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Bank of Baroda Lowers Home Loan Interest Rate
5 Steps to Apply for a Home Loan
You may have heard people say that real estate is the best kind of investment. Its value appreciates over time, and you also get several tax benefits under various Sections of the Income Tax Act of India, 1961. But with ever-escalating property rates, you may not have sufficient savings to buy a property on your own. Thankfully, you can approach Bank of Baroda for a Home Loan. The bank offers a wide variety of Home Loans at affordable interest rates. You can get financing of up to 90% of the property's value and repay the loan in affordable Equated Monthly Instalments (EMIs) over tenures lasting up to 30 years. To get you started, we have outlined the bank's Home Loan application process here.
5 Steps on How to Apply for a Home Loan
Eligibility
Before you begin the Home Loan application process, you need to ensure that you are indeed eligible for the loan. The bank determines whether you qualify for a Housing Loan after considering several factors such as your age, employment status, income, and monthly expenses. You have to input these details in the Bank of Baroda Home Loan Eligibility Calculator. The calculator instantly computes whether or not you are eligible for the loan. If you qualify, it calculates the maximum loan amount you can get. Note that the calculator only computes a rough estimate of the loan amount. The bank determines the actual loan amount you can get, after assessing the loan application form.
Document Submission
After getting a rough estimate of the loan amount you can get, you can move to the next step in the Home Loan application process. You need to fill the loan application form. You can fill the form online, directly through the bank's website. You have to provide your personal and financial details, based on which the bank confirms the maximum loan amount for which you are eligible. You also have to provide your necessary documents such as your ID, age, and income proof documents etc. You have to also submit property documents like sale or title deeds, NOC or the allotment letter etc. You need these documents irrespective of whether it's a new or existing property.
Property Evaluation
Since a Home Loan is a high-value investment for the bank, the bank does its bit in evaluating the property. A surveyor appointed by the bank visits the property's site and checks the market value of the property. While the bank surveys the property, it would help to have free and clear titles. Bank also appoint a lawyer to check that the title deed and other documents are clear from leagal angle
Documentation
The bank provides a format for you to draw up the loan agreement. All costs and charges relating to the Home Loan, including the loan processing fees, stamp duty charges, loan administration charges, etc., should be borne by you. You may factor in these charges as part of your loan amount as well. The Home Loan agreement document comprises details such as the bank's loan amount, the levied interest rate, the EMI payable, and the loan tenure. It also includes other essential terms and conditions regarding prepayment, default, collateral, etc., which you must read carefully.
Home Loan Disbursal
In the final step of the Home Loan application process, the bank disburses the loan amount. Based on the type of Home Loan you have applied for, the money will be disbursed either to you or the builder. The bank also determines whether the loan amount should be disbursed in partial instalments or as a lump sum. Once the loan amount is disbursed, your Home Loan is officially underway. It begins when you pay your first EMI and ends when you pay the last.
Types of Home Loan
Having explained how to apply for a Home Loan, let us look at the different types of Home Loans offered by Bank of Baroda. These are of 9 types:
The Standard Home Loan that enables you to buy a new, existing pre-owned, or under-construction property.
A Home Construction Loan enables you to construct a house on a piece of land owned by you.
A Home Loan to buy a plot of land, on which you will construct a property in the future (within 36 months).
A Home Extension Loan allows you to enlarge the size of your existing house, build extra floors, etc.
A Home Improvement Loan helps to finance the costs associated with renovating your existing house.
A Top-up Home Loan can get you additional financing on your existing Home Loan.
A Balance Transfer Home Loan allows you to transfer your loan from another lender to Bank of Baroda and benefit from a reduced interest rate.
A Pradhan Mantri Awas Yojana (PMAY) Home Loan allows you to get subsidised interest rates on your Home Loan. This funding type is useful if you belong to the economically weaker section, a light-income group or a medium-income group per PMAY policies.
A Pre-approved Home Loan wherein you can first get approval for a loan and then finalise the property based on your eligibility.
Documents for Home Loan Application Process
Besides knowing how to apply for a Home Loan online, you should also be aware of the documents you need to submit while applying for a Home Loan. These include:
Your age proof documents
You need to provide any government-approved document with your date of birth mentioned on it. Age proof documents help banks assess if you are in the 21-65 years age group (at the time of repaying the final EMI) to be eligible for the loan. This document could be a PAN Card, Aadhaar Card, Passport, Driving License, etc.
Your identity proof documents
Any Government-approved document featuring your photograph is accepted as a valid identity proof document. It could be your PAN Card, Aadhaar Card, Passport, Driving License, Voter ID Card, etc.
Your address proof documents
Any Government-approved document featuring your current/permanent address is accepted as a valid address proof document. It could be your Aadhaar Card, Passport, Driving License, Voter ID Card, Ration Card, Utility bills, etc.
Your income and employment proof documents
You need to provide documents validating your employment, such as your offer letter and designation, salary slips, increment letters, etc. If you are self-employed or a business owner, you need to provide your bank statement, profit and loss statements, proof of business documents, etc. All applicants must also provide their income tax returns for the last three years.
Property-specific documents
Finally, you must provide all documents related to the property you intend to buy such as the No Objection Certificate supplied by the society or builder, the original sale deed, letter of allotment, bank statements and receipts showing advance payments, etc. If you are taking a Home Construction Loan, you must also provide a document on estimating the costs associated with property construction, approved map etc.
Factors to Consider Before Applying Online for Home Loan
Now that you know how to apply for a Home Loan online, you should consider the factors mentioned below before beginning the Home Loan application process.
Consider the bank's lending rate and the maximum loan amount you can get based on your income.
Consider your credit scores and ensure they are above 701 points to get an affordable Home Loan interest rate along with the repayment tenure of your choice.
Consider repaying any existing loans and credit card bills to enhance your credit score, and by extension, your eligibility.
Consider opting for a longer-tenure loan to reduce the monthly instalment amount significantly.
As is apparent, the Home Loan application process is quite simple and straightforward. Now that you know how easy it is to apply for A Bank of Baroda Home Loan visit the Home Loan Section of our website to get started.
What are the consequences of missing a home loan EMI? (And how to get back on track?)
5 Steps to Apply for a Home Loan
You may have heard people say that real estate is the best kind of investment. Its value appreciates over time, and you also get several tax benefits under various Sections of the Income Tax Act of India, 1961. But with ever-escalating property rates, you may not have sufficient savings to buy a property on your own. Thankfully, you can approach Bank of Baroda for a Home Loan. The bank offers a wide variety of Home Loans at affordable interest rates. You can get financing of up to 90% of the property's value and repay the loan in affordable Equated Monthly Instalments (EMIs) over tenures lasting up to 30 years. To get you started, we have outlined the bank's Home Loan application process here.
5 Steps on How to Apply for a Home Loan
Eligibility
Before you begin the Home Loan application process, you need to ensure that you are indeed eligible for the loan. The bank determines whether you qualify for a Housing Loan after considering several factors such as your age, employment status, income, and monthly expenses. You have to input these details in the Bank of Baroda Home Loan Eligibility Calculator. The calculator instantly computes whether or not you are eligible for the loan. If you qualify, it calculates the maximum loan amount you can get. Note that the calculator only computes a rough estimate of the loan amount. The bank determines the actual loan amount you can get, after assessing the loan application form.
Document Submission
After getting a rough estimate of the loan amount you can get, you can move to the next step in the Home Loan application process. You need to fill the loan application form. You can fill the form online, directly through the bank's website. You have to provide your personal and financial details, based on which the bank confirms the maximum loan amount for which you are eligible. You also have to provide your necessary documents such as your ID, age, and income proof documents etc. You have to also submit property documents like sale or title deeds, NOC or the allotment letter etc. You need these documents irrespective of whether it's a new or existing property.
Property Evaluation
Since a Home Loan is a high-value investment for the bank, the bank does its bit in evaluating the property. A surveyor appointed by the bank visits the property's site and checks the market value of the property. While the bank surveys the property, it would help to have free and clear titles. Bank also appoint a lawyer to check that the title deed and other documents are clear from leagal angle
Documentation
The bank provides a format for you to draw up the loan agreement. All costs and charges relating to the Home Loan, including the loan processing fees, stamp duty charges, loan administration charges, etc., should be borne by you. You may factor in these charges as part of your loan amount as well. The Home Loan agreement document comprises details such as the bank's loan amount, the levied interest rate, the EMI payable, and the loan tenure. It also includes other essential terms and conditions regarding prepayment, default, collateral, etc., which you must read carefully.
Home Loan Disbursal
In the final step of the Home Loan application process, the bank disburses the loan amount. Based on the type of Home Loan you have applied for, the money will be disbursed either to you or the builder. The bank also determines whether the loan amount should be disbursed in partial instalments or as a lump sum. Once the loan amount is disbursed, your Home Loan is officially underway. It begins when you pay your first EMI and ends when you pay the last.
Types of Home Loan
Having explained how to apply for a Home Loan, let us look at the different types of Home Loans offered by Bank of Baroda. These are of 9 types:
The Standard Home Loan that enables you to buy a new, existing pre-owned, or under-construction property.
A Home Construction Loan enables you to construct a house on a piece of land owned by you.
A Home Loan to buy a plot of land, on which you will construct a property in the future (within 36 months).
A Home Extension Loan allows you to enlarge the size of your existing house, build extra floors, etc.
A Home Improvement Loan helps to finance the costs associated with renovating your existing house.
A Top-up Home Loan can get you additional financing on your existing Home Loan.
A Balance Transfer Home Loan allows you to transfer your loan from another lender to Bank of Baroda and benefit from a reduced interest rate.
