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Things to keep in mind while Buying A Health Insurance Plan

While claiming money from insurance companies during hospitalization, you’ll hear reasons like:

  • This is not covered
  • Or better still this is covered only after ‘x’ years
  • You have overspent; your eligibility was only this – so that’s all you’ll get. (Nobody in the world can understand that calculation)

Premium – This is what you pay
A premium is the “fee” you pay to remain covered in your insurance plan.
Normally, good things don’t come cheap. The cheapest available plan may not be the best one for you or your family. Always look at the premium in return for the benefits or the coverage you get.

Sum Assured – The max you can get
Sum Assured is a fairly simple concept, once understood. As the words suggest it means the maximum the insurance company will pay under all possible heads in case of hospitalization. The heads range from treatment, procedure, or surgery expenses, to room charges at the hospital, to
follow-up treatment after discharge from hospital, ambulance charges etc.

No Claim Bonus – Ensure you get your freebie
Think of no claim bonus as a gift for being a good kid. You don’t do anything bad and still, get a gift. So, you don’t get unwell and don’t claim, you get discounts on your premium or a free increase in cover. This is calculated every year. Every year that you don’t claim, you get a discount ranging from 5% to 50%. Some companies now double your cover in approximately 2-3 years. Medical inflation in India is about 15%. So roughly the cost doubles 4-5 years. A free increase in cover is priceless.

Waiting period & Exclusions – Insurance Company says ‘Don’t cheat us’.
Another important aspect to remember is that none of the health insurance plans ‘start immediately after’ you buy them. This means that all companies make you wait for a defined period of time before you are eligible to claim. This is called the “waiting period”. The waiting period is of various types-

  • In the initial waiting period, which is the first 30 days, you remain out of cover in spite of buying the policy, except in the case of hospitalization due to accidents. You can’t fall ill, then buy and then claim. This so that people don’t game the system.
  • Exclusion waiting period- Once your cover becomes active, certain procedures or disorders are not covered for a specified period of time- usually 2-3 years. A few of them are cataracts, fibroids, appendix removal, hernia removal, etc. This is for conditions that probably do not require immediate attention and can be lurking for years before you treat them. So, the waiting period clause is to defend the Insurance Company from fraudsters. This waiting period can be as high as 4 years for conditions that already exist (pre-existing conditions) before buying an insurance plan.

So, if you have suffered from any of these or have a family history – check what is not covered and for how long. Don’t assume or ignore, it might bite you.


Top 5 Health Insurance Policies

In the last couple of years, the term medical insurance has touched the seventh sky with new discoveries. Studies and researchers show that changes in the lifestyle of a normal human being make up prone to illness and fatigue. So, here are the top 5 health insurance, which you can opt for:

Care Plan by Care Health Insurance (Religare)
Care Plan from Care Health Insurance is a health insurance policy that covers medical expenses of the injured occurring from the illness, injury, or accident. Care plan is available in 5 ways which include Care 3, Care 4, Care 5, Care 6, and Care 7.

Policyholders can easily get an insurance plan for a sum insured which ranges between INR 4 lacs to INR 6 crore under this plan. The policy also provides some other add-on benefits that policyholders can opt for by paying a little extra premium. These include the Unlimited Automatic Recharge, Smart Select, International Second opinion, everyday care, No Claim Bonus Super, personal accident cover, and air ambulance.

ICICI Lombard Complete Health Insurance- iHealth
ICICI Lombard Complete Health Plan is mainly referred to as the best plans among many other health insurance plans which are offered by this insurance company. This plan comes out with several benefits such as free health check-ups, emergency ambulance covers, cashless hospitalization, tax benefit, and much more. It provides a lifelong renewability

Additionally, apart from the hospitalization expenses and treatment expenses, this policy also covers the expenses incurred due to the day care process. One can also enjoy a cashless facility at all cashless network hospitals under this plan.

Max Bupa Health Companion Health Insurance Plan
Max Bupa Health Insurance provides a health companion health insurance plan. It offers customized insurance policies that can easily go well with the different needs of customers. The benefits of this policy are: inclusive of pre & post hospitalization, Avail in-patient treatment under the Aayushman up to the base sum insured, daily cash allowance and covers hospitalization.

