar Number
• If individuals wish to open a new account with SBI, then you can link the SBI bank account with Aadhar and by providing the Aadhar details while opening the account

GST Impacts on LPG and Gas - mymoneykarma

Goods and Services Tax(GST) is the most significant reform in the history of indirect taxation in the country. Earlier a plethora of taxes were charged throughout the states in the entire country. GST is an improvement over the previous tax system since it centralizes the taxation system to a large extent. It is now easy for the common man to understand the percentage of indirect taxes that they are charged on any service. GST as a taxation system is aligned with the government's idea of a common national market.

The GST system was rolled out in July 2017. In total, the GST Council fixed a percentage of taxation on 1,211 items. GST Council has put 1300 goods and 500 services under five  GST slabs, 0%,5%, 12%, 18% and 28% where most of the items are covered under the 18% slab since the government decided to put only luxury items under the high-end 28% tax slab, so about 177 items in the 28% slab were moved to 18% tax slab.

Implementation of GST has resulted in a decrease in the tax burden for the consumers. Since the government plans on developing a synchronized national market, GST could help in boosting the position of Indian market globally.

New features of GST

Before the implementation of GST, the taxes levied on goods and services were separated. The Central Government had control over the taxation on goods manufacture and the State Government had complete autonomy in the taxation on the sales of goods.

Post implementation of GST, both Centre and state have the power to levy and collect taxes.

Highlights of the GST rule on gas

• Post the GST regime; the domestic cylinder prices have increased to 32 rupees per cylinder. This is the sharpest increase since the last six years. Last time there was such a significant increase in the prices of LPG, it rose by 50 rupees, which happened due to the rise in oil prices.
  
• All households will be receiving 12 subsidized gas cylinders over the span of one year. If someone requires more than 12 cylinders in a year, they will be charged a GST of 18% on the additional cylinder.
  
• The services on gas cylinders will be charged an 18% GST on the installation, inspection and other emergency services.
  
• For the states which didn't charge any taxes on the LPG cylinders, the prices went up by 12 rupees and 15 rupees.
  
• The LPG cylinders by 69 Rupees. Earlier, the commercial LPG cylinders attracted taxes that amounted to a total of 22.5% which included VAT and excise duty, under the GST regime, only 18% taxes are charged.
  
• LPG cylinder that cost 1121 will now cost 1052 in Delhi.

Guide Lines for Indane LPG Consumers - Indane Gas Connection - mymoneykarma

General Guidelines for LPG Consumers :

These accidents often happen due to negligence and carelessness and not due to the volatile nature of LPG. The use of LPG must be in line with protective measures specified by the LPG provider.Careless/Negligent use of LPG can result in blasts, fire hazards, property damage and most vitally deathly injuries or death.damage of property. One should not overlook problems like pipes or cylinder leakages if the cylinder storage is improper or faulty regulators etc

Here are some safety guidelines for Indane LPG Consumers:

• Don't use any appliances that don't meet the BIS safety standards. Using sub-standard products could result in damage since the quality deteriorates rapidly.
• Ensure that the LPG regulator and safety rubber tubes have ISI Marks
• Ensure that your equipment is serviced regularly
• Avoid quick, home-remedy fixes for PG cylinders
• LPG professionals must do servicing
• Always check the LPG cylinder to see if it is genuine. You could be duped by the large black market that sells fake LPG Cylinders
• While delivery, make sure that the safety cap is intact
• If you're unsure about how to connect the LPG, ask the delivery person for a clear demonstration
• Make sure that the cylinder is always placed vertically, in a well ventilated, dry place
• Don't keep the cylinder at the same level as the gas stove
• You can buy safety utilities from the market to prevent any form of accidental leaks
• Ensure that there are no curtains around the gas stove
• Don't keep any fuel near the LPG Cylinder
• Ensure that there are no inflammable things in the kitchen
• Do not buy a gas cylinder from the black market
• Never try to transfer gas manually from one cylinder to another, this could lead to leakages
• Always ensure that the cylinder isn't placed around a heat-generation source
• Ensure that the safety cap is not thrown away. This cap can be used to avoid gas leaks
• Never keep the burner open while trying to light a matchstick
• Always light the match before turning on the knob
• Avoid wearing synthetic clothes while in kitchen
• Always make sure that you don't forget any item on the gas.
•  This could lead to the overflow of fuel and it could lead to gas leaks
• Avoid keeping any electrical appliances near the gas cylinder
• In case of gas leak, don't panic
• In case of gas leaks, keep the emergency numbers handy
• Contact the agency in case of emergency instead of manually trying to fix it
• In case of gas leak, turn off all the electrical appliances since that might lead to sparks and ultimately explosion

How can I book Indane Gas?

