Banking is an essential part of everyone's lives nowadays, and visiting a bank physically to carry out transactions has become redundant. Many banks from all around the country have tried to start digital banking services, but only a few have been successful. The first digital bank in Kuwait is fully functional now, and many customers are benefiting from the facilities provided.
Earlier, people used visit the bank to perform simple banking transactions such as cash transfers, bills payment, EMI clearing, address changes etc., but now through the introduction of the first digital bank in the country, it is much easier to do these tasks from the tip of a finger sitting at home only. Customers get to experience fast account opening, and seamless online transactions in one go through a simple app or a computer. The benefit of the first digital bank is that it helps the customers to get the best service possible for a banking firm. Any of the queries of the customers can be handled digitally by the supportive customer service team. Also, people can make sure that all their transactions are safely made online. Many bank facilities are really important to any person or business to sustain their basic finances. It is important to have a reliable bank to handle all the finances of a person, and banking facilities are not just limited to cash deposits and withdrawals only; it has many other things like loans, insurance, allowances, mortgages etc. The first digital bank in the country promises to deliver all these essential services through an app that is very user friendly and can be downloaded on almost every platform. To use these facilities, users can easily just download the app and get their account open in some simple steps, and once the formalities are completed, and the account is set up, the app itself will generate certain passwords and pins which are needed to be remembered by the user for any future logins. By using this facility, the user benefits from the security of the first digital bank and the security setup they have on their phones. All a person needs is to have a Kuwait ID or Civil ID, and then the app will just ask for a selfie that can, in turn, help to verify the person and then the app can help to register the user online on a secured database. The bank itself has a tie-up with card providers like Mastercard and Visa that increases the number of places where the person can use the app to make any digital transactions. By using the first digital bank, users can utilize the following customer service benefits-:
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The first step would be to determine which credit card is best for you. That would depend on what you intend to use the card for. Exclusively for shopping, or for travel related expenses or just for everything. This will decide which is the best credit card for you and to get the correct offers online. It is necessary to check out all the credit card offers online, to see which ios the best offer.
However, there are a plethora of cards and each offers a variety of services. The best way forward would be to go online and check each credit card detail. The banks which offer credit cards generally have the benefits highlighted on their web sites. Scroll through the site and see what each credit card offers. The card which matches your needs is the best card for you. But there may be several cards which have services which you need. How Does one select and get the best card offer. Going to a bank’s web site and checking out the credit card offers is one way of doing it. But a better way is to use the services of a site which lists various bank cards, and shows the benefits of each. Such sites offer details of credit card offers from most major banks. Checking to see which is the best one is therefore a little less tedious. Selecting the best offer is sometimes tricky. Each bank and each credit card has some inbuilt charges and restrictions. It is necessary to see what they are. This means reading the ‘small print’. Once you decide on the card, you want there are 2 ways of getting offers online. One is to go to the banks site and apply. In order to do this you will need to ensure that yu meet the basic requirements to apply. The first is that you need to be a resident of the UAE, or a citizen of the UAE. The second point is that you need to be salaried or self employed. This is basically to know that you have earnings with which you can repay the credit card debt. The third point is that income must be a minimum of 5000 Dirhams. Once you meet these criteria an application online can be made. Download the form which is on the site and fill it in, or fill it in online. Submit the form, and upload the necessary documents which are required and which are mentioned on the site itself Once this is done, wait for the bank representative to call you. They will call to verify our identity and your address. Make sure that the address you put on the form is correct, because that's where the invoice for each month will be sent. You can also request a copy online. If however you feel that applying on a third party site is more convenient for you then head for one. Once there check out the credit card offers from various banks. This is easier because these sites list all major cards. Once you have selected the card you want, the best one for you, select the card and go to the apply section. The process is similar to the one used when applying directly using the bank website. Complete the process and submit your application. To apply for a really good credit card, means that you will probably need to meet certain guidelines and conditions. If your credit rating and finances are good, it is best to find and apply for the high value cards which are offered. These cards offer a variety of special services. Some of these are important. For example cards which offer instant replacement for lost cards. This can be critical, especially if you are in another country. Services like cash back and special discounts for purchases from high end stores is also a plus. Access to VIP lounges at various airports is a plus and is a good feature. But having looked at the features it is time to look at the charges. There certain to be charges which must be carefully examined. The discounts offered on certain stores may not be the ones you use. Therefore that feature is of no use. Try to look for a card which offers discounts at establishments you use.Or better still look for credit card offers which offer discount for guide to shopping in Dubai in general. Some cards offer discounts, up to a limit on purchases. Select that card. The best offer online is easy once you have figured out your needs and also the banks charges for the services they offer. Once you apply online, getting the card is easy and quite fast. Most banks want to promote their cards. A savings account is essentially an account where a part of the income is put away. Saving is essential for everyone and is the account that will prove useful when sudden expenses arise without any warning. These events may constitute illness needing serious surgery, among other things.