A Pradhan Mantri Awas Yojana (PMAY) Home Loan allows you to get subsidised interest rates on your Home Loan. This funding type is useful if you belong to the economically weaker section, a light-income group or a medium-income group per PMAY policies.
A Pre-approved Home Loan wherein you can first get approval for a loan and then finalise the property based on your eligibility.
Documents for Home Loan Application Process
Besides knowing how to apply for a Home Loan online, you should also be aware of the documents you need to submit while applying for a Home Loan. These include:
Your age proof documents
You need to provide any government-approved document with your date of birth mentioned on it. Age proof documents help banks assess if you are in the 21-65 years age group (at the time of repaying the final EMI) to be eligible for the loan. This document could be a PAN Card, Aadhaar Card, Passport, Driving License, etc.
Your identity proof documents
Any Government-approved document featuring your photograph is accepted as a valid identity proof document. It could be your PAN Card, Aadhaar Card, Passport, Driving License, Voter ID Card, etc.
Your address proof documents
Any Government-approved document featuring your current/permanent address is accepted as a valid address proof document. It could be your Aadhaar Card, Passport, Driving License, Voter ID Card, Ration Card, Utility bills, etc.
Your income and employment proof documents
You need to provide documents validating your employment, such as your offer letter and designation, salary slips, increment letters, etc. If you are self-employed or a business owner, you need to provide your bank statement, profit and loss statements, proof of business documents, etc. All applicants must also provide their income tax returns for the last three years.
Property-specific documents
Finally, you must provide all documents related to the property you intend to buy such as the No Objection Certificate supplied by the society or builder, the original sale deed, letter of allotment, bank statements and receipts showing advance payments, etc. If you are taking a Home Construction Loan, you must also provide a document on estimating the costs associated with property construction, approved map etc.
Factors to Consider Before Applying Online for Home Loan
Now that you know how to apply for a Home Loan online, you should consider the factors mentioned below before beginning the Home Loan application process.
Consider the bank's lending rate and the maximum loan amount you can get based on your income.
Consider your credit scores and ensure they are above 701 points to get an affordable Home Loan interest rate along with the repayment tenure of your choice.
Consider repaying any existing loans and credit card bills to enhance your credit score, and by extension, your eligibility.
Consider opting for a longer-tenure loan to reduce the monthly instalment amount significantly.
As is apparent, the Home Loan application process is quite simple and straightforward. Now that you know how easy it is to apply for A Bank of Baroda Home Loan visit the Home Loan Section of our website to get started.
Lost your job due to Covid 19? Here's how to pay your home loan EMIs
5 Steps to Apply for a Home Loan
You may have heard people say that real estate is the best kind of investment. Its value appreciates over time, and you also get several tax benefits under various Sections of the Income Tax Act of India, 1961. But with ever-escalating property rates, you may not have sufficient savings to buy a property on your own. Thankfully, you can approach Bank of Baroda for a Home Loan. The bank offers a wide variety of Home Loans at affordable interest rates. You can get financing of up to 90% of the property's value and repay the loan in affordable Equated Monthly Instalments (EMIs) over tenures lasting up to 30 years. To get you started, we have outlined the bank's Home Loan application process here.
5 Steps on How to Apply for a Home Loan
Eligibility
Before you begin the Home Loan application process, you need to ensure that you are indeed eligible for the loan. The bank determines whether you qualify for a Housing Loan after considering several factors such as your age, employment status, income, and monthly expenses. You have to input these details in the Bank of Baroda Home Loan Eligibility Calculator. The calculator instantly computes whether or not you are eligible for the loan. If you qualify, it calculates the maximum loan amount you can get. Note that the calculator only computes a rough estimate of the loan amount. The bank determines the actual loan amount you can get, after assessing the loan application form.
Document Submission
After getting a rough estimate of the loan amount you can get, you can move to the next step in the Home Loan application process. You need to fill the loan application form. You can fill the form online, directly through the bank's website. You have to provide your personal and financial details, based on which the bank confirms the maximum loan amount for which you are eligible. You also have to provide your necessary documents such as your ID, age, and income proof documents etc. You have to also submit property documents like sale or title deeds, NOC or the allotment letter etc. You need these documents irrespective of whether it's a new or existing property.
Property Evaluation
Since a Home Loan is a high-value investment for the bank, the bank does its bit in evaluating the property. A surveyor appointed by the bank visits the property's site and checks the market value of the property. While the bank surveys the property, it would help to have free and clear titles. Bank also appoint a lawyer to check that the title deed and other documents are clear from leagal angle
Documentation
The bank provides a format for you to draw up the loan agreement. All costs and charges relating to the Home Loan, including the loan processing fees, stamp duty charges, loan administration charges, etc., should be borne by you. You may factor in these charges as part of your loan amount as well. The Home Loan agreement document comprises details such as the bank's loan amount, the levied interest rate, the EMI payable, and the loan tenure. It also includes other essential terms and conditions regarding prepayment, default, collateral, etc., which you must read carefully.
Home Loan Disbursal
In the final step of the Home Loan application process, the bank disburses the loan amount. Based on the type of Home Loan you have applied for, the money will be disbursed either to you or the builder. The bank also determines whether the loan amount should be disbursed in partial instalments or as a lump sum. Once the loan amount is disbursed, your Home Loan is officially underway. It begins when you pay your first EMI and ends when you pay the last.
Types of Home Loan
Having explained how to apply for a Home Loan, let us look at the different types of Home Loans offered by Bank of Baroda. These are of 9 types:
The Standard Home Loan that enables you to buy a new, existing pre-owned, or under-construction property.
A Home Construction Loan enables you to construct a house on a piece of land owned by you.
A Home Loan to buy a plot of land, on which you will construct a property in the future (within 36 months).
A Home Extension Loan allows you to enlarge the size of your existing house, build extra floors, etc.
A Home Improvement Loan helps to finance the costs associated with renovating your existing house.
A Top-up Home Loan can get you additional financing on your existing Home Loan.
A Balance Transfer Home Loan allows you to transfer your loan from another lender to Bank of Baroda and benefit from a reduced interest rate.
A Pradhan Mantri Awas Yojana (PMAY) Home Loan allows you to get subsidised interest rates on your Home Loan. This funding type is useful if you belong to the economically weaker section, a light-income group or a medium-income group per PMAY policies.
A Pre-approved Home Loan wherein you can first get approval for a loan and then finalise the property based on your eligibility.
Documents for Home Loan Application Process
Besides knowing how to apply for a Home Loan online, you should also be aware of the documents you need to submit while applying for a Home Loan. These include:
Your age proof documents
You need to provide any government-approved document with your date of birth mentioned on it. Age proof documents help banks assess if you are in the 21-65 years age group (at the time of repaying the final EMI) to be eligible for the loan. This document could be a PAN Card, Aadhaar Card, Passport, Driving License, etc.
Your identity proof documents
Any Government-approved document featuring your photograph is accepted as a valid identity proof document. It could be your PAN Card, Aadhaar Card, Passport, Driving License, Voter ID Card, etc.
Your address proof documents
Any Government-approved document featuring your current/permanent address is accepted as a valid address proof document. It could be your Aadhaar Card, Passport, Driving License, Voter ID Card, Ration Card, Utility bills, etc.
Your income and employment proof documents
You need to provide documents validating your employment, such as your offer letter and designation, salary slips, increment letters, etc. If you are self-employed or a business owner, you need to provide your bank statement, profit and loss statements, proof of business documents, etc. All applicants must also provide their income tax returns for the last three years.
Property-specific documents
Finally, you must provide all documents related to the property you intend to buy such as the No Objection Certificate supplied by the society or builder, the original sale deed, letter of allotment, bank statements and receipts showing advance payments, etc. If you are taking a Home Construction Loan, you must also provide a document on estimating the costs associated with property construction, approved map etc.
Factors to Consider Before Applying Online for Home Loan
Now that you know how to apply for a Home Loan online, you should consider the factors mentioned below before beginning the Home Loan application process.
Consider the bank's lending rate and the maximum loan amount you can get based on your income.
Consider your credit scores and ensure they are above 701 points to get an affordable Home Loan interest rate along with the repayment tenure of your choice.
Consider repaying any existing loans and credit card bills to enhance your credit score, and by extension, your eligibility.
Consider opting for a longer-tenure loan to reduce the monthly instalment amount significantly.
As is apparent, the Home Loan application process is quite simple and straightforward. Now that you know how easy it is to apply for A Bank of Baroda Home Loan visit the Home Loan Section of our website to get started.
Water Conservation through Tech
Water is a very important ingredient to sustain life. Most of the evolution theories state that life started with water. When we look at other planets far away from earth , we are always looking for water as a sign of life.
Water constitutes 70% of human body. It is vital for the functioning of the metabolic processes of the body. We can survive up to several weeks without food, but only a few days without water. Further uses of water range from irrigation, power generation to industrial processes. Water conservation has gained importance and new age technologies are being leveraged to efficiently manage our water resources.
Aquarius Spectrum has developed AQS water pipe monitoring solution. The solution consist of acoustic sensors for correlation-based leak detection and leak location through noise logging and mapping. Software platform integrates data from sensors and provides information to the user when a leak is starting to develop along with its position thus avoiding large scale damage.
US based APANA provides sensors and cloud-based analytical platform for water leak detection. Deploying IoT-enabled sensors they capture flow data from water infrastructure and communicates to a cloud-hosted analytical engine. The analytical platform uses proprietary analytical codes to monitor flow pattern and identify equipment malfunction when abnormal flow behaviour is identified.
