What Are the Benefits of Linking RuPay Credit Card to UPI?

Using a RuPay credit card on a UPI app is a straightforward method of making online card payments. Most credit cards are useful for making an online purchase or swiping your card at the store. 

These methods are useful, but with the invention of QR-based payment, these are no longer the most convenient option. To overcome this payment restriction, the Unified Payments Interface or UPI allows you to link your RuPay credit card to any payment app. 

Benefits of Using RuPay Credit Cards on UPI

Here are all the benefits of a RuPay credit card that you can enjoy by linking it with a UPI payment app. 

Convenient Payment Option 

The best feature of linking UPI and your RuPay credit card is the added convenience of making payments via a single app. Instead of switching between different apps for your different cards, you can link all your bank accounts and credit cards on a single app. 

This way, when you need to borrow funds, you can easily switch to your RuPay credit card and make payment. In addition, you can earn reward points and other offers on your credit card. This makes your overall payment experience streamlined and rewarding. 

Also Read: How to Redeem Credit Card Points

Better Security Measures

Linking UPI with a RuPay Credit Card improves the security of your card with additional layers of protection. This is because making a UPI payment requires entering a PIN to unlock the app and another to confirm the payment. 

This minimises the risk of unauthorised payments, keeping your credit card more secure. If your payment fails despite a fund deduction, you can use the UPI reference number to claim a refund, similar to regular transactions.

Also Read: How to Create UPI ID?

Real-Time Updates

UPI payments are a well-known method to make instant funds transfers, be it to a merchant or a personal account. This is why it’s a preferred option when making time-sensitive payments/fund transfers. 

Easy Bill Payment

UPI apps have a unique feature that alerts you on your upcoming bill payments. Linking your RuPay card with such apps makes it easy to stay up to date and avoid penalties for delayed or missed payments. 

Also Read: Top UPI Payment Apps in India

Simplified Transaction Tracking

Knowing how to use a RuPay credit card for UPI helps you streamline all your payments as they help you record all your transactions. This helps monitor your spending pattern and keep track of your expenses. You can also use this to verify your transaction history on your credit card statement and check for unauthorized payments of multiple deductions.

Enhanced Payment Acceptance

With this option, you don’t need to present your physical card to make a payment. Since UPI is a widely accepted method of payment, you can easily pay with your RuPay Credit Card by simply scanning the QR code. 

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Steps to Link RuPay Credit Card to UPI

An important part of knowing how to use a Rupay credit card on UPI is to know how to link it with your payment app. Here is a step-by-step process on how to do it:

  • Step 1: Download and launch the payment app
  • Step 2: Create an account with the required personal details 
  • Step 3: Go to the ‘Profile’ section 
  • Step 4: Select the ‘Payment’ or ‘Account’ option 
  • Step 5: Click on the ‘Add Account’ option and then on ‘Credit Card’
  • Step 6: Select your issuer and confirm your card details 
  • Step 7: Go to the accounts section and select your RuPay credit card 
  • Step 8: Set UPI PIN for secure payments 

Once done, you can choose your credit card as the payment option while transferring funds through the app. If you are looking to get a UPI-enabled RuPay Credit Card, consider opting for the Fibe Axis Bank Credit Card.

As India’s first numberless metal credit card, it gives you high security and reduces the risk of misuse of your card details. It is also a great card for savings, as you can enjoy up to 3% cashback on all your online and offline transactions. Download the Fibe App from the Google Play Store or Apple App Store to apply now!

FAQs on Ways to Link a RuPay Credit Card to UPI

What is the reason behind linking UPI with credit cards?

With the rising popularity of UPI, most shops and online merchants rely on QR-based payments. Linking RuPay credit card to UPI allows you to redirect your credit limit for making online payments for daily transactions. 

What is the MDR of RuPay credit card on UPI?

UPI-linked RuPay credit card transactions have an MDR of 2%. The credit card issuer collects 1.5% of the amount, and the rest goes to the payment network and merchant issuer. 

How to pay using a RuPay credit card in Gpay?

To make a Google Pay payment via UPI with a RuPay credit card, you need to add the card as your payment option. After scanning the QR code, you will get the option to choose your card on a bank account. Choose the RuPay card and enter the UPI PIN to complete the transaction. 

How to add a RuPay credit card to UPI PhonePe?

Launch the app and go to your profile to add a RuPay credit card on PhonePe. Under the ‘Payment Method’ section, select the ‘RuPay Credit on UPI’ option. 

Pay Credit Card Bill Using Another Credit Card: All You Need to Know

Credit cards give you access to instant funds for all planned and unplanned expenses. So, you may wonder, ‘Can I pay a credit card bill with another credit card?’. While you can use the card without any questions, there are some transactions that you cannot carry out with a credit card. One of these is paying a credit card bill.

Though it is not possible to pay for one card directly with another, there are some alternative ways to make it possible. 

Here are different ways to pay a credit card bill using another credit card. 

Credit Card Balance Transfer

This strategy involves transferring your existing credit card’s outstanding dues to another credit card with a lower interest rate. This is a wise option when your credit card debt is high. 

Using this, you can leverage the no-interest period offered by the new issuer to pay bills comfortably without attracting interest. You can transfer a percentage or the full due amount, allowing you to pay a credit card bill using another credit card. 