Star Health – Senior Citizens Red Carpet
If you are looking to buy a health insurance cover for a senior citizen, the best option which is available in India is Senior Citizens Red Carpet from Star Health Insurance. This insurance plan has an entry age of 60 years to 75 years. It provides a cover of around INR 10 lacs, but the greatest benefit
is that all the pre-existing diseases are covered without any waiting period at all.

Star health insurance provides a 10% discount on premium if stress thallium, blood urea BP report, and creatinine reports are normal. That said, no other medical exam is required to subscribe to this
insurance plan. This insurance plan also covers the emergency ambulance charges and domiciliary treatments. This plan has a co-payment of 50% of the pre-existing diseases and 30% on any other diseases.

Tata AIG Insurance
Tata AIG carries an AAA rating by the ICRA for its ability to pay claims and policyholder obligations in a timely manner. The individual death claim ratio for 2018-2019 was 96.12%. Tata AIG Medicare is a comprehensive plan which is initially offered for 1, 2, or 3 years.

One can avail of a long-term premium discount of 5% and 10% for the policy with a period tenure of 2 and 3 years respectively. The best part is that the policy covers the medical expenses which are being incurred outside India too. Moreover, the initial diagnosis should have been made in India. Tata AIG Medicare health plans come in three variants – Medicare Protect, Medicare, and Medicare Premier.


What is Term Insurance?

Term insurance is a pure protection insurance plan which provides cover for a specified period of time. Term insurance plans are the least expensive of all the life insurance products when compared against the sum assured offered by them. It is advisable to evaluate your requirements before
selecting the right term insurance plan for yourself.

A term insurance plan is the best gift you can give to your loved ones. A term insurance plan will provide financial protection in case of your unfortunate demise. There are many insurance companies operating their business in India that offer different types of term plans.

Here are the 4 basic types of term insurance plans:

  1. Level Term Plans – This is a level sum assured term insurance plan in which the coverage amount remains fixed throughout the policy term.
  2. Decreasing Term Plan – As per the decreasing term plan, the sum assured amount decreases by a fixed percentage each year. It is a renewable term life insurance plan in which the premiums are constant throughout the policy term.
  3. Increasing Term Plan – As per the increasing term plan, the sum assured amount will increase by a pre-set percentage on an annual basis. Such plans as useful because the cost of living expenses and inflation also increases every year.
  4. Monthly Income Plan – As per the monthly income plan, the sum assured benefit is paid out in regular monthly installments to the nominees in case of death of the policyholder.

In short, a term insurance plan is the best gift you can give to yourself and your family. Purchasing a term plan will ease your mind as you need not worry about your family’s financial needs in the long run.

Personal Loans

What you should know about Scams in Instant loan Apps?

Credits: witn

Recently RBI issued notice to some digital lending platforms for harassing borrowers for small loans that they availed through them which includes blackmailing by using their personal information that lenders collected while processing their loans and charging hidden cost which was not disclosed earlier.

Usually, these apps promise to provide instant funds without much due diligence and in hassle-free experience and individuals /businessmen fall prey to such offers owing to fact that the Covid-19 pandemic has disrupted their businesses and most of them are in deep financial stress thus making them most vulnerable to these Scams which are floating around. In today article we’ll be talking about the Recent RBI action on these fishy loan apps and how you can protect yourself from these lenses whose sole objective is to defraud customers

What is going around?

Before discussing what exactly is happening nowadays we’ll understand how exactly an Instant loan app works.

Let’s say Mr. Rahul is in desperate need of Funds and due to a bad CIBIL score, no bank/Nbfc is ready to give him a loan considering this. So Rahul applies to a personal loan app that promises to give funds within 10 minutes by collecting very basic data like personal information, KYC documents like Aadhaar card, pan card and ask him to click a selfie for verification alongside they’ll take access of his gallery, contacts and certain apps. Now after giving all documents and giving access the app processes the loan and Rahul receives the funds and he’s a happy lad now. But unaware of high-interest charges, an additional cost that will be levied upon him, and mental stress that he’ll put through.

What the issue then?

