Saving, investing and making money with technology

Day: February 8, 2019

Legal Issues About Storage Units

Storage units are fast becoming a culture. An increasing number of U.S. households are making use of these units to take care of their moving and storage needs. It is important to know that when you sign on the dotted line with a moving storage company, it is a full-fledged contract. As a good citizen, you are expected to know the laws pertaining to the storage facility. This article will like to give you an insight into some aspect of the law applicable in these cases and what measures need to be taken to be on the right side of the law.

Interface Of Law With Moving Storage Services:

*Homeland Security Act: First, it is important to know that in case the owner of the self storage building finds something suspicious, he or she supposed to immediately report it to a federal security agency. Failure to do so will be breach of homeland security act on their behalf. It is better not to keep any combustible or dangerous stuff in self storage. First, the owners of self storage buildings will never let you do so. In case you sneak in something and the staff at the self storage warehouse finds something fishy, you may get into trouble. It is best to stay away from this, as this may cause considerable problems.

*State Laws: Most of the specific laws relating to self storage Oceanside are covered on a state-to-state basis. The federal government does not have a law governing this. However, you must ask the manager of the storage facility. He or she can give you a good deal of information. They deal with this as a part of their jobs.

*Insurance: It is also important to know that the insurance company will not pay any damages for any possessions damaged in the storage units. Even if they were insured, they were most likely insured within the premises of your home. So it is better that you call up your insurance provider and ask them for an extension. Even though this may bear a negligible cost, it will give you tremendous peace of mind.

*Lien: It is important for you to be aware that the owner of the storage units has a lien on any goods that are stored within the units. So if you do not make your bill payments for some time and the owner is not able to contact you, they have full rights to auction your products. Such complications usually arise when people move houses without informing their self storage. So the self storage does not have the updated contact details. They cannot find you. If you miss a few payments because of forgetfulness and go back sometime later, chances are your goods would have been sold off! Please make sure that you stay in touch with your self storage at least for once in every 14 days.

*Property Damage: In case anything that was stored in your storage units causes damage to the property in any way, you will be held liable to pay for it. So take an insurance that also covers damage to storage units, apart from covering your damage.

Continue Reading

How to use a Bajaj Finance FD Calculator?

When it comes to investments, accurately assessing the returns can help manage your finances better. One of the safest investments in India, FDs or fixed deposits offer you more flexibility and stability compared to other schemes. You can choose from several lock-in periods that suit your financial goals aptly. Plus, invest as much as you want to without much restriction and gain profitable returns on your investment.

However, factors like tenor, interest rate, frequency of interest payment, etc. largely impact the ROI. So, you should use an online FD calculator which calculates the approximate returns you can expect from your investment. One of such tools is the Bajaj Finance Fixed Deposit Calculator.  

How to use the Bajaj Finance FD calculator?  

It’s quite easy to use Bajaj Finance FD Calculator. Simply follow these given steps:

  1. Select whether your FD is a special tenor scheme or not

Bajaj Finance provides a special tenor scheme with a lock-in period of 15 months. This FD offers a higher rate of interest than the company’s standard ones.

  1. Select the customer type

You have the following three options to choose from:

  • New customer
  • Bajaj Group employee/existing loan customer/existing FD customer

These customers enjoy 0.25% higher rate of interest.

  • Senior Citizen

Senior citizens earn 0.35% higher interest rate on FD.

  1. Choose your deposit option

You can either choose cumulative or non-cumulative under this option. (Details are mentioned in the following point).

  1. Select the interest payment frequency

Cumulative fixed deposits will give you the returns only after maturity. Hence, you will not be able to adjust the interest payment frequency in this case.

On the other hand, you can choose from four interest payment frequencies when opting for a non-cumulative FD:

  • Monthly
  • Quarterly
  • Half-yearly
  • Annually
  1. Enter the investment amount

Next, provide the amount you want to invest in the fixed deposit calculator. The minimum amount that you can invest is Rs. 25,000 while the maximum amount is Rs. 5 Crore.

The minimum amount is Rs. 1 Lakh if you have opted for the special tenor scheme.

  1. Select a convenient investment tenor

The fixed deposit tenors range from 12 – 60 months. Your tenor will remain fixed to 15 months if you apply for the special scheme.

Choosing a long tenor increases the fixed deposit interest rate. However, your funds will remain locked-in for that period and unavailable during a financial emergency. You may, however, withdraw the amount prematurely by paying a premature withdrawal charge.

Opt for a Personal Loan from Bajaj Finserv in times of quick funding requirements if you have opted for a long-term fixed deposit. Your loan will be approved in 5 minutes and the funds disbursed to you within 24 hours.

Bajaj Finserv also provides pre-approved offers with Personal Loans which not only simplify the process of getting a loan but also save time. Pre-approved offers come with business loans, home loans, and a list of other financial products and services. You can check your pre-approved offers by providing your personal information.  

