Loan for Car Drivers of Ola & Uber @10.65%, No Collateral/Guarantor

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In the last few years, there has been a tremendous increase in demand of cab services of Ola and Uber in India. Especially in metro cities people are preferring these private cabs over their personal car. To meet the supply and expand their business, Ola and Uber are luring more and more individuals to join them as drivers. However not every individual, wanting to partner these cab aggregators, has financial capacity to own a car.

To over come this problem, both these companies offer car loans to drivers so that they can buy car and work for them. So it is a win-win situation for both the parties. These cab service companies are helping individuals to own car and at the same time drivers are able to overcome hurdle of becoming self employed and earn decent income and most importantly a respectable job.

Ola and Uber both offer financing for cars in partnership with various banks/lenders.

Car Loan for Uber Drivers

Uber has partnered with following Indian banks to offer loan for cars who ply on their network. Listed in the below table are the banks and the interest rate:

Name of BankInterest Rate/EMI
State Bank of IndiaUnder 12%
ICICI BankNot available. Please contact branch
Bank of Baroda10.65% 13.65%
Mahindra FinanceNot available. Please contact branch
Tata Capital0.16

Benefits & Features:

  • Loan is sanctioned instantly
  • Processing time is very low compared to normal car loan
  • No collateral required
  • Interest rates are very competitive. Interest rate from Bank of Baroda starts from minimum 10.65%
  • Very minimal documentation required
  • Customizable schemes as per the financial condition of the applicant
  • There is no need to provide income tax returns
  • Repayment is directly through the driver’s earnings. Uber deducts dues from every fare received in the driver’s account.
  • No guarantor
  • Downpayment is very less. In case of Tata Capital it is just Rs. 31, 630.


  • Driver should hold valid driving license
  • Age of the applicant should be minimum 21 years

Documents required:

  • Know your customer documents
  • Valid commercial driving license

Loan for Ola Cab Drivers:

In case of Ola, it has partnered with biggest bank in India – State Bank of India. The name of the scheme is Ola Pragati program. SBI won’t be charging equated monthly installment but repayment would be on a daily basis. The interest rate charged by SBI is average 13%.

Ola has also partnered with IDBI bank and Tata Capital to offer financial assistance to cab drivers.

Read more on personal loan for low income individuals.

Features of loan by Tata Capital

  • Loan with lowest down payment
  • No foreclosure charges
  • No EMI option. Instead drivers will have to pay installment every week.
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7 Financial Decisions/Investments Working Women Should Make

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It’s a male dominated industry – we’ve often heard or read this many times. However things have changed and women are equally creating mark for themselves in every area. Since families are becoming more and more nuclear i.e. husband and wife working in different cities/countries away from their parents, and their children studying in another location away from their parents. And with rising lifestyle related ailments, securing financial future has become very essential for independent working women.

So what should working women do in order to make herself and family financially secure? Here are the financial tips for working women:

Buy health insurance: Although this is not an investment product which will earn money. But it saves money. Every married/single working women should buy a health insurance covering their family i.e. husband, child & her parents. If you are the only doting daughter wishing to give best retirement life to the parents, then it’s a definite buy. This is because in the golden years, health problems are very common. So instead of relying on personal savings of parents/husband/her own, medical insurance will take care of most of the expenses. And very small amount of money will have to shell out from personal savings.

If your parents have crossed age limit of 60 years, then there are health plans for seniors offered by companies. Although the premium is high but they are worth it. So this is the reason why it is recommended to buy health insurance at a young age, be it men or women.

Get added as nominee: Even if you are working, you should get your name added as a nominee in important investments made by your husband such as term insurance, fixed deposit or any other. If you fail to do so and something unfortunate happens to your husband then legal route will have to be taken to claim the money, which is a very cumbersome and painful process in India.

Buy life insurance: As the earning power of women increases, the responsibility of securing the financial future of her family has importance. Because in an event of death, permanent disablement, accident, there has to be someone who can take care of her family (husband and children) and her parents or siblings. So life insurance is highly recommended to both working married and single women.