Assuming he repaid the full loan that too with interest things are good but problems start when Rahul defaults on his repayment and harassment starts from here onwards. The lenders start sending fake and morphed notices to the borrowers and blackmail them. In some cases, WhatsApp groups were created along with contacts of the borrower and they started abusive behaviour, labelling them as “fraudsters”.

 The lenders make sure that the defaulter is pressurized and stressed at that level where he has no option but to pay the whole loan amount along with the interest rate determined by them. Since most of these digital lenders are working outside the regulator’s ambit thus Rahul cannot seek any legal help thus resorting him the only option to repay the amount. We’ve seen cases where the borrowers have committed suicide due to constant blackmailing and threat. Most of these entities have an only online presence are mostly operated from China, Indonesia, and Singapore.

How you can protect yourself from these cybercriminals and fake loan apps?

I’m pretty much sure that now you’ll are aware of how these apps are defrauding customers and what is their modus operandi. So to make sure you do not fall prey to these apps I’ve jotted down few points

  1. Never avail loan from any app which does not scrutiny your financial background and credit history

In this entire business model, the entire risk is borne by lenders since he’s giving funds from his own end so in cases where lenders aren’t concerned about your credit score and financial status is a red flag and you should immediately report this app.

  • Where interest charges are not disclosed

In cases where the app does not disclose the full cost and interest charges levied on your loan amount then you should Never opt for such a facility since you can be charged with a floating rate of interest and you probably can’t do anything later on.

  • When the App sources cannot be determined and are operating outside Indian Jurisdiction

Imagine getting a facility from a business that cannot be sued and has no physical presence in your country. This deprives you of any rights if you want to go for a legal route in case you want to file a case against them.

  • Online Reviews

While buying anything online we start reading online reviews for it one month prior to the ordering date since we’ve to pay our hard-earned money for purchasing it on the other hand if we talk about loan app we are very careless and opt for anything that we come across since we’re getting money but we forgot that this has to be repaid that too with interest. So make sure whenever you start applying through loan apps for personal loans you are well aware of it.


With loans available faster than Maggi one should be very careful and proactive while taking personal loans from online apps and incase you’re defrauded by such cyber criminals you should report them to your nearest cyber cell.

But when you can’t postpone your plans and the emergency cannot be skipped so don’t worry MoneyLoji got your back. It is 100% verified and is trusted by more than 500K users. It is approved by RBI guidelines and operates keeping in mind the privacy of its users confidential. It not only give access you to funds but also helps you in maintaining good credit score so you don’t have any issues in future for availing credit. So apply for personal loan at MoneyLoji Now!

Credit Cards

Top 5 Types of Credit cards

Credits cardexpert

Before the coronavirus pandemic, the Indian credit card industry was growing at an annual rate of 25-30 percent but the usage declined amidst the crisis. Taking heed from the pandemic and targeting the premium customers, banks are now looking forward enhance their portfolios. With hundreds of Credit cards available in the market, it really gets very confusing to choose the best according to one’s need. Whether you’re a traveler or shopping freak the credit card companies got you covered with the latest offers and benefits. In today’s article we’ll be discussing the top 5 credit cards in India 2021 to choose from so let’s begin.

Lifestyle Credit cards

Credits financebuddha

So the first card that we’ll be discussing will be a lifestyle credit card which is by far the most procured credit card in India. It provides lots of perks and benefits to the users in shopping, travel, clubbing, online purchases, and movie ticket bookings. Nearly 80% of cards issued by the banks in India are lifestyle cards. They are created to fit the needs of individuals keeping in mind the needs of rising income and lifestyle changes. These cards also give access to luxury lifestyle privileges and privileges like select restaurants as well as discounts on travel. There are higher rewards on shopping and travel bookings.

Cashback Credit Cards


Now I don’t need you to explain what exactly is a cashback right? Sometimes this is primarily the reason for overspending by retail customers Cashback credit cards offer a certain percentage of the purchase amount as cashback whenever you make a transaction with the card. The credit card companies may specifically mention which products cashback is applicable. To make you thing clear in a polished manner I’m sharing Snapshot of how customers avail this facility;

Now I want you to focus on bottom of the snapshot. Its clearly mentioned the customers will get cashback offer if the purchase is made by specified Credit Card. Now this is why you should opt for cashback credit cards if you are super crazy for online shopping.