Flume is an intelligent leak detection and water management system. The Flume Water Sensor straps around the existing water meter and sends real-time water usage information to the FlumeBridge. Flume Bridge connects to the WiFi and sends water data up to the Flume Cloud, bridging the connection between the Flume water sensor and app. The Flume App then notifies of leaks across the entire property and provides a dashboard view to water usage from anywhere and anytime.
On similar lines Buoy Labs has developed a connected solution for water usage monitoring and leak detection in homes. The solution consists of a hardware device powered by rechargeable batteries which needs to be installed in the main water inlet pipe. The device picks up the water usage data & communicates through a wifi network to iOS & Android compatible application. The device consists of a machine learning algorithm.
Demand for potable water is forecasted to surge due to ever increasing population. Water conservation is more important than ever, and the world is looking for tips on saving water. Utilizing new age technology can help conserve this precious resource.
Genetics startup
A gene is the basic physical and functional unit of heredity. Genes and DNA hold the key to the future applications of genetic testing for early detection and prevention of oncology and genetic diseases.
World Genetic Testing Market is projected to surpass USD 22 billion by 2024 according to a new research report by Global Market Insights. Entrepreneurs and start-ups are increasingly aware of the potential and revenues this market could create. Today, new consumer genomic start-ups are appearing all over the map – and they are aiming to expand far beyond health and ancestry.
Ever wonder about the origins of your family or the next bottle of wine that is perfect for your DNA sequence. Start-up Helix can provide those answers. Helix has moved onto this new wave of genomics aided by the reduction in costs and made the technology available to the general public at large. Helix’s goal is to move sequencing technologies from the laboratory into a digital marketplace that is based on DNA. This means using genomic testing to unlock individuals’ lifestylees and product preferences.
We spend hours in the gym and all kinds of fad diets starving ourselves to near death situations. But it just doesn’t seem to give the desired results. The answer lies in the genetic makeup of the individual.
Start-up DNAFit is interested in helping individuals develop a personalized fitness regime aided by information from an individual’s gene variant that reveal information about individual’s fitness, nutrition and overall wellbeing.
Genomics has arrived alongwith Blockchain to provide individuals an exciting new opportunity to store, transfer and utilize your DNA in an entirely new way. The desire to have genomic data recorded or tested was hindered by the lack of privacy. DNAtix is providing a blockchain based solution to safely and securely store the genomic sequence of an individual.
Human compatibility can be traced to the DNA. The question of why some people just “click” and how relationship bonds are formed has been a subject of interest in the world of psychology for decades. Instant Chemistry, a Toronto-based start-up is interested in this question as well and decided to take the science a step further. By applying DNA testing and a psychological assessment, Instant Chemistry now seeks to apply this data to relationships science. Examining biocompatibility among individuals, Instant Chemistry provides a hint towards future compatibility.
DNA and genomic sequence has the potential to unlock the cure for several diseases and ailments. The applications are endless and the benefits can surely improve future human health and behaviour.
Digital Biomarkers
The surge in usage and attractiveness of connected digital devices and health-related mobile apps has created an innovative set of huge, varied and complex data sets known as “digital biomarkers.” These are defined as objective, reckonable, physiological and behavioural measures that are collected by sensors embedded in portable, wearable, implantable or digestible devices
.
According to the market intelligence study published by BIS Research titled Global Digital Biomarkers Market - Analysis and Forecast, 2019-2025, the digital biomarker market generated revenue of $524.6 million in 2018 and is estimated to grow over $5.64 billion by the end of 2025.
Innovative healthcare startups ushering in this new era in healthcare have a fundamental understanding of both the technical aspects of life sciences and emerging technologies. For instance, FeetMe has created smart inner insoles that provide gait analysis in real time. Some diabetic patients lose sensitivity and have ulcers that can lead to amputations. FeetMe insoles can help to monitor pressure to avoid ulcers.
Mindstrong Health is a healthcare company dedicated to transforming brain health through measurement science. By measuring brain function passively and continuously through individuals' interactions with smartphones, Mindstrong's platform helps individuals and health care providers detect brain health deterioration early and deliver pre-emptive care.
Machine Medicine provides objective mobility metrics from video using extensive medical knowledge and state-of-the-art artificial intelligence. The system is able to track activities, walking patterns, detect falls and early signs of disease and alert health professionals when an intervention is needed.
There are roughly 300 biomarkers that can be detected in human breath. Breathometer has created a portable breath analysis platform by leveraging smartphones that are carried by every consumer. With a Breathometer and the mobile app, it enables convenient, non-invasive and cost effective detection and monitoring of several types of application ranging from alcohol, oral healthcare, hydration, fat burning, asthma, diabetes and even lung cancer.
In case of the current pandemic, Innovators and biopharmaceutical companies are looking at data from physiological sensors that offer RPM solutions for patients infected with Covid-19. Utilising data from these wearable sensors provides a measure of symptoms and identification of real-time digital biomarkers which are identified and reported through analytics, often powered by AI. Another important use case of digital bio markers includes pharmaceutical drug development by cheaply and efficiently allowing more people throughout the world to contribute their health data to virtual clinical trials. We truly believe that this new healthcare model would democratize, expedite and improve availability of cost effective healthcare for the masses.
Your Digital Stylist
Dear Reader,
Fashion is one of the most challenging fields, highly impacted by global economic uncertainty as well as distinct trends and industrial changes. In response to the pressure for growth and cost efficiency, many brands have started a series of initiatives to improve their speed to market and to implement sustainable innovation.
As evident during the pandemic, the need to adapt and overcome has been paramount for fashion brands to survive. Brick-and-mortar fashion companies are feeling the pain augmented by Covid-19. Mall-based retailers reportedly saw earnings plunge 256% in Q2’20, according to Coresight Research and over 12,000 US stores closed in 2020, according to real estate company CoStar Group, up from 10,000 stores the year before.
One exciting innovation in the fashion industry has been the introduction of AI-based digital stylists and chatbots, that can give feedback to customers on outfit choices or suggest alternatives if required. For example, Stylesnap is an AI-powered feature built into the Amazon app that help you find looks you love quickly and easily. Take a photograph or screenshot of an outfit, upload it onto the Amazon app, and you'll be presented with items that look just like the ones in the picture.
Even Facebook is experimenting with an AI system of its own called Fashion++. The software uses AI to analyse a person’s outfit and suggest subtle alterations that it thinks could improve the look, like rolling up the sleeves or removing an accessory.
Israel-based Syte offers retailers and brands a camera button that can be added next to the search bar on a mobile website or app. Shoppers can upload images of their favorite styles through the button, and then see looks “inspired” by those images on the brand’s site. Syte counts a number of high-profile brands among its clients, including Tommy Hilfiger, Myntra, and Kohl’s. Even luxury brands are testing digital stylists in select markets: Prada, for example, has introduced a “personalized concierge” chatbot for its relaunched Chinese website.
Fashion-tech company Style.me provides virtual styling solutions, and has recently launched a powerful plugin that can integrate a 3D virtual fitting room to any online retail website.
Recently, Fashion Innovation Agency has introduced digital human stylists (DHS) that is powered by Microsoft AI, IoT and natural language processing. It can understand what’s in your wardrobe, what’s in your calendar, where you’re going, allowing personal recommendations that are visually and verbally communicated back to the user within your own home.
With the customers’ lives becoming progressively entwined with the digital world, it is imperative that brands in Fashion Industry start embracing the latest technologies to push their limits of manufacturing, marketing and wearability.
Credits : Akhil Handa Aparna Anand
Disaster Management
Dear Reader,
We are living in the midst of a revolution. Supervised learning, a branch of Machine learning allows engineers to develop models that can train themselves. In turn, these models are helping solve crisis management problems before disaster strikes.
Technologists have long modeled data to harness machine learning for disaster relief. After the Chernobyl crisis, scientists analyzed satellite imagery and weather data to track the flow of radiation from the reactor. Today’s algorithms far outpace their predecessors in analytic and predictive powers. Machine learning models are able to deliver more granular predictions. NASA has developed the Landslide Hazard Assessment for Situational Awareness (LHASA) Model. Data from the Global Precipitation Measurement (GPM) is fed into LHASA in three-hour intervals. If a landslide-prone area is experiencing heavy rain, LHASA then issues a warning. Analysts then channel that information to the appropriate agencies, providing near-real-time risk assessments.
Roofing material is a major risk factor in resilience to natural disasters. So, a model that can predict it is also one that can predict which buildings are most at risk during an emergency. In Guatemala, models are identifying “soft-story” buildings–those most likely to collapse during an earthquake. “Forecast funding” can mitigate damage by providing the most vulnerable with cash assistance to prepare for disaster. Bangladesh and Nepal are nations that are already implementing this strategy.
Natural disasters, such as earthquakes, hurricanes and floods affect large areas and millions of people, but responding to such disasters is a massive logistical challenge. Crisis responders, including governments, NGOs, and UN organizations, need fast access to comprehensive and accurate assessments in the aftermath of disasters to plan how best to allocate limited resources. To help mitigate the impact of such disasters, Google in partnership with the United Nations World Food Program (WFP) Innovation Accelerator has created "Building Damage Detection in Satellite Imagery Using Convolutional Neural Networks", which details a machine learning (ML) approach to automatically process satellite data to generate building damage assessments. As per Google this work has the potential to drastically reduce the time and effort required for crisis workers to produce damage assessment reports. In turn, this would reduce the turnaround times needed to deliver timely disaster aid to the most severely affected areas, while increasing the overall coverage of such critical services. The World Food Programme was awarded the 2020 Nobel Peace Prize and they thanked Google and its team of engineers in pioneering the development of artificial intelligence to revolutionise humanitarian operations.