Invest in child plan: If child is totally dependent on women and providing best education and life to your child is your dream, then child plan is a must product in the investor’s kitty. This is because when anything unfortunate happens to you, then the sum assured will take care of your child’s education and moreover the interim premiums will be waived off. Few of the plans also offer partial withdrawal feature which can be used for medical treatment of the child during the policy term. So if you consider your child and his/her happiness precious then do not neglect child plan.

There are many companies offering insurance plans especially for children as follows:

Child Plans

Life Insurance CompanyName of Child Plan
Max Life InsuranceShiksha Plus Super Plan
Future Genius Education Plan
HDFC LifeYoungStar Super Premium
YoungStar Udaan
Aegon ReligareAegon Life EduCare Advantage
Birla Sun LifeVision Star Plan
Kotak LifeChild Assure
ICICI Pru LifeSmart Kid Solution
PNB MetLifeCollege Plan
Smart Child
Bhavishya Plan
Smart Platinum
Easy Super
Money Back Plan
SBI LifeSmart Scholar
Smart Champ

Sukanya Samriddhi Yojana: If you have a girl child then opening a Sukanya Samriddhi Account (SSA) should be one of the investment product. Launched in the year 2015, the scheme is especially for girl child and offered interest rate of 8.6% for the financial year 2016-2017. The minimum investment per year is Rs. 1000 and only one account can be opened per child. You need to invest till 14 years and the scheme matures after 21 years from the date of opening the account. The maturity amount is very high. For e.g. if you invest Rs. 50, 000 per year then the maturity amount would be Rs. 24, 45,599 for the total investment of Rs. 7, 00,000 @ interest rate of 8.6%. Read more about SSA.

SIP: Womens are the best savers. And one way they can create wealth through dedicate savings is by investing in mutual fund. Through systematic investment plan, investing in top performing funds, women can generate high returns provided you are ready to take risk as MF investments are subject to market risk. Therefore you should take advice of financial advisor before putting your hard earned money in MF and also to teach yourself about it.

Here are the top performing equity funds and the returns generated. All these funds have a crisil rating of 1.

Top Rated Funds with Highest Returns

Mutual Fund Name% Returns - 1 Year% Returns - 3 Year
ICICI Pru Top 100 Fund (G)28.916.6
Kotak Select Focus Fund - Regular (G)3024.5
SBI Blue Chip Fund (G)18.320.4
HDFC Growth Fund - Direct (G)26.317.1
Kotak Select Focus Fund - Direct (G)31.525.7


Invest in zero risk instruments: If you are zero risk investor, then there are many investment products offering guaranteed returns as follows:

Zero Risk Investment ProductInterest Rate p.a. for Apr'17-Jun'17
5 Year Term Deposit7.7%
Public Provident Fund7.9%
5 Year National Savings Certificate7.9%
Bank's Savings Account4.00%
Post office monthly income scheme7.6%
Sukanya Samriddhi Yojana8.4%
5 Year Recurring Deposit7.2%
Kisan Vikas Patra7.6%
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11 Financial Decisions Every Wife Should Ask Husband to Make

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Financial adversity can strike anyone at anytime and at any quantum. And when it strikes the whole family’s future start looking bleak. And especially in case of women who are totally dependent on husband’s income the impact is severe.

There could be many reasons for financial adversities such as:

  • Death of husband who is single breadwinner of the family
  • Partial disability of the lone earning member of the family
  • Divorce
  • Medical problems

Few of the financially stressful situations for a homemaker in an event of husband’s death are:

  • Children’s education and marriage
  • Repayment of any ongoing loans or credit card bills. Most importantly home/car/personal loan.
  • Medical treatment

In order to have a financially secured future, women should insists her husband to make following financial decisions as early as possible. And husband, at the same time should practically think about these decisions and act swiftly.

Check out home loan for women.

List all the investments: It is every women’s right to know all the investment done by her husband. Be it stock market, mutual funds, fixed deposits, etc. At the same time it is essential for a women to have complete understanding of investments, its objective, returns, etc.. This knowledge will help when the husband is no more so that women can take complete ownership and make right moves.

Understand importance and meaning of every investment: Not everyone has financial acumen to understand details of investments and its confusing terminologies. As these are the concepts which are difficult to understand. However this does not mean that you should not involve your wife in matters related to investments. Although she may not understand everything but she will understand something which will definitely come to her help in your absence. So it is the wife’s duty to get acquainted with basic terminologies. And remember knowledge gained is never wasted. It can help in someway or the other. If not now, but definitely it will help in future.