Entertainment Credit Cards

The GenZ likes clubbing on weekends and loves online shopping so one can actually earn lots of rewards if he/she is spending a lot on entertainment activities. Understanding the need for this comes Entertainment credit cards. As the name suggests these Credit cards that provide discounts and offers on entertainment-related spending like movie ticket purchase, concert ticket purchase,  your favorite stand up comedy show, amusement park ticket purchase, and other events.

Premium Credit Cards

These cards are often viewed as a status symbol, premium cards are only offered to high-earning big spenders. Usually, it is opted by HNIs or individuals having a strong financial background. Premium cards have a high credit limit and a number of perks that are difficult, or expensive, to find elsewhere. It provides free access to golf clubs, airport lounges, generous rewards schemes, and insurance. It may also come with complimentary travel and hotel accommodation coupons. Not everyone can get approval to own this card for example in most cases you need to maintain a good Cibil score. Usually, the interest charges are quite high and you need to pay a hefty annual fee as compared to other cards.

Student Credit Cards

Nowadays most college students are burdened with financial obligations. To solve this problem we have Student credit cards it helps them to manage their funds in a better manner plus ensures that young and nascent professionals in building good financial habits from a young age.

The primary users of this category of cards are college students. The card considers the fact that students do not have a stable income source thus interest charges are negligible. In order to prevent students from falling into a debt trap, the student credit card has a low credit limit of up to Rs.15,000 as compared to other cards and is valid for 5 years. The approval for a student credit card has fewer criteria to be satisfied as compared to the other full-fledged cards.

These were the top 5 credit cards that are in use in India 2021. There are a lot of other cards available depending upon the usage and lifestyle of the customers. But make sure you read all terms and conditions associated with the credit card you opt for till then stay tuned!

Credit Cards

How to choose the best credit card for you?

“If you don’t have the money management skills yet, using a debit card will ensure you don’t overspend and rack up debt on a credit card – T. Harv Eker”

Credits Business Insider

Credit cards are widely used nowadays due to the benefits and flexibility it offers. You actually don’t need to carry a lot of cash if you want to make a big-ticket purchase let’s say an expensive car or maybe gadgets from your favorite tech store. With hundreds of companies offering various credit cards in Indian markets, most people get confused in selecting one with the best facilities.

In today’s article we’ll talking about the best credit card companies in India that offers the best deal that too a lowest interest charges so let’s begin

But, before moving on to the credit card companies let us first understand what exactly is a credit card.

“A Credit card is nothing but a little plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. It gives customers a pre-set credit limit which he can use to pay for their purchases without having to pay in cash or issuing a cheque. Instead of giving you the full loan in cash, the bank lets you take as much of the credit limit as you want at a given time. This limit varies from borrower to borrower and is influenced by financial status”

Now to decide which credit card is best for you we’ll look on to different parameters so as to come to a decision.

  1. Your spending habits and lifestyle

As I mentioned earlier using a credit card is just like you’re borrowing an amount that is needed to be repaid in the next month so if you’re a shopping freak and occasionally spend a lot of money then going for credit cards offering reward points and offers is the best choice for you but on the other hand, if you’re opting for credit cards in case of emergency of funds then go for cards that have the lowest interest charges and annual fees.

There are various types of credit cards that are issued by financial institutions which includes ;

  • Travel rewards credit cards, Airline and Hotel credit cards, Flexible rewards Premium credit cards, Cash back credit cards, Balance transfer credit cards, Student credit cards.

In upcoming articles we’ll be discussing about each one of them in a brief manner.

  • On boarding Incentives and bonus

In order to attract more customers banks usually offer zero processing charges, joining fees . But keep in mind the more luxury and benefits the card offers the more charges you need to incur.

  • Credit limit

The credit limit is nothing but the amount that your banks allow you to withdraw as a loan or this is the amount of money that the credit card issuer is willing to let you borrow. Depending on your credit history and credit score this can vary a lot. But make sure you never over withdraw the prescribed limit since it attracts penalty and can have a bad effect on your credit score.

