With the growth in the number of digital avenues for availing products/services, along with the government’s Digital India program, we have showcased acceptance towards the advantages offered by digital transactions. When we say digital transactions, we mean online shopping using your credit card or making payments towards ticket booking or making loan EMI repayments. Being a digital lending platform, everything, at Loan Singh, i.e. from personal loan application to loan amount disbursement, happens digitally.
Internet Banking Meaning
A new era was ushered in when internet banking was introduced within the banking sector. You could call it ‘revolutionary’, as it improved the way banks operated. Shortly after netbanking took over, money transfer methods including NEFT were introduced to make it convenient for customers to transact.
There was complete control over bank account and your credit card, thanks to the online banking method called netbanking. A major reason why netbanking is so popular is because it was adopted by reputed financial institutions including banks. To get your internet banking enabled, speak to your local bank branch. Fill up the form they provide you and you are good to go. It’s that simple!
Despite so much awareness being generated by banks and Loan Singh as well, to promote the effective usage of netbanking, some of you have still not adopted internet banking as an option.
There are many more reasons as to why accessing your bank statement via internet banking is safer and easier.
Net Banking Meaning
Internet banking refers to a set of banking services provided by banks to be performed via the internet. Internet banking is performed through your computer system or smartphone which connects to your bank’s server for any transaction or action. Banking is now no more limited to repeated visits to the bank in-person. You can do most of the banking activities via internet banking. You can easily keep track of your account transactions and balance. Some services that you can perform via Internet banking are:
- Track your savings account transactions and balance.
- Start and manage a Fixed Deposit, a Recurring Deposit or even an FCNR (Foreign Currency Non Repatriable) deposit
- Get an overdraft against a fixed deposit
- Transfer funds within the same bank (between Re.1 to Rs.10 Lakhs per day)
- Instant fund transfer usingIMPS
- Transfer funds to any other bank’s account viaNEFT
- PerformRTGS between amount Rs.2 Lakhs to Rs. 10 Lakhs
- Access to UPI
- Transfer funds to someone outside of the country
- Download a transaction statement
- Track the status of Fixed or Recurring deposits, if any
- Track any cheque transactions
- Enquire about TDS (Tax Deducted at Source)
- Request the bank for a credit bureau report
- Update your KYC information
- Request for a new Cheque book
- Request the issuing of Demand Draft which is couriered to the applicants updated address
- Update Permanent Account Number (PAN Card Number)
- Submission of Form 15H (No Tax deduction at TDS for Senior Citizens) & 15G (for others)
- File your Income Tax Returns
- E-Payments for bills like telephone, gas etc.
- Send in a request for a new Credit Card, Debit card pin generation, Forex Card or Gift card
- Invest in Mutual Funds
- Purchase Insurance for protection, savings, health etc.
- Offers on interest rates by banks
Netbanking Safety Tips
There are many advantages that Internet banking provides compared to traditional ones, making it easier to operate a bank account.
- You can perform multiple financial operations at one portal. No need to stand in queues to update your passbook or pay bills.
- It is available 24×7 and 365 days a year at your disposal. Now, with telecom companies making 4G Internet available, you can operate your internet banking account on the go.
- Fund transfer happens quickly from your account to others, also allowing you to monitor your account against any fraudulent activity or threat.
- You can easily update personal information such as PAN, Aadhaar, etc.
Your personal and financial information is stored in your bank’s internet banking account so it is important to be careful when banking online. Some tips to ensure safety while internet banking, are:
When connecting to your netbanking account, make sure you do so from a trusted network.
A padlock icon on the left-hand side of the netbanking URL means the connection is encrypted
Make it a habit to include ‘https’ at the beginning of each URL
A good practice is to logout from a netbanking session thus preventing session hacks. And clear your cache at the end of a session removing traces of sessions from your history. You can even use browser’s incognito mode.
Use a combination of upper and lower-case letters, numbers and symbols to make it unique.
When providing answers to security questions setup by the bank, they don’t have to be genuine.
Keep changing the password at least once in 2 months.