Pros

  • It is helpful when you have multiple ongoing debts
  • You can avoid interest during the initial periods, helping you keep your dues low
  • You can switch to an issuer with a lower interest rate to enjoy savings 

Cons 

  • You may have to pay a balance transfer fee ranging from 3% to 5% of the due amount 
  • It can temporarily affect your credit score

Using a Digital Wallet

Another way you can pay a credit card bill with a credit card is via the e-wallet fund transfer. Digital wallets or e-wallets are a convenient option that allows you to make swift online payments. 

By loading money into your wallet, you can easily pay your bills or make online payments at the store. Simply transfer the billing amount from your secondary credit card, and use these funds to pay the primary credit card bill. 

Pros

  • You do not have to pay any fees or charges to transfer money into your wallet 
  • This is a fast option, allowing you to pay your credit card bills without any delay
  • You can use more than one credit card to pay your bill 

Cons

  • If you are not using a reputable digital wallet app, there is a risk of credit card fraud

Also Read: Convert Credit Card Bill into Affordable EMIs

Through Cash Withdrawal 

If your issuer does not allow you to pay a credit card bill using another credit card, a cash advance facility can help. The majority of credit card issuing companies give you this option for emergencies. However, it attracts high charges from the day of the transaction. Hence, it is wise to use this method as a last resort. 

Simply go to your nearest ATM and use your credit card to withdraw cash equal to your credit card billing amount. After depositing the cash into your savings account, you can pay your bill with the same. 

Pros

  • You can easily withdraw cash from your nearest ATM 
  • You can get cash without an application process or stating any reason 

Cons 

  • The interest rate on cash advances is higher than regular rates
  • Withdrawing cash and then depositing it into your savings account can be time-consuming 

By comparing its pros and cons, you can decide how you want to pay a credit card bill with a credit card. This way, you can pay all your bills on time to avoid additional interest and penalties. This option is excellent, especially when you don’t have savings and are waiting for salary credit. 

Apply for Instant Cash Loan

If you want to apply for a new credit card, consider opting for the Fibe Axis Bank Credit Card. This is India’s first numberless metal credit card that offers a plethora of unique benefits. One of those benefits is up to 3% cashback on all your online and offline purchases. 

It is also a UPI-enabled RuPay credit card, which helps ensure better security without high fees and charges. With this card, you also get four complimentary domestic airport lounge access, a 1% fuel surcharge waiver, and exclusive discounts and offers. Download the Fibe App to apply for your Fibe Axis Bank Credit Card now!

FAQs on Credit Card Bill Payment with Credit Card  

Can you use two credit cards for one payment?

You need to transfer funds into an account or mobile wallet to pay a credit card bill using another credit card. Furthermore, you can use two or more credit cards to arrange the billing amount. However, you cannot directly pay your credit card bill using two credit cards. 

Can you pay off someone else’s credit card bill with a balance transfer?

Yes, but this depends on the issuer. It further depends on your creditworthiness, your credit limit, and other factors.

Education Loans for Professional Courses: Everything you need to know

Education loan for professional courses serves as an empowering facilitator for individuals aspiring to advance their careers through specialised programs. While these courses can provide a significant boost to your career prospects and earning potential, they usually come with a hefty price tag. 

Personal loan for educational purposes allow you to bridge the financial gap, making these programs more accessible. To know every aspect related to loans for online courses, read on.

What are Education Loans for Professional Courses?

It extends funds to students to help them meet the financial requirements to complete their degrees. The following are some of the features of education loans for courses in professional education.

  • Along with tuition fees, you can use the available funds for other expenses, such as student exchange travel expenses and to buy a laptop
  • Certain lenders also provide 100% financing for your education-related expenses
  • Some loan offers may also offer a moratorium period of up to 6 months or a year from completing the course
  • Parents must be joint borrowers in an education loan application
  • You can also get these loans to fund your education in foreign institutions or through a distance learning program

Also Read: How to Claim Tax Benefits on Education Loan

Benefits of Loans for Professional Courses

Upskilling and acquiring specialised knowledge allow you to stay competitive in today’s job market. Check out the advantages of taking out a loan for professional courses-

  • Quick Access: Most financial institutions provide easy online applications and speedy disbursal of loans 
  • Allows Upskilling: It will allow you to learn important skills that will assist you in achieving your professional goals
  • Tailored Options: Depending on your demands, certain lenders will also extend you a customisable loan offer 
  • Flexible Repayments: You can choose to repay the loan spreading across a tenure that best aligns with your financial capabilities

Courses Eligible for Education Loans for Professional Courses

Investing in your professional development through specialised programs can be a smart move in this highly competitive job market. Check out the list of programs that you can finance through education loans for professional courses- 

  • Undergraduate degrees and diplomas, such as BE, B Ed, BBA, MBBS, B Tech, LLB and others
  • Post-graduate Degrees and diplomas, including M Res, LLM, MFA, M Ed, M Phil, MBA, MD and more
  • Specialised training courses
  • Certificate courses in computers, teaching, nursing, job-oriented courses, etc.
  • Diploma in engineering, veterinary courses, etc.
  • Degree or diploma in army, Navy or Air Force training courses
  • Degree or diploma in aeronautics or any other relevant pilot training courses
  • Drone training from recognised institutions
  • Vocational courses offered by government institutions
  • Other courses run by the State Skill Mission or National Skill Development Corporation (NSDC)

Eligibility Criteria and Documentation for Loans for Professional Courses

Streamline your application process by evaluating the requirements for this financing product. These parameters can vary from lender to lender. For instance, the following are some of the requirements to qualify for an EdTech loan on Fibe.