  • Transaction charges and fees

If you are opting for credit card for first time make sure you look for the following charges mentioned below

  • Late Payment Fees
  • Cash Advance Fees
  • Rate of Interest Charged on the Balance Amount
  • GST
  • Foreign Currency Mark-up Fees
  • Cash Withdrawal Charges
  • Mobile Alert Charges
  • Balance Enquiry Charges
  • Duplicate Statement Charges

Make sure you have all the knowledge of all the charges levied so that you are not surprised if you are charged with high fees and interest. After viewing all the offers and charges you must see all the terms and conditions related to those offers.

  • Credit cards and Cibil score

If you want to improve your chances of getting loans in the future as that primarily depends upon your credit score you can use credit cards, pay your bills and EMIs that will results in an improvement in your credit score Individuals with a  decent CIBIL Score just use the card to increase it.


I’m pretty much sure now you know all the prior information that you need to look at before applying for a credit card. Choose the one according to your lifestyle like if you’re into traveling then traveling credit cards might be the one for you. Though it is not advised to use a credit card frequently since it has bad influence on your credit score but choosing the one with lowest charges, no hidden cost and that offers good discounts and benefits is best for you.

Personal Loans

Loan products for Gig-workers in India

Source: Personnel Today

Post the digital revolution in India back in 2016 the Indian economy witnessed several unicorn digital startups flooding the market of over 1.3 billion people. Every business whether Ed-tech, personal Lending, transportation, food delivery has seen startups taking unprecedented growth and thus providing good traction to India’s gig Economy.

The platform economy has particularly attracted a high number of unskilled and less-educated workers as it provides them with a good source of earning their livelihoods or maybe provide them ease in accessing part-time services to fulfil essential needs by doing tasks that don’t require much qualification. Riding on two-wheelers delivering your favorite cuisines without any delay or working tirelessly to make sure you get the delivery of latest smartphone that you ordered from E-commerce platform these young people make sure wheels of growth are never off track but are gig workers saving enough so that during the times like these they are managing two meals a day or if not are they able to take a loan from Banks without any delay as banks might be not ready to lend to them very easily owing to the fact that the income in freelancing is inconsistent.

In today’s article, we’ll be talking about gig workers and how they can apply for a personal loan. So let’s begin

Who are the Gig-workers?

Source Medium

In India, there are about 3 million gig workers — temporary workers including independent contractors, online platform workers, contract firm workers, and on-call workers. With rising unemployment in the Organized sector, it’s good to see that more than 56% of new jobs are created by the gig ecosystem.

As per the latest survey conducted by economic times over 40% of the respondents have only studied till 10th grade and did not attend college which largely makes them unemployable for a white-collar job. The work is job-specific and they are expected to perform a fixed task and they’re paid accordingly, workers have the flexibility to work for more than one contractor and choose the hours of work.

The survey reveals that a good majority of 40% earn above Rs 10,000 and 35% of respondents earn close to Rs 10,000 per week to earn their living. Post pandemic more than a third of gig workers were making about Rs 173.5 per day or less which quite less compared to the task they perform on daily basis.

From where do Gig workers borrow?

As I earlier mentioned most Financial institutions are not willing to lend to gig workers due to various reasons like inconsistent income, low CIBIL score, and a lot more. As per the survey, about 40% of customers have a CIBIL Score between 300 and 400, and among them, nearly 20% are not aware of what a CIBIL score is.

An article by Economic times reveals that “Thirty per cent of respondents have taken a loan before and 30% had not taken a loan, almost 20% relied on friends and family for credit and close to 8% have used money lenders in the past. Survey highlights 10% respondents asked their current employer for a loan”

While most of the borrowers do not have earlier access to credit and good credit-worthiness the role of new Emerging digital lending platforms comes into play which usually involves small ticket size loans ranging from ₹10000-₹200000. The new-age lenders usually operate in the unsecured lending space, where lenders give loans to borrowers without any security. These models, which use statistical data and ML-based technology are based on various parameters like past credit history, recent Emi, and credit defaults which helps in increasing the accuracy in predicting the future behaviour of the borrowers.

