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Reasons for rejection of your car loan application
Easy financing schemes offered by banks and financial institutions have made purchase of high-value luxury items such as a car really affordable. But many a times, banks reject application for car loan despite an individual earning a decent salary. One of the reason that may be cited by the financial institution for the loan application rejection among other possible reasons may be low credit score.

Credit score determined by credit bureaus on the basis of the credit history of an individual is a 3-digit numeric figure in the range of 300-900. Some of the leading credit bureaus in India include CIBIL, Experian and Equifax. Each of the credit bureaus adopt a different methodology to compute the credit score. Usually, a credit score of 700 and higher is deemed as good.

In order that your loan application does not gets rejected on this ground, you need to ensure a good credit score by maintaining good credit history. Credit history that is a snapshot of the current as well as past credit relationship of an individual with the financing company can be well maintained by servicing debt obligations in full and in a timely manner. Note, rejection of loan application in a previous instance also shows up in the credit report, so without due consideration do not apply for loans simultaneously at two institutions as it impacts your credit report badly.

However, in case you inadvertently have become the victim of low credit score and poor credit score and due to it are facing rejection in each of your financial attempt, you can turn to credit repair companies which will you in restoring your finances.

Other possible reason of loan application rejection may be in a case when you are already trapped in too many ongoing loans and bank adjudges that another loan will impair your ability to discharge  debt obligation towards existing loans. Job stability and other such factors that determine loan repayment ability of an individual are also taken into account while approving the loan application. So, it is highly likely that loan application of a person who hops job on a regular basis and shows up lower job-stability gets rejected.

6 Things to Check Before You Apply for a Loan


Before applying for a loan there are certain things that you need to check. This will ensure that you do not make losses and also will not disappoint you in case your loan is rejected. Here are 6 things that you must check.

Evaluate Your Finances
Don't go for a loan just because you can afford to pay the EMI from your salary or from your other sources of income. Loan entails processing fees and interest, which can make them really expensive, especially personal loans. Go for a loan only when you really need it.

Do not forget your Cibil score
Check your Cibil score before you apply for a loan. This will ensure that you are not disappointed in case your loan is rejected or a lesser amount of loan is sanctioned.

Use online portals to compare
Variance in interest rates can mean a lot, especially in large sized loans like home loans. It is best to compare loans online. There are many portals that allow you the facility to compare loans before you take them.

Check your own ability to service loans
Please check your own ability to service the loan. Sometimes, you may not be able to pay the EMI because of other outstanding loans or poor take home salary.

Compare processing charges
Many banks waive off processing charges during festive seasons. At other times the processing charges differ from banks to banks. In general government owned banks like SBI or more reasonable in terms of these charges.
Stop payment facility will enable you to protect from fraud or forgery or in case of misplace of cheque. But, before placing for stop payment request one needs to ensure that the check is not yet been presented for clearing.
However, if the cheque is presented before stop payment is requested, in such cases banks will not be able to stop the payment of your check.
There is certain fees charged by the bank for providing this service. However, charges differs with banks and number of cheques you are requesting to stop.

Steps to stop issued cheque payment online

Here, lets take an example of SBI Bank
To give stop payment online, first you need to be registered with the Bank
1. Visit onlinesbi.com
2. Login under Personal banking (With Username and Password)
3. In home page click "e-services" Tab
4. From the drop down click "Stop Payment"
5. Enter the details- Cheque number, date, name of the party.
6. Tick the terms and conditions icon and
7. Click submit.
Auto loans for used or second hand cars in India: What you should know?
It's not always that you would like to buy a brand new car or a vehicle. There are times when you realise that you would not drive much and that a used or second hand car would do.
Loans today are easily available for used cars, depending on the age of the car. If you have seen a 10 year old car and are expecting loan for the same, forget it. Just do not keep chasing the bankers as you are unlikely to get a car or auto loan approved for the purpose, if the age of the vehicle is over 4-5 years.  