Savings accounts for children, however, are important for many reasons. When there is a child in the family, it is necessary to think about his or her future slowly. The child will grow up, and there will be educational needs aside from other needs. This is absolutely certain. A child will need education. Suppose from the very beginning, when the child is born, a savings account is opened, and money is regularly deposited into it, then by the time, the child grows up. There will be a cache of funds that can be deployed for the child's education. This has two advantages. Once the funds are there when they are needed, the family finances will not be under strain. The child account has been steadily funded and has a balance that could be utilised. The second and equally important advantage is that the education aspect can be planned since the parents know how much will be available in that account after a certain number of years. It then does not become necessary to see how much the parents can afford when the time comes. This often leads to a compromise in the quality of education. Having a corpus of funds saved over several years offers a convenient way out of this problem. Then there is the question of marriage, whether the child is a girl or a boy. Every parent wants to organise a grand affair, according to their earnings, for their child's marriage. Proper planning and deposits into the child's account will build up a fund that can be used for that purpose when the time arrives. This prevents a strain on the parents' finances during their child's marriage. Then there are the benefits that savings account for children offers. Banks offer special privileges and benefits for children's accounts. They include discount offers, among other benefits. The child is issued a special debit cum ATM card that the child recognises as his own. This awareness of having money in his name means that the child becomes aware of the importance of money. The inculcation of financial discipline is very important. It's a lesson that will have long term benefits. When the child reaches adulthood, he will be aware of this discipline, and this might save him from making disastrous financial decisions. Once the child is a little grown-up, he may wish to buy certain things. He must understand that he will need to save and wait for the money to accumulate. The child will understand that if he wants something, he must not spend without valid reason and must wait for the funds in his account build Parents must ensure that they do not sponsor the item desired by paying for it but teach the child to wait for it the money to accumulate. This teaches a sense of patience for the things desired. The child will learn that desiring does not mean immediate gratification. A lesson that will help him later on in his life. Financial discipline is extremely important, and teaching a child, this important fact is necessary. Having his own money teaches a child that if he spends, his money's gone. Frugality is an important lesson that a child needs to learn early on in life. Then there are benefits that banks will provide for a savings account for children. Some banks have a profit allocation system based on the funds in the savings account. And this is credited to the account. The growth in the account is a distinct benefit. It is, in a way, an income, and it makes sense to take advantage of it. The most important benefit is to the parents. A growing child will need more and more money spent on him. Every expense will increase as the child grows; savings account for children is one of the best hedges against such expenses taking a toll on the family's finances. When the child reaches his teens, there will be higher expenses for education and, in some cases, for a high-quality college or university education. If the savings in the child's account have been consistent, then the funds accumulated in that account can be used to defray such expenses. Then there are benefits that the child will see. Discounts which he can use when buying his favourite item. The fact that he can use his own account to buy makes a child feel important and confident. Some banks also offer freebies, such as free tickets to certain events. The child will feel that he has importance in this world. Overall, opening a savings account for children involves investing in the future of the child. There is no better way than to open a savings account in the child's name and show him how the thing works. Of course, adult supervision is always necessary until the child reaches a certain age. But it is a wise way to save money and gain from the special provisions some banks make for such accounts. Parents, too, gain from this. In a world that is running at a breakneck speed, even fintech is trying its best to catch up. The need for instant gratification is ever-augmenting and people now need a loan approved almost as fast as they need a pizza delivered.
