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All You Need to Know about Your Personal Loans

What are personal loans?

Personal loans are unsecured loans that you can take from a bank or a financial institution to meet your personal needs. A personal loan is a debt that you are required to repay in installments as per the lender’s repayment tenure. Moreover, lenders charge you an interest for the amount you borrow which is often higher than other loans.

Being an unsecured loan, you are not required to submit any collateral or warranty in lieu of the personal loan amount. However, defaulting on a personal loan can adversely affect your credit score.

What can you take a personal loan for?

A personal loan has no end use and so you can use it for whatever purpose you want to. It could be used to finance the following purpose –

  • Education
  • Wedding
  • Consolidation of debt
  • Business
  • Travel
  • Home renovation
  • Medical expenses
  • Emergency Situations

Eligibility

Every lender has different eligibility criteria to lend you a personal loan. However, as an overview they consider the following factors – your age, occupation, your income, the city you reside in and your capacity to repay.

Often there are different criteria for self-employed and salaried person.

Your eligibility is also determined by your credit score and credit history. While the amount of loan you get also depends on the city you live in.

Tips to help you get the best personal loan

 A personal loan is beneficial when you want to solve your urgent financial needs. It is easy and simple to avail with easy repayment duration so that you can repay the amount as per your convenience. If you are planning to avail a personal loan, look at these tips to get the best deal.

Lifestyle in Hong Kong

Hong Kong, officially called as Hong Kong Special Administrative Region of the People’s Republic of China is a city in southern China which welcomes you with its high skyscrapers, iconic skylines, lush green nature, delicious cuisine and dynamic Chinese culture. Hong Kong today is the world’s fourth most densely populated region and also a leading market for wealth management services due to its expensive lifestyle. To know more about it, let’s explore the lifestyle of Hong Kong, Asia’s World city.

Transportation

Commuting from one place to another is an easy breeze in Hong Kong. With well managed public transport systems you can go around conveniently and fast. The MTR system that includes trains, metro, buses and trams is a cheap and speedy mode of transportation in the city. Moreover, a prepaid travel card called the Octopus card makes it easier as you can recharge the card and use it for all the public transport mediums.

Accommodation

Accommodation is the biggest problem in Hong Kong. The place is small and the living space is scarce. As a result, a major percentage of people in the city lives in high rise apartments with high rents. Moreover, due to its compact spaces, it is also called the concrete jungle.

Public welfare

Hong Kong has an excellent public welfare facility. The government provides public healthcare for everyone who has a valid ID card. Many employment contracts also provide health care as one of the perks. Moreover, though the education system in private schools is expensive, it is of the highest quality.

Whether 

Hong Kong enjoys a subtropical climate with four distinguishable seasons. The city gets a considerable share of monsoons and often faces tropical storms and typhoons. However, the warning systems of the country are well equipped for extreme weather.

Tradition

Hong Kong is an amalgamation of western and eastern culture. People celebrate various festivals like Birthday of Tin Hay, The Spring Lantern Festival, The Hungry Ghost Festival, and the Chinese New Year.

Language 

Hong Kong has two official languages which are Cantonese Chinese and English. Most people speak English though all signs are in both. However, Mandarin Chinese is also spoken there.

Cost of living

Due to its expanding population and favourable living conditions, the cost of living in Hong Kong is rising at an alarming rate. As per the recent reports, Hong Kong is the 9th expensive city in the world and 3rd most expensive in Asia. Though the city is small, more and more people keep pouring in for its cultural vibrancy, cuisine and stable society. It leads to a steep rise in prices of not only accommodation but also of daily items like a cup of coffee.

Due to the high cost of living and the expensive lifestyle in Hong Kong, it might be difficult to manage your funds. Irrespective of your income, if you are not able to manage your money, you can opt for an expert help. To ensure that you secure the future of your family and also plan a comfortable life after your retirement, you can take the help of wealth managers. Wealth management is a professional process that helps you create, manage and grow your wealth.

A Simple Guide on How to Apply for a Personal Loan

Whether you want to buy a car, start a new business or consolidate your existing debts, a personal loan could be just the financial product that suits your needs. If you’re considering applying for a personal loan but don’t know where to start, you have come to the right place. In order to apply for a loan successfully, it important to have a basic understanding of the application process as well as understand how to choose a personal loan that matches your requirements.