Get yourself added as a nominee: Individuals often make a mistake of not adding nomination. Make sure wife gets her name added as a nominee in bank account, insurance policy, and all other investments such as ELSS, fixed deposits etc. Let’s take an example of fixed deposit when nomination is not made. In this case, family members will have to bear the pain and produce legal heir proof or a succession certification to the respective authority in order to get maturity amount.

Homemaker can earn money from home through these 26 authentic ways.

Open joint bank account: Another important financial decision women should ask her husband to make is – open bank account jointly. Having jointly held account with partner has many benefits such as keeping track of all expenses, both can operate the account. And most importantly in case of death, the rights can be transferred easily. There are many types of joint account in India. But husband and wife should open (Either or Survivor) type of joint account. And it is highly recommended for newly married couple to open such type of account right after marriage.

Buy health insurance: No matter how healthy a family eats or lives, health problems are inevitable. And buying a medical insurance is the most essential for every family. A single hospitalization can suck entire life’s savings. And especially when the only earning person in the family gets hospitalized then entire onus comes on wife. Having sufficient health cover can protect your savings as the insurance company will pay for the pre and post hospitalization expenses. And very small amount will have to be paid by the family.

Buy term insurance plan: What will happen in the absence of the breadwinner of the family? Who will take care of children’s education or marriage, day to day expenses? This is where term insurance plan comes to rescue. In an event of death or critical illness to the earning member, the insurance company protects the family by paying out the sum assured to the family. This assured money can then help in meeting expenses of various life events. This is the reason every homemaker should ask husband to purchase term insurance cover.

Buy child plan: Everyone wants their child to get best education. However with rising cost, it has become increasing difficult to provide such type of education. And in the absence of earning member, this becomes impossible when wife is not working. However child insurance plan offers periodic payments as specified under the plan and all future premiums are waived off as policy continues to remain in force. So wife should actually get this very essential plan purchased.

Write a will: All of the husband’s assets should fall into the right hands after his demise and most importantly in a smooth manner. Assets could be – house, shop, company, gold/other forms of jewelries, etc. Each of your family deserves equal rights to inherit the wealth. And this is when will writing is beneficial. It is therefore the duty of the husband to create the will and add wife and/or children as a beneficiaries. This wealth will then help to meet future expenses of the family. In cases where will is not made, family has to go through legal route and claim the wealth. And this is a very tedious process due to the complexities involved.

Plan investments jointly: Normally wives have conservative thinking when it comes to spending money. So if husband is doing investments aggressively, then best is to decide on making investments jointly. This way, husband won’t end up buying incorrect financial product.

Get access to all documents: Make sure you as a wife is aware of all the documents related to investments, properties, loans etc. If you do not know where these documents are kept or when to use what, then ask your husband to simplify each and every document and its importance. Best is to use digital locker.

Share passwords: This is the most critical thing and requires high level of trust. But being a couple, there should not be a single percent doubt. Sharing of passwords is a key especially when investments are held in electronic form such as equities, mutual funds etc. If husband dies then it will become very difficult for the wife to take a control of them.

So securing the financial future of the family requires trust between both husband and wife. And this most critical aspect should be handled with responsibility by both of them. It is no longer a one person job.

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6 Options to get Personal Loan for Holiday/Vacation

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Travel season has arrived and many people must have planned or are in the planning stage for a vacation either in India or abroad. Afterall everyone wants peace due to stressful life. When your trip is in some foreign location then arranging funds becomes a challenge especially when the budget crosses the estimate.

In such scenario the options for arranging money are:

  1. Using personal savings
  2. Asking acquaintances

If these two options does not work out then other commonly available options to get personal loan are:

  1. Banks: Public, Private, Co-operative
  2. Peer to peer lending companies i.e. loan marketplace
  3. Private money lenders i.e. any local financier
  4. Get loan against LIC policy, property, vehicle etc.
  5. Prematurely withdrawing money from investments such as equities, fixed deposit, etc.