Some of the ways in which Indane Gas booking can be made are:

• Visit the official website of indane and book your refill using your login credentials. You'll be required to register if you are a new user.
• You can also send an SMS from your registered contact number to book your LPG Gas. Get the format of the text in the official website of Indane Gas and use the phone number allotted to your state to use this SMS Service.
• The gas cylinder can be booked through IVRS service as well. The steps to book the gas cylinder through the IVRS service are described below.

The Indane Gas Online booking is now easier since the Gas provider currently offers a mobile application. You can now download the Indane Gas Application online and then book your GAS cylinder from the app

Apply for Gas Connection in India - Gas Connection - mymoneykarma

Apply for Gas Connection :

LPG is commonly used in nearly every industry for obvious reasons like affordability, Eco-friendliness,  utility, etc. It is rightfully known to be one of the most reliable and easily manageable fuels. However, owing to certain properties of LPG, like inflammability and highly pressurized storage, LPG is also considered to be one of the hazardous fuels to use. These accidents often happen due to negligence and carelessness and not due to the volatile nature of LPG.

What are the documents required for getting new LPG Connection?

The consumers are required to submit a set of documents while submitting their application form. Here's the list of documents that are required to be submitted while applying for a new LPG connection

Documents linked with Identity Proof

• Passport
• PAN
• Aadhar
• Driver's License
• Government Issued Photo ID

Proof of Address

• Passport
• Driver's License
• Aadhar Card
• Ration Card
• House Registration Document
• Utility Bills
• Bank Account Passbook
• Credit/Debit Card Statement
• Passport-size photographs

Reactivate your Indane Gas Connection - Indane Gas - mymoneykarma

Reactivate your Indane Gas :

If an LPG gas cylinder owner fails to refill their gas cylinder for more than six months, then their subscription gets deactivated automatically. If you wish to re-activate your subscription you will be required to submit a form  requesting re-activation of the gas connection.

Indane Gas Reactivation Form

The reactivation form for Indane can be downloaded online or it can be collected from the distributor office. The individual applying for a re-activation will be required to provide the following details:

• Distributor Name
• Consumer Number
• Consumer's Full Name
• Reason for not availing refill for the gas connection for more than six months
• Signature of the Consumer

Documents Required

The documents that will be required to be submitted along with the reactivation form are:

• KYC Form
• Proof of identity
• Proof of address

In case of change in address, the current address proof must be provided as well

On the successful verification of the details provided, the re-activation process will start.

 

General Guidelines for Indane LPG Consumers - mymoneykarma

Here are some safety guidelines for Indane LPG Consumers:

• Don't use any appliances that don't meet the BIS safety standards. Using sub-standard products could result in damage since the quality deteriorates rapidly.
• Ensure that the LPG regulator and safety rubber tubes have ISI Marks
• Ensure that your equipment is serviced regularly
• Avoid quick, home-remedy fixes for PG cylinders
• LPG professionals must do servicing
• Always check the LPG cylinder to see if it is genuine. You could be duped by the large black market that sells fake LPG Cylinders
• While delivery, make sure that the safety cap is intact
• If you're unsure about how to connect the LPG, ask the delivery person for a clear demonstration
• Make sure that the cylinder is always placed vertically, in a well ventilated, dry place
• Don't keep the cylinder at the same level as the gas stove
• You can buy safety utilities from the market to prevent any form of accidental leaks
• Ensure that there are no curtains around the gas stove

LPG is commonly used in nearly every industry for obvious reasons like affordability, Eco-friendliness,  utility, etc. It is rightfully known to be one of the most reliable and easily manageable fuels. However, owing to certain properties of LPG, like inflammability and highly pressurized storage, LPG is also considered to be one of the hazardous fuels to use. These accidents often happen due to negligence and carelessness and not due to the volatile nature of LPG.

KYC Form For New Connection - LPG Subsidy Minimum Requirements -

If you wish to get a gas connection for the house, you have two choices. The first choice to approach one of the public agencies like Hindustan Petroleum, Indane, Bharat Gas, etc.

• There is a minimal variation in the KYC form for all gas connections. The purpose of the KYC form is to collect information about the customer to verify it and figure out whether the applicant is eligible for the services.
• The following information are required to be provided in the form:
• Personal details including your name, photographs, age and the names of your closest relatives.
• Contact details like your residential address, phone numbers and email addresses.
• It also tallies the documents provided by the applicant and the information provided by him/her on the form.

How can I get a gas connection without KYC?

You can't get a gas connection without KYC. KYC is a mandatory formality that has to be fulfilled to get a gas connection.