This simple guide will take you through each stage of the application process so that you can pick the right personal loan and apply for it without any hassles. Here’s a step-by-step guide on how to apply for a personal loan: –

Check The Eligibility Criteria

Checking the eligibility criteria is the first step to apply for a personal loan. Checking the eligibility criteria beforehand entails plenty of advantages. Firstly, you will be saved from the prospect of losing processing fee, as there will be low chances of your application being rejected. Secondly, you can save a lot of time by avoiding rejection of your personal loan application. Thirdly, your credit score will not be negatively impacted. Given below is the general eligibility criteria for a personal loan application in Indonesia: –

  • Age – To qualify for a personal loan in Indonesia, you need to be at least 21 years of age or older, but not older than 60. For certain banks the age requirements for personal loans may be even tighter, requiring people to be under 55 or 50.
  • Income – In order to be eligible for a personal loan, you need a steady source of income so that the bank is convinced that you will be able to make the loan repayments. Since personal loans are unsecured loans, the income criteria for personal loans can be quite rigid. If you have a low income, your personal loan eligibility will be lower as compared to high earners.
  • Residency Status – In order to qualify for a personal loan, you will need to be an Indonesia citizen or have Permanent Resident (PR) status.
  • Credit Score – The bank conducts a thorough credit check before approving your loan application to ensure that you will be able to repay the loan. If you have a poor credit history, you may have to pay a higher loan interest rate or even deal with rejection. Therefore, if you have a bad credit history try to improve it before applying for a personal loan.

It’s important to remember that the eligibility criteria for personal loans may differ from bank to bank. You can easily find out the eligibility criteria for a particular bank by simply visiting their website and checking the personal loans section.

Compare Rates and Policies

Once you understand the eligibility criteria, the next step is to compare the rates at which different banks offer personal loans. Besides the personal loan interest rates, you can also compare factors such as loan tenure, pre-payment clause, processing charges and turnaround time for processing the loan. It’s important to compare such factors before applying for a loan as it will ensure that the loan will match his requirements

Different Ways to Apply for A Personal Loan

After you have compared various personal loan options, the next step is to actually apply for a personal loan. There are several ways to apply for a personal loan:

  • The Bank’s Website – Most banks in Indonesia offer online application facility for a personal Just visit the bank’s website and fill up the online application form. On completion of the online application, the bank will contact you with further instructions.
  • Bank’s Phone Helpline – Some banks let you apply for a personal loan with just a phone call. Once you call the bank, the bank representative will guide you through the entire process of the loan application. However, some banks may require you to visit a bank branch while others may fax or email you a form to fill and return via the same mode.

Walk into a branch – You can always walk into the nearest bank branch of your chosen personal loan provider and inquire about the loan application. Most banks in Indonesia, provide fast approval on personal loans with minimal documentation.

Avoid These Common Mistakes While Applying for a Credit Card

Applying for a credit card has never been easier thanks to online applications. All you need to do is complete the online application form and submit it online. Surely, applying for a credit card does not require a lot of effort nowadays, yet there still a possibility for mistakes. If you are not careful, some mistakes can cost you dearly. If you want to make the most of your credit cards, steer clear from the following mistakes while applying for a credit card.

Applying for Too Many Credit Cards Too Soon

While it might be tempting to apply for multiple credit cards to enjoy more benefits, credit card issuers don’t look favorably on multiple credit card applications especially if it’s done within a span of few days. If you apply for several credit cards every few days, your chances of getting approved go down with each subsequent application. Hence spacing out your credit card applications will not help your odds of your application approval but will prevent you from taking on a large risk of credit card debt.

Not Reading the Credit Card Terms Carefully

Visit the credit card website and find out the interest rate and fees instead of just relying on the name of the credit card or the initial advertisement. As a norm, credit card issuers are required to display the cost information on every credit card offer.

Applying for the First Credit Card You See

Although a certain credit card commercial or a pre-approved credit offer in the mail may seem like a great deal, it’s important to do a thorough comparison before applying for a certain credit card. There are numerous credit cards available in the market today. Hence, never settle for a credit card without looking at other available options.

Choosing a Credit Card Based on the Initial Benefits

Some credit cards lure customers with initial benefits such as signup rewards bonuses, no annual fee in the first year, introductory interest rate or double rewards. While the initial period with the credit card may be rewarding, it’s important to consider what the card will cost and benefit you in the second year and beyond.