So you have suddenly decided to get enrolled in that online course you had been eying for months? Or need to get dental surgery to take that annoying wisdom tooth out? Don't worry! With a small loan app, you can get a microloan sanctioned to take care of your unforeseen needs. Let's look at the features of a small loan app: 1. Anywhere, Anytime Application Forget visiting an office or a branch, now with small loan apps, you can apply for a loan effectively from anywhere and at any time of the day. All you need are a secure internet connection along with a phone or a laptop. 2. Eligibility Most small loan apps would grant you a loan if you are a resident, salaried employee aged between twenty-three and fifty-eight. That's it! You do not have to have huge assets to back the finance you obtain. This makes small loans accessible to a lot of people irrespective of their wealth. 3. Documentation Heaps of endless paperwork are a thing in the past. When it comes to a small loan application there is little to no papers involved. You do need to scan and digitally furnish a few simple documents evidencing your identity, address and income. For identity proof, any national ID like Aadhar, Passport, Driving License can be produced. For address rent-agreement, energy bills or passports are acceptable documents. Salary slips and bank statements can work as valid proof of your income. 4. Prompt and Speedy disbursement Once your documents are authenticated by the lending party, the loan amount could directly hit your bank as fast as within a day's time. This is subject to clearance by a quick and thorough evaluation of your credit history. All-in-all, you are likely to receive the fund within a maximum window of 5-7 working days. 5. Interest The interest rates are generally low and depending on the markets they stay around 1 to 3%. That is a lot lower than the rates you would otherwise have to bear in a traditional banking approach or even by using a credit card. 6. Repayments Repayments are as easy and hassle-free as the initial application procedure. You can do it from the same app. You can link your bank details and even set up auto payments on the scheduled due dates to ensure a spotless credit score. You can also set up advanced reminders and the app will give you timely push notifications ahead of repayments. 7. Amount of Loan As the name suggests, the loan amount is relatively small and can range from anything between nine thousand to 3 lakhs rupees as per your needs. Depending upon a criteria-based evaluation of your credit profile the maximum limit can vary to some extent. ConclusionAll of these features are true to Smart Loan Apps, and they all help you take the best-suited loans for your needs. Rest assured, all your information and personal details are safely encrypted and stored with the lender. Although most of the process is automated with zero human interaction, you can always reach out to the executives and relationship managers in case of any query or difficulty. The Indian economy has grown significantly over the last decade, bringing substantial changes to the country's financial sector. As consumers' needs evolved, so did the loans offered by Indian banks. Because of this change, several digital companies entered the market that provided online loan applications quickly processed for convenience reasons. The new generation of consumers preferred these digital instant personal loan apps because they are fast and efficient.
