by Jobuza Team | Jan 17, 2025 | BLOG, Highlights, Trending News
Personal loans offer flexible repayment tenures and quick loan disbursement which is a great option if you are looking for urgent funds to cover your sudden expenses for a while. In India, Aadhaar card has proved to be a very important document for availing of financial services. It is a known identity and address proof that makes it easy to apply for personal loans.
A 2 lakh loan on an Aadhaar card is an easy to access financial option for people who need money instantly and without much paper work. Let us understand in detail
Key benefits of loan on Aadhar card
Simplified documentation: Aadhaar card based loans are different from normal loans as they don’t require many documents such as income proof, address proof, and identity proof. Aadhaar is being used as a single document to verify both identity and address by lenders, reducing the need for paperwork.
Digital process: These loans are offered online and provide a completely digital process. This speeds up approvals, eliminates manual intervention and disbursal.
Accessibility: Even those with limited financial documents can get loans on Aadhar card. Hence, if you do not have a regular income source, you can still apply for the loan and meet your financial obligations.
Quick processing: These loans offer faster approvals and disbursals because of the digital application process. This way you can save your precious time effectively.
No collateral required: Loans on Aadhar card are unsecured, meaning you are not required to pledge any assets as collateral.
Eligibility criteria for 2 lakh loan on Aadhaar card
Age: Usually, you are required to be between 21 to 60 years old. In some cases lenders may approve up to the age of 65.
Income: Usually, lenders require a minimum monthly income between ₹15,000 and ₹25,000. It is available to salaried and self employed individuals.
Credit score: A good credit score (in the range of 650-700 or more) makes it more likely that you’ll be approved and get low interest rates.
Employment status: You must be a salaried employee or self employed individual.
Valid Aadhaar card: For verification purpose, Aadhaar card has to be active and linked to the applicant’s mobile number.
Documents required for 2 lakh loan on Aadhaar card
Although the specific documents required may depend on the bank’s policies as well as your overall profile, most lenders require these documents in order to evaluate your eligibility:
- PAN card
- Last 3-6 months bank account statements
- Income proof in case of salaried individuals
- ITR return (for self employed people)
How to apply for a 2 lakh loan on Aadhaar card
Online application: Go to the lender’s website or download their mobile app.
Eligibility check: Check for the eligibility criteria for the loan. You can use an eligibility calculator provided by the lender in order to determine the eligibility.
Document upload: Upload your Aadhaar card, PAN card, and income proofs. Make sure you have linked your Aadhaar with your mobile number for OTP based authentication.
Approval and disbursal: After you submit your documents, the loan is approved. The disbursal takes 24 to 48 hours, depending on the lender.
Things to keep in mind
Interest rates: Personal loans are unsecured, hence, the interest rates will depend on other factors such as credit score, income, credit history and many other factors. Hence, compare interest rates offered by various lenders before choosing one.
Processing fees: Check for processing fees as well as other charges which may levy on the EMI in order to avoid any last minute surprises.
EMI affordability: Calculate your monthly instalment with the help of an EMI calculator and see if it fits in your budget.
Credit score impact: Repaying your loan on time can help your credit score, and missing one or failing to repay can hurt your creditworthiness. Hence, borrow mindfully and only if you really require the loan.
by Jobuza Team | Jan 7, 2025 | BLOG, Highlights, Trending News
SBI has launched two new deposit schemes: Har Ghar Lakhpati, a recurring deposit plan helping customers save ₹1 lakh or more, and SBI Patrons, a fixed deposit scheme offering higher interest rates for senior citizens aged 80 and above.
The State Bank of India (SBI) has launched two innovative deposit schemes: ‘Har Ghar Lakhpati’ and ‘SBI Patrons,’ aiming to enhance financial inclusion and cater to diverse customer needs.
Pre-Calculated Recurring Deposit Scheme
‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit designed to help customers accumulate ₹1 lakh or multiples thereof. This scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. It is also available to minors, encouraging early financial planning and savings habits.
SBI Patrons: Specialized Fixed Deposit for Senior Citizens
SBI has introduced ‘SBI Patrons,’ a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. This product offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. SBI Patrons is available to both existing and new term deposit customers.
Interest Rates and Terms
The minimum tenure for recurring deposits is 12 months (one year), and the maximum is 120 months (10 years). The interest rates for this scheme are aligned with those offered on fixed deposits.