Important things to know before you take an auto or car loan in India:
a) Interest Rates on Used Cars Are Higher
Interest rates are generally higher in the case of used cars. It's almost impossible to say how high these rates would be. It would most certainly depend on the financier and the age of the vehicle. Older the vehicle higher would be the applicable interest rate.
You can expect interest rates to be higher by at least three per centage points on an average.
b) Banks Offer Cheaper Rates for Used Auto and Vehicle Loans in India
If you have to choose between an NBFC and a bank, go in for the bank, because the interest rate would be certainly cheaper. In fact, if you are able to rope in a government owned bank, you might get the loan at an even cheaper rate.
c) Age of the Car Important
The age of the car or the vehicle is extremely important. Older the car, the higher the interest rates. In fact, older the car lesser the funding as well.
d) Financing Through a Reputed Dealer is the Better Option
You may have heard of certified cars. Almost every top manufacturer certifies used cars. For example, Maruti has True Value, where Maruti engineers certify the health of the car. They check several key points to determine the health of the car.
Banks may favour buying from a reputed second hand vendor like Maruti True Value, which would to some extent guarantee the value of the car.
e) Loans For a Lesser Period
If banks grant an auto loan for a maximum of 5 years, it would be almost certain that you would not get the same tenure for a used car.
Conclusion
If you are going for a second hand car make sure that the car is not very old. This would save on interest rates and help in easy approval of the loan.
If you are passionate about cars, bikes and vehicles, do not forget to 
Documents Needed to Apply for Credit Card
Credit cards are the most attractive and easy way to purchase things. Moreover offers from bank and other companies makes using credit card irresistible !!
Before buying credit card, it is necessary to compare different credit cards and decide based on your requirement. Credit cards differ on basis of interest rates, late payment fees, over limit charges, reward points, or other important factors.
Before applying one needs to check whether he is eligible to apply or not.

Eligibility Criteria
1) One should be either salaried , self employed or professional
2) Should aged between 22 - 59, have a bank account and have some monthly Income
3) Must not have a history of bad credit or your loan should not be declined in Last 3 months
4) Should have some monthly repaying capacity
Document Required
1) Passport size Photograph.
2) Filled application form dully signed
3) Latest 3 months salary slips ( indicating break up of Gross salary i.e Basic Pay House rent and Net Salary after deductions)
4) 6 months bank statement reflecting salary credits updated within last 15 days.
5) Identity Proof (Any One ): Pan Card, Passport, Driving License or Voter's ID card, employee identity card as identity proof and signature proof incase of government employees.
6) Address Proof( Any One) : Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement telephone bill, electricity or water bill, loan Schedules and bank statement showing EMI debits.
What Are Contactless Debit and Credit Cards in India?
Following ICICI Banks, almost all banks will soon launch Contactless Debit and Credit Cards in the market. The latest cards will use the near field communication (NFC) technology to make payments at outlets.

How does Contactless Debit and Credit Cards in India Work?

Such card holders need not swipe the card at the POS (Point of Sale). They can simply tap it on the terminal and pay for your purchases. After tapping, enter the PIN, within seconds it beeps and a sales slip is issued when transaction is completed. However, on such cards, signature is not required.

The merchants include quick service restaurants, coffee shops, shopping marts and fuel stations where fast transactions are much required. The Bank plans to shortly extend this facility to other cities as well.
Benefits of Contactless Debit and Credit Cards
These cards require significantly less time compared to other cards to complete a transaction. While, there is no compromise on the security as the card remains with the customer.
This means that the merchant does not get to see your card details.
Some experts believe as there are multiple layers of security, even if the card is lost or stolen using mobile apps, it cannot be misused.
Speaking at a recent launch, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, "We have always leveraged technology to introduce digital innovations and bring forth world-class banking experience to our customers. Many of these were firsts in the industry like Internet, Mobile, Tab and Touch banking among others. We are delighted to partner with MasterCard and Visa to introduce the country's first credit and debit card enabled with the contactless payment technology. We expect this to be a big game changer in the Indian payment industry"

WBJEEM 2015 – West Bengal Joint Entrance Exam 2015

WBJEEM 2015 – West Bengal Joint Entrance Exam 2015: West Bengal Joint Entrance Examinations Board has published notification for WBJEEM 2015 for the Undergraduate Level Engineering Courses in the State of West Bengal for the 2015-2016 academic session in Medical, Dental, Engineering & Technology, Pharmacy and Architecture in University, Govt. College and Self Financed Institutes in the State. Eligible candidates can apply through Online from 30-12-2014 to 14-02-2015. Further details about WBJEEM 2015 regarding age limit, how to apply, Admit Card, Eligible criteria, Exam Pattern, application process are mentioned below…..