The application of machine learning techniques to satellite imagery is revolutionizing disaster relief. Crisis maps and image comparisons are helping relief organizations to deliver aid with precision.
Credits : Akhil Handa Prithwijit Ghosh
AI-Operations
Dear Reader,
From Amazon Alexa to Siri, Artificial Intelligence (AI) has gained serious footholds in our personal lives. However, when it comes to IT operations platforms, AI and Machine Learning technologies are still in the nascent stages.
Incidentally, the forces of digital business transformation are necessitating a change to traditional IT management techniques. Hence, advanced approach to IT-Ops, also known as AI-Ops (Artificial Intelligence for IT Operations) is being developed, which combines algorithmic and human intelligence to provide full visibility into the state and performance of the IT systems.
AI-Ops bridge three different IT disciplines - service management, performance management and automation - to accomplish its goals of continuous insights and improvements. Gartner predicts that the use of AI-Ops by large enterprises to monitor applications and infrastructure will rise from 5% in 2018 to 30% by 2023.
In this reference, SysTrack has developed AI-Ops-based platform which incorporates natural language processing (NLP) and AI-driven sentiment scoring. The integration of NLP powers an easy-to-use search function that enables the IT Team to gain holistic idea about their environment. Through integrations with AI-Ops platforms, including IBM Operations Analytics – Predictive Insights, the platform provides a detailed real-time and historical endpoint data that IT operations need to execute AIOps use cases, including proactive monitoring. The NLP engine, allows IT to type or speak questions about their environment in plain English and return suggested answers for accelerated root cause analysis.
Multiple financial institutions are also incorporating AI-Ops in their business functions. For instance, US Bank is leveraging AI-Ops to increase automation across the business lines by analyzing large, monitoring-driven data sets. With the help of AI-Ops, US Bank envisions that the query and complaint resolution will be more effective, delivering better up time and improving customer experience.
Similarly, Similarly, Barclays Bank is using AI-Ops platform through AI and machine learning to analyse end-to-end analysis of IT infrastructure based on various monitoring tools to pull together the required information in order to deliver the best user experience.
As machine-learning systems become more accurate and reliable, routine and well-understood actions can be triggered without human intervention, potentially resolving issues before users are impacted or even become aware of any problem.
Credits : Akhil Handa Manish Kulkarni
Zero Gravity Fridge
Dear Reader,
Thinking of a household kitchen without a refrigerator in it is almost impossible. Astronauts have been going to space since 1961, and have to eat canned and dried food that have only three years of shelf life as they still don’t have a refrigerator that can work in space.
The simple reason being, refrigerators rely on gravity to distribute oil through the compressor system that regulates temperature, so in space these systems don’t work or break down quickly.
Now, In a project funded by NASA, a team of engineers from Purdue University, Air Squared, and Whirlpool are building a prototype that can operate just as well in outer space as it does on Earth. The team of researchers is building a refrigerator that can keep food cold on longer missions in space, at zero gravity. It is aimed at giving astronauts a supply of food that could last five to six years.
Even though fridge experiments have been made in space before, they either didn’t work properly or eventually broke down. Cooling systems currently on the International Space Station are used for experiments and storing biological samples rather than for storing food, as they consume significantly more energy than on Earth.
In a typical fridge, gravity helps to control the flow of liquid and vapour. Similarly, the oil lubrication system inside of a fridge’s compressor is gravity-based. When bringing new technology into space, making the entire system reliable in zero gravity is the key challenge.
The device is about the size of a microwave oven that can fit into the International Space Station’s rack system and can store biological samples for science experiments. Purdue researchers also demonstrated that the refrigerator can operate in different orientations, even upside down, an important capability for the variable gravity of lunar and planetary missions.
Overcoming the zero gravity problem and its effect on the flow of oil throughout the refrigerator has been addressed with the use of an oil-free scroll compressor developed by Colorado-based company, Air Squared, a specialist in oil-free scroll solutions. The compressor will be tested both in the prototype and in its larger, more instrumented counterpart built by Purdue researchers.
The engineers have built three experiments to test the effects of microgravity on a new oil-free fridge design: a prototype for potential future use on the International Space Station, a setup for testing the prototype’s vulnerability to liquid flooding and a larger version of the prototype with sensors and instruments to capture how gravity affects the vapour compression cycle.
The team ran all the three experiments to test the machine in a specially-designed plane that flew in microgravity. They found that the refrigerator could operate in microgravity without any liquid flooding. The oil-free vapor-compressor inside the fridge addresses the concerns about their suitability in zero gravity.
Thus, if we are to colonize Mars in the near future, it is safe to assume that we would have a ready prototype of a refrigerator for our households.
Credits : Akhil Handa Clint James
Road Network Management with AI
Dear Reader,
The lack of road safety in India is increasingly becoming a matter of major concern. According to National Crime Records Bureau (NCRB) data, India recorded around 4.3 lakh road accidents in 2019, which took the lives of 1.5 lakh people. Poor road infrastructure, encroachment, and increasing number of vehicles have contributed to the high number of road hazards in the country. The solution seems clear: real-time road monitoring and information collation about road infrastructure.
New Delhi-based deep tech startup Nayan India Science and Technologies has developed a road safety and traffic monitoring solution that uses a camera, computer vision and artificial intelligence. The application constantly monitors roads, infrastructure, and traffic violation. The AI Powered algorithms analyse the video feeds and alert in case of violations, defects or dangers on the road. The B2B SaaS startup works with road transport authorities, insurance companies, private aggregators, public transportation fleets etc. to provide real world, last-mile analytics to better revenue channels.
RoadMetrics is an AI-based solution that uses image and sensor data obtained from a simple smartphone to classify road defects, signs, traffic signals, street lights, etc. This road and street-level data helps enterprise mapping firms and smart city bodies with analytics on road networks and a better mapping experience. The data is sold through the API model as well as on a per km basis, depending on the geography for Smart Cities.
Swedish start-up, Mapillary, acquired by Facebook, is the street-level imagery platform that scales and automates mapping using collaboration, cameras and computer vision. Mapillary’s tools enable anyone to collect, share, and use street-level images which are combined for improving the city maps.
US based RoadBotics automated inspections and generated actionable data about road networks, including identification of individual distresses like potholes and alligator cracks. Their detailed maps, unbiased ratings, and practical tools save time and taxpayer dollars for hundreds of communities across the country and around the world.
As per IBEF ORG, India has the second-largest road network in the world, spanning a total of 5.89 million kilometres (kms). This road network transports 64.5% of all goods in the country and 90% of India’s total passenger traffic uses road network to commute. Road transportation has gradually increased over the years with improvement in connectivity between cities, towns and villages in the country. In India, sale of automobiles and movement of freight by roads is growing at a rapid rate. The startups are focused in solving road network issues by using India’s main asset - its huge population.
Credits : Akhil Handa Manisha Gawle
Beauty Trends - 2021
Dear Reader,
The global beauty industry (encompassing skin care, color cosmetics, hair care, fragrances, and personal care) has been shaken by the COVID-19 crisis. With months of lockdown, retail businesses closed and international travel ban, consumer’s purchase and usage behaviour has witnessed a dramatic change leading to fall in sales across many beauty segments.
Beauty sales declined as much as 30% in the first half of the year, according to a McKinsey report and even major brands took a blow. With more than a year under pandemic, brands are now working towards better ways to deal with the humongous shift in consumer values and expectations.
In this effort, brands are adopting new technologies at a faster speed to redefine personalisation. Some companies such as L’Oréal offers AI powered at-home devices, which can measure user conditions, like the emergence of dark spots or surrounding environmental concerns, on a daily basis. L’Oréal’s Perso device accounts for this data to dispense custom-formulated makeup every day. Another company Atolla uses AI capabilities to customize facial serums for consumers by using data collected through quizzes and tests measuring oil, moisture, and pH levels.
As per a CB Insights report, Johnson & Johnson, has invested in new engineered preservatives that could be used in items like haircare or body care products. The company invested in Curie Co, a startup that makes biomaterials to replace preservatives in everyday beauty and personal care products, through its JLABS incubator.
Another apparent trend is BigTechs offering retail channel for beauty products. Amazon launched a private label beauty brand called Belei in 2019 and recently invested in India-based D2C beauty site MyGlamm. China-based tech giant Alibaba offers livestreaming and AR features which it has used to attract luxury beauty brands to its e-commerce platform.
Virtual try-on tech leverages augmented reality to allow shoppers to test how different beauty products will look without actual trial. Remarkably, virtual try-on can also help brands personalize the beauty shopping experience, enhancing product discovery and making tailored recommendations about foundation shades, skincare products, and more.
In December 2020, Google launched an AR-powered cosmetics try on tool in Google Search, partnering with brands like L’Oréal, Estée Lauder, MAC Cosmetics, and more to let users try on searched-for makeup products using front-facing mobile phone cameras.
Going forward, we expect to see beauty brands and tech giants alike turn to virtual try-on to gather shopper data and make more personalized product recommendations.
Credits : Akhil Handa Aparna Anand
Social Equality in Tech
Dear Reader,
Why do we prize technology over everything else? Because it helps us solve problems as efficiently as possible. No one can predict from which gender, ethnicity or nationality the next great idea might come from. And the tech startup sector is a living embodiment of that.