SBI Patrons: Depositors under this scheme would earn an additional 10 basis points higher interest rate than what is offered to senior citizens. The current fixed deposit rates for senior citizens are:
- Above 1 year tenure: 6.80%
- Above 2 years: 7%
- Above 3 years to less than 5 years: 6.75%
- For 5-10 years: 6.5%
Strategic Objectives
These initiatives reflect SBI’s commitment to innovation and customer-centric solutions. By introducing these schemes, SBI aims to:
- Enhance financial inclusion by offering products that cater to specific customer segments.
- Strengthen its market leadership in deposits.
- Provide goal-oriented deposit products that align with customers’ aspirations.
SBI Chairman CS Setty emphasized the bank’s dedication to leveraging innovation and technology to deliver solutions that empower every customer, contributing to India’s growth journey towards becoming a developed nation by 2047.
Summary of the news
| Why in News |
Key Points |
| SBI launched two new deposit schemes: Har Ghar Lakhpati and SBI Patrons |
– Har Ghar Lakhpati: Pre-calculated recurring deposit to accumulate ₹1 lakh or more.
– SBI Patrons: Fixed deposit scheme for senior citizens aged 80 and above.
– Har Ghar Lakhpati available for minors.
– SBI Patrons offers 10 bps higher interest rate for senior citizens.
– Tenure for Har Ghar Lakhpati ranges from 12 months to 120 months. |
| Scheme Names |
Har Ghar Lakhpati, SBI Patrons |
| Target Group |
–General customers, including minors.
– SBI Patrons: Senior citizens aged 80 years and above. |
| Interest Rates |
– Interest aligned with fixed deposit rates.
– SBI Patrons: Additional 0.1% interest over senior citizens’ FD rates. |
| Tenure for Har Ghar Lakhpati |
12 months to 120 months (1 year to 10 years). |
| SBI Patrons Fixed Deposit Rates for Senior Citizens |
– 6.80% for 1 year+
– 7.00% for 2 years+
– 6.75% for 3 years to less than 5 years
– 6.50% for 5-10 years |
| Launch Date |
The schemes were announced on January 2025. |
by Jobuza Team | Jan 3, 2025 | BLOG, Trending News
RBI to Close Inactive and Dormant Bank Accounts from January 1, 2025: Full Details and Revival Steps
The Reserve Bank of India (RBI) has announced a major update that will come into effect from January 1, 2025. As part of its efforts to enhance banking security and reduce the risk of fraud, the RBI has directed banks to close specific types of accounts that remain unused or inactive for extended periods.
This new rule is aimed at improving the overall efficiency of banking operations and ensuring better compliance with regulatory guidelines.
Types of Bank Accounts That Will Be Closed
1. Dormant Accounts
Dormant accounts are those that have seen no activity for a continuous period of two years or more. These accounts are more vulnerable to misuse and fraudulent activities. Closing them is intended to protect account holders and ensure better security within the banking system.
2. Inactive Accounts
Accounts that have not recorded any transactions for the past 12 months or longer will be marked as inactive. These accounts can be reactivated, but if not used, they may be closed by the bank. The purpose of this step is to reduce operational burden on banks and prevent the misuse of idle accounts.
3. Zero Balance Accounts
Accounts that maintain a zero balance for a long period may also be subject to closure. The RBI aims to reduce financial risk, avoid misuse of these accounts, and promote better communication between customers and their banks. This also helps banks keep customer KYC (Know Your Customer) information updated.
How to Avoid Closure of Your Bank Account
To prevent your bank account from being closed under the new RBI guidelines, you should take the following steps:
Reactivate inactive accounts:
If your account has been inactive for over 12 months, make at least one transaction (such as a deposit, withdrawal, or UPI payment) to keep it active.
Engage with dormant accounts:
If your account has been dormant for two years or more, you must visit your bank branch and complete the required formalities to reactivate it.
Maintain a positive balance:
Avoid keeping your account at zero balance for extended periods. Even a small balance and periodic transactions can help keep your account in good standing.
