How Can Working Students Send Money back Home?

Are you a student working part-time overseas? Wondering how you can transfer money to your parents back home in India? Check out the top ways to initiate overseas transfers.

Few years ago, Rahul arrived in the US to pursue his higher studies in computer science. Today, he has happily settled into his course and even manages to earn some extra money working on the weekends, helping his professor grade papers.

Having seen his parents try their best to make his overseas education dreams come true, Rahul now wants to repay them. He wants to send some of his part-time work money back home as an expression of gratitude and love to his parents; for all that they have sacrificed for him.

Now, comes the big question! What’s the best way for Rahul to send money to India? Here, in this post, we take a look at the options available to him, and the pros and cons of each method.

Popular Options to Transfer Money to India from overseas:

Demand Draft (DD)

As the name suggests, this method of transfer is initiated by getting a demand draft issued in the name of the receiver. This is an excellent method to surprise your parents. In fact, Rahul used a Demand Draft to surprise his mom with a monetary gift with his first salary.





How Does it Work – To use this method, you have to visit your bank’s nearest branch. Specify the amount you wish to transfer. This amount is automatically debited from your account and the bank issues you a DD in the name of the receiver. You can then courier (airmail) this DD to your parent’s address in India.

Once they have received the DD, they can take it to their bank to encash it. While this may seem straightforward, this method of transfer is time-consuming and requires a visit to the bank on both the sender’s and receiver’s ends. Additionally, it’s slow and takes around 10-15 days for the process to be completed.

Instant Transfer

This one is mostly used for emergency situations when the receiver needs cash immediately. While this method of transfer is quick, there is a limit on the amount you can send. What more, the exchange rates are pretty high, and the transfer cost is also a bit steep. However, the receiver can receive the amount instantly.

How Does it Work – You have to visit the outlet of a transfer service provider. Once you pay the transfer amount, the agent provides you with a Pin. Specify this Pin number to the receiver. The receiver can then visit the nearest outlet of the service provider in India. Specify the Pin, verify his/her identity and receive the cash immediately.

Automatic Clearing House (ACH) Transfer via Bank Accounts

This is one of the most widely used methods to transfer money to India from overseas. This method is also referred to as a direct deposit. The amount you wish to send is automatically debited from your bank account in the US and credited to the bank account of the receiver in India.

How Does it Work – You can initiate the transaction by logging into your bank’s website or mobile app. You have to add the receiver’s bank details and then click on transfer. This method of transmission is quicker when compared to sending a demand draft. And, you can complete the entire transaction with just a few clicks on your Smartphone. No need to visit the bank either on the sender’s end or the receiver’s end.

Final Thoughts

These are the three popular methods to transfer money to India from overseas by working students. Choose the right one that meets your specific requirements and enjoy safe transactions.

How to Get a Quick Loan: The Ultimate Guide

Wouldn’t it be great if you could get cash fast when you need it? Well, it’s not as hard as you think. A lot of people live paycheck to paycheck and don’t have the ability to plan for contingencies or save a little extra.

All it takes is a medical emergency or car accident to put you out financially. But if you need fast cash, you can look to an alternative lender to get what you need now. Applying is easy, and you could have your money that day.

Your Financial Situation

Your personal situation will determine whether you qualify or not, but there are some things you can do to prepare for applying.

Credit Score

Your credit score tells the bank how risky of an investment you are. The better your credit score, the lower your interest rate. If you have a history of financial trouble, you’ll be socked with a high-interest rate, making it harder to pay back the loan.

Many sites offer a free credit check, and it’s always wise to know where you stand in the event that you need a little extra help. Aim for a score of at least 700. Anything under 650 is considered bad.

Understand that not all personal loan sites lend to 'bad credit borrowers' but all do a soft pull of your credit to pre-approve your application. This means applying on several online lending sites won't hurt your credit and will shop your loan out for better rates.

Debt Ratio

Your debt ratio tells a creditor how well you use your finances. If you use a large majority of the credit available to you, you have likely maxed out all of your cards, which doesn’t look very responsible.

A higher debt ratio also has a negative impact on your credit score, which makes you look like even more of an investment risk.

Getting a Quick Loan

If you have a low credit score and high debt ratio, that doesn’t mean you’re disqualified. It just makes it harder. Be prepared for a high-interest rate and difficult repayment terms. There are many places you can turn to for some fast cash.

Family and Friends

It’s embarrassing to admit when you’re having trouble and it’s even more embarrassing to ask for money from your family or friends. You may not want them to know you’re struggling, but they may be the most willing to help and offer the most favorable terms.

Be sure you have a clear plan for paying them back. Many relationships show strain when money is involved, and it’s a sensitive subject, so if you don’t think you can follow through, don’t ask.

Credit Cards

Applying for more credit cards could help temporarily. You could also look into getting a credit increase on a current credit card. If you have a good payment history, chances are they’d be more than willing to consider it. Cash advances on credit cards are a good option for fast cash, but you’ll pay more interest.

Personal Loans

A lot of lenders offer personal loans. The payback terms are short, so you can get cash fast and pay it back quickly. Often, these loans are instant, but the amount you get depends on your application and credit score.