Need for KYC for Gas Connections

• Submitting the KYC Form is mandatory for the agency to provide smooth service to its customers. Since there are a million customers catered by these gas agencies, its essential for the customer to share their details through KYC Form so that the cylinders don't get delivered in the wrong address. Below listed are the main reasons why the customers need to submit their KYC customers
• Individuals who need a new gas connection are required to fill up the KYC Form. The KYC form is needed to verify the details of the applicant and whether the agency can provide the connection
• If the existing customers wish to regularize their connection, then they will have to submit their KYC Forms. If these people are using the gas connection in someone else's name, then it is mandatory to submit the KYC form. The KYC form can be used to filter out all the duplicate connections
• In situations where a person has taken the gas connection but has not used it, the connection gets dormant and eventually deactivated after six months. Individuals who wish to reactivate their dormant connections will be required to submit the KYC form with their updated information
• KYC form is also necessary to be submitted if someone wishes to transfer their gas connection from one location to another because they have moved out to a different place. Providing this form could help in saving a lot of time and it can also help the gas agencies to screen the customer
• If you have given wrong information then submitting the KYC form along with the supporting documents could be an easy way to rectify   the problems in the personal information provided by you
• The agencies can also ask the customer to submit the KYC form in case of applying for a subsidy.

LPG Gas Connection - Benefits of LPG Gas Connection - mymoneykarma

There are three major LPG Gas cylinder providers in India, namely Indane, HP and Bharat Gas

Indane Gas( run by Indian Oil Corporation):

If you want to take a gas connection for your house, then you might take the connection from Indane. The Indane Gas is known for its large availability and its participation in the government schemes to provide subsidized gas connections to the needy. The customer can be registered online through the portal, through SMS or by visiting the nearest Indane Gas office. Another interesting feature of the Indane Gas is that it can be transferred easily from one locale to another.

Bharat Gas (Run by Bharat Petroleum Corporation Limited)

Bharat Gas provides gas connections for domestic use in India. An online portal has been provided to the Bharat Gas customers which can be used to register for a new connection or apply for an LPG Gas Refill. To apply for a new connection, the customers will be required to check if they are eligible for any form of government subsidies. The LPG Gas connection is also transferable to any part of the country.

HP Gas

Hindustan Petroleum is one of the leading companies in India who provide Gas Connections. The connections are available to everyone in the country, including people who can claim subsidy and people who cannot. The person eligible for an HP gas subsidy has to provide documents to prove the same. Like other gas connections in India, even HP Gas is transferable to any part of the country which can be completed only after the applicant completes the formalities linked with the process.

What are the Benefits of LPG Gas Connection ? :

• LPG is very easy to manage and it gives you better control of the fuel while cooking. You can adjust the flame according to your requirements and the intensity of the flame can also be adjusted. Such settings help in avoiding any form of accidents due to the mismanagement of fuel
• Cooking is Swifter
• LPG burns very efficiently, which is why it is effortless to cook by using LPG. The cooking time reduces substantially due to its high calorific value.
• Kitchen Temperature is maintained
• Cooking in LP reduces the average temperature in the kitchen substantively. It is not a hot and humid affair like cooking by using firewood or coal. hence, it won't increase the temperature of the kitchen alarmingly
• LPG is Eco-Friendly
• LPG exerts the least greenhouse gas as compared to all the other fossil fuels. LPG comprises less of Nitrogen, Sulphur and other particulate substances that are dangerous to the environment. Cooking by using LPG can bring down the Greenhouse Gases by seventy percent.
• The Kitchen Remains Spotless
• It is easy to stock up an LPG Cylinder since it doesn't take up much of the space and it has no residue as compared to the old-fashioned cooking methods like firewood, charcoal etc
• Reasonable Price
• Due to different schemes of the government, now, buying an LPG is more accessible for people compared to other cooking methods. You can also claim subsidy if you come under a particular income bracket.
• Booking a gas is Quite Easy

Is Aadhar Mandatory for LPG Subsidy - Give up Subsidy - mymoneykarma

LPG cylinder is essential to the Indian way of life since cooking is an integral part of Indian households. However, there are still families in villages and rural areas who don't have access to this cooking fuel and they end up putting their lives and the environment in danger. To discourage the use of firewood and coal for cooking purposes, the government has introduced subsidy so that more people take the LPG gas connection.

There are multiple ways in which someone can link their Aadhar to LPG connection. The three prominent LPG distributors in the country are Bharat Gas, HP Gas and Indane Gas. Below described are the steps to link Aadhar to LPG.

