SBI Online and its features

Posted on February 17, 2012 by admin

OnlineSBI refers to the internet banking portal of the State Bank of India. This portal gives the retail and corporate customers of SBI anywhere and anytime online access to the bank’s accounts. This is yet another introduction to develop Asia’s largest banking network technologically and increase its customer base. The online infrastructure of State Bank of India offers a secure access to banking services in more than 13,000 SBI branches in India.

OnlineSBI helps customers to perform the following functions:

  1. Generate account statements
  2. Issue online demand drafts
  3. Configure profile settings of accounts
  4. Avail IPO and DEMAT services
  5. Use RTGS / NEFT features to credit beneficiary accounts
  6. Make online tax payments using eTax
  7. Make automatic bill payments using ePay
  8. Transfer money in personal and third party accounts
  9. Make payments related to Visa credit cards issued by any bank
  10. Make airline and railway reservations through interface with merchants

The value added services provided by the SBI Online facility are:

  1. Site to site integration which allows payment of taxes to state and central government organizations
  2. Direct debit facility (corporate suppliers who supply goods to dealers can debit the accounts of all dealers who maintain accounts with SBI in any location across the country)
  3. Supply Chain Finance – the Electronic Vendor Financing Scheme (e-VFS) and the Electronic Dealer Financing Scheme (e-DFS) are the two components of Supply Chain Finance. Corporate buyers and dealers use this facility to transfer credit amounts in each other’s SBI accounts.
  4. E Collection Facility (used for core banking transactions, RTGS / NEFT transactions and internet banking transactions between SBI branches and its associates)
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Standard Variable Rate of CBA increased

Posted on February 13, 2012 by admin

Commonwealth Bank of Australia (CBA) has increased the home loans’ standard variable rate by 10 basis points and the same will be effective from 20th February 2012 which will make the final SVR (Standard Variable Rate) to 7.41 percent.

This has led the competitors like ANZ and Westpac also to increase the rates of the home loans. Also interest rate on 6 months term deposits will increase by 20 basis points. CBA claimed that the increase in the home loans rates will reflect a sustained increase in the deposit funding and the wholesale cost.

Due to Europe’s debt crisis, if there would be more hike in term deposits, prices required by the global bond investors and the foreign exchange cost, then there will be hue and cry among the investors.

The main source of help that covers the Bank’s total funding cost is RBA’s (Reserve Bank) cash and Ross McEwan said that the banks should decide the price of their products according to the people’s comfort. There should be a balance of the needs of the customers but how? By charging competitive prices of all the products. Around 8,00,000 people in Australia has purchased the shares of CBA and many people hold the same through their superannuation funds. According to reports, CBA share rose 41 cents i.e. 0.82 percent and reached to $50.29

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About International Banking

Posted on January 30, 2012 by admin

International banking has always been a favorite way of banking for both individuals and businesses. Often businesses having their presence in multiple countries maintain international banking accounts to facilitate international trade. Individuals too prefer maintaining accounts in international banks that allow them deal with the financial restrictions in their native countries such as:

  1. Tax compliance
  2. Better returns on investment
  3. Upper limits on banking and saving
  4. Checking and withdrawal
  5. Fund transferring

Most individuals like to maintain offshore bank accounts which help them minimize income and estate tax implications of their home land. They prefer banking with countries that have lower rates of taxes and liberal policies with foreign investment. Often wealthy individuals maintain offshore bank accounts to safeguard their money against unexpected lawsuits.
Some of the favorite destinations for international banking are:

  1. Cayman Islands
  2. Belize
  3. Panama
  4. Isle of Man

Switzerland ranks very high when it comes to international banking. The Swiss bank has set standards for protecting customer interest and privacy and as a result most customers prefer the Swiss bank for their offshore banking account.

Benefits of international banking
International banking is a favorite option for many reasons. They are preferred by individuals and businesses alike for the following benefits:

1. Tax benefits: International banks may help you avoid paying higher taxes on your income or estate. However, it is not synonymous to tax evasion, which is illegal. Rather, your bank will work with you to help you pay your taxes and at the same time enjoy lower rates.

2. Investment: International banks often invest in international market and so, are less likely to get affected by downsizing of domestic economies. As a result, they can ensure you better return on your investment.

3. ROI on investment: Individuals and businesses sometimes make deposits in international banks of booming economies as it would ensure greater returns for their investment. Some international banks might offer higher interest rates on their deposits which make it a profitable option for customers.

4. Business benefits: Maintaining international accounts with international banks allow businesses to avoid many legal and tax complications, which in turn help promoting business in these countries. Maintaining international accounts reduces time required in money transferring and help avoiding problems with international money transfer. Some international banks offer payroll services that allow companies maintain workforce in foreign destinations without opening multiple accounts. Letters of Credit services are also offered by certain international banks.