Moving to another part of the world for employment does pose a challenge. And since most tech jobs are located at specific hotspots, many talented workers always find themselves unemployed. Software as a Service products and services are enabling employers to find and employ talent from all over the world. Remote working, work from anywhere and digital nomadism are slowly becoming the new normal. Digital marketing firm Loganix understands the potential of having a diverse team. The company runs almost all its operations globally — with teams of people from the US, Asia, Australia and Europe —employees are dynamically moved between different teams, depending on requirements, allowing quick resolution of issues.
Poor or different communication skills can fuel many workplace misunderstandings. And it costs quite a bit of time and money to learn a new language. The US Foreign Services Institute estimates that it takes on an average 480 hours to gain basic competence in languages. This was a problem that cloud-based tuition service Preply aimed to fix. The platform offers a place for both language tutors and students to collaborate easily and affordably.
Tutors can create their profiles with rates, experience and number of languages spoken; and students can review their tutors, making it easy for other students to decide who to hire. Workers planning to move to another country can use such services to learn a new language far cheaper than attending a language school. HR teams can also hire tutors to educate employees who need to go abroad or new recruits from other countries.
Social inequality isn’t always about creed, gender or nationality. Entrepreneurs are usually handicapped due to high entry barriers in business. Indeed, the cost of acquiring customers is every bit the startup killer it is known to be. Oleg Campbell, a Ukrainian developer who bootstrapped his startup, Reply, to a $2 million a year company, certainly identifies with the struggle. Campbell’s lack of sales experience stalled the growth of his first enterprise. Consequently, he focused his efforts on helping tech entrepreneurs overcome their lack of salesmanship with smarter tools. Reply’s LinkedIn email finder is specifically for new companies looking for affordable, effective lead generation. Such a tool can help a user find email addresses of prospects on LinkedIn. Paired with LinkedIn’s Sales Navigator, users can create highly personalized outreach messages for each prospect.
The tech sector can, and should, be the leader at showcasing the advantages of diversity. By championing the cause of gender diversity through socially agnostic platforms, they are leading the cause of social equality in tech.
Credits : Akhil Handa Prithwijit Ghosh
AI-powered Legal Tech.
From how we buy our groceries to how we conduct banking transactions, almost every aspect of our lives is being disrupted with continuous advancements in technology. Even traditional, not-so-tech-savvy industries like legal services are joining the tech bandwagon. As per research by CB Insights, legal tech startups have raised over $ 700 mn in funding since 2011. Leveraging emerging technologies like AI & ML, variety of tech-enabled start-ups are devising new and interesting ways to connect consumers to the legal ecosystem.
Generally, it has been observed that the full gamut of AI’s capabilities are best utilized when digitized documents are available. With the Supreme Court digitizing a whopping 10 million pages and records of civil appeals this year, AI is increasingly being adopted by numerous law firms. For example, AI-based products can be applied in prioritisation of pending cases, summarising court proceedings and improving the quality of research.
Some firms like NearLaw have developed legal market places using AI and Natural Language Processing (NLP) to help lawyers and legal professionals access legal information. It has also developed AI-enabled case-law research tools driven by summarisation algorithms coupled with machine learning to rank the cases using Case Ranking. Such tools enable lawyers to know which cases are better suited to be cited in the courts over others and also provide analytics on how the network of cases are inter-related.
While other firms are leveraging AI to offer virtual legal research assistants like CaseIQ, which automate mundane tasks, reducing research time from anywhere between 5% to 50% of what is normally needed on legacy system. Even Judges can upload both the appellant’s counsel’s submission and the respondent’s counsel’s submission directly into CaseIQ and within seconds see whether both parties are missing out on any important precedents that are important to the case, enabling them to quickly take into account the whole body of applicable law before ruling.
Similarly, SpotDraft has developed an artificial intelligence-powered platform that uses advanced machine learning algorithms to automate drafting and negotiating legal contracts. It provides solutions to complex legal dealings, including drafting, managing and storing paperwork online, analysing contracts and automating invoices, besides sending reminders and offering expert advice on legal compliances. Even legal firms such as Cyril Amarchand Mangaldas are now leveraging the power of AI for contract analysis and review by adopting Canada-based machine learning legal system Kira.
Although AI can prove to be useful in predicting what documents will be relevant to a case, we feel that AI will not replace lawyers but will augment their abilities. It has the potential to make them more productive, efficient and aware about their domain of work.
Credits : Akhil Handa
Smart Farming
Dear Reader,
Smart farming can be referred to as the 4.0 green revolution in the field of agriculture combining agriculture methodologies with technology — Sensors & Actuators, Information and Communication Technology (ICT), Internet of Things (IoT), Robotics and Drones to achieve desired efficiencies of production which are sustainable.
According to a survey, 80% of farmers in US and 24% farmers in UK have already started using Smart Farming Tool (SFT). These numbers are cognizant of the fact that SFTs are adding value to the farming ecosystem. As far as the scale of operations is considered, Smart farming tools and techniques can be applied to large scale and on the other hand distributed conventional farming can be applied to focused small farming set of organic farms.
Through remote sensing, smart farming system reduces waste, improves productivity and enables optimum resource management. For the benefit of micro farming, multiple crops are grown simultaneously on remote lands which require different care, manure, soil and water. By linking local sensors to smart irrigation and control, things like sensing pH balance of the soil, gauging local temperature is now possible through remote monitoring and sensing rather than walking the field all the time. This leads to increase in the yield as farmers can save on time and focus on the real issues of farming — pest control, irrigation and amending soil conditions all using sensing and automation.
Companies like Robotics Plus, a startup with USD 10 million funding from Yamaha is planning to deploy its fruit plucking robots into production, while Ecorobotix with their Weed Zapping Robots have gained considerable momentum owing to the growth in Smart farming techniques.
Precision farming system has a lot of dependency on the software management systems. Control systems manage sensory input, delivering remote data for supply and decision support, as well as automation of machines . Basically, it is a standardized business approach balancing the demand and supply side with respect to resource management.
During production, it is mostly resource management from a growth and yield perspective. For instance, precision seeding uses automated tractors to reduce seed loss and seeding with proper space management between different plants. Another example is of precision water delivery.
On the demand side, it is about demand forecasting and delivering goods just in time to reduce waste.
India has always been an agrarian state, and traditional farming methods are manual and too labour intensive. Smart Farming can also provide great benefits in terms of environmental issues, for example, through more efficient use of water and optimisation of treatments and inputs
Credits : Akhil Handa Clint James
Automated Forest Restoration
Dear Reader,
Forest restoration has the potential to reverse land degradation through restoration or rehabilitation of degraded land. It can be a climate change mitigation strategy, and could provide other co-benefits, including increasing forest productivity, biodiversity, and carbon sequestration. It provides aesthetic and socio-cultural benefits, such as the potential to improve the livelihoods and resilience of forest-dependent communities.
Zurich based, GainForest, uses artificial intelligence to reverse deforestation. Its algorithms analyze data from satellites, drones and field monitoring to measure sustainable land use. It’s an app that aims to help maintain and restore forests. GainForest gets funding from the crypto community to provide finance to community members if they maintain their patch of land for an agreed duration. The GainForest team uses publicly available data from Global Forest Watch to monitor and evaluate community success. It is also developing advanced artificial intelligence algorithms to help forecast future forest cover.
Flash Forest is Canada’s first-to-market and largest drone reforestation company using UAV hardware, aerial mapping software, automation, and biological seed-pod technology to reforest the planet at a rapid pace. It is a reforestation company that aims to plant at 10 times the normal rate and at a fraction of the cost of traditional tree planting techniques. With drone engineering, it brings new levels of accuracy, precision and speed to the reforestation industry. By 2028, the start-up aims to plant a full 1 billion trees.
Brazil based startup, Treevia, has developed a remote forest-monitoring system called SmartForest. It connects forests around the world into the internet to ensure more sustainable use of natural resources. The solutions offered by SmartForest include digital asset registration systems, forest research using high-precision data, hazard assessment and specialised forestry consultation.
Satelligence helps companies achieve a deforestation-free sourcing and production of palm oil, cocoa, coffee, soy, and other commodities. Building on artificial intelligence, satellite technology and supply chain data, the company provides daily insights into the global performance of agricultural production and supply chain risks. Satelligence maps and monitors forests, planted palm areas, deforestation, and fire impact.
Deforestation and forest degradation continue to take place at alarming rates, which contributes significantly to the ongoing loss of biodiversity. As per Food and Agriculture Organisation of the United Nations the area of primary forest worldwide has decreased by over 80 million hectares since 1990. Current deforestation rates worldwide are unsustainable. Efficient and quality reforestation techniques are essential to rapidly implement solutions to our global ecological crisis.
Credits : Akhil Handa Manisha Gawle
Data Platformisation - 2
Dear Reader
We have seen how the growing importance of various data sources have led to data platformisation, in our previous article. Data marketplaces have proliferated with the growth of big data, as the amount of data collected by governments, businesses, websites and services has increased and all that data has become increasingly recognized as an asset.
For instance, autonomous cars need to process a lot of training data. As per Researchly, vehicles need one trillion road miles of training data before they can successfully drive autonomously. As one manufacturer cannot aggregate all the training data on its own, autonomous cars might suffer a geographical bias towards the area where they are manufactured and trained. Hence, organisations are looking at innovative solutions like data marketplaces which can combine various data sources from autonomous cars across the globe.
Looking at multiple such applications of these marketplaces, bigtechs have started offering their own products. Microsoft has developed Azure Data Marketplace as part of its Azure cloud platform. As the platform utilises a standard data protocol, OData, users can directly access marketplace data with programs such as Excel and its add-in PowerPivot. In addition, OData support is available for a broad array of programming languages. Data suppliers such as Dun & Bradstreet and ESRI are also using the marketplace for data publishing purposes.