Some lenders specifically offer personal loans for vacations. Listed in the below table are the financial institutions offering travel loan along with the interest rate:

Name of BankInterest Rate
ICICI Bank11.59%
Bajaj Finance12.75%
IndusInd Bank11.25%
Bank of India1 year MCLR + 4.5%

You can also apply for loan at following prominent banks in India.

  • HDFC Bank
  • Axis Bank
  • State Bank of India
  • YES Bank
  • Canara Bank
  • Punjab National Bank & many others

Co-operative banks also offers personal loans at cheapest rates compared to above mentioned public/private sector banks.

Personal loan from peer to peer lenders:

Also called as P2P lending, these are online marketplaces for loan exchange. Borrower i.e. loan applicant can choose from various lenders (typically individuals) and can mutually decide on interest rate. The benefit over banks is that borrower has access to multiple lenders at any given point of time and can bargain on interest rate. In addition to this, loan disbursal process is speedy compared to banks.

List of leading peer to peer lending platforms in India are:

  1. Faircent
  2. Lendbox
  3. LenDenClub
  4. i2iFunding
  5. Rupaiya Exchange

Although taking a loan for your leisure activity is not recommended but still many people want to live life at the fullest. And for such people above options are highly recommended. However amongst all the available options, taking credit from private financiers is not recommended due to high interest rate and other risks involved such as non-transparency, harassment due to repayment failure.

How to use loan amount wisely?

So now you got the money from the bank. Now it’s time make efficient use of the borrowed money responsibly. Here are the tips to make the most out of the loan:

  • Create budget: The first thing to do is plan budget. It should include every little thing that you will spend money. Air tickets, hotel booking, transport, food, and shopping, etc.
  • Get cost of flight tickets. Select the cheapest option. At the same time look for offers available on Paytm, travel aggregator’s websites, credit card etc.
  • Compare and choose hotel room which matches to your requirement. Do a thorough research before finalizing. You can get better deal if flight and hotel booking is done from the same platform (e.g. aggregator’s website).
  • Repayment plan: Although it is too early to think about repayments even before your holiday starts. But some wise planning from initial phase can ease your burden of repayment later as money saved is money earned.
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Refer & Earn Money from Amazon, MakeMyTrip, Cleartrip, Lenskart, Snapdeal

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If you are smart and hard working then there are lots of opportunities options to earn extra income anywhere in the world. One of the most commonly used platform to earn extra income is refer and earn program.

Here’s the table showing top companies in India offering referral programs for everyone:

CompanyHow much you can make/save
MakeMyTripRs. 800
ClearTripRs. 1000
MobiKwikRs. 40
PocketRs. 250
SnapdealRs. 200
LenskartRs. 500
AmazonRs. 200

MakeMyTrip: This online travel booking company offers excellent refer and earn reward program. You need to invite a friend/acquaintances to download MakeMyTrip app. Once your friend downloads and sign-up on the app, you will earn Rs. 600. This amount increases to Rs. 800 when your referred friend books flight ticket via the app. Referring mechanism is very simple. You just need to generate unique referral link and invite 5 friends by sending SMS or copying URL and sharing it over web via E-mail or Facebook and Google Plus.

Cleartrip: Similar to MakeMyTrip, Cleartrip also runs referral program. After sharing referral code with your friend, if he/she does first booking after installing the app, you will earn Rs. 1000 cashback for travel and flat Rs. 100 on local in your cleartrip wallet. In case your friend books hotel, then your referral bonus will be 10% of the booking amount.

MobiKwik: This e-wallet company claims to make you win upto Rs. 1, 00,000 (1Lac). Once you send unique referral code to download app, both referring and referred person will get Rs. 40, provided minimum Rs. 10 is added in the MobiKwik wallet by the referred person.

Taxi aggregators: Ola & Uber are the leaders in refer and save money programs. Their business logic behind such referral programs is very simple. You need to refer their app to your friends/relatives. And next time you make a trip with Uber or Ola, you will get fixed discount. Sometimes you may even get discount for 3 trips.

Lenskart: India’s biggest eyewear company also offers refer and earn program which benefits both the referrer and referred person. On signing up, referred person gets a gift voucher worth Rs. 500. And if the referred person buys anything above Rs. 1200 then the referral gets Rs. 500 Paytm gift voucher. Invitation can be sent via E-mail, facebook and sharing referral code.