About WBJEEM 2015

WBJEEM 2015 is the Common Entrance Test for admission to different degree level courses in Medical, Dental, Engineering & Technology, Pharmacy and Architecture in Universities, Government College as well as Self Financing Technology Institutes in West Bengal. The “WBJEEM 2015″ examination will be conducted on three papers: Biological Sciences, Mathematics and Physics & Chemistry (combined). Based on courses offered, there will be 3 categories of examinees as listed below
  1. Engg/Tech/Arch/Pharm : Mathematics, Physics & Chemistry (E)
  2. Medical/Dental/Pharm : Biological Sciences, Physics & Chemistry (M)
  3. Engg/Tech/Arch/Pharm/Medical/Dental : Biological Sciences, Mathematics, Physics & Chemistry (C)
  4. Pharmacy only (other than Jadavpur University): Physics & Chemistry (E/M/C)

Eligible Criteria for WBJEEM 2015

Citizenship: Applicant must be a citizen of India.
Age Limit: For Engineering / Technology / Pharmacy and Architecture Courses candidates must be at letst 17 years of age as on 31-12-2015. There is no upper age limit. For Marine Engineering course candidates must be between 17 years to 25 years as on 31-12-2015. For Medical/Dental Course candidates must be at least 17 years.
Resudential / Domicile: The Residential / Domicile requirement for admission to different degree level Medical, Dental, Engineering / Technology, Pharmacy & Architecture courses in West Bengal. Candidates seeking admission to (i) Government Engineering/Technology and Pharmacy College, (II) Medical / Dental College, (III) Reserve category seats of any Institution, including TFW Category Seats must be domicile of West Bengal and according submission of Domicile Certificate in precribed format from competent authority is mandatory prior to their selection in any of those Institutions. The Domicile of West Bengal shall be treated for those candidates who are Either Residing in West Bengal continuously at least for last 10 (ten) years as on 30-12-2014 (Proforma A-I, A-II) OR whose parent(s) is/are permanent resident(s) of West Bengal having permanent address within the State if West Bengal (Proforma B).
Procesure for Submission of Domicile Certificate: Candidates must upload Domicile Certificate in either Proforma A-I or Proforma A-II or Proforma B, whichever is applicable for his/her case. (Only one certificate can be uploaded through the online). The “Blank Proforma” is available in the website. The proforma as applicable to the candidates has to be downloaded and two copies are to printed on A4 size white paper. Get both copies of the Certificate filled in properly and duly authenticated / signed by a competent Authority as per the list provided in Section 5.3.3. In Information Brouchure. The Duplicate Copy of the Certificate is to be retained with the Office of the issuing Authority for future reference/verification.
Proforma A-I OR Proforma B:
It must be signed certified by any of the following competent authorities from Central Government or State Government having local jurisdiction over the place of the permanent residence of the concerned candidates (Proforma A-I) or his/her parents (Proforma B).
Proforma A-II:
Domicile certificate in this proforma may be obtained from Head of the Institute from which the candidate has passed his/her 10+2 examination or will appear in his/her 10+2 examination. Such certificate may be issued based on verification of the school education record of the candidate.

Educational Qualification for WBJEEM 2015

For Engineering / Technology course other than Marine Engineering: In Jadavpur University (this excludes Dept. of Jute & Fibre technology) candidates must pass Higher Secondary (10+2) Examination of West Bengal Council of Higher Secondary Education or equivalent examination from a recognized Council/Board with-
  • Individual pass marks in Physics, Chemistry and Mathematics as compulsory subjects.
  • Minimum of 60% marks in the above subjects taken together (55% for SC/ST/PWD/OBC candidates) as well as pass in English with a minimum of 30% marks in the said qualifying examination.
In other institutes along with Dept. of Jute & Fibre technology, Calcutta University – Candidates must pass Higher Secondary (10+2) Examination of West Bengal Council of Higher Secondary Education or equivalent examination from a recognized Council / Board with:
  • Individual pass marks in Physics and Mathematics as compulsory subjects along with Chemistry / Biotechnology /Biology).
  • Minimum of 45% marks in the above subjects taken togher as well as pass in English with a minimum of 30% marks in the said qualifying examination.
For Marine Engineering Course:- Candidates must pass Higher Secondary (10+2) Examination of West Bengal Council of Higher Secondary Education or equivalent examination from a recognized Council / Board with:
  • 60% marks in Physics, Chemistry and Mathematics taken togher with individual pass marks in the said subjects.
  • Minimum of 50% marks in English as subject in either in “10” or in “10+2″ standard.
For Architecture Course:- No Candidate with less than 50% marks in aggregate shall be admitted unless he/she has passed an Examination at the end of the new 10+2 scheme of senior school certificate Examination or equivalent with Mathematics as a subject of Examination at the 10+2 level and also pass an Aptitude Test as Specified by Council of Architecture.
For Pharmacy Course:- In Jadavpur University- Candidates must pass Higher Secondary (10+2) Examination of W.B.C.H.S.E or equivalent examination from a recognized Council / Board with:
  • Individual pass marks in Physics, Chemistry and Mathematics as compulsory subjects with 60% marks.
In Pharmacy College other than Jadavpur University- Candidates must pass Higher Secondary (10+2) Examination of W.B.C.H.S.E. or equivalent examination from a recognized Council/Board with:
  • Individual pass marks in Physics and Chemistry as compulsory subjects along with Mathematics / Biotechnology / Biology).
  • Minimum of 45% marks in the above subjects taken togther (40% for SC/ST/PWD/OBC candidates) as well as pass in English with a minimum of 30% marks in the said qualifying examination of the Higher Secondary (10+2).
Application Fee: All categories and gender a candidates applying for WBJEEM-2015 has to pay Rs.500/- only, as application fee through ONLINE mode (EPG) or Allahabad Bank e-Challan. The candidates has the option to choose from the following modes of payment:
  1. Engg/Tech/Arch/Pharm only (E): Rs.500/-
  2. Medical/Dental/Pharm only (M): Rs.500/-
  3. Engg/Tech/Arch/Pharm/Medical/Dental : Rs.600/-