  • You must be an Indian resident aged between 18 and 60 years
  • You/your ward must have secured admission to an eligible course 

Here are a few basic documents you may be required to furnish online.

  • PAN Card
  • KYC documents like passport, Aadhaar card, voter ID card or driving licence
  • Bank statements for the last 3 months

Remember that a well-chosen loan, paired with your hard work and discipline, will lead to improved job security and greater professional fulfilment. By providing finance tailored to your specific needs, these loans make those opportunities accessible that may otherwise be out of reach.

If you need funds to enrol in a professional course, Fibe has got you covered with the EdTech Finance facility. Get a loan for online course and pay a fee of up to ₹5 lakhs and enjoy flexible repayment with a tenure ranging between 3 months and 2 years in no-cost or low-cost EMIs. Download our Personal Loan App or log in to our website to get funds at competitive rates to propel your career forward. 

FAQs on Personal Loans for Professional Courses

Can I get a loan for professional courses?

These loans provide funds for the following types of courses in professional education from accredited institutions in India and abroad.

  • Graduate course
  • Post-graduate courses
  • Diploma courses 

Can I get a loan for an online course?

You can access funds of up to ₹5 lakhs from Fibe to enrol in an online professional course.

Is a loan available for distance education?

Many lenders provide education loans for professional courses with distant learning from recognised Indian and foreign universities.

All You Need to Know About Overdraft Loan for Salaried & Its Benefits

The option of an overdraft loan for salaried professionals is ideal if you want to get instant funding. Using this type of credit, you can manage any medical emergency or any other urgent requirement.

It helps you avoid cutting back on your budget or liquidating your valuable assets to arrange funds. Read on to know how salary overdraft works, its features, benefits and more.

How Does Salary Overdraft Work

The overdraft loan for salaried individuals is a revolving credit facility offered by banks that allows you to borrow funds with your salary as collateral. By opting for this, you can withdraw a pre-approved amount from your salary account without applying for a separate loan. 

Once you have withdrawn the amount, it will attract interest daily, which you must pay on a monthly basis. You can repay the loan at your convenience, as no fixed EMIs exist. Thus, getting a loan on a salary account gives you the flexibility to make part payments or a full payment according to your budget. 

Features of Loan Against Salary Account

Here are some characteristics of this form of credit.

  • Eligibility Criteria

To be eligible for a salary overdraft, you only need a salary account with the bank. Since banks have all your personal and credit information, they can evaluate your creditworthiness to decide your withdrawal limit. 

  • Overdraft Limit

This is the amount you can withdraw over your account balance in case of urgent requirement. These criteria vary from one bank to another. Some allow you to withdraw up to 3-5 times your monthly salary, while others may offer you a loan up to a fixed amount. 

  • Interest Rate

The interest on an overdraft loan for salaried individuals applies on a daily basis. From the day you make a withdrawal, it starts attracting interest until you’ve paid the complete amount. 

  • Collateral Required

Your salary acts as collateral in this case, so you don’t have to pledge any valuable asset to get approval.

  • Revolving Credit 

Once you have paid the loan amount, you can renew your loan for the same amount if needed. This way, salary draft is a convenient option available 24/7. 

  • Tenure

The tenure may range from 12 months to 5 years, depending on the bank’s internal policy. This allows you to repay the loan when you have the funds available. 

Reasons to Opt for It

Here are some reasons for getting an overdraft loan for salaried professionals.

  • It is easily accessible via your salary account
  • It doesn’t require a lengthy application or documentation process
  • It offers a flexible repayment schedule 
  • You have a better chance of approval as your bank already has all the required details  
  • You can pre-close it anytime without penalties
  • The interest is charged only on the amount you withdraw

In addition to that, here are some drawbacks of this loan facility

  • The interest rate is higher than any other type of credit, like a personal loan 
  • You need a good credit score to get approval 
  • The interest calculated daily may lead to a higher debt obligation 
  • It does not improve your credit score like a traditional loan

Knowing all the fundamentals of this instant credit facility is one way to source instant funds, but you must have a salary account. Alternatively, you can apply for the Fibe Instant Personal Loan to arrange up to ₹5 lakhs for any personal use. 

We offer a loan at a fixed nominal interest rate, making repayment easy. Unlike traditional loans, you don’t need to have a high credit score as we opt for alternative credit scoring mechanisms. 

So, even if you are new to the credit world, you can still avail a sizeable loan as per your eligibility. With nominal paperwork, comfortable tenure of up to 36 months and zero foreclosure charges, you can borrow stress-free. Download our Personal Loan App or visit our website to apply online. 

FAQs on Salary Overdraft

What is the OD limit for salaried people?

The amount of loan on a salary account depends on the lender’s policy, your salary and your credit history. When you open a salary account, banks calculate your overdraft limit based on the withdrawn salary. Often, you can withdraw a percentage of your current salary amount as an overdraft.

What is a salary advance overdraft?