The Benefits of an Instant Cash Loan Through an Online App Instant cash loan apps provide you with an easy way to apply for loans tailored to your specific needs. Before apps, even visiting a bank could be tiring - you would go first to the bank for information about potential small loans, then leave to fill out paperwork before returning for the loan itself. But now, loan apps make it possible to save time by pulling everything together in one place. 1. Quick Disbursal You can apply for loans online with ease. You can submit your application with relatively little effort, and you may even find out immediately if your loan is approved or not. You'll have more time to focus on the value growth of your company, not filling out endless stacks of paperwork. 2. Paperless Process In contrast to a traditional loan process, where some paperwork has to be filed and processed, an instant loan goes through the approval process after all documents have been uploaded. This also means that there is no need for paperwork, and thus the transaction is entirely paperless. 3. Lower Rates You can take advantage of online peer-to-peer platforms' lower interest rates, saving you money down the line! And better still, they can be accessed directly from your mobile devices, so you don't even need to waste time driving somewhere else to apply for a loan or check if your mortgage repayments are in order! This means that these apps genuinely save you time and effort, and that will ultimately contribute towards making your savings grow faster than ever before! 4. Easy Approval If you have done well with debt, it’s incredibly easy to get approved for a loan from any traditional financial institution. It is pretty hard, though, for people just starting to build their credit or who have gone through some tough economic periods more recently. But online lenders are more lenient when it comes down to approving potential clients who have poor CIBIL scores because sometimes they use “alternative” scores or details when determining your eligibility, so you might see results more rapidly if you apply with an online lender! 5. Unsecured Loan Many loans offered online are not secured, meaning you won't be asked to mortgage anything in exchange for a loan. This makes your borrowing a lot more secure. If you do not pay back an unsecured loan, you will see your credit score drop, but no valuable items would be taken away from you, and you won't be threatened with foreclosure. 6. Time-Saving Process In the case of traditional banks, you may have to run around in circles for days just to be able to get your loan approved. On the other hand, with an online money lending application, it only takes a few minutes to get the quick loan you need so you can focus on what's important in your life. 7. Repay With Ease Instant loan apps have become a blessing in disguise for borrowers. Borrowers don't have to wait for weeks to get their loans approved anymore, and the money is credited only after that. These instant cash loan apps allow borrowers to choose when they want to receive it. In addition, flexible repayment options mean that credit becomes affordable since the amount split over many EMI's seems less when compared to a lump sum amount being due in one go! 8. EMI Calculator In instant loans, you can set up your own EMI calculator. You have the freedom to change things according to your wishes. Conclusion Finally, before you choose an instant cash loan app for a loan, check for various fees. For example, take a look at the interest rates and processing fees to make sure they are agreeable to you before proceeding with the application process. To make sure you're making an informed decision, ensure there are no hidden fees or unnecessary processing charges! It is important to know how to use a credit card in UAE. The Emirates is a fast-growing destination of choice with a growing reputation as a destination of choice for leisure and business. Whatever be the reason, having a credit card and using it wisely is invaluable. As the adage goes for the knife, so is it applicable to credit cards; good servants but bad masters. In the UAE, credit cards are a popular choice. However, each card has its strengths and weaknesses. Listed below are a few tips you might find helpful.
Use of credit cards in UAE
Know these terms:
Best Practices explained: 1. Keep in mind to always pay your entire bill on time to avoid interest accrual, as well as late fees. This also improves your credit score. Note: Pay the whole amount instead of the minimum payment, which is, of course, more tempting but has an interest component that will hit you later. 2. Keep it within your budget: Check your statement periodically. Understand that the convenience of paying later has a caveat attached. If you take more than a few weeks to pay your debt, you will pay in the form of a finance charge. Make it possible for the scheduled payments to be taken care of automatically, if possible. 3. A basic understanding of interest calculation method: Once again, understand that interest is calculated on the average daily balance, not just the remaining balance, all the more reason to make full payment, not just the minimum. 4. Keep track of your spending: Analyse your spending on groceries, travel, etc. and analyze the current offers on multiple cards. Use the one which gives you maximum benefits. Avoid pitfalls and master the use of credit cards. A credit card, when used wisely, can enhance your shopping experience, not take you down a debt spiral. You can end up having a good spending experience and worry-free usage of your credit card in the UAE if you keep the principles above in mind. While many people still stand in a long queue to pay their bills, online payment is fast becoming the preferred mode of payment throughout India and the world. However, if you are from an age when online payments did not exist, you may not be open to the idea.