Check out 26 ways to earn extra income in India.

Pocket by ICICI Bank: India’s biggest private sector bank ICICI Bank also runs referral offer. Any bank’s customer can download pocket app and refer their friends and earn Rs. 250. However the condition is that the Rs. 50 will be added to your wallet only when the third friend creates pocket wallet using the unique referral code created by ICICI bank for you. Pocket app can be used for various purposes such as mobile recharge, send money, do online shopping, pay utility bills and more.

Amazon India: World’s biggest ecommerce giant – Amazon also offers this program and you can earn Rs. 200. For this you need to refer your friends and relatives to join on And once they purchase stuff worth Rs. 300 or more; gift card of Rs. 200 will be added into your Amazon account. Invitation can be sent via E-mail, post unique referral link or share via Facebook.

Read more on how to generate income from world’s top companies – Google, EBay & more.

Snapdeal: Ecommerce companies are the pioneer in such referral schemes. And snapdeal is one of them. You need to send invite code to your friends or relatives to download the snapdeal app. After downloading and making first purchase, you will get Rs. 200 and your friend will get Rs. 100 in the freecharge account. The only process involved is that both the referrer and referred person has to create freecharge wallet account. Maximum any person can earn is Rs. 5000. Invite code can be sent via social media sharing i.e. through Facebook, Whatsapp, SMS, Email, etc.

Remember remember patience is the key, when you want to earn additional income apart from your regular job.


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Earn Money from Flipkart, Snapdeal, ShopClues, Ebay, Amazon India

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Everyone knows that on online channels of companies such as Flipkart, Amazon, Snapdeal and others you need to spend money. But do you know that India’s biggest companies offer opportunities to earn money as well? This is true and 100% legit!!

India’s prominent online marketplaces such as Flipkart, Amazon-India, Snapdeal, and other online companies provide opportunities to earn money through their platform. Here’s the table showing the prominent companies and ways offered for earning money:

CompanyMoney Making Model Offered
FlipkartAffiliate and App Install
Amazon IndiaAffiliate
SnapdealAffiliate and App Install
OlxSell used stuff
eBay IndiaAffiliate & sell used stuff

Let’s get into detail of each:

Affiliate marketing:

It is basically selling someone else’s product and earn money via commission. You are not required to manufacture or produce any products. The only requirement is to have your own website, on which you can place affiliate ads of products sold on ecommerce companies like Flipkart, Amazon-India, Snapdeal and others.

Once your website visitor clicks on these ads and buys product from Flipkart or Amazon, you will earn fixed percentage of commission.

Here is table showing commission offered by these companies:

CompanyCommission per product sold
FlipkartUpto 10%
AmazonUpto 12%
SnapdealUpto 15%
ShopcluesUpto 7%
eBay IndiaUpto 10%

Note that – commission varies on the product category. Commission on higher priced product will be low and vice versa. Also, the commission structure are subject to change. Check out how to make money from Google, Microsoft and others.

Sell used stuff online @ OLX and Ebay:

Olx & Ebay-India offers exciting opportunity of generating online income by letting you sell used or second hand products on their site and earn money. Good quality product will fetch better return. So instead of keeping items unused, sell them. You can sell almost every product like mobile phone, watches, etc. And most importantly any individual (not necessarily any business entity) can start selling stuff. So you can imagine, how much extra money you can earn by selling used product. But remember that, your product will hold value only when the quality and condition is good.

Read 26 ways to make income sitting at home in India.

App Installs:

The rise in digital technologies has given an exceptional increase in app development and usage of app. Almost every ecommerce company now has an app through which they sell products or services. These companies then created a kind of affiliate model through which you can make money by app installs. How this “pay per install” works is – you refer app to your relatives/friends and others and if they install these company’s app on their smartphones then you earn a pre-fixed amount of money. You will get money, even if your referrals do not purchase/use service after installing the app.

There are a very few companies listed below which offers pay per install model:

CompanyApp install payout
FlipkartRs. 20
SnapdealRs. 52

You must have read about various online money making opportunities claiming to earn you thousands of rupees. But many of them are not legit. However the ones listed in this article above are 100% authentic and trusted. It’s now upto you to leverage this, do hard work and see exceptional results.