It is a short-term instant credit facility offered by banks against your salary account.  

How is the salary OD calculated?

Some banks allow you 80%-90% of your net salary as a loan. Others may calculate your loan amount up to 3 times your monthly salary as the maximum loan amount.

Is salary overdraft good?

An overdraft loan for salaried individuals is a smart option when you need funds instantly without going through a time-consuming loan application process. But you may not get sufficient funds for a significant loan repayment and it may attract a higher interest. Based on the maximum loan amount you can get and your financial requirements, you can make an informed decision.

Who Qualifies for Healthcare Coverage Under Ayushman Bharat Yojana

In 2018, the Government of India launched Ayushman Bharat Yojana – a transformative healthcare initiative aimed at providing financial protection to millions of vulnerable households. 

Being the world’s largest government-funded scheme, it aims to achieve Sustainable Development Goals (SDGs) and the vision of Universal Health Coverage (UHC) by covering over 55 crore beneficiaries. However, to be eligible for the Ayushman Bharat scheme, certain criteria need to be met. To know more about this scheme and who can qualify for it, read on.

What is the Ayushman Bharat Yojana?

Based on the recommendations of the National Health Policy of 2017, the Union Government formulated this policy. The Ayushman Bharat Scheme comprises two inter-related components:

  • Creation of Health and Wellness Centres (HWCs)
  • PM-JAY

The full form of PM-JAY is Pradhan Mantri Jan Arogya Yojana, an overview of which is provided below: 

  • It provides a cashless cover of up to ₹5 lakhs per eligible family per annum for listed secondary and tertiary care conditions 
  • One or all members of a family can use the funds available under this scheme

Here are the expenses covered under this component of the scheme:

  • Medical examination, treatment and consultation
  • Pre-hospitalisation
  • Medicine and medical consumables
  • Non-intensive and intensive care services
  • Diagnostic and laboratory investigations
  • Medical implantation services (where necessary)
  • Accommodation benefits
  • Food services
  • Complications arising during treatment
  • Post-hospitalisation follow-up care up to 15 days

Eligibility Criteria for Rural Families

The Government of India has identified seven deprivation criteria for rural areas. Out of these, PM-JAY covers six deprivation and automatic inclusion criteria:

  • D1- Only one room with kutcha walls and kutcha roof
  • D2- No adult member between ages 16 and 59 years
  • D3- Households with no adult male member between ages 16 and 59 years
  • D4- Disabled member and no able-bodied adult member
  • D5- SC/ST households
  • D7- Landless households deriving a major part of their income from manual casual labour
  • Destitute or those living on alms, primitive tribal groups, manual scavenger households and legally released bonded labour

Eligibility Requirements for Urban Families

The Ministry of Health and Family Welfare has also listed the following eleven occupational categories to qualify for Ayushman Bharat Yojana:

  • Ragpicker
  • Beggar
  • Domestic worker
  • Construction workers, masons, security guards, welder, plumbers, coolie and other head-load workers
  • Street vendors, cobblers, hawkers and other service providers working on streets
  • Sweeper, sanitation worker and gardener
  • Transport workers, drivers, conductors, helpers to drivers and conductors, cart pullers and rickshaw pullers
  • Electricians, mechanics, assemblers and repair workers
  • Home-based worker, artisan, handicrafts worker and tailor
  • Shop workers, assistants, peons in small establishments, helper or delivery assistants, attendants and waiters
  • Washermen and chowkidars

By understanding the eligibility requirements outlined above, you will be better equipped to navigate through the complexities of Ayushman Yojana and secure your family’s health. However, if you don’t qualify for this government-funded scheme, you can also access funds for all your healthcare needs on Fibe.

Fibe allows you to secure up to ₹10 lakhs with its Healthcare Finance facility, enabling you to repay as per your chosen timeline at no-cost and low-cost EMIs. Download our Personal Loan App or log in to our website to access a medical loan with ease and at minimal interest rates.

FAQs on Ayushman Bharat Yojana 

Am I eligible for the Ayushman Bharat card?

To qualify for this healthcare scheme, you need to meet any one of the following criteria:

  • Among 7 deprivation categories identified for rural areas, you must belong to any one of these deprivation criteria except for D6
  • If you reside in an urban area, you must belong to any one of the 11 occupational categories listed by the Union Government

How do I know if I am eligible for PMJAY?

Follow these steps to determine if you qualify for Ayushman Bharat Yojana:

  • Visit the official website PMJAY and click on the ‘Am I Eligible’ section
  • Select the ‘Beneficiary’ option and enter your mobile number
  • Choose the authentication mode and hit the login button
  • Verify the One-Time Password (OTP) received on your registered mobile number
  • Provide further information, such as your name, state, details of the family members and income
  • Click on the ‘Submit’ button to know if you are eligible for Ayushman Bharat healthcare scheme

How can I enrol for Ayushman Bharat?

You can register for a card under this scheme by following these simple steps:

  • Visit the official website of ‘Ayushman Bharat Digital Mission’
  • Click on the ‘Create ABHA Number’ option
  • Select if you want to create an ABHA number using your ‘Aadhaar Card’ or ‘Driving Licence’ 
  • After verifying the details of your Aadhaar card or driving licence, enter other information like name, income and PAN card
  • Submit the application and wait for approval from the concerned authorities  

Which diseases are not covered under Ayushman Bharat?