Online Bill payment vs. Physical payments There is still some charm and certain benefits to making physical payments for your bills. So, which is better – online bill payment or physical payments? Let’s take an unbiased view of each method to evaluate which one is better: 1. Convenience If you need to make a physical bill payment, but you cannot go due to ill health or bad weather, your bill may become overdue if it is the last date. However, you can pay your bills online from the comfort of your home, thereby avoiding penalties. 2. Small Change Issues Finding small change is a common issue faced by many bill payment centers. For example, if your personal loan falls due and an amount is an odd number, then you may find it challenging to find a small change for paying your loan installment. With online payment, you don't have to be foraging around for a small change. 3. Added Advantages of Using a Credit Card Paying your bills offline brings you no special benefit. But if you pay your bills online using a credit card, you get many benefits. For example, most credit card companies offer points to encourage you to use your credit card more frequently. You can redeem these points for fuel, discounted shopping, and even airline tickets. 4. Saves Time If you pay your bills offline, you can spend up to one hour going to the bill payment center to pay your bill. Moreover, if you have bills to pay to different service providers, you could spend half a day visiting various bill collection centers. Let’s assume that you have a credit card with an instant credit line. You can pay multiple bills to different agencies from your credit card account in just a few minutes. Imagine the time that you save by paying your bills online! 5. Environmentally Friendly Most agencies discontinue sending you a paper bill when you opt to pay your bills online. However, if you pay offline bills, you generate paper bills and get a paper receipt from the bill collection center when you pay your bills. So, by paying offline bills, you leave a paper trail that is not environmentally friendly at all. Paying online bills is the best way of being responsible for the environment. 6. Saves Money Have you ever wondered about the extra cost of paying offline bills other than the cost of the bill? For example, if you send a cheque by post, you spend money on the envelopes, postage, and your bank even charges you for the cheques you use. It is even worse if you commute to the bill payment center because you have fuel charges to consider. However, if you pay your bills online, you don't have any of these added expenses. 7. Keep track of Your Payments. When you pay your bills offline, you have to file away your paper statements, receipts, and bill copies. Keeping track of these transactions can be a hassle. Let us consider that you suddenly need to produce your latest bills for proof of address for applying for a personal loan. You will have to search through all your paper files. On the other hand, if you pay your bills online, there is an electronic record of every single bill transaction you have done. Therefore, you can easily pull up the latest documents required and forward them to the relevant agency. Conclusion After discussing online bill payments vs. physical payments, the choice is obvious. Being an avid reader or a music lover, you may argue that you can always kill time reading a good book or listening to music while standing in the queue to pay your bill. But is it worth it? You may end up with aching legs and a sore back and feeling exhausted at the end of it all. Why should you want to stand in a queue or spend hours writing cheques and putting them in envelopes and posting them when you can complete the entire process in a few minutes? The answer is clear. Online bill payment is always a better option than physical bill payments. Agreed, it is a bit of a hassle setting up the bill payments online, but once you set it up, especially if you have a credit card with an instant credit line, paying your bills will be like a walk in the park! Travel credit cards are the subject of much fascination in the United Arab Emirates (UAE) and why not? With its rapidly increasing well-travelled, globally aware and cosmopolitan population, the region is witnessing steady demand for exclusive airport lounge offers on credit cards, reward points, flyer miles and benefits on hospitality and dining among other aspects. These are benefits that dedicated travel credit cards can offer to UAE customers. However, it is not enough to desire a good travel credit card; you should know how to choose the best one that suits your needs!
Frequent travelers should carefully browse through the multitude of options available from leading financial institutions, banks and non-banking financial entities in the UAE. Here are some parameters worth considering before you sign on the dotted line.
Take your time before finalizing your travel credit card. For the best lounge offers on credit cards, a thorough comparison is recommended. There are several cards with extensive rewards and benefits available for UAE residents. From duty free offers to lounge access, read through the fine print carefully. A duty free compatible card, for instance, will benefit those living in the Emirate and frequently flying to/from the city. A good travel credit card will ease your pain points while on the move and also help you get attractive savings, deals and offers galore! Whether you need to replace your refrigerator or spend on an unavoidable emergent expense, instant personal loans offer an optimum route. You only need to fill in an application online and get your money at a minimum interest rate.