Why RBI Is Implementing This Rule
The primary goals of this move are to:
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Strengthen banking security
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Minimize the risk of online fraud and unauthorized transactions
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Ensure accurate and updated customer records
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Improve the overall efficiency of banking operations
Final Reminder
If you have a bank account that you haven’t used in a while, now is the time to take action. A simple transaction or a visit to your bank branch can help you avoid account closure and retain access to essential banking services.
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by Jobuza Team | Jan 2, 2025 | BLOG, Trending News
Income Tax Rules 2024-25: What’s New and What Taxpayers Should Know Before Filing ITR in July 2025
As the financial year 2024 comes to an end, India’s income tax system has undergone several key changes. The Union Budget 2024-25, along with updates announced in July 2024, has introduced a series of tax reforms that directly impact salaried individuals, investors, and business owners.
These new rules will apply for the current financial year (2024-25) and will affect how you file your income tax return (ITR) in July 2025.
Here’s a simple breakdown of the 10 major changes you need to know.
1. New Tax Regime Slabs Revised
The new income tax regime has been revised to provide relief to taxpayers. The updated slab rates could help save up to ₹17,500 annually.
Revised slab rates under the new regime:
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Income up to ₹3 lakh – No tax
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₹3 lakh to ₹7 lakh – 5%
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₹7 lakh to ₹10 lakh – 10%
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₹10 lakh to ₹12 lakh – 15%
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₹12 lakh to ₹15 lakh – 20%
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Above ₹15 lakh – 30%
2. Higher Standard Deduction
The standard deduction has been increased under the new regime:
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For salaried individuals: from ₹50,000 to ₹75,000
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For family pensioners: from ₹15,000 to ₹25,000
3. No Change in the Old Tax Regime
There are no changes in the old tax regime. If you choose the old system, the existing tax slab rates and deductions will continue as they are.
Old regime slab rates:
4. Capital Gains Tax Hiked
There are two important changes in capital gains taxation:
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Short-term capital gains (on listed shares or mutual funds) will now be taxed at 20% instead of 15%
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Long-term capital gains tax increased from 10% to 12.5%, and the tax-free limit has been raised from ₹1 lakh to ₹1.25 lakh
5. Securities Transaction Tax (STT) Increased
Traders in stocks and F&O (derivatives) will now pay more STT:
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On options, STT rises from 0.0625% to 0.1%
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On futures, it increases from 0.0125% to 0.02%
6. New Tax Rule for Share Buybacks (From Oct 1, 2024)
Earlier, companies paid tax on share buybacks and investors received the amount tax-free.
Now, buyback proceeds will be taxed as income in the hands of shareholders, similar to how dividends are taxed, based on your personal slab.
7. Indexation Benefit Limited
For property sales, the government has made changes to how tax is calculated:
This may increase tax liability for those selling property after holding it for many years.
8. Key TDS (Tax Deducted at Source) Changes
Several important changes in TDS rates and rules:
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TDS of 5% merged into 2% for various payments
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The 20% TDS on mutual fund redemptions is removed
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TDS on e-commerce transactions reduced from 1% to 0.1%
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TCS (Tax Collected at Source) can now be adjusted against TDS on salaries
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Delays in TDS payments will not be treated as criminal if paid by the filing deadline
9. Reopening of Income Tax Assessments
Tax assessments can now be reopened up to 5 years after the end of the relevant financial year, but only if the escaped income exceeds ₹50 lakh.
10. Vivad Se Vishwas Scheme 2024
To reduce tax-related disputes, the government has reintroduced the Vivad Se Vishwas Scheme.
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Taxpayers with pending appeals can settle disputes by paying the disputed tax plus a small percentage
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Once payment is made and Form 1 is submitted, penalties and interest are waived, and the case is closed
Final Words
These new rules will have a direct impact on your salary, savings, investments, and how you file your ITR. Make sure to understand the regime you choose and plan your taxes accordingly.
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by Jobuza Team | Jan 2, 2025 | BLOG, Trending News
New UPI Rules Take Effect Today: Increased Limits, Wider Access, and Key Changes
New UPI rules: Unified Payments Interface (UPI) transactions in India are undergoing significant changes starting today. With an aim to enhance digital payment adoption and ensure smoother transactions, the Reserve Bank of India (RBI) has introduced new guidelines that impact transaction limits, accessibility, and user convenience. Here’s everything you need to know.