This government-funded Ayushman Bharath health insurance scheme does not cover the following medical expenses:

  • Out-Patient Department (OPD) visits
  • Cosmetic surgeries
  • Organ transplants
  • Drug rehabilitation
  • Fertility treatments 

Is Ayushman Bharat free for everyone?

Yes, the Ayushman Bharat health insurance is free for all eligible beneficiaries.

Important Difference Between RuPay, Visa and MasterCard You Should Know

Understanding the difference between RuPay, Visa card and MasterCard is crucial before stepping into the world of finance. These payment networks link the merchant and the card issuer, so making a careful decision is imperative.

Moreover, any additional perks you can enjoy on your cards depend on your payment network. Understanding how these payment networks work to facilitate your debit and credit card journey can help maximise your benefits.

Here is a quick overview and details of the top payment networks in India to choose from. 

What are Payment Networks?

In simple terms, these networks mediate between you and the merchant to ensure secure fund transfer from one account to another. All financial institutions offering credit and debit cards have an association with one or more payment networks. 

When you use your credit card to make a payment, the network partner verifies that you have sufficient funds available to make the payment. Once your issuer confirms and approves the transaction, the network relays the same to the merchant and the transfer is processed. 

It is crucial to note that merchants don’t have to accept all payment networks. You cannot use the card if your issuer’s payment network is not accepted at the store.  

Visa vs MasterCard vs RuPay – Key Differences

These payment networks offer different credit card experiences because of the differences in their features. Here is an overview of their distinguishing features.

  • International Acceptance

The primary difference between these networks is that Visa and MasterCard are international payment networks, but RuPay is a domestic network for India. However, RuPay has now entered the global market. Nonetheless, its global acceptance isn’t as wide as MasterCard or Visa. 

  • Cost of Operation

Another key difference between them is the cost involved in using their services. As an international payment network, Visa and MasterCard charge the bank in dollars. This fee is converted into Indian currency, which increases the cost you bear. 

However, RuPay, being a domestic network, has an advantage here. The cost is in national currency only, which reduces the financial burden you have to shoulder. Because of this, it also promotes independence from the foreign payment network.

  • Security 

The payment network for RuPay credit cards spreads across India, but Visa and MasterCard have international grids. A larger network across the border increases the risk of data breaches and identity theft. However, both international networks employ robust security measures and provide emergency services to overcome this drawback.

Which Debit Card is Best: Visa, MasterCard or RuPay

By knowing the difference between RuPay, Visa card and MasterCard, you can choose a card based on their benefits. If you prefer a credit card with international network benefits, choose Visa or MasterCard. You can get a RuPay credit card for domestic transactions and lower fees and charges. 

Based on all this information, you can choose the right network partner as per your requirements. However, remember that the primary benefits of your card depend on the issuer. So, it is crucial to prioritise choosing the right issuer. One of the leading options you can choose is the Fibe Axis Bank Credit Card. 

This is India’s first numberless metal credit card that ensures better security of your details, reducing the risk of misuse. You can also link with UPI and enjoy many lucrative perks, like 3% cashback on local commute, entertainment and food delivery expenses. 

All other transactions earn 1% cashback and help you save more on all your everyday online and offline payments. In addition, you get complimentary access to domestic airport lounges 4 times in a calendar year and a 1% fuel surcharge waiver. Download the Fibe App now to apply and access all these benefits and more. 

FAQs on Visa vs MasterCard vs RuPay

Which card is better, Visa or Mastercard?

While they provide a similar basic facility of secure fund transfer, you can enjoy different additional services. Both Visa and MasterCard offer an emergency travel assistant, emergency card replacement and cash advance facility. However, with Visa, you can also get roadside dispatch as an emergency facility. 

In addition, the travel benefits vary significantly. However, note that the perks offered by these payment networks are in addition to the ones offered by the issuer. As such, you must choose the right issuer to get maximum benefits.

What are the benefits of a RuPay credit card over a Visa?

RuPay is an indigenous payment card network within India, while the Visa network spreads internationally. Due to this, Visa has higher costs and risks compared to RuPay.  

Why is the RuPay Card not accepted?

Merchants have the option to accept payments only from select payment networks. Additionally, RuPay is primarily for the Indian domestic market and has limited international acceptance.

Upgrade for a Better Lifestyle: Know the Benefits of RuPay Cards

There are many benefits of a RuPay card, especially now, as you can link a credit card to UPI. This multinational payment network, launched by the Reserve Bank of India (RBI), is an initiative to promote a cashless economy.

With other competitive payment networks available, such as Visa and MasterCard, choosing one can be difficult. Here are some RuPay credit card benefits you can consider to make an informed decision. 

Wide Range

In partnership with top Indian banks, RuPay offers a variety of card options to choose from. Having a diverse range of card options allows you to select the best option based on your requirements. You can even get a lifetime-free RuPay credit card. Some other types of cards include:

  • Travel 
  • Fuel 
  • Rewards 
  • Shopping 

There are exclusive cards for the Indian Army. Many co-branded credit card options are also available with RuPay as a payment partner, so you can easily get the most suitable option. 