The interest rates are much lower than credit cards, so it’s easier to pay them back and get out of debt sooner. Alternative lenders can offer some good options for easy applications and fast financing.

Loans to Avoid

Just because you’re desperate doesn’t mean you need to get yourself into further financial trouble. Some loans could cause more problems later on. Don’t look into payday loans. They are high in fees, and it makes ityou hard to meet your expenses next month because the turnaround time for paying these back is very fast.

Quick Loans

Alternative lenders like Quick Loans Direct can offer you the best of both worlds. Fast funding and favorable terms await behind a speedy application process. Apply today.

Settling Down: 3 Life Choices Available to You When You Stay Put

Many adults move around to different cities every couple of years. This may be to enjoy a change of scenery, to chase career opportunities or for other reasons. While moving can be beneficial in some cases, it also may prevent you from achieving goals that may otherwise be available to you if you decide to stay put and lay down roots. 

These are some of the more substantial life-changing options that may be available to you when you stay in one location.

Building a Custom Home

It does not make financial sense in most cases to buy a home in a city where you are not planning to live for at least a few years. Likewise, building a custom house may seem impractical. After all, it may take six months or longer to complete the construction process. 

When you decide to remain in the same location indefinitely, you will have ample time to walk through the design and building phases with home builders, and enjoy living in a house made just for you.

Developing Lasting Friendships

When you are constantly changing locations, you may only be able to create rather shallow relationships. You may meet wonderful people, but you may not have ample time to develop deep relationships with them. 




By laying down roots, you give yourself time to establish friendships with many different people over the years. These friendships may enrich your life in various ways throughout the remainder of your life.

Improving Your Credentials

There are online classes that are available to you regardless of where you live, but you may find that you can more easily take classes and improve your credentials when you are settled. Some certification courses or general education courses may only be available locally in a traditional classroom environment. 

You may also have a chance to volunteer so that you can expand your experiences outside of a classroom. Beyond professional improvement courses, you can also take self-improvement courses or even join a club or recreational team to further expand your horizons.

While moving from place to place frequently can be exciting and offers some benefits, you can see that there are also benefits associated with remaining in one place for an extended period of time. 

Remember that where you choose to settle down can affect your ability to enjoy these and other benefits. Spend time researching different cities so that you can make an informed decision to move to an area where you may love living for many years.

5 Things Every Borrower Needs to Know About Personal Loan

Personal loans are one of the easiest ways to get funds for your personal or business needs. You don’t have to pledge any security as collateral and still avail a loan. The loan is approved and disbursed at the quickest and you get funds in your bank account to cater to your financial obligations. 

Due to the ease of availability and non-requirement of collaterals, personal loans are very popular among individuals. However, the loan should be availed only after complete knowledge of its terms and conditions. 

If you are also thinking of availing a personal loan, here are five important things which you should know about these loans.

The eligibility criteria

Personal loans are not offered to any individual. There is a complete set of eligibility requirements and individuals fulfilling the prescribed criteria can only avail of the loan. Some common eligibility criteria include the following –

• Your age should be between 21 years to 60 years. Some lenders also allow personal loans up to 65 years. Beyond this age, personal loans are not available
• Salaried individuals can avail a personal loan. Self employed individuals and businessmen are not eligible for personal loan and can get business loan.
• Salaried employees should be steadily employed for at least the last 3 years with a minimum of 1 month’s work experience in the current organisation.
• Net monthly income should be a minimum of Rs. 15, 000. However, some banks specify higher income criteria to be eligible for personal loan.
• Individuals who are resident Indians can only apply for the loan

While there are many different personal loan sites, the requirements are similar on most. Most sites do a soft pull of your credit to pre-approve your loan so applying won't affect your credit score. Apply on multiple sites to make sure you're getting the best rate.

Your income determines the loan quantum

Lenders determine the amount of loan based on your monthly income. The loan amount is determined as a multiple of the net monthly income. The maximum amount of loan which is available is restricted to Rs.25 lakhs to Rs.50 lakhs. Moreover, the resultant EMIs should not be more than 65% of your monthly income.

Your credit score is important

Your credit score measures your creditworthiness. It shows your credit history and is an important eligibility consideration for lenders. Individuals who have a good credit score of 650 and above can only apply for personal loans. 



However, some banks ask for a credit score of 700 and above to get personal loan. If your credit score is bad, i.e. below 650, your loan application would be rejected.

The associated fees and charges

Besides the interest rate applicable on personal loans, there are other fees and charges associated with the loan which you should know about. For starters, there is a processing fee on the loan which is a non-refundable fee charged for processing the loan application. 

Even if the application is rejected, the processing fee is not paid back. This fee usually ranges from 0.5% to 2.5% of the loan amount. Another charge is the penalty levied on late payment of EMIs. There might be prepayment charges and other charges as well. So, before you opt for the loan, understand the charges which are applicable on it.