  • Barclays PLC: Barclay’s international banking allows you better control over your finances. They allow you banking facilities at international destinations. Customers enjoy wide choices of currency and multicurrency investment.
  • Mitsubishi Ufj Financial Group Inc: The Bank along with its subsidiaries offers various financial services to their clients in Japan and foreign countries. Their services include deposits, asset management, saving instruments, retail banking etc.
  • Banco Santander Central Hispano SA: The international banking services of the bank allow the customers to take advantage of investment opportunities in foreign countries. The bank publishes financial analysis to help customers to find better investment options.
  • HSBC Holdings Plc.: The offshore banking arm of the group HSBC Bank International focuses on offering banking solutions to international, migrants and expatriate customers. They offer full range of multicurrency financial services to its customers.
  • Australia and New Zealand Banking: ANZ is continuously spreading its services to international destinations over the years. Their Bangalore office is one of its first international branches. They are presently operating in countries like China, Vietnam, Indonesia and other Asia-Pacific countries.
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Home loan’s processing fee is lowered by SBI

Posted on January 23, 2012 by admin

Yes!!! this is true…India’s largest lender State Bank of India, has decreased the home loan processing fee. For example, when the home loan of Rs 75 lakh and above is taken, then the processing fee charged was Rs 20000 but now it became Rs 10000.

Where as for loans in the range of Rs 30- 75 lakh taken, the processing fee that was charged earlier was Rs 10000 which is now Rs 6500 only.

Also the processing fee for the home loans that are below Rs 30 lakhs will be 0.25 percent of the loan amount.

Well what can be the reason for decreasing the processing fees? Actually the banks want to promote their home loan products. Also competitors Axis Bank and ICICI Bank charge 0.5 percent of the home loan amount as a processing fee for both floating as well as fixed home loans.

According to the sources, charges will remain the same for the coming two months so take the advantage of this offer as soon as possible.

In the last year,  National Housing Bank, housing finance regulator, told all the companies of housing finance not to charge pre payment penalty from the borrowers of home loans. Hence, many banks have discontinued such charges.

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Chase Bank and its Personal Loans

Posted on January 4, 2012 by admin

With its operations in over 60 countries and employing over 240,000 employees, Chase Bank or more popularly JPMorgan Chase is a leading financial institution of US. A nationalized bank by nature, the bank was formerly known by the name of Chase Manhattan Bank. However, it got its new name after it merged in the year 2000 with JP Morgan and Co. The bank enjoys an annual turnover of $2.3 trillion and aims at catering to the financial needs of small businesses, government clients, institutions, corporate clients and millions of other customers. It offers various facilities starting from private equity, asset management, processing of financial transaction as well as commercial banking, investment banking and other financial services.

Personal Loans Offered at Chase

Auto Loans: If you are in search for the best deal on car loans and that too at a competitive rate, then Chase Auto Loans makes for a great choice. The bank offers various loan types like car refinance loan, used car loan and new car loan. When it comes to receiving auto loans, Chase helps you with a quick credit decision. Over and above, once you have repaid the borrowed amount, you can close your loan by simply dropping in a mail or visiting your nearest branch.

Student Loans: Your educational expenses can be taken care of by Chase Select. This student loan has been exclusively designed for catering to the educational expenses of graduate and undergraduate students. Besides, those into graduate health professions can also opt for the same. Many a times it is observed that even grant, federal loans and other form of financial aids fail to meet your educational expenses; at this hour you can definitely count on Chase Select to fill in the gaps. By choosing this private loan option, you can enjoy a number of benefits like:

  • You don’t have to make any payments when you are still in school
  • The bank transfers the funds straightway to the concerned institution
  • The bank does not charge any origination fees

Refinance Loans: Refinancing your home has turned out to be an easy solution with the refinance loan options offered by Chase. The rates of interests set are extremely low and have been worked upon considering the financial standards of its customers. Some of the loan types from where you can choose the desired loan type include  fixed rate mortgage, jumbo mortgage, adjustable rate mortgage, home affordable refinance program, FHA mortgage.

Mortgage Loans: Chase bank offers mortgage loans which cater to the needs of almost all home buyers. The loan officers take up the initiative to analyze your requirements, resolve your queries, and explain the various options from where you can make the desired selection.

Home Equity Loans: Whether you want to buy a new home or want to renovate the existing one, home equity loans is the solution for hassle free execution.

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More about Home Loans of Nedbank

Posted on January 2, 2012 by admin

Why choose Nedbank for your home loan solutions?

By opting for the home loan plans at Nedbank you can avail the following benefits:

  • You will be introduced to competitive interest rates from where you can make a selection
  • You can access the available funds without any hassle
  • You will be provided two options for choosing your repayment mode. To be more specific, you can either for the variable interest rate option or go in for the fixed interest rate option.

Home Loan Plans

Following is a list of home loan solutions offered by Nedbank and you may go in for any that best suits your requirements:

HomeVision: By opting for this loan type, you will get an opportunity to get registered with a bond which is higher when compared to the needed loan amount. As a result, you can enjoy a surplus and can utilize the same in the long run.