Other major bigtech firm Google has also launched its own platform to provide commercial access to datasets like data around World Economic Forum, Eurostat, IMF and even taxi trips from 2013 to the present. Google Public Data visitors can delve into 104 different data sets and download them for their own usage.
On the other hand, some organisations have started leveraging the power of blockchain towards data platformisation. These marketplaces enable users to connect to live sensors across the world and receive real-time streaming data from that sensor for a subscription price. For example, Ocean Protocol is a decentralized marketplace for providing AI services around AI-based data on blockchain-enabled verification and quality assurance processes using a so-called token-curated registry. Similarly, Datum has developed Ethereum based decentralized marketplace for social and IoT data.
Such efforts have indeed shown how data platformisation can contribute to democratization of data. However, we believe that it is imperative to ensure the mitigation of data privacy concerns through encryption and obfuscation before the data is made available on the marketplaces.
Credits : Akhil Handa Aparna Anand
Floating Farms
Dear Reader,
Tap a button on your phone and hop into the shower; walk downstairs 15 minutes later, and you have a fresh pot of coffee waiting for you. This is no longer just a fantasy for many people. The rise of the internet of things has allowed us to control remote appliances with just a tap of the touchscreen. Until now, the scale of these processes has largely been limited to personal devices: anything from brewing a pot of coffee to warming up your car on a frosty morning. But what if we could grow food for thousands of people, with that same tap of a button with “Smart Floating Farms”.
Forward Thinking Architecture a Barcelona based firm’s design comprises a multi-level agricultural farm that can be constructed, pushed out to sea, and left to work mostly on its own. The farm is designed to operate on three levels: a bottom level containing wave barriers, an aquaculture fish farm, a slaughterhouse, a packing facility and desalination plant; a second tier for hydroponic and aeroponic food production; and a rooftop level having skylights to let in light and photovoltaics to provide the energy required to power everything.
Each level is roughly 750,000 square feet – with enough room to grow up to 8.1 tons of vegetables and 1.7 tons of fish per year. The architects estimate that this would cover the project’s expenses within 10 years. And since the farms are modular, a few or many of these structures could be grouped together to provide enough food for entire communities, especially those located in areas without arable land, or with a population so large it overwhelms its food supply capabilities. And unlike other forward-thinking agricultural techniques like urban farming, it spares valuable land space for alternate uses.
The world population is predicted to grow from 6.9 billion in 2010 to 8.3 billion in 2030 and to 9.1 billion in 2050. By 2030, food demand is predicted to increase by 50% (70% by 2050). The main challenge facing the agricultural sector is not so much growing 70% more food in 40 years, but making 70% more food available on the plate. To meet this ever growing demand, new agricultural techniques must be developed.
Floating Farms envisage making the farming process autonomous, placing the structures on top of the water allows the farms to adapt to rising sea levels and avoid flooding issues common to traditional agricultural techniques. While this strategy may seem outlandish, it actually has a long and successful pedigree, having been employed for centuries by Bengali farmers as a response to dramatic changes in water level during flood seasons. The farmers construct beds in lakes and rivers using several layers of bamboo and water hyacinth, fill them with semi-decomposed aquatic plants and then seed. The beds are tethered to the lakebed to prevent them from floating away. As a result production rates have increased manifold compared to existing land-based practices.
However, the true innovation of the Smart Floating Farms project is in taking non-traditional farming techniques and combining them with already-existing technologies. Jan Willem van der Schans, a senior researcher at Wageningen Economic Research who specialises in urban farming and circular economy issues, said such floating farms could be the future for sectors of agriculture such as fruit and vegetables in parts of the world.
As the architects acknowledge in their design statement, the project “is not meant to solve all of humanity’s hunger problems or to replace existing traditional agriculture.” One project alone will not save the world, but embracing the technologies available to us is a great start towards tackling these issues. If only it were as easy as the touch of a button.
Credits : Akhil Handa ClintJames
Partnering with Insurtechs
Dear Reader,
Insurers across the world are adjusting to the new normal of the on-going pandemic, and as a result, there is massive acceleration in digital transformation efforts. For this purpose, Insurers and non-insurance companies alike are bringing on insurtech companies as strategic partners.
Gartner defines insurtechs as technology companies that are in their early stages of operation; that drive specific innovation across the insurance value chain by leveraging new technologies, user interfaces, business processes or business models; that leverage different forms of funding, including venture capital.
As per a CB Insights report, Funding to insurtech companies hit yearly and quarterly highs in 2020 and Q1‘21, respectively, signaling the confidence investors have in the future of the insurance tech market. In 2020, business relationships involving insurtech companies also hit a record high, coming in at over 650 partnerships for the year.
Companies such as Axa, Munich Re, and American Family are among the insurers with the most formal business relationships with insurtech companies. Recently, China-headquartered Leapstack, an AI-enabled InsurTech company specializing in healthcare, has announced a strategic plan to ink strategic partnerships with multiple Korean insurance companies as the company advances into the South Korean market.
Some Consumer-facing insurtech companies are partnering with other tech providers to improve their product offerings.For instance, auto insurtech Root provides additional benefits to policyholders via partnerships with road assistance app Agero and gas station location app GasBuddy. Home insurtech Hippo recently partnered with ADT and Handdii to improve the security and home repair services it offers policyholders. As these insurtech companies look to aggressively grow their customer bases, expect them to continue partnering with companies that offer complementary digital services.
The partnership between Galileo Platforms, a specialist blockchain technology platform for the insurance industry, and Amodo, a provider of insurance telematics technology and advisory services, including behaviour data analysis, will enable clients to benefit from their diverse experience and expertise in their respective areas of the insurance industry.
Primary core insurance software vendors like Duck Creek, Guidewire, and Unqork are also among the most active in partnering with insurtechs. These companies are incorporating complementary insurtech products to create a stickier experience for customers by tying these products to their core suites. Horizontal software providers like Microsoft and Salesforce and more mature insurtech platforms like Bold Penguin and Snapsheet have also actively formed partnerships to build out their insurance ecosystem capabilities.
We believe, as insurtech companies mature and build increasingly innovative solutions, expect to see insurers double down on successful partnerships and explore new ones.
Credits : Akhil Handa Aparna Anand
Geospatial Analytics in Insurance
Dear Reader,
Insurance industry is slowly embracing remote property intelligence as a quick, dependable, and cost-effective alternative to relying on estimates based datasets. COVID-19 lockdowns and corresponding physical-distancing protocols have double-downed the need to rethink underwriting.
High-resolution aerial imagery can reveal the underlying risks of the properties and add to the details in application data for underwriting purposes. According to a report by Markets & Markets, the global geospatial imagery analytics market size is expected to grow from $6.9 billion in 2020 to $27.9 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 32.1% during 2020-2025.
Insurers are likely to increase the use of geospatial analytics to take advantage of the latest in AI & ML advancements to allow for automated damage classification by combining this with location information such as an address and other information like the extent of damage. Pre and post-disaster imagery also will provide intelligence needed to expose insurance fraud.
Companies such as CAPE Analytics provides instant geospatial property intelligence for buildings across the USA and have now expanded to Canada. When integrated with Guidewire, Cape Analytics and Betterview offer insurers improved visibility and actionable insights into damage or risk so they can more accurately price, underwrite and adjudicate commercial and personal lines.
InsitePro by Intermap is a cloud-based software solution that brings together all the necessary data and analytics for underwriting natural catastrophe risk. Detailed elevation and terrain knowledge provides critical data giving underwriters the ability to expand portfolios and reduce risk exposure.
Under GOI’s crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), agencies will be conducting large-scale pilot studies for technology-based gram panchayat level yield estimates, using Geospatial Analytics.
Skymet in India is opening up its 10-year geospatial proprietary farm-level data repository through a digital platform ‘SkAlgeo’. It can help the banking and insurance sector to create programmes after evaluation of crop risks using different indices. Some banks are using a digital lending solution built using the SkAlgeo platform to assess the risk profile of the farmers.
The pace of change has been augmented by the industry’s need for quick decision making, driving down costs and optimizing the customer experience. We believe, geospatial analytics can help insurers make more accurate underwriting decisions, help reduce losses and assess claim payouts judiciously.
Credits : Akhil Handa,Aparna Anand
Technology for Seniors
Dear Reader,
Currently, there is an unprecedented demographic challenge across the world. The major challenge is due to an increase in the elderly population which is becoming a concern. As a result, people are looking for ways to develop respectful and economically sustainable solutions that provide care for the elderly people.
In 2015, in the European Union alone, the so-called “silver economy” was estimated to be worth €3.7 trillion, and is projected to reach €5.7 trillion in 2025. It is no wonder that the tech world is taking notice and age tech, the emerging sub-sector of health tech focusing on technology and innovation to improve the lives of the elderly, is poised to grow very fast. Several startups are already leading the pack in the age tech revolution.
cettefamille which translates to “this family”, is an affordable alternative to retirement homes in France. Founded in 2016 and based out of Normandy in Northern France, cettefamille is a network of professionals and accredited families all throughout France that matches the elderly with welcoming homes. It offers a comfortable, personalized alternative to group living in nursing homes and retirement communities. The receiving family is trained in elder care by professionals, and accredited by the government. The cost per month is also two to three times lower than traditional retirement home options. In addition to connecting elderly folk in need of homes and receiving families, cettefamille also provides bespoke solutions for organizations and companies dealing with the elderly and those with reduced autonomy.