How to Apply for WBJEEM 2015

Eligible and Interested candidates can apply through Online from 30-12-2014 to 14-02-2015.
Process of Online Application:
  • Visit http://www.wbjeem.nic.in
  • Click the requisite link “ONLINE APPLICATION WBJEEM-2015″
  • Filling of “PERSONAL DETAILS”
  • DOCUMENT UPLOADING
  • FEE PAYMENT
Click Here for Online Apply
On completion and submission of the PERSONAL DETAILS, the system will generate a unique 7-digit numeric APPLICATION NUMBER for the candidate. The candidate has to choose a PASSWORD and keep it as guarded secret for all subsequent entries into their domain. A SECURITY QUESTION AND ANSWER will be captured from the candidate by system at this stage.
Document Uploading for WBJEEM 2015
All candidates are required to upload the following three images and document:
  1. Recent coloured Passport sized Photograph (Size- 4 to 100 KB) { Height- 4.0 cm, Width-3.0 cm}
  2. Left Thumb Impression (LTI) (Size- 1 to 30 KB) { Height- 1.5 cm, Width-3.5 cm}
  3. Own Signature (Size- 1 to 30 KB) { Height- 1.5 cm, Width-3.5 cm}
  4. Admit Card of 10th Standard Examination (Size- 50 to 300 KB) { Height- 210 mm, Width-297 mm}
Candidates domiciled in West Bengal including those who want to enjoy various category benefits need to upload the following documents,
  1. DOMICILE CERTIFICATE (Size- 50 to 300 KB) { Height- 210 mm, Width-297 mm}
  2. SC/ST/OBC CERTIFICATE (Size- 50 to 300 KB) { Height- 210 mm, Width-297 mm}
  3. PWD CERTIFICATE (Size- 50 to 300 KB) { Height- 210 mm, Width-297 mm}
  4. INCOME CERTIFICATE (Size- 50 to 300 KB) { Height- 210 mm, Width-297 mm}

Important Dates for WBJEEM-2015

  1. Availability of Information along with proforma for Domicile and Income Certificate: 23-12-2014
  2. Start of Online Form fill-up: 30-12-2014 (10:30 AM)
  3. End of Registration 14-02-2015 (11:59 PM)
  4. Document uploads allowed till: 21-02-2015 (11:59 PM)
  5. Fee payment allowed till: 28-02-2015 (11:59 PM)
  6. Confirmation page printing available till: 31-03-2015 (11:59 PM)
  7. Candidate Correction window along with upload: 06-03-2015 to 16-03-2015
  8. Publication of Download Admit card: 02-04-2015 (10:30 AM)
  9. Date of Examination
  • Biological Sciences: 18-04-2015 (1:00 PM to 4:00 PM)
  • Mathematics: 19-04-2015 (12:00 Noon to 2:00 PM)
  • Physics & Chemistry: 19-04-2015 (3:00 PM to 5:00 PM)
  • Publication of Results: By 10-06-2015
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