Always try and remember to switch-off your wi-fi when not in use. Do the same for Bluetooth. Avoid using unknown or public wi-fi/hotspots as information sent over an unsecured wireless network is information sent in plain sight – basically opening your internet banking website to anyone on that wireless network.
Use antivirus software on your system which prevents attacks from trojans and other malware.
Keep your operating system and other software updated.
National Electronic Fund Transfer (NEFT) is a national payment system, which supports one to one electronic funds transfer and it is one of the most prominent system of India. This electronic facility is provided to customers of the bank to transfer their funds easily and securely. Via this system, the funds are transfer through an electronic message. NEFT facility is available in 35,000+ bank branches all over the country. There is no minimum or maximum limit for a NEFT transfer, but there is a Rs. 50,000 limit for cash based remittances.
A NEFT transaction allows you to carry out a one-to-one money transfer in the quickest possible time. For such a transfer, you’re just required to enter the bank details of the beneficiary and the IFSC code of your bank branch. NEFT allows you to perform one-to-one money transfer quickly. All you need to is to login to your netbanking account, enter the beneficiary details such as account number, IFSC code and voila! Transfer Complete!.
NEFT has gained popularity due to its time saving and easy to use facet. While performing a NEFT transaction, it is paramount that both the sending and receiving bank branches are NEFT enabled. Simply fill up a form available at the bank branch, add in the amount to be transferred, the receiver’s bank details including account number and IFSC code. The service charges for NEFT transaction depends upon the amount to be transferred. For example, if the service charge for transferring an amount greater than 1 lakh is Rs.5+ service tax.
NEFT is secure and efficient – NEFT is a highly efficient process. It is also one of the fastest modes of money transfer between banks. With very less chances of error thanks to limited inputs to be added, NEFT is highly sought after.
NEFT is cost effective – Another benefit of NEFT is the low cost or charges. The cost incurred is nominal as compared to other money transfer processes such as money order or demand draft. This is also the reason why majority of businesses make use of NEFT for crediting employee salaries etc.
NEFT is reliable – The RBI is the main coordinating agency for the process of NEFT. With low risk and swift transfer of financial transactions, its reliability is very high.
NEFT eliminates delay – The necessary backend processes are executed quickly, normally within a day. This ensures that the receiver gets the funds quickly within his/her respective account.
Net Banking in Personal Loan
At Loan Singh, we expect our borrowers to provide us with their latest 6 months bank statement, Aadhaar and PAN card in PDF format only. We have built a system that accepts as input only PDF documents, which helps us to process the loan application faster, thereby providing you – the applicant, with a swift process.
PDF format also prevents any over writing or tampering. It is advisable to download the bank statement from your netbanking account (in PDF format) and apply for the personal loan at www.loansingh.com
In fact, we insist that you go and login into your internet banking account from the Loan Singh website when applying for the personal loan. Nothing to worry, your information is completely safe with Loan Singh. Our internet banking partner – Perfios, is an ISO 27001 (2013 standard) certified company ensuring 100% security, and is trusted by big financial brands such as AXIS Bank, HDFC Bank, and more. You receive your loan disbursement via NEFT itself. So, now you know why net banking and NEFT are so crucial in today’s digital day and age.
The purpose of the bank statement is to look at your monthly income and financial stability and the PAN Card number helps us to request your credit bureau report, if any, to determine if the borrower is credit worthy. At Loan Singh, we don’t just use the conventional methods for assessing a consumer’s credit worthiness. We have our proprietary algorithm to calculate credit score based on multiple factors such as social footprint, academic & professional background, and more.
Applying for a loan on Loan Singh is safe, thanks to the presence of a Secure Socket Layer that maintains an encrypted link between the web server and the browser.
So remember, Loan Singh provides a 3 document loan or a minimum document loan. Loan Singh provides quick loan in India thanks to its seamless digital lending platform. For a fast personal loan in India, go to www.loansingh.com.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs.50,000 and Rs.5,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
- Gold jewelry loan
- Shopping loan
- Lifestyle loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Review, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.