Founded in 2014, London-based SuperCarers is an online platform helping families find experienced and fully vetted carers in their area. SuperCarers differentiates itself from care agencies by identifying qualified carers, personalizing matches and giving users the tools to coordinate care directly with each carer. It provides different types of home care: day/night, live-in, and respite with the flexibility of having carers at home whenever they are needed and for as long as they are needed. Specialist home care for specific health conditions such as arthritis, cancer, dementia, Alzheimer’s, autism, low mobility, neurological conditions and even palliative care are also offered.
Whatsapp, Facebook and the omnipresent Google are very much the post 2000’s. Our respectable senior citizens find it difficult to understand them. Empowerji focuses on helping the elderly to get comfortable with technology so that they are able to live independently in this digital world. They enable senior citizens to become digital savvy, through online workshops. Empowerji app also acts as a sort of virtual concierge to help seniors take care of their daily needs.
The revenue potential of this sector is evident from the huge and increasing target customer segment. Also, the benefits of having care and help available at the click of a button is far reaching.
Credits : Akhil Handa,Prithwijit Ghosh
AI-driven Architecture
Dear Reader,
The arrival of modern technologies such as artificial intelligence, machine learning, augmented reality, and more in the health and fitness world has brought a remarkable change in this industry. It has changed the way people used to exercise and keep themselves fit and healthy. Now, a visit to gym or health club is no longer needed to stay fit; these technologies have made it pretty easier to do all those exercises from the comfort of your home.
Zenia is a popular fitness startup that uses computer vision to develop and deploy an AI-driven fitness trainer. Users can choose from thousands of yoga asanas and do it from the comfort of their home. The AI-based trainer in the app helps them to correct their posture. The company has received huge funding during 2020 that has added to its valuation.
Aaptiv, the popular fitness startup connects people to a wide range of fitness trainers for home and outdoor workouts. Users can do the wellness sessions provided by trainers on their own without the need for equipment. In short, the app offers a no-equipment workout. Each one of Aaptiv's thousands of workouts, which span every type of exercise and a wide variety of activities, combine the guiding voice of an expert Aaptiv trainer with motivating music. This audio-based format eliminates distractions and provides the flexibility many people require - allowing them to focus on their fitness goals, as it suits them.
Tonal, the home fitness startup raised a huge sum of $110 million in its latest round of funding. The startup received this funding from the existing investor L Catterton and the new investors Mousse Partners, Delta-v Capital and Amazon’s Alexa Fund along with renowned athletes Michelle Wie, Paul George, Bobby Wagner, and Stephen Curry. With this funding, Tonal’s total funding has reached up to $200 million.Tonal is a home fitness application that focuses on training users smartly. Users can choose a coach-led workout, make their own workout, track their progress and achieve fitness goals. Digital weights, 170 moves with one equipment and adjustable arms are some of the key features of this app.
Freeletics, the digital fitness firm provides tools to promote and offer mindset coaching, mental strength, confidence, and physical fitness among people. The fitness app uses artificial intelligence to offer its services. This AI-powered fitness app has secured $25M Series B funding led by U.S.-based JAZZ Venture Partners and Causeway Media Partners, with support from KKCG. Freeletics has more than 48 million users in more than 160 countries.
The modern fitness apps are facilitating all types of fitness, including yoga, meditation, aerobics and other exercises. This growing popularity and use of fitness applications are one of the biggest reasons that investors worldwide consider them profitable and investing huge money in them.
Credits : Akhil Handa,Manisha Gawle
Ocean Conservation
Dear Reader,
Over the last few decades, plastic has become an essential part of our everyday lives. From grocery bags to toys and bottles, plastic is one of the most used materials to date. However, this material is unfortunately causing a great deal of harm to ocean life too.
Oceans cover 71 percent of Earth’s surface and contain 97 percent of Earth’s water. Inspite of the fact that the ocean plays a pivotal role in everything from the air we breathe and climate patterns that surround us, plastic waste is seriously harming the delicate eco system of oceans.
Recent technologies have been critical in advancing the work of ocean conservation. By 2050, it is predicted that we will have more plastic in our oceans than fish. While this problem isn’t going away any time soon, scientists have been working to create solutions that can slowly start to clean up our oceans and put an end to this major issue.
The Oceans Unmanned project uses drones to support conservation, education and protection of oceans. Oceans Unmanned is working with teams to track distribution and abundance of species – everything from whales to sea otters – with drones. They help identify endangered marine species on the verge of extinction, whales that have been entangled in fishing gear, map and model shipwrecks and marine heritage areas. They also help to identify illegal fishing activity.
System 001 is a 62-mile long barrier that targets plastic debris, micro plastics and ghost nets from the gyres, also known as the Great Pacific Garbage Patch. Created by Boyan Slat, CEO of The Ocean Cleanup, this innovative design cleans up 80,000 tons of garbage located between Hawaii and California. The unit has a slow-moving design that moves with the ocean’s currents to collect ocean plastic and contain debris. Once full, the accumulated plastic will be removed.
WasteShark was created by RanMarine Technology in 2018, with a design inspired by the whale shark. WasteShark is a water drone with the goal of collecting debris before the winds, tides and currents carry it out into the ocean. It floats along the surface of the water collecting floating debris like plastic and bio-waste. Its technology enables you to pre plan a route to ensure it covers the most concerning areas. It can also be operated using manual steering, as with any traditional drone. An added feature of WasteShark is its ability to read and send information regarding water quality, like pH levels and salinity.
Ocean eco-system is very important for the environment as a whole. Conservation of this eco-system aided by recent technological applications as above is helping to maintain this delicate balance.
Credits : Akhil Handa,Prithwijit Ghosh
Contextual Fencing
Dear Reader,
From sending a tailored promotion when a customer enters a retail store to powering order-ahead food delivery, geofencing plays a key role in making mobile apps contextually aware. Geofencing is a location-based service in which an app or other software uses GPS, RFID, Wi-Fi or cellular data to trigger a pre-programmed action when a mobile device or RFID tag enters or exits a virtual boundary set up around a geographical location, known as a geofence.
Think about geo-fencing like an electric fence. In the real-world Geo-fencing allows for the setup of virtual fences or areas, wherein the entry and exit through the areas triggers a response or action by the individual or company monitoring the geo-fence. So, geo-fencing triggers alerts for a business owner when key things happen: a customer visits a store, for example, or the store of a competitor.
BMW is an industry leader in the automobile industry. BMW uses geofencing to enhance their customer service. Cars with BMW Trackstar monitor the position of the vehicle. Once a customer activates their service, the position of their car is tracked and pinpointed every 20 seconds. Customers can use their mobile application to track the location of their car if it’s parked in a garage or somewhere on the city streets. That way they never have to worry about forgetting where they parked. Furthermore, this service also helps prevent theft. Geofencing helps them go the extra mile to provide customer service, which is a profitable strategy.
Apple Maps is constantly tracking our location. Based on our habits, this app can predict where one is most likely to go. For example, if you leave work around the same time every day and drive straight home, Apple Maps will recognize this habit. If the app knows that you’re not home, based on being outside of a geofenced area, it will send a push notification informing how long it will take to get home and what the traffic will be like.
Today’s use of geofencing has evolved beyond simply tracking where a target customer is at any given time. With privacy concerns challenging companies to rethink their use of geofencing, companies like Radar are leading the way in innovating how geofences can improve the user experience.
Having data about consumer behavior can be helpful to design better and personalized products. Uber first implemented the geofencing feature to identify airports to notify people in airports about available cabs and special offers on booking.
In the times to come we expect to see companies use geofencing more strategically to send contextually relevant messages.
Credits : Akhil Handa,Prithwijit Ghosh
Detoxification in Digital World
Dear Reader,
Netizens are increasingly becoming aware about the potential misuse of their digital personas with high profile data breaches based on our activities in digital world. Multitude of apps, search engines and social networks can glean hidden things about us that even our closest friends might have no idea about. Based on these developments, numerous users are increasingly looking at innovative ways like “Digital Detox” to regain control of their digital life.
Various firms have designed programmes for individuals to help them in this regard. For example, Tactical Tech has created the project “The Glass Room” in London that offers visitors a look at what happens to their data behind the scenes through technologies like facial recognition.
On the other hand, Mozilla has initiated 8-day cleansing program “Data Detox” which effectively removes any toxic data build up and detoxes our computer system accordingly. It gives practical advice so that users can discover the amount of data being shared across various digital domains. Interestingly, it can also impact their credit scores as credit rating agencies are increasingly using online data to arrive at alternate credit scores.
Variety of mobile apps have also been developed to achieve digital detox. For example, Digital Detox disables your phone for a length of time you specify, from as short as 30 minutes to as long as one month!
Similarly, Moment sets time limits for your daily usage of your phone or tablet and notifies you when you're near or over that limit. A paid upgrade lets you “force yourself” off your device so that when you’re over your allotted time an annoying buzzer goes off telling you to put your phone down and look away.
Through Offtime, users can send out custom auto-replies to let others know when they will be back online. It also lets you restrict access to apps that distract you the most. Additionally, it also provides analytics of your phone and app usage to help you identify your habits.
We believe that detoxification is important, be it for our physical body or for our digital life. While the modern lifestyle has made it almost impossible for us to disconnect from the internet, innovative ways like “Digital Detox” has the potential to offer more control over our online personas.
Credits : Akhil Handa,Manish Kulkarni
Car Loan Disbursement
Car Loan Disbursement
With a Bank of Baroda Car Loan, you can get financing of up to 90% on the onroad price of the car of your choosing, with an upper limit of Rs 1 crore. Whether you are a salaried professional or a business owner, a car loan is a facility you can make the best of. No additional collateral or security is required, as the car (financed) is hypothecated with the bank until the entire loan amount is repaid.