Documents required

A complete set of documents would be required to be submitted with the loan application form. These documents include the following –

• A valid identity proof – PAN Card, passport, Aadhaar Card
• Address proof – Passport, driving license, bank statement of past 3 months
• Age proof – Aadhaar Card, PAN card, Voter ID card
• Income proof – form 16, previous salary slips, bank account statements for salaried individuals

Don’t apply for loans in a hurry. Understand these important points and check your personal loan eligibility before applying for the loan. The loan is an instant loan and would be issued quickly so you don’t have to wait for the funds.

A Few Factors that Affect Home Loan Interest Rate

It’s a good thing that you have got the facility of the housing finance to help you buy a home of your choice.

But for availing the facility, the lenders charge you the Home Loan interest.

Although the rate of interest for the Home Loan has reduced in the recent past and touched 8.35%, there are still some factors that can affect it up and down.

In the context of our discussion, let’s see of the factors that can affect Home Loan rates. When you are aware of those factors, you can help yourself in managing the interest rates smartly and make it work in your favour. Take a look!

Your CIBIL Score

The first thing analyzed by your prospective lenders while processing your Home Loan application is nothing but the Credit Score. If you have a strong CIBIL Score which is 750+ or more out of 900, nothing can stop you from enjoying lower Home Loan interest. 




If you still don’t have a robust Credit Score, you can improve it by making all repayments such as credit card bills and existing loan EMIs on time. Borrowers with a higher score not only get fast loan approvals but even the lower interest rate.

The Home that You are Purchasing

The home that you want to buy may also affect the Home Loan interest rate as lenders classify properties in different areas of a city under different risk levels. If it’s your first home, lenders will be more confident to award you a lower rate. Thus, ensure to check the properties type and areas that can help you enjoy a lower Home Loan rates.

Your Home Loan Amount

Want to know your loan amount? Subtract the percentage of your down payment that you will pay (15-20%) from the price of your home to get the amount. Look for a standard home whose price is not very small and not very large. Lenders charge a higher interest rate if you opt for an exceptionally smaller or very higher Home Loan.

Down Payment Size

When it comes to the down payment, the concept is simple – the higher your down payment is the lower will be your Home Loan interest rate. Thus, even if it means using your savings and breaking your investments, strive to put a larger down payment to pay smaller EMIs and the lesser interest rate on it.

Home Loan Tenor

Did you know that even the tenor of your Home Loan can affect the Home Loan interest in the long run? Opting for a longer tenor may let you spread the loan cost such as interest and principal repayment into smaller EMIs and manage things affordably.

The Bottom Line

You are now aware of the Home Loan factors that can affect the interest rates. Assess your needs accordingly, look for the best deal and then only apply online for a Home Loan so that you manage its repayment without poking a hole in your pockets.

Building Retirement Savings After 50

Financial advisors recommend saving money for retirement during every phase of life, but it's not uncommon for couples and individuals to reach their 50s without enough money saved for their eventual retirement. 

The average citizen spends the majority of his or her income on food, shelter, and transportation, as well as small amounts on healthcare, education, recreation, and general household purchases. 

Regularly saving money for retirement isn't always part of the monthly budget. Families, couples, and individuals can begin saving money for retirement in any decade of life but doing so after the age of fifty does require a different strategy than doing so as a twenty-something or thirty-something worker.

Maximize Contributions to a Registered Retirement Savings Plan

Contributions to a Registered Retirement Savings Plan (RRSP) reduces taxable income each year, and investment income made from the bonds, shares, Guaranteed Investment Certificates, and other investment types within the RRSP isn't taxed either. 

Speaking with an investment professional can help individuals and couples who haven't yet begun saving for retirement choose the best investment path. However, it's not necessary to create an official investment account to begin saving. Putting some money aside in a run-of-the-mill savings account is an excellent first step for anyone who hasn't started saving. 




Other investment options include Voluntary Retirement Savings Plans (VRSP) and Tax-Free Savings Accounts (TFSA), but it's important to note that contributions should only reach a point where borrowing from the accounts doesn't become necessary unless an emergency occurs. 

While it's possible to borrow money from retirement accounts, those loans are taxed as income at the end of the year.

Modify the Monthly Budget to Accommodate Retirement Savings

Living life to the fullest at every age can help couples maintain their health throughout the decades before retirement, but it's important to consider building some savings over time. 

Those living on tight budgets may need to rearrange certain facets of their monthly budget to establish a savings account. Future retirees do have some radical options for building retirement savings if they own their own home or other valuable items. 

Moving from a large house to a small residence where there is no mortgage payment can allow the family to send the money that would otherwise pay the mortgage into a retirement account. 

Less drastic options also exist where couples can rearrange facets of the monthly budget to ensure some money exists each month for savings accounts, retirement accounts, and other investments. 

Researching better prices on necessary goods and services can also help. For example, it's beneficial to shop around to compare life insurance quotes, car insurance, as well as examine monthly bills for cell phones, gym memberships, and cable television services. 

Modifying habits like eating out at restaurants and buying unnecessary clothing or furnishings can also help increase the amount of money available for placement in retirement accounts.

Retirement Planning is Possible at Any Age

The cost of living will only increase as time passes, and actively saving money for retirement is a beneficial and necessary step in every person's life. Future retirees have many options for building retirement savings and may wish to explore all available options to determine the best path toward a comfortable retirement.