1. Increased Transaction Limits
One of the most significant changes is the increase in transaction limits for specific categories. The maximum limit for payments in sectors like healthcare and education has been raised to ₹5 lakh, making high-value transactions more seamless. Earlier, the UPI limit was capped at ₹1 lakh for most users, except for certain categories like capital markets and insurance, where it was ₹2 lakh.
2. UPI for Pre-Sanctioned Credit Lines
UPI is now expanding its functionality by allowing transactions through pre-approved credit lines from banks. This means users can make payments even when their savings account balance is low, provided they have a sanctioned credit line. This move is expected to boost credit accessibility while maintaining the ease of UPI payments.
3. Wider Acceptance for Digital Transactions
The new rules also focus on making UPI payments more inclusive. The RBI has expanded the scope of UPI transactions to include more small businesses, merchants, and service providers. This broader acceptance aims to encourage digital payments across urban and rural areas alike.
4. Enhanced Security Features
With the rise in digital transactions, security has been a prime concern. The updated UPI framework introduces stronger authentication measures, fraud detection mechanisms, and enhanced user protection to safeguard transactions from cyber threats and unauthorized access.
5. AutoPay and Recurring Payments
The AutoPay feature for UPI has been improved to support higher-value transactions. Users can now set up recurring payments for larger amounts, making bill payments, subscriptions, and EMI deductions more convenient. This change simplifies transactions for both businesses and consumers.
Impact of These Changes
The new UPI rules are expected to drive higher digital transaction volumes, improve payment efficiency, and enhance user experience. Businesses will benefit from smoother high-value transactions, while individual users will experience more flexibility in managing their payments.
As digital payments continue to evolve, these updates reinforce UPI’s position as one of the most preferred and secure payment methods in India. Stay informed and make the most of these new features to enjoy a seamless payment experience.
For More Updates: Click Here
by Jobuza Team | Dec 19, 2024 | BLOG, Trending News
Indian Railways Reduces Advance Ticket Booking Period to 60 Days: Key Updates
IRCTC ticket booking: Indian Railways has introduced a major change in its ticket reservation policy. Starting today, November 1, 2024, passengers can book train tickets only up to 60 days in advance, a reduction from the previous 120-day advance reservation period.
This revision will not affect passengers who have already booked tickets under the old policy, allowing them to proceed with their travel plans as scheduled.
Why Has Indian Railways Reduced the Advance Reservation Period?
According to the Ministry of Railways, this adjustment aims to ensure that train bookings reflect genuine passenger demand. A study revealed that 21% of reservations made between 61 and 120 days in advance were later canceled, while 5% of passengers failed to board their scheduled trains. By shortening the booking window, the ministry hopes to minimize ticket hoarding and fraud while making seats available for passengers who genuinely intend to travel.
Top 5 Key Points to Know
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Some Express Trains Will Have Different Rules
Certain daytime express trains, including the Taj Express and Gomti Express, will continue to follow lower advance reservation limits.
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Foreign Tourists’ Advance Booking Remains Unchanged
The 365-day advance reservation period for foreign tourists will continue without any modifications.
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Existing Bookings Will Remain Valid
Tickets booked before October 31, 2024, under the old 120-day policy will still be valid. However, any bookings beyond the new 60-day window can still be canceled if needed.
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Addressing No-Show Passengers and Fraud
The ministry aims to reduce cases where passengers fail to cancel their tickets, leading to fraud and impersonation. This move is expected to improve ticket availability for genuine travelers.
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A Similar Policy Was in Place Earlier
Between 1995 and 1998, the advance reservation period was even shorter—just 30 days. The current revision brings the policy closer to those earlier standards.
Exceeding Luggage Limits? Be Ready for a Fine
In a separate development, Western Railway has issued a strict warning regarding excess luggage. Passengers carrying luggage beyond the permissible limit for their travel class will face penalties.
According to a statement released on Tuesday, only a certain amount of luggage is allowed per passenger without additional charges. However, oversized items like scooters, bicycles, and other large consignments exceeding 100 cm x 100 cm x 70 cm will not qualify for free allowance.
Western Railway has also urged passengers to avoid overcrowding at railway stations and enter only when necessary, as per their train schedules.
IRCTC ticket booking With these policy updates, Indian Railways aims to improve passenger convenience, curb fraudulent bookings, and streamline travel operations across the country.