Better Customer Security

With robust security measures and virtual existence, you can relax and use your RuPay credit card with minimal risk. Additionally, its network is only established in India. This reduces the risk of data breaches compared to international payment networks. 

Lower Transaction Cost

The transaction fee is in dollars with international networks, such as Visa and MasterCard. After the currency conversion, the cost can be relatively high for Indian users. However, India-based payment networks calculate the cost in national currency, which is why it’s more affordable. 

It is also more feasible as the transaction processing takes place domestically, reducing the overall data verification and processing cost. Additionally, these credit cards have nominal or zero joining and annual fees and low maintenance charges. 

UPI Integration 

You can easily integrate a RuPay credit card with the UPI apps of your choice to make seamless and hassle-free online payments. This way, you can easily make person-to-person and merchant payments from your credit cards with the security of UPI. 

Global Recognition

Although its primary focus is facilitating streamlined domestic transactions, you can make international payments. This is possible due to integration with different global payment networks around the world.  So, you get to enjoy numerous benefits of a RuPay card worldwide with its vast network of 60+ million merchant outlets, including

  • Retail stores 
  • Restaurants 
  • E-commerce platforms 
  • Merchant websites 
  • Online food and grocery ordering apps 
  • Luxury stores

Contactless Payments 

You can also complete secure contact-free transactions thanks to the Radio Frequency Identification (RFID) technology. To do this, simply tap your credit card over the POS machine and the amount will get deducted from the card. 

This is a relatively secure way to make payment instead of handing over your card to a stranger, who can use your card details or swipe it through a skimmer.

Cost-effective Option 

You can also get a lifetime-free RuPay credit card, which is an affordable option designed to cater to individuals from various socio-economic backgrounds. Apart from this, the other options also come with lower charges, making it an affordable option. This initiative empowers Indians to enjoy better banking services and financial independence. 

Digital Transformation

An added perk of choosing a RuPay credit card is that you get to participate in the ongoing initiative for the digital transformation of the Indian economy. It promotes a cashless economy, with efficient and transparent transactions and financial inclusion on a national level. 

Knowing all these benefits of a RuPay card, it’s evident why it is a great option. The Fibe Axis Bank Credit Card is India’s first numberless credit card and is also UPI-enabled. So, you get maximum security against identity theft and fraud. 

You can also enjoy many lucrative perks, such as cashback of up to 3% on all online and offline payments. You can also enjoy 4 annual complimentary access to domestic lounges in a calendar year.

In addition to this, you can unlock a 1% fuel surcharge waiver when making a transaction between ₹400 and ₹5,000. Moreover, it’s a lifetime-free RuPay credit card, allowing you to save more. Download the Fibe App or visit the website and apply now! 

FAQs on RuPay Credit Card

Is a RuPay debit card good?

Yes, all RuPay cards allow you to make swift and secure payments online and offline. 

Is RuPay safer than Visa?

This depends on your preferences. However, RuPay is India’s indigenous payment card network and therefore, user data circulates within the country. On the other hand, Visa is an international payment card network that shares data internationally. This increases the possibility of data and identity theft. 

Can I convert RuPay to Visa?

Yes. The Reserve Bank of India issued a circular that allows you to port your credit or debit card network, just like a mobile network. 

Who is the owner of RuPay?

RuPay is a product launched by the National Payments Corporation of India (NPCI). It is empowered by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).

RuPay Credit Cards: Important facts to know

The introduction of the RuPay Credit Card by NPCI (National Payments Corporation of India) shows advancements in India’s digital payments ecosystem. It’s a co-branded credit card that a number of Indian banks issue. 

By offering a wide range of attractive features and benefits, these credit cards have become a preferred choice for cashless transactions. It offers a secure and convenient way of transactions, with benefits like cashback, UPI integration and much more. 

Here’s an overview of how this card works, the benefits it offers and more.

What is a RuPay Credit Card?

If you’re wondering what a RuPay card is, here’s all that you need to know:

  • It is available in different variants, such as RuPay Select, RuPay Classic and RuPay Platinum, each having its own set of features. 
  • Various banks, such as Axis Bank, HDFC Bank, IndusInd Bank, etc., offer these cards.
  • These cards aim to provide a secure and convenient electronic payment solution and reduce reliance on foreign payment systems. 
  • You can apply for these cards by visiting the issuing bank’s portal or its nearest branch.

How a RuPay Card Works?

You can use this card to pay in various modes within seconds. Here’s how:

Online Transactions

  • Choose ‘Credit card’ as the payment option on the app or website.
  • Provide your card details, including the card number, CVV code and the expiration date.

Physical Transactions

  • Swipe or tap the card at the POS terminal of the merchant.
  • Enter the card’s PIN to initiate payments.

UPI Payments

  • Link the card to a preferred UPI app.
  • Scan the merchant’s QR code or enter their UPI ID to pay.

What are the Benefits of Using a RuPay Card?

Here’s why getting this card is a smart choice:

  • You can make payments to millions of merchants online and offline using this card, making them a convenient payment option.
  • These cards have advanced security features like chip and PIN technology, offering adequate security for your funds and personal data. 
  • Many cards offer attractive perks like points, cashback, discounts, complimentary airport lounge access and much more.
  • You can also link your card to a UPI app for seamless payments through UPI UDs and QR codes to enjoy seamless transactions.
  • As RuPay is a domestic payment network, it executes faster transactions.
  • RuPay offers a wide range of co-branded cards with leading banks tailored to meet your varied needs.