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UPI & USSD: 2 Cheapest Money Transfer Options in India

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Post demonetization, there has been a tremendous increase in usage of digital payments in the market. This gave rise to new payment options in addition to the existing ones. However this resulted in confusion for the Indian consumer who were largely dependent on cash transaction in pre-demonetisation era. Apart from cash, the other widely used money transfer options were NEFT, RTGS, IMPS, UPI, e-wallets such as Paytm, Freecharge and others.

So let’s understand which money transfer option should be used when the amount is small or big. We’ll consider two examples – transfer of Rs. 10, 000 and Rs. 2, 00, 000 (2 Lacs).

Irrespective of the amount to be transferred, a person should keep three things in mind before finalizing the option.

These are as follows:

  1. Time – Required to transfer the money i.e. speed.
  2. Amount – The quantum of money to be transferred.
  3. Cost – The cost incurred in carrying out the transaction.

For transferring Rs. 10, 000; UPI app is the best option as it does not involve any cost and money transfer happens instantly. Although mobile wallets such as Paytm and Freecharge also works on the same logic. However there are two fundamental differences. In case of wallets, user has to first transfer money from his/her bank account to the wallet and then from wallet to other person. But in case of UPI where money is directly transferred from bank account to the recipient’s bank account.

Read 28 differences between UPI & other payment methods.

Second difference where UPI scores over e-wallet is interest received on the money kept in the bank account. In case of UPI, since the money is in your bank account, the account holder receives periodic interest. This is not available in case of wallets. So interest earned is a very important point to be taken into consideration.

NEFT and RTGS are very commonly used options used by many individuals. However NEFT carries a minimum transaction cost of Rs. 2.5 whereas RTGS has a transfer cost of minimum Rs. 30.

So which is the cheapest fund transfers option amongst the all?

Unified Payment Interface is the clear winner in this case due to free transfer cost. However there is a per day transfer limit of Rs. 1, 00, 000 (1 Lac) in case of UPI. But if you want to transfer funds higher than Rs. 1, 00,000, then feasible option would be NEFT which carries a very small transaction charge.

USSD – Mobile banking with no internet connection & no transaction cost

All the above mentioned funds transfer options requires internet connection and smart phone. But there is one option requiring no internet & smart phone – which is Unstructured Supplementary Service Data (USSD) or *99#. And this technology was especially introduced to remove constraint of internet and smartphone. And target audience for this were the people from rural areas where internet connection is poor or not available, and smartphones are not much used. Because of this electronic transfer was not possible for people living in remote part of country.

USSD option was created by National Payments Corporation of India (NPCI). Through USSD, individual can transfer Rs. 5, 000 per transaction.

So, currently in Indian market “UPI & USSD” are the most viable payment methods as they do not have any transaction charges.

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Personal Loan for Senior Citizens from 11 Banks, Loan against Securities

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Post retirement or when retirement is nearing the fear of managing cash flow during sunset year starts. Many people believe that the money accumulated during their working life is sufficient. However it is a mistake. What such individuals don’t consider is the inflation, rising healthcare costs, increasing life span and at the same time protect dependents.

So in case of emergency when own savings is not sufficient to fulfill the need, the option remains is the personal loan. However getting personal loan for senior or retired individual is not easy as it is for a working professional. Let’s understand the reasons behind this.

Personal loan approval is dependent on four most important factors which are as follows:

  • Income
  • CIBIL score
  • Age
  • Loan amount

Other factors also play a major role but above mentioned factors holds most importance.

A regular income earner has higher chance of meeting these eligibility criteria. However for a senior or retired individual (with no income or pension), the chances of loan approval are very less as they don’t have an income post retirement. Age factor is also one of the reason for rejection, as most of the banks normally provide loan to individuals with maximum age of 60 years.

Read more on 7 best jobs to earn money after retirement.

So under such conditions, how can senior citizens get personal loan in India so that need of money can be met especially during emergencies?