Buy to Let: If you are planning to buy a residential property just for the sake for investment and want to offer the same on a rent, then this loan type is apt for you.

Building Loan: You can go in for this loan type if you already have a home, but are in need of financial help so as to renovate the same.

Ordinary Loan: This flexible loan type can be customized as per the individual requirements of the clients and helps them to purchase their desired residential property. Besides, those in need of financial help so as to construct their own residential property can also count on this loan type.

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Nedbank and its Home Loans

Posted on December 31, 2011 by admin

A premier bank holding company, Nedbank Group Limited is listed on both the Namibian Stock Exchange and JSE Limited. Headquartered at Sandton in Johannesburg, the group attributes Nedbank Limited as its prime banking subsidiary. The group holds the first position in terms of assets and second in terms of retail base. It is the sole carbon-neutral financial company in Africa with its operation centres in Cape Town and Durban.  It consists of five business clusters namely:

  • Nedbank Capital
  • Nedbank Corporate
  • Nedbank Business Banking
  • Nedbank Retail
  • Nedbank Wealth

The personalized banking services offered at Nedbank Private Bank are designed exclusively so as to cater to the financial and lifestyle needs of the people. With a team of highly skilled and dedicated bankers, you on your part will find no trouble to come up with the right home loan deals.
Home Loans at Nedbank
You may have always desired to build your dream home but stepped back from the idea considering about the financial issues. But with Nedbank you are sure to give wings to your dreams. Nedbank offers various home loan plans from which you can go in for any as per your budget. In fact their competitive interest rates and potential to customize mortgage loans are the best solutions that helps cater to the individual requirements of every buyer. Whether you are buying a house for the first time or planning for your second home, Nedbank will in no way disappoint you. If you want to renovate your house and need financial assistance for the same,  Nedbank helps you with this as well. All you need to do is apply for another loan along with the registration expenses. The amount claimed for will be added to your existing loan amount. Once you qualify for the property valuation and credit criteria, the amount will be deposited to your account.

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RBI will support easy home loans for All

Posted on December 29, 2011 by admin

The step taken by RBI will favor the people who have taken home loans on floating option as the Central bank has shown signs that the interest rates will be lowered and hence will help the people who have taken home loans with variable rates.

There will be a full stop on the increase in the home loans rates. According to sources, the hike in interest rates have been continuing since 21 months and 13 times which in turn makes the EMIs costly.

Due to continuous increase in the home loans interest rates, there has been a slow growth in the demand of the home loans. There is a possibility of the lowering of the interest rates for home loans in January 2012.

The step of not increasing the rates will be very beneficial for the real estate companies as more people will go for property purchasing and hence there will be growth in sales which was hindered because of high interest rates.

So now one can buy the property easily with the RBI’s decision of lowering the interest rates.

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Use of Paperless Loan Processing System by Bay Equity Home Loans

Posted on December 27, 2011 by admin

Yes its true!!!the company has started using the new system known as the Electronic Document Management System that will disallows the xerox of loan papers and hence become Environment friendly.

Advantages of going paperless

  • It will decrease the time for the loans process
  • Also will lower the manhours as it takes time to take care and bundle all the important papers together.
  • Most important thing that it will save paper and hence trees and save our Environment

For a real estate loan, the paperwork is a cumbersome process.There is a long process of loan documentation as with each real estate loan , there are many papers involved for verification purpose etc. With the latest Electronic and Paperless system, the tasks become easy and cost saving too.

The new document management system software has been developed by Del Mar DataTrac which is a division of Ellie Mae.

Advantages of this new paperless system

  1. Up-front Submission Indexing
  2. Appraisal Integration
  3. Remote Virtual Underwriting
  4. Document Coding
  5. Pre-funding Auditing
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Now people in Military can get easy Home Loans!!!

Posted on December 26, 2011 by admin

Are you in Military? Obtaining a Mortgage Loan would be difficult but now with Navy Federal Credit Union, it become easy to apply and get home loans. With this, home loans with 100 percent financing allows you to grab a home easily irrespective of the rank and time period from which you are in Military.

There are many options available with the loans of Navy Federal Credit Union. These include fixed rates,bi-weekly payments etc. The advantage of fixed rates are that there is stability in the amount that is to be paid each month and the change in the interest rates does not matter. Also there is 100 percent financing which can be of great use for the people who have taken the loans for the first time.

There is another source for Military related loans which is Veterans Administration that has home loans with 100 percent financing but only veterans or active duty personnel can apply for the same.

The home loans offered by Navy Federal Credit Union other than the fixed rate home loans are FHA which is in the form of fixed rate or ARM (Adjustable Rate Mortgage). The ARM is for the people who are migrating often or expects to have a hike in the income while being in the Military.

With this, it become easy for those who are in Military and wants to own a house .The home loans by Navy Federal Credit Union have been launched in order to cater to the needs of people who are serving the country.

For more details ,check out the official site http://www.navyfederal.org

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