How to Apply for a RuPay Credit Card?

Follow these simple steps to get the card:

  • Step 1: Explore various cards with the RuPay payments network that banks offer.
  • Step 2: Choose the card that best fits your needs and spending pattern.
  • Step 3: Verify your eligibility by checking the criteria set by the issuing bank.
  • Step 4: Apply for a RuPay credit card online through the bank’s website or mobile app or visit a bank branch to apply in person.
  • Step 5: Submit the required documents, such as income proof, address proof and PAN card.
  • Step 6: The bank will assess your application and credit history before approving your request.
  • Step 7: Once approved, you will receive your card within a few days.

If you find credit cards with the RuPay network system interesting, consider getting the Fibe Axis Bank Credit Card. You get the benefit of linking this card with UPI for quick and convenient transactions. It also offers up to 3% cashback across various categories, such as entertainment, food delivery and more. 

With this card, you also get to enjoy 4 complimentary airport lounge access in a year at select airports. What’s more? You get a 1% fuel surcharge waiver on your fuel purchases, among other benefits. It’s also easy on your pockets as it comes with zero joining and annual renewal fees. 

To get your hands on the card, install the Fibe App or apply through the website.

FAQs on How Does a RuPay Credit Card Work

Are there any charges for UPI payments made through a RuPay card?

No, you don’t need to pay anything extra for UPI transactions using this card. 

Is it worth taking a RuPay card?

Yes, it’s a smart choice as you enjoy these features and benefits:

  • Quick and easy payments
  • UPI integration facility
  • Secure features
  • Attractive benefits and rewards
  • Wide acceptance online and offline

What is the RuPay credit card limit?

According to the NPCI circular, the limit will be the lowest of these:

  • The limit that the issuer sets
  • The limit that the issuer sets for ‘RuPay Credit Card on UPI’ transactions according to their frameworks regarding risk management
  • The limit that you set, according to the RBI’s circular dated 15 January 2020 regarding ‘Enhancing Security of Card Transactions’

Can we withdraw money from the RuPay credit card?

Yes, this card allows you to withdraw funds from an ATM, depending on the daily withdrawal limit.

Claiming Tax Benefits on an Education Loan: A Helpful Guide

With a high increase in education costs over the years, affording the fees of reputed institutions can be a challenge. Thankfully, an education loan is a great solution to help address these costs. You can also claim tax benefits on an education loan and save more overall. 

These are available in the form of a deduction on the interest you pay on the loan. The limits, applicability, and other specifications are as per the provisions under Section 80E of the Income Tax Act. Read on to learn how the tax deduction under this section works, who is eligible and more.

Tax Deduction Available on an Education Loan

As mentioned, tax benefits on an education loan in India are available as per the provisions outlined in Section 80E of the Income Tax Act. With this benefit, the authorities aim to promote education. Here’s what you need to know:

• You can claim a deduction for education loans from an eligible financial institution

• The deduction applies only to the interest portion of the EMI you pay during a financial year, not the principal amount

• To claim this deduction, you must obtain a certificate from the financial institution

• The certificate should contain a record of the principal and the interest portions of the education loan you’ve paid during the financial year

Tax Deduction on an Education Loan Under Section 80E: Key Points

Like any other provision related to tax deduction, this section also comes with a set of rules and regulations. Keep these points in mind to successfully claim income tax benefits on an education loan:

Maximum Deduction Amount

The best part about this provision is that there isn’t any limit on the amount you can claim as a deduction. However, remember that you cannot get a deduction on the principal amount of the loan. You can only enjoy this benefit on the interest payments you make in a year towards the repayment of your education loan. 

Individuals Eligible for Deduction

Anyone getting an education loan can claim tax deductions under Section 80E. To benefit from the tax deduction, you must get the education loan for:

  • Your own higher education
  • The education of your dependent children
  • The studies of a student for whom you’re a legal guardian
  • The education of your spouse or partner

This is what you can do if your parents took a loan for you and you split the EMI payments:

  • Your parents can claim deductions on the portion of the EMI that they’ve paid
  • You can get tax benefits on the remaining portion

Time Limit for Claiming Deduction

It’s essential to keep in mind that you can claim tax deductions under this section for whichever of the following options that comes earlier:

  • A maximum period of 8 years, starting from your first interest payment
  • Until you repay the interest amount

Lenders Eligible to Offer Loans

As per Section 80E, you can claim this tax benefit only when you get an education loan from one of the following eligible institutions:

  • Banks
  • NBFCs
  • Approved charitable organisations

Education Loans Eligible for Deduction

Here are some conditions regarding the loans that you must keep in mind to claim the deductions:

  • You must use the funds only for educational purposes in India or abroad
  • You must utilise the loan amount to cover the costs of any full-time course after the completion of your senior secondary exams

The tax benefit is also available for courses or degrees in the following fields:

  • Medicine
  • Engineering
  • Management
  • Other occupational courses

An alternative option to cover education costs is getting an Instant Personal Loan from Fibe. Since these loans have no end-use restriction, you can employ them for any expense, whether it’s the:

  • Tuition fees
  • Living expenses
  • Getting a laptop or courses materials for classes

We have minimal eligibility requirements and documentation formalities, so can apply easily and get the funds just as quickly. Download the Instant Loan App or apply via the website.