There are many options available in the market for senior people to avail loan as shown in the table below:

Public/Private Sector BankCo-operative BanksAgainst Shares/LIC Policy
State Bank of IndiaAryapuram BankAditya Birla Finance
Syndicate BankCalicut city service co-operative bankAxis Bank
Allahabad BankAkola Janta Co-operative bankIDBI Bank
Bank of IndiaLIC Housing Finance
Dena BankICICI Bank
Andhra Bank
Bank of Baroda

Few details on getting loan from above entities:

State Bank of India: SBI offers loans to pensioners of central and state government with age limit set to 72 years with a loan amount of Rs. 14, 00,000 (14 Lakhs). However in this case the repayment tenure is small.

Allahabad Bank: Age of the pensioner should not exceed 73 years

Bank of India: BoI offers loans to pensioners with age less than 75 years.

IDBI Bank: Offers reverse mortgage loan for citizens above the age of 60 years.

Dena Bank: For pensioners with age not exceeding 73 years and 80 years.

Andhra Bank: Offers personal loans to individuals drawing pension in the branch.

Bank of Baroda: For individuals with age not exceeding 65 years.

Syndicate Bank: For pension account holder with the bank and age not exceeding 70 years.

Check out retirement investment tips.

Co-operative banks:

Many co-operative banks also offer loan to senior citizens. Few of them are:

  • Aryapuram Bank
  • Calicut city service co-operative bank
  • Akola Janta co-operative bank

Personal loan against shares:

This is offered by many public and private sector banks in India such as HDFC bank, Axis bank, ICICI bank, and many others. Individuals including senior person can pledge shares from any depository with the bank and get finance. So there is a good chance to monetize assets.

Also see home loan for retired.

Against LIC policy:

Similar to loans against shares, many credit lenders also offer loans against money back or endowment life policies. Senior citizens can avail loan by pledging their policies. Few lenders are Aditya Birla Finance, Axis Bank, LIC housing finance, IDBI Bank.

Private lenders:

There are many private money lenders offering finance at high interest rate compared to banks. However you should be careful as it is an unregulated lending market even though getting a loan is hassle free and quick process. Private financiers should be the lost option.

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Discounts, High Interest, Schemes for Senior Citizens in India

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When someone retires especially private salaried individuals with no pension as a backup, the most worrying factor is sudden stop of monthly income. With no monthly salary, there is always a tension on how to manage funds during medical emergency, meet day to day expenses, and many others.

However to protect the life of seniors during the old age; Indian government and few private bankers & companies offer special discounts/offers or run various schemes especially for seniors typically in the age bracket of 60 years and above.

In this article we’ll explore important benefits or discounts for seniors in India:

Income tax: Let’s start with income tax, which is a certain pre-fixed percentage of income paid by every earning person (depending on the income slab) in India to the government. Depending on the income earned, individuals are offered tax benefits which are better than normal individuals. Shown in the table below is the income tax for seniors:

Annual Income SlabIncome Tax
Upto Rs. 3 LakhsNo Tax
Rs. 3 Lakhs to 5 Lakhs5%
Rs. 5 Lakhs to 10 Lakhs20%
Rs. 10 Lakhs & above30%

Railway Ticket: Male senior citizens get 40% and women get 50% concession on all classes for passengers of Indian Railway. However remember that, misuse of this quote or concession by mentioning incorrect age, will result in traveler being considered as non-ticket traveler and will be charged accordingly.

Flight ticket: Few airlines offer discounts to seniors aged between 55 to 65 years. For e.g. Air India offers 50% discount on economy “M” RBD basic fare to individuals who’ve crossed 63 years as on the travel date. Indigo, GoAir & SpiceJet, offers 8% discount on basic fare.

Check out how to earn money after retirement.

Assured pension: For the coming financial year 2017-2018, government of India has approved pension scheme – Varishtha Pension Bima Yojana 2017. Under this scheme, individual would be offered 8% guaranteed pension for 10 years. Applicant will have 4 options to choose pension which can be as follows:

  • Every month
  • Every quarter
  • Half yearly
  • Annually

Investment of up to Rs. 7.5 Lakh is possible in this scheme.

26 authentic ways to earn extra income in India from home.