Assuming Your Application is Going to Be Approved

A high income or a great credit score is not a guarantee for the approval of your credit card application. Factors like a high level of debt or too many recent applications could lead to your credit card application being rejected.

Applying For a Credit Card with Terrible Terms

Everybody wants to apply for a credit card with the lowest interest rate, amazing rewards and no annual fees. If you have a good credit score, you may not have a problem securing a good credit card. However, even if you have a bad credit score, that doesn’t mean you have to accept a credit card with an extremely high-interest rate or high annual fee.

Not Shopping Around

When it comes to credit cards, the market is teeming with choices. Hence, its only prudent to look at a few options before making the final decision. An online search is the easiest way to find and compare credit cards from various credit card issuers based on important factors such as rewards or interest rates.

Fly at Pocket-friendly rates with Air India Express

All of us need to fly to other destinations either for leisure, work, or other reasons. So what is the main point of concern each time we travel? It is to get a ticket as affordable as possible. This is of greater significance when flying international. One of the first airlines to provide affordable connectivity to international destinations is Air India Express. The airline has its network across Middle East and Southeast Asia. It is also a subsidiary of the national carrier of India, Air India. The airline offers a pattern of single economy class along with a 180 passenger seating capacity.

The airline also operates in the domestic region between some of the destinations in South India. Air India Express aims at facilitating budget services and providing the best of comfort. Once you are on board the airline, you will be served mineral water as well as refreshments. There is also an option of purchasing magazines or snacks whenever you wish to read or eat. Passengers can also choose from a range of entertainment options. Special assistance can be requested for unaccompanied minors, pregnant women, or disable passengers. The warm and hospitable team at Air India Express ensures that all your needs are taken good care of.

You can make online bookings by visiting the website of the airline. Fill in the destination of departure as well as arrival. There are three choices that you can make a selection from which include multi-city, round trip, and one-way. You are also required to mention your date of departure as well as return. Mention the total number of passengers travelling on the flight under the age category. The lowest fare finder feature lets you find the fares suited to your choice. Moreover, the online system is very convenient to book tickets for the passengers. You can even book your tickets through travel websites such as Makemytrip, Cleartrip, etc.

Air India Express consistently strives towards providing better facilities to its passengers. The airline will also be introducing flights on other destinations on the international and domestic front which shall be based upon the trend of the markets. For any complaint or issue related to Air India, passengers can contact on the 24-hours customer care centre. Remember to opt for Air India Express whenever you wish to fly reasonably on an international airline. You can save a good amount of money on the travel expenses.

 

Experience the finest Air travel with Oman Air

Oman Air is counted among the premier airlines of the world. It is the national carrier of Oman and is headquartered at Muscat. It serves primarily in the Middle East and is renowned for providing safe and reliable air transport. Since its inception in 1970, the airline never had any fatalities or accidents. It is also the first gulf airline to secure high end airplanes such as the Boeing 737 into its fleet. In its service of 14 years, Oman air has built a decent reputation for its professional attitude and exceptional services. The airline has partnered with several international airlines and expanded its network to all the major destinations of the world. Over the years, Oman has gathered several awards and accolades to its name, one of them being the prestigious Gold award for being the ‘Airline of the Year’.

Fleet details and connectivity

The Oman Air fleet consists of state of the art aircraft models from Boeing, Airbus and Embraer. It has a fleet of more than 39 aircrafts in operation. Additionally, the airline has also placed orders for 18 more aircrafts. Oman Air operates fights to more than 27 countries and covers about 46 destinations. Furthermore, the airline also has codeshare agreements with leading air carriers of the world such as Emirates, Turkish airlines, Ethiopian Airlines, Royal Jordanian etc.

Image result for oman air

Inflight services

Whether you are flying first class or business, you will be able to make calls or send messages to your friends, family or colleagues with the On-air mobile services. You can also log on to the inflight Wi-Fi and browse the web or check emails. As far as food is concerned, the expert chefs ensure that you are served with meals with the highest quality ingredients. A wide range of cuisines are served on board which also includes many signature Arabian dishes.

 

Loyalty programmes

Oman Air launched its first loyalty programme ‘Sindbad’ in the year 2007. The loyalty programme has a three layered structure which includes Sindbad silver, Sindbad Gold and Sindbad Blue. Passengers can accrue points for their frequent flyer points by flying with Oman Air for both international as well as domestic travel. The airline also has a partnership with Etihad Airways for frequent flyer miles.