But the harsh reality less than 10% of the total workforce is updated in regards to the existence of these platforms and are mostly dependent on informal and unorganized sources of Financing. Since commercial banks and NBFCs do not lend as they are not recognized as full-time and formal employees also do not have fixed salaries they get in real trouble in times of emergency.

To Make availing credit a hassle-free and smooth experience MoneyLoji provides the platform from where they can borrow funds for a short period of time and that too with the lowest interest charges in the whole market. The workers need to download the android application and fill in the basic details like name, Address proof, current employment status, amount of funds required, duration them and within 5 minutes the funds get transferred to workers’ bank Account. The app is directly linked to UPI as well as to their bank account so that payments and transfers are seamless.

Not only does MoneyLoji make it possible for gig workers to access fund easily without the need for documentation like bank account details CIBIL score but they also do so at rates lower than market alternatives and offers assistance in maintaining good credit score.

Conclusion India’s e-commerce market is expected to grow to $200 billion by 2026 and gig workers play an important role in sustaining the growth. More than 70% of them have shown interest in Personal loans and to make sure the life of workers which makes our life convenient  MoneyLoji has made the process of availing credit affordable and accessible.

Personal Loans

Emergency need of Funds? MoneyLoji to rescue

“Nothing helps you sleep better at night than knowing you have source of availing money in times of Emergency”

The entire world economy has been reeling under the clouds of uncertainty created by the Covid-19 Pandemic and this has given us a great lesson that in life one should always be prepared for uncertainties. Entire businesses and corporate houses were ordered to close their operations leaving a mass crowd of employees unemployed. Several workers lost their jobs and faced salary cuts /unpaid leaves and what not but one cannot postpone his financial obligations like children school/ college fees, home/auto loans and apart from this in a country like India with most of the population is under huge Cash crunch the situation is quite critical. In order for you and your business to tide over the uncertainties, a personal loan can act as a boon, and imagine getting it within 5 minutes that too with fewer formalities, less documentation, and a completely digital process. In today’s article we’ll be talking about the instant loan app MoneyLoji and how can you use this magic wand to bring your financial distress back on track.

How can you use  MoneyLoji for availing instant loan?

Before I introduce you to MoneyLoji let’s understand what is happening nowadays. With hundreds of instant loan apps that are floating in the Market many novice professionals get trapped in some fishy and fake apps that offer loans at cheap Interest rates but at the time of repayment in most cases its seen that they end by paying exorbitant interest and frankly speaking, they can’t do anything about it since most of us don’t read terms and conditions and end up trusting the institutions which are made to pursue fraudulent objectives.

To bridge the gap between these issues and bring simplicity alongside transparency in whole instant credit facilities MoneyLoji has taken initiative to serve the financial needs of every person who is in emergency need of Funds. Imagine getting funds in your account within 5 minutes and flat processing fees and every time you avail any credit facilities you get exclusive deals, offers, and discounts. Now you must be wondering this might be some joke or gimmick but  “when time is money We got you covered”

Benefits of Using MoneyLoji  

  • You get instant access to credit no matter how small your loan needs. Get an instant loan from 10,000 onwards
  •  It’s a complete digital process that hardly takes less than 5 minutes. Starting from applying to approval of loan.
  •  In order to avail personal loan facility Most of the lenders want CIBIL score of more than 650 but do not worry most of the borrowers feel the same way and you know we care for your needs so we’ve adopted the latest AI-Enabled technology that processes your eligibility taking in Consideration of each and every factor so that only less CIBIL score does not become a hindrance in availing loans.

What is the entire process of personal loan Application?

So in this part of the article, we’ll be understanding the whole application process but before that make sure you’ve downloaded the MoneyLoji app from Google Play Store or Apple Store (Coming soon)