Higher interest on SCSS: Most of the Indian banks offer special discounts to senior citizens holding savings account with them in the form of higher interest rates. These rates are slightly higher than the ones offered to other account holders. Listed below in the table are the rates offered by various banks:

Name of BankInterest Rate per Annum
State Bank of India9.3%
ICICI Bank8.5%
HDFC Bank8.6%
Canara Bank9.2%
Bank of Baroda8.5%
Andhra Bank8.5%
Bank of India9.3%
Allahabad Bank9.2%
Punjab National Bank8.5%
Corporation Bank9.2%

Higher interest on Fixed Deposit: In comparison to FD rates offered to individuals not falling under the category of seniors, banks offer interest rate which is higher than 0.5% over and above normal rate. Here’s the table showing leading banks and rates offer to the seniors:

Name of BankFD Interest Rate
State Bank of India7%
ICICI Bank7%
HDFC Bank7%
State Bank of Mysore7%
Indian Bank6.5%
YES Bank7.6%
Punjab National Bank7.4%
Karnataka Bank7.65%
Kotak Mahindra 6.6%

Senior Privilege Savings Account: Axis bank has launched this product especially for individuals with age 60 years and above. The benefits offered under the account are:

  • 25% discount on safe deposit locker
  • 50% off on diagnosts tests done at pre-fixed 200 centers
  • Up to 15% discount on purchasing medicines at Apollo pharmacies in over 1400 locations
  • 0.5% preferential rate on FD/RD account

OLA Cab: Recently cab aggregator OLA announced special offers for senior people residing in Pune with an additional discount of 50% on 10 rides every month. Although this discount was only till 28th Feb 2017, a 30% discount was also announced in January 2017. So stay updated on any new offers for seniors on OLA

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Earn Money from Google, Microsoft, Amazon, eBay, Walmart

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Everyone wants to earn money online as an alternate income source. There are many ways to generate revenue on the internet. However do you know that world’s biggest companies offer exciting opportunities to earn money online?

We’ll discuss about earning opportunities offered by Google, eBay, Amazon, Microsoft & Walmart.

Google: Let’s start with the big daddy – Google. Everyone dreams of working in this most innovative company in the world. However very few talented people get into it. But working in Google by getting a job is one way to earn money (i.e. salary) from this biggest company. However Google also offers ways to earn money online for individuals, even if you are not working for them. And this is possible through their revenue platform called Adsense. And you can do this through website, app and youtube channel.

Here’s how you can generate online income through Google:

Website: The process is simpler. You build a website by adding adding high quality and useful content and increase website visitors. And apply for adsense. Once your application is approved, advertisements served by Google will be displayed on your website. And when your website visitors start clicking on these ads, you will get small percentage of the revenue.

Check out 26 ways to earn extra income in India.

Mobile app: Similar to website, you can also add ads ad on your app called as in-app advertising. Although developing own app and adding ads is technical stuff but it’s not difficult. But on the other hand, the rising smartphone usage definitely has a great potential to generate revenue from mobile applications.

Youtube channel: This again requires greater efforts compared to website. You will first need create your own youtube channel with high quality videos and increase viewership base. Once your adsense account gets approved, ads would start displaying on your videos and every click generated on the ad, will earn you money.

Through Google, you will be paid either through CPM (cost per thousand impressions) or CPC (cost per click). Ads are served on your website/app which has potential to generate higher revenue.


Another way to generate revenue is to start affiliate marketing. World’s biggest ecommerce company – Amazon (although it is no longer into only eCommerce) offers one of the best option to earn money online by empowering the website. Amazon’s affiliate marketing platform lets website owners monetize their website. You place amazon ads on your site and whenever visitor clicks on the ad, he/she will be redirected to Amazon site. And if this leads to a product purchase, certain commission would be paid to the website owner. The commission varies depending on the product / its category. So higher the products sold through your web property, higher would be the revenue.

Microsoft: Another affiliate program is from the world’s biggest software company – Microsoft. The company lists range of products to be sold via affiliate program such as – softwares, Xbox, music download and many others.

eBay: Similar to Amazon, eBay also offers affiliate program. It works on similar line to Amazon and requires promoting eBay (banner or link) on the website, email, SMS, social media or others.

Walmart: Another biggest retail giant in the world – Walmart also offers affiliate program. After Amazon, Walmart offers most professional program and gives multiple products

All the above listed companies offering affiliate programs provide professionally designed banners and textual links linked to almost any product on their respective website. The commission offered varies according to the product.

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