An instant personal loan is a credit facility provided to self-employed and salaried professionals at an interest rate. The borrower needs to provide income proof, KYC details, and other documents to resolve the cash shortage. If you are thinking about enrolling for the instant loan approval in 5 minutes, find out more details below. When Should You Take An Instant Personal Loan? Many situations may compel you to get instant loan approval in 5 minutes. Some of these are:
How Instant Personal Loans Work in India? Usually, getting instant loan approval in 5 minutes is a three-step process. Let’s see what these steps are: Step 1: Sign Up The first step is to sign up with a neo bank or a service offering instant personal loans in India. This will require some basic details, such as your name, age, gender, etc. If the neo bank has an app, you can first download the application and sign up. It is vital to offer only correct details, as this data may be used to authenticate your identity. Step 2: Provide Details Once you have signed up on the website or application, you need to apply for a loan and provide minimum details. Since we are talking about instant loan approval in 5 minutes, you need to spend only 5 minutes to get support. This means you need to provide:
Step 3: Get Instant Loan Approval in 5 Minutes As soon as you upload the above documents, your loan process will begin, your profile will be evaluated, and loan disbursal will start. Since it is a paper process, you don’t need to physically verify yourself or visit the bank/office to get a small-ticket personal loan of up to 5,000. Key Features of Instant Personal Loan Before you apply for an instant personal loan, here are some key features to remember:
Get Instant Loan Approval in 5 Minutes You can get an instant loan approval in 5 minutes for a small-ticket credit. When compared to other types of loans, instant personal loans from a neo-bank are quick and valuable. You can get approval almost instantly and receive the money in less than 24 hours. Hence, for all your immediate cash flow requirements, apply for an instant personal loan now! A CIBIL score is defined as a number that can judge the creditworthiness of a person or the capability of repayment of any debts. It is a three-digit number and varies between 300 to 900. A score closer to 900 signifies a good CIBIL score, and it is decided that the person is capable of paying off his debts with ease. While a score on the lower side closer to 300 signifies poor financial health and that the person may not be able to pay off his debts with ease. Who computes the CIBIL score?The full form of CIBIL is Credit India Bureau (India) Limited. It is a credit bureau dedicated to the task of maintaining the credit history and activities of companies as well as individuals. The CIBIL score of a person is usually checked before approving any loan or credit card to a person to make sure that the person is able to pay off any new debts. Which factors determine CIBIL score?The score is determined based on certain factors like the payment history, credit exposure, credit type, and duration of the person. The payment history is the most important factor in determining the credit history of the person. A delay of even 30 days in paying any installments or debts can hamper the credit score negatively by almost 100 points. Credit exposure is also defined as the credit utilization ratio. The higher is the ratio. It is signified that the person is credit-hungry. One should look at keeping the utilization of credit limit to only 30% of what is available for him. However, for a good credit score, one should keep the credit utilization to 10% of the total limit. The credit type of the person, like having both secured and unsecured credit in his history, signifies that the person is capable of managing both types of credits ad can comfortably pay off any new debts. How to improve CIBIL score?Maintaining a good CIBIL score is important for any loan or credit, and in case one has a poor credit history, there are ways to improve it. One should repay the borrowed amount to the lender without delay, along with interest based on the terms and conditions of the loan. It is important not to borrow any amount that is difficult to pay off, resulting in piling up of the debt and impacting the credit score. Before using any credit, one should consider all the pros and cons of that mean of credit and affect his credit history and score. How to check the CIBIL score online?Many apps and websites that offer loans nowadays have the option of providing free credit scores online in just a few minutes. This facility is available for applicants when they apply for new loans or credit cards. For availing of the service, the applicant has to go to the section of credit score checking and fill up his first and last name. Followed by that, he is required to enter his email id and mobile number, in which an OTP will be sent for verification. Once the verification is complete, the age of the person has to be authenticated, and one can use their PAN card for the purpose. After all the formalities are completed, the CIBIL score is generated and displayed on the screen almost instantly for the applicant and for the purpose of the loan. Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!! |
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August 2022
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