Online Procedure to Surrender Bharat Gas :

To surrender Bharat Gas LPG Subsidy can be quickly done through the online procedure. You need to follow these steps to surrender your Bharat Gas LPG Subsidy

• Visit the official website of Bharat Gas.
• Click on the link 'How to Give Up Bharat Gas Subsidy.'
• Click on the option for giving up your LPG subsidy.
• You'll be navigated to a new section after clicking on the link.
• Select your LPG Service provider.
• Once you have selected your LPG Service provider, you will be navigated to a new page.
• Ensure that you have provided all the details on that page is correct

Give Up LPG Subsidy - Offline & Online Procedure to surrender Bharat Gas - mymoneykarma

LPG Gas Connection is popular amongst Indians since LPG is a clean, burns efficiently, quick and pocket-friendly. Due to the inherent benefits of LPG, the government has also subsidized LPG for individuals earning less than ten lakhs per annum. Based on your location and convenience, you can opt for a government or private distributor. An individual can save up to 40 percent by shifting from conventional cooking fuel to LPG and the carbon emission is also reduced considerably. The reduced carbon emission has also led to the usage of auto Liquefied Petroleum Gas for the vehicles. Auto LPG doesn't produce any impurities or any form of soot while burning.


Benefits of Surrendering LPG Subsidy :

The benefits of giving up the LPG subsidy are described below:

• If you're someone who as recently received an increment in their salary and do not fall in the income bracket for receiving LPG Subsidy anymore, then you must surrender the LPG Subsidy, since it can help in stabilizing the economy. The burden on the government to provide for the LPG Subsidy for people will also decline
• Fiscal Deficit is the difference between the revenue earned by the government and the expenditures of the government. Surrendering LPG can bring down the fiscal deficit of the economy
• If the higher income earning households of the economy give up their LPG Subsidy, then it can be channelized to provide different forms of benefits to the lower income sections of the society
• Provides strength to the agricultural sector

    Agriculture is the primary occupation of India. If the government recovers the amount that is spent on providing people with LPG Subsidies, then it can be used to offering new technology to the farmers so that their productivity increases

How to Change the Bank Account for receiving LPG Subsidy - mymoneykarma

Bharat Gas, Indane Gas and HP Gas provide an online facility that can be used to obtain the 17 digit LPG Customer ID. If you already have the LPG ID, then you can visit the gas agency office to link your LPG Account with your new bank account. You can log in to the company's official website to log in by using the LPG ID and complete the registration process.

How to Change the Bank Account for receiving LPG Subsidy :

If you've recently made any changes to your bank account and you wish to receive the LPG Subsidy in the new account, then you can follow the steps described below to change your account details to receive the subsidy in that bank account. Under the DBTL (PAHAL) scheme, you can shift PAHAL to a new bank account through a simple online procedure.

You can follow any of the two methods to complete the procedure for changing your bank account details to receive LPG Subsidy.

Bharat Gas has 5.8 million customers in the country and the statistics suggest that every second gas connection in India is Bharat Gas. The Bharat Sales network is one of the most efficiently spread-out and it has over 45 Area Offices.

HP Gas has 5.8 million customers in the country and the statistics suggest that every second gas connection in India is HP Gas. The HP Sales network is one of the most efficiently spread-out and it has over 45 Area Offices.

Indane Gas has 5.8 million customers in the country and the statistics suggest that every second gas connection in India is Indane Gas.

HP Gas New Connection - HP Gas Booking - mymoneykarma

HP Gas has 5.8 million customers in the country and the statistics suggest that every second gas connection in India is HP Gas. The HP Sales network is one of the most efficiently spread-out and it has over 45 Area Offices. The HP Gas distributors deliver around 1.2 million HP Gas cylinders each day. 27% of the HP Gas customers hail from the rural or semi-urban places.

How to book HP Gas Online :

HP Gas refill can be booked online easily through the web portal. Follow the steps described below to know how to book the HP Gas cylinder online.

• To book the HP Gas cylinder online, you need to be a registered customer of HP Gas. If you aren't registered, you can provide details like customer number, your LPG ID, PAN, Ration Card Number, Mobile Number and Contact Address.
• You can log in to the HP Gas Portal after giving your login ID and password details. After you have logged in successfully, you'll be able to book the HP Gas cylinder online easily. For completing the process of booking online, you'll be required to provide your details and submit the form.
• The order is then forwarded to your local distributor and you'll be able to pay the amount to the distributor on its delivery. You can track the status of your booking online through the HP GAS Booking portal.

Benefits of Payment of HP Gas through Online Mode :
Here are some of the benefits of online payment for gas booking:

• It is time-saving
• It gives consumers the freedom to book cylinders from the convenience of their homes instead of visiting the office of the local distributor and standing in long queues.
• The problem of keeping the correct amount of change is also solved since the exact amount can be paid online before the delivery.
• The status of booking is also notified to the customer through email and SMS so that it is easier for the consumer to track the status of their gas cylinder.

How to Get HP Gas New Connection? :

You can get a New HP gas Connection from any part of India. To get a new connection, you have to register your request online and acquire a registration number. You can use the registration number to track the status of your gas connection online.

If you don't wish to register online, you can go to the nearest HP gas distributor along with your identity and address proof and fill out the Know Your Customer form. The distributor will then register your name and you will be given a reference number acknowledging the registration.