Monday, August 4, 2014

Bankbazaar: The Best Online Site for Making Well Informed Decisions on Bank Loans, Bank Deposits and Insurance in India

Post liberalization and with the prolific growth of digital information technology (IT) and IT-enabled services, India has become a hot spot of both software companies and companies that offer IT enabled services such as banking, insurance, data processing, data storage, online trading, etc.

The companies in this sector provided millions of job opportunities with relatively good salaries to the young men and women of India who have the essential qualifications for getting employment in these specialized field of work.

The IT related business potential has been something which the old timers just could not dream just a couple of decades ago. The business models that the youngsters devised have created great wealth many times than the conventional business models. 

Being an old timer myself, I have been an awe admirer of the potential of computer software and the internet in raking up large scale economic activities and creating wealth for the individuals and the corporations.

A stage has come now that the computer systems have become an inseparable part of all human beings who have crossed over the threshold of basic development. 

The higher incomes that the IT and IT-enabled business have provided enhanced aspirations of young Indians for better housing, comforts, leisure and better services from the service providers. In turn it has been facilitating more avenues for entrepreneurs to come up with revolutionary ideas for providing better services to the customers.

Banks have been one of the first business sectors in India to shed the old style working replaced with computerization. In the retail banking, it has now become almost paperless. Several Indian banks have opted for advanced IT infrastructure and systems. 

The IT savvy population of India can now do almost all their retail banking requirements without they ever visiting the banks. They are now in a position to do it from the PC terminals or their mobile phones without leaving their comfort zones of the office, home or even while on the move. 

They could now see their bank accounts, buy many goods and services and pay online, transfer money to others, make recurring deposits (RD), fixed deposits (FD), know their income tax dues, file IT returns, pay for the services, etc.

But in the mean time, the banks have also become more flexible with every bank offering several options for each service. While outwardly all banking services looked similar, in reality they have become dissimilar. The interest that you actually get for your deposits, the interest rates and equated monthly installments that is applicable for your loans, etc are all different in different banks.

Imagine the difficulty that you face to discuss these things with each every bank before you can finally take a decision. The bank officials to whom you might talk could even be ignorant with regard to the various rules as applicable that you could get highly confused or misguided.

This complexity has initiated the thought process in a group of young and experienced engineers in the IT field that they have evolved a business model that provides a win-win situation for the individuals, the banks and themselves.

And this is the fast growing IT-enabled business called the Bankbazzar (literally meaning the market place of the banks) which got into this unique business sometime in 2008. [Read about Bankbazaar in this Wikipedia article] It was founded by a group of young and experienced Indian engineers [Read about some of them here]

Bankbazaar is wholly for the Indian people as of now. Let us see what all services this dotcom company provides to the customers in India:

It facilitate you to compare the HOME LOAN offers of various banks and finalize the best deal. 

Bankbazaar is the best place for you to compare the various CAR LOAN options from various Indian banks and zero in to the best one suitable for you.

And some of you may need a personal loan for some immediate needs. Banks usually charge higher interest rates for personal loans and they all have different interest rates, EMIs, processing charges, etc. BANKBAZAAR PERSONAL LOAN page would facilitate one to chose the best offer and finalize it. 

Bankbazaar website has many other useful features such a EMI calculators with special regard to the Indian banks, refinance calculators, Interest calculators, etc. One can access the various ONLINE CALCULATORS of this facilitating company for taking best informed decisions. 

It also provides those interested in investments to read informative articles about finance and investments in India.

One can also chose to get a suitable Credit Card from those banks in India that offer such a facility. 

In case you have surplus money, you can invest it safely in FDs of banks. But now-a-days different banks have different schemes and interest rates. Bankbazaar allows one to select the best deposit scheme and apply online for making the FIXED DEPOSITS

Bankbazaar also provides you facilities to decide the best suited LIFE INSURANCE from the best company of your choice.

It is not a bad idea to do a bit research before you take loans, put money in FDs or to take an insurance policy.

Finally, a word of caution. Take a loan only when it is unavoidable and when you have the resources and income to pay the EMIs.

Never take a loan which has an EMI which eats out the major portion of your monthly income. 
    

17 comments:

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