The calculator shows the total amount and interests you will receive after maturity. Using an FD interest calculator is simple, although the steps mentioned above may seem complicated.

Opt for a Bajaj Finance FD today and take advantage of the following features:

  • Enjoy an attractive rate of interest up to 8.75%. The rate is higher for senior citizens as mentioned.  
  • Receive safety and stability guaranteed with FAAA and MAAA ratings from CRISIL and ICRA respectively.
  • Manage your account online and keep track of your investments with returns effortlessly.

So, use an FD calculator before you select an appropriate tenor. Then, apply for a fixed deposit online by providing only a few necessary details, KYC documents, and one latest photograph.

Continue Reading

Top 8 Financial Trends to Watch Out for in 2019

In a last few years, we have seen digital-based services booming in online banking and financial industry. The technology trends in 2018, such as instant payments through mobile wallets, social networking with customers, plastic money, apps for investment tools, have taken a leap to bring many more such innovations for 2019. Below we have listed the latest financial trends that can take the 2019 year by a storm.

1. Micro-Financing and Peer-to-Peer Loans

There are several private finance companies that have opened up unique ways of funding the financial needs of people in 2019. Micro-finance or small amount funding is usually not done by traditional banks. Thus, micro-financing companies are one of the ideal choices for people who need quick money for a short-term.

Also, peer-to-peer loans are becoming easily available. The P2P platforms allow borrowers and fund-providers to communicate amongst each other on their websites to borrow and lend money, removing the strict regulations, process, and eligibility criteria posed by banks and NBFCs.

2. Business Credit Ratio

There is a growing hunger among the mass to become entrepreneurs. The government has also taken proactive steps to fund start-ups to its best with lucrative loan offers. Thus, more banks and NBFCs are leveraging the unsecured business loan product. The interest rates earlier were higher, and now they start at 12% only. Government and private funding to existing and new businesses are also encouraging young entrepreneurs to try their hand at self-business, more confidently in 2019.

3. Rise of Fintech Firms

Customers are not only preferring mobile banking, but finding new ways to access financial products under a single platform. FinTech firms are the ones that offer people such freedom. They give customers opportunity to refinance loans, borrow money from banks for the first-time, and access top NBFCs and banks for funds, crowdsource, and a lot more.

4. Increase in Investments in Fixed Assets

With global market volatility, young and amateur investors are looking towards investments in fixed assets such as insurance policies, real estate properties, gold, fixed deposits, PPFs, and similar products. However, this has also given rise to need of wealth managers and investment advisors who can help people select the right investment tool and grow their investment portfolio. As the global and national economy stabilizes, people shall take on to risk-taking investment options as well.

5. Growth of Blockchain Technology

Blockchain is the technology leading to digital currencies such as Bitcoin. It is an open distributed ledger and efficiently keeps a record of transactions between two parties, which can be verified. The tech community is now finding ways to optimize blockchain technology, as it is one of the most secure and safe for trading anything from ideas, royalty fees, money, and a lot more. It does away with middlemen, who were earlier required to ease these transactions, which can now be completed virtually.

6. Hiring of Financial Experts

While customer support team in financial companies earlier were crowded with professionals with educational background in non-finance field, things have become stricter today. Now, only those with relevant experience in company-focussed financial product/service are selected for the job. They go through intensive training and are expected to make as minimum errors as possible, as customers demand for a more accountable customer service, making financial firms to tighten the shoelaces.

7. Travel Finance

Group-travel to destinations is not a thing of the present, but an activity which people engage in from years together. However, travel finance has never been as accessible as today. In 2019, we can expect airlines, banks, credit companies, and private sponsors to fund trips of diplomats, and people who wish to travel the world for educational purposes. There has been an increase in research-purpose travels and banks easily fund travellers for a trip, if they have sufficient repayment capacities.

8. Chatbots and Digital Assistants

Chatbots can reply and engage in conversations with people in natural language, which combines the understanding of a company’s service/product, and input of data set. These can aggregate requests that are location-specific, synchronize phone conversations, improvise on customer support experiences, take specific requests, spot repetitive problems, and a lot more.

These are the future of technology in 2019 and have already replaced customer support processes. Now, one can type to and talk with chatbox to resolve basic issues, access a service, etc. These are also used to create personalized content, which required human interference earlier.

The above-given financial trends are the latest for 2019. As we step into the year month-by-month, more such trends will lay foundation to what we can expect in the finance industry a year thereafter.

Author Bio: Satchit Hasabnis is a Chartered Financial Analyst who has more than 10 years of experience in the finance industry. He co-founded, Loanbaba.com, which provides quick and easy loans like Personal loans, Education Loan, Business Loans, and Gold Loans etc to people of different economic backgrounds.

Continue Reading