FAQs on Claiming Tax Benefits on an Education Loan

Can I get tax benefits on an education loan?

Yes. you can claim a deduction on the EMI portion of an education loan u/s 80E of the Income Tax Act and lower your tax outgo.

Can I claim benefits under both Sections 80C and 80E?

Yes. Both sections are exclusive of each other and you can enjoy tax income tax benefits on an education loan u/s 80E. Section 80C on the other hand, offers a deduction of up to ₹1.5 lakhs on specified investment and other specified circumstances.

What is the limit of the 80E tax benefit?

There’s no limit. You can claim a deduction for the total interest paid during the financial year. Note that you can only claim the tax benefit on whichever comes earlier:

  • A maximum period of 8 years, starting from your first interest payment
  • Till you repay the interest amount

How much ITR is required for an education loan?

This depends on the lender you apply with and most issuers need you to submit the last 2 years’ ITR.

How To Get a Medical Loan: The Secret to Quick Approval

Knowing how to get a medical loan can help you address ongoing treatment or an upcoming surgery without compromising your savings. Be it for elective procedures, chronic diseases or emergencies, you can do away with financial burdens with such a loan.  

To boost your chances of getting a medical loan and quality treatment, you can use certain key strategies. To know more about these loans and best practices, read on.

What are Medical Loans?

These financial products allow you to borrow funds to pay your medical expenses, planned or unplanned. You can utilise the funding for varied purposes, such as:

  • Medical bills
  • Surgeries 
  • Special procedures/treatments

These come with flexible repayment tenure and competitive rates. So, you can manage your medical bills in one shot and repay in monthly instalments – all without depleting your savings. 

How to Boost Chances of Loan Approval?

Financial companies approve your loan applications quickly, and you can apply conveniently online. Follow certain strategies to improve your chances of getting a medical loan. 

Showcase All Income Sources

Your income influences the possibility of getting the funds and the loan amount. This is because it displays a higher repayment capacity, which improves your eligibility. Depending on the lender, you can disclose the following sources of income: 

  • Dividends
  • Rent
  • Freelance earnings
  • Salary/business earnings

Maintain Good Creditworthiness

Although the credit score requirement varies depending on the financial institution, you should aim for 750+. This is considered good because it showcases responsible repayment behaviour, which makes you a low-risk borrower. To improve your score, try following these habits:

  • Repaying on time and in full
  • Keeping your credit utilisation ratio under 30%
  • Borrowing both secured and unsecured loans
  • Not applying for loans frequently
  • Checking your score and report regularly

Keep Debt-to-Income (DTI) Ratio Low

This indicates how much of your monthly income goes towards paying off your existing debts. If it is high, it implies a higher possibility of non-payment and overreliance on loans and credit. As such, the lenders may not approve your application. 

Ideally, you should maintain a ratio under 40%. Here are a few tips to lower your monthly debt amount:

  • Consolidate your debt
  • Use the snowball or avalanche method
  • Increase your income
  • Negotiate for a better repayment plan

Also Read: What is Debt-to-Income Ratio?

Check Your Eligibility

Another tip on how to get approved for a medical loan is to know whether you qualify for it. Different lenders have different terms and if you don’t satisfy all of them, your application may not pass the initial approval stage. You can check the criteria on their website and ensure you apply only if you meet them.

You also need to make sure that you submit a complete application with all the necessary documents. Doing this will ensure that your application is processed seamlessly and quickly. Here are some general documents you will have to provide:

  • Identity and residence proof
  • Bank statement
  • Income Tax Return (ITR) 
  • Salary slips or proof of business and turnover 

Get Instant Cash Loan

In addition to the above tips, you can improve your chances of getting a medical loan by choosing the right lender. If you are unsure about your eligibility, apply with a lender that has minimal and lenient requirements. This is where you can rely on Fibe.

You can easily secure up to ₹10 lakhs for all your medical needs with Fibe’s Healthcare Finance. It allows you to select a repayment tenure that best suits your financial capability and pay your loan off in no-cost and low-cost EMIs. Download our Personal Loan App or log in to our website to get a medical loan at competitive rates and minimal paperwork. 

FAQs on How to Get a Medical Loan

How do you increase your chances of getting a loan?

Here are some easy tips to ensure a higher possibility of approval:

  • Understand the eligibility requirements 
  • Keep your credit score over 750
  • Disclose all sources of income
  • Ensure proper documentation 

Who is eligible for a medical loan?

This depends on the requirements set by the lender you choose. Given below are the basic criteria to get Healthcare Finance from Fibe:

  • You must be between 18 and 60 years old
  • You must either be a salaried or a self-employed individual, with a minimum monthly income of ₹15,000 or ₹20,000, respectively
  • You must reside in a city where Fibe services are available

What is an example of a medical loan?

Fibe’s Healthcare Finance is one of the examples of a medical loan. You can apply for it and get up to ₹10 lakhs at competitive rates and flexible tenures.

How to get money for treatment?

To get funds for medical treatment, you can use the following strategies:

  • Use your medical insurance policy
  • Take a secured loan
  • Get a medical loan
  • Raise money through crowdfunding