  •  After you’ve downloaded MoneyLoji app Register yourself through mobile number and OTP
  • Fill in your basic details (Name, Father’s Name, Date of Birth, Pin Code, Email, and Marital Status).
  • Provide us your current residential address, employment details, and office address (required for personal loans).
  • Click on Personal Loan and select the address you are applying from.
  • Take and upload your selfie. You cannot upload photos from your phone. (Make sure your face is clearly visible)
  • Upload a photo of the PAN Card. You can either take a photo or upload it from the gallery photo in case you don’t have it around.
  • After this On screen, you are shown a list of lenders available on our platform. Choose the tenure and loan amount you wish to take a loan for. You can also check pre-payment charges, processing fees levied by various lenders.
  • Upload your KYC documents. Here you can choose to upload Aadhaar only, or 2 out of 3 documents (Voter ID, Driver’s License, or Passport) in case you do not have an Aadhaar card.
  • Upload your financial documents (Bank statement with account number & IFSC code visible) and Appointment Letter or Salary Slips.
  • Wait for the system to process your eligibility.
  • Upon success, select the amount and tenure you are eligible for and authorize the transaction.
  • Get the amount credited to your bank account instantly.

So this was a basic guide of how you can avail of the personal loan facility by MoneyLoji. Now I’m pretty much sure that you have a complete understanding of the whole procedure and Incase you have any doubts regarding the offers, discounts or maybe product you can connect with us at details mentioned on our official website

By clicking here We welcome you to the MoneyLoji family.


Can Investing make you a millionaire?

“If you don’t find a way to make money while you sleep, you will work until you die”

Remember in childhood we wondered like “Does money grows on a Money plant”? Well I’m pretty much sure this sounds stupid but fairly speaking we all believed in this and then we grew up and realized it was complete foolishness. But wait there’s another fortune and trust me it’s practical and not some fantasy magic wand and most of us probably don’t know much about it. This is an avenue where you can park your hard-earned savings into some assets and eventually these assets will increase in value over a certain period of time and will surely give you some handsome savings in the future for a Europe trip or a destination wedding in the Bahamas. So let’s explore what this whole opportunity all about and understand the need behind this.

So you must be wondering what exactly are we talking about?

Before jumping into this we all know that there are simply two ways to earn money in the modern world firstly you work for someone else or have your own business/Start up like that of Elon Musk or Mukesh Ambani and Secondly is through Investing . Yes we’ll be discussing about Investing starting from very basic, the need of hour for the Novice Investors to start Investing.

In laymen terms ” putting  (money) into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit”. Let me start asking from you ‘ ”have you heard about Investing a big “NO”. Let’s forget about us our own  parents even don’t know much about options available. They have pretty much clear Investment options like Real-Estate, Bank FDs, Gold that’s it. No I’m not saying that’s bad idea but I they are illiquid Assets i.e you can’t encash them in need and requires a huge Investment to earn decent returns. On the other hand if we talk about Investments in Stock Markets, Mutual funds, ETFs, bonds, Corporate debt Schemes does not require heavy Investments and you can start as low as ₹100 to start building your portfolio in very early age to create handsome financial worth earliest as possible.  So I’m sure you are much clear regarding Investing Moving  forward Let’s find out the need for one to Invest.

  1. Compounding

Everyone has Heard a golden statement from a genius Mind Albert Einstein “Compounding is the Eighth Wonder of the World One who knows it Earns it and who doesn’t pay it”. It’s very well true earning money on the money already earned and creating wealth over time.

Do you want to be Ajay or Vijay? Well, you’re guessing right my friend!!

  • Beat Inflation

Year 2019 1 litre full Cream Milk =₹50.          Year 2020 1 litre full Cream Milk =₹52.

You see the difference in the price of the same items changed over a course of 1 year it’s due to inflation. Generally, the inflation rate in the Indian Economy is 5%. So you would lose 4 to5% of our money every year if kept as cash. Returns from investing help you to maintain the purchasing power at a constant level. If you don’t beat the inflation rate you’d be losing money, not making money.

You see that if you had ₹100 bucks in 2010 the things that you can buy in 2021.

  • Retirement planning

You worked so hard your professional career and at retirement age you wants to live life with some peace without thinking much about Your income. Investments can act as your passive income and financial dependency upon other is reduced drastically


So I’m sure after going through this article you realised why one should be early bird while planning for  Investing. But be careful Investing does not means you open your terminal  i.e demat account and start betting on equity directly without any prior knowledge as this can blow up your savings. Remember Investing is simple but not Easy. There are various assets classes in which you can invest your money like mutual funds, bonds, ETFs, liquid funds , index funds and many more. Don’t worry we’ll be discussing them in upcoming articles because we got you covered

Till then Happy Investing!!

Credit Cards

What are credit cards and how can you use them effectively?

“Credit cards are like little plastic grenades that are needed to be handled carefully”

What are credit cards and how can you use them effectively?

Nowadays whenever you buy some item online all the E-commerce platforms provide you the facility to pay through Credit cards and some even provide certain lucrative offers like Cashback offers, No cost EMI facility, discount offers if you pay for the item through their partnered bank credit card. Credit cards are considered to be the easiest way of procuring credit if you are having a sound financial background and plus they provide ease and comfort for various day to day transactions like medical bills, grocery shopping, school fees repayment, and many more without involving currency notes and through digital platforms and that too if you don’t have money at that point of time. In laymen’s terms whenever you swipe your credit card it becomes a debt for you to be paid the very next month.

In today’s article we’ll be talking about what exactly is a credit card and how effectively you can manage it so that it does not affect you financial health so let’s begin

What are Credit Cards?

It is a little plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. It gives  customers a pre-set credit limit which he can use to pay for his purchases without having to pay in cash or issuing a cheque. Let’s say you swipe your credit card for monthly grocery purchases your account accrues a balance that must be paid off each month that is you need to pay that amount next month.

Okay I understand it didn’t make much sense so let me make you clear this way

“Instead of giving you the full loan in cash, the bank lets you take as much of the credit limit as you want at a given time. This limit vary borrower to borrower and influenced by financial status. Now As you pay off what you’ve borrowed, you can borrow again”

Eligibility criteria for credit cards?

You just need to make sure you fulfil  all the below mentioned criteria before applying for your first credit card

  • Your Age should be within 25 to 65 years.
  • You should have a cibil score of not less than 750. Now to understand what exactly is cibil score and how you can improve it you can check our previous article by clicking here
  • Your nationality proof like voting card or maybe driving license confirming your residential address which must fall within the SuperCard live locations in the country.
  • Applicants must also be an existing customer of the registered bank.

 Usually the older and financially stable you are higher are the chances that you’ll end up availing credit card facility. For lenders it assures less chances of defaulting as users possess a stable source of income and can meet the minimum salary requirements easily.

How you can apply for a credit card?

  • The most convenient and easiest way to apply for credit card is by applying online on the website of the bank.
  • By getting in touch with your relationship manager of the bank’s Branch.
  • Or visiting your nearest bank branch.

I’ll illustrate the whole procedure of what follows after you apply for a credit card and the bank/financial Institution receive your application

  • Step 1

In the very first step the user apply to banks by any of the means mentioned above

  • Step 2

After receiving your application the banks forward all your details to CIBIL and checks with all your details like past credit history, defaults, past repayments etc.

  • Step 3

CIBIL prepares a CIR(credit information report) and revert your Credit score and details  to the Bank.

  • Step 4

The banks confirms the report and after due diligence communicates to you whether your application was approved or not.

This whole process usually takes 10-15 days and if your application gets approved then it’s party time but to make sure you use your credit card in a wise manner I’ve listed few precautions you need to maintain whole using credit cards in next section of this article.

How to ensure you use credit card in a right manner?

  • NEVER EVER compromise your card details it can put you in great trouble. Be careful when handing over your card at a merchant outlet, especially at petrol pumps or makeshift establishments or maybe at your nearest grocery store.
  •  Make all your payments on time. In order to maintain good Credit score ensure that you do not have any outstanding bills and dues and if any ensure that you pay them instantly
  • You shouldWithdraw less cash from ATMs as credit card companies charge amount as high as 2.5% of the amount withdrawn.
  •  As I mentioned in earlier part of article most credit card companies and websites encourages you to use credit cards for purchases by offering you offering reward points/ discount / Cashback offers.
  • While it sounds enticing, don’t spend only to earn points.


While credit card is a boon in situations of emergency and provides ease in transacting your favourite item you need to make sure that you spend keeping in mind that this is debt that is needed to be paid at any cost. Like I said credit is like heat small amounts of it provides light on the other hand high credit can be like fire disastrous for your financial health.

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