What is Car Loan Disbursement Process?
The process of getting a Car Loan is relatively simple. The first step is deciding which car it is that you wish to buy, after which you can check for eligibility for a Car Loan at various banks. After going through your options thoroughly, you can go with a Car Loan product that best suits your needs. Checking whether or not you are eligible for the loan reduces the chances of your application being rejected. Nowadays, almost all the information you need about loan products is available on the websites of banks.
The next step is the application, which can be done online or by visiting the nearest bank branch. If you go to the branch to apply for a loan, make sure you have all the necessary documents handy. Then there is the online application option which is hasslefree, quicker and paperless. The application process ends with the submission of documents.
Then comes the step of document verification and loan approval. These days, the car loan approval process has become almost instant. The bank verifies the customer's documents and checks his/her credit score to assess eligibility, following which the loan is approved. Next comes the loan sanctioning and disbursement.
Questions to Ask about Car Loan Disbursement
What are the benefits of a car loan?
Opt for a car loan from Bank of Baroda to benefit from quick processing, minimal documentation and speedy fund disbursal. Loan borrowers are not required to pay foreclosure charges or prepayment penalty, nor do they need to pay advance EMIs.
With higher limits on the Car Loan amount, you can apply for up to Rs 1 crore on new cars. So, if you have always had your eye on a luxury vehicle, our loan can take you one step closer to your dream.
Also, say goodbye to down payment worries, as you can get up to 90% financing on the car's onroad price with Bank of Baroda's auto loan.
Bank Of Baroda offers attractive interest rates on loans to all customers based on their credit scores. Additionally, existing home loan borrowers with a good credit history enjoy a concession of 0.25% on their car loan interest rate
Are there any prepayment charges for Bank of Baroda's auto loans?
You are allowed to prepay your loan without paying any prepayment charges.
What are the documents required to get a Bank of Baroda Car Loan?
The documents required are:
Photo ID with age proof (like, PAN card, passport, driving license)
Signed application form with 3 passportsized photographs
Residence proofs:
Valid passport
Voter id card
Driving license
Postpaid utility bill (gas bill and electricity bill)
Updated passbook or bank account statement
Notarised registered rent agreement
Bank statement for the last six months
If the applicant is a salaried individual
Last 3 months' salary slips
Form 16 or Income Tax Returns
If the applicant is a selfemployed individual
Balance sheet and profit and loss account, computation of income for the last 2 years
Income Tax Returns – last 2 years for Applicants, 26 AS, Traces
Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others
IT Assessment / Clearance Certificate, Income Tax Challans / TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR
Conclusion
Car Loan disbursement occurs only after your car loan application is approved and you get a sanction letter. Applying for a loan online is more convenient since you need not visit the branch. If you are looking for conveniences and good interest rates on Car Loans, you can start with Bank of Baroda.
How to Apply for a Car Loan
How to Apply for a Car Loan
That expensive car you have your eyes on is now a possibility more than ever. You can get a loan from banks and other financial institutions to fund it. Not long ago, having a home of your own or a family car used to be considered luxurious most people found themselves unable to afford. But with the variety of loan products on offer these days, one does not have to have unfulfilled dreams anymore.
Are you planning to buy yourself a new ride? You can get up to 90% of the on-road price of the car of your choice financed with a Bank of Baroda Car Loan. Here's how to apply for a car loan
.
Car Loan Eligibility Criteria
At Bank of Baroda, you can get yourself a car loan to buy a car of your choice. These auto loans are available to all salaried employees, business people, professionals, farmers, corporates (partnership, private limited, public limited and trust), as well as NRIs and PIOs.
The borrower should also be at least 21 years old, while his/her age plus the repayment period should not exceed 70 years.
Documents Required
The documents that you need to keep ready when applying for a Bank of Baroda Home Loan are as follows:
Photo ID with age proof (like, PAN card, passport, driving license)
Signed application form with 3 passport-sized photographs
Residence proof
Bank statement for the last six months
If the applicant is a salaried individual
-3 months' salary slips
-Form 16 or Income Tax Returns
If the applicant is a self-employed individual
-Balance sheet and profit and loss account, computation of income for the last 2 years
-Income Tax Returns of the previous 2 years
-IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR
How to Apply for Car Loan?
The process is relatively simple and straightforward. Once you have decided upon the model you wish to purchase, look through the various Car Loan options. Bank of Baroda has competitive interest rates on their Car Loan products.
After finalising the bank or lender you wish to go with, you can either head to the bank branch or log on to their website to start the loan application process. To apply for a Car Loan from Bank of Baroda, visit the website. Keep the documents above handy, and also be sure to check your eligibility for the loan
.
Car Loan Approval Process
In this digital age, the loan approval process has become simpler and quicker, with most banks deciding upon loan applications almost instantly. Once the lender verifies your credit score and a few other things on their end, your loan application will go through, and the process of disbursal begins. In the online mode, the Car Loan fund transfer takes place in a matter of just a few minutes, with a couple of clicks to kickstart things. A car loan is granted based on the customer's credit score, income situation, other debt obligations and repayment history, among other things.
How to Calculate an EMI for a Car Loan
How to Calculate an EMI for a Car Loan
Most banks and financial institutions offer a range of car loan products these days, all available at competitive rates of interest. A convenient and straightforward way to get an idea of the amount of money you'll have to set aside each month is through an online calculator.
You have to pay off your Car Loan in Equated Monthly Instalments (EMIs) obligations, and an online EMI calculator helps you with an estimate. It becomes relatively easy to see how much your Car Loan EMI will cost you; all you need to do is enter the required loan amount and the interest rate at which the bank offers the loan.
However, it is essential to note that lender-specific charges like a processing fee or prepayment charges may be applicable
.
The interest on Bank of Baroda Car Loans is calculated on the daily reducing balance and is based on the applicant's credit score or CIBIL Bureau score. The minimum credit score required for the loan is 701. Moreover, the repayment period or tenure for car loans (maximum of 84 months) is determined by the EMI amount.
How Does a Car Loan EMI Calculator Work?
Bank of Baroda's online Car Loan EMI calculator is easy to use and reliable. This can be done before you purchase the car. The calculator is available on the bank's website, and it helps you calculate your estimated EMIs almost instantly. Here's how to calculate EMI on car loan using Bank of Baroda's EMI calculator:
- Enter the loan amount your wish to borrow
- Enter the rate of interest (typically starts at 8.60% p.a.
)
- Enter the tenure in months (with a maximum term of 84 months)
The formula to determine your Car Loan EMI amount
Besides an online car loan calculator, you can use a mathematical formula to calculate your monthly EMI.
E= PxR(1+R)^n/[(1+R)^n -1
]
where, P is the principal amount that you want to apply for R is the rate of interest per month n is the tenure of the loan in months E is the monthly payment or EMI
Benefits of Car Loan EMI Calculator
Better financial planning: Once you know how to calculate the EMIs on Car Loan, you can better plan your family finances. Knowing how much you would have to set aside for your EMI dues allows you to afford a car without having to stretch your finances too thin.
Easy to use, time-saving: A relatively complex calculation is done in a matter of just a few seconds. The online EMI calculator is quite user-friendly too.
Result accuracy: All you have to do is give the numbers asked for, and you can be assured of an accurate result.
Compare different loan tenures and interest rate combinations: By entering the loan amount and different interest rates or loan tenures, you can determine how much EMI you can afford.
Car Loan EMI Calculator Questions
What if I am late in paying the car loan EMI
?
Lenders charge a penalty on delayed EMI payments, the amount of which varies from bank to bank.
Why is it necessary to calculate EMI beforehand?
It is essential to calculate your EMI in advance to maintain stability in future payments. When you avail of the car loan, you promise the bank to pay a fixed amount at a fixed date every month. Before availing of the loan, you should consider the stability of your income, monthly expenses and the existing loan obligations to avoid any discrepancies in future payments.
What is the maximum tenure for which a Bank of Baroda Car Loan is available, and does it affect my EMI?
A car loan can be availed for a maximum tenure of 7 years. The tenure affects your monthly EMI. The longer the tenure of the car loan, the lower will be your EMI
Types of Car Loans
Types of Car Loans
Car Loans are for those looking to finance their car purchase at relatively attractive interest rates.
At Bank of Baroda, you can get financing of up to 90% of the on-road price of a brand new car of your choice if you opt for a Car Loan. Anyone can avail of a Bank of Baroda Car Loan, subject to their eligibility. These are available for a maximum loan tenure of 7 years, and the loan amount can be as much as Rs 1 crore. The bank gives a 0.25% concession on the interest rate to its existing home loan customers with a clean credit history. What's more, Concession of 0.50% in rate of interest on Car Loans to those applicant/s who offer minimum 50% of Loan limit as liquid collateral security e.g. Fixed Deposit of our Bank, NSC, KVP or LIC Policy.
The cars are hypothecated with Bank of Baroda until the full and final repayment of the entire loan amount.
Types of Car Loans in India
While there are generally three types of Car Loans available in India, there may be lender-specific customised options on offer. Most banks and financial institutions in the country offer new car loans, old car loans or Electric Car . Let's understand in brief these different types of car loans.
New Car Loan
As the name suggests, such loans are offered by banks to fund the purchase of new cars. You can get a car right out of the showroom without worrying about where to arrange the funds from. Banks will come to your rescue and offer loan options to choose from. You can compare interest rates and other charges being levied, along with some benefits associated with the loan product, and accordingly select your lender and loan option.
To promote Electic Vehicle Bank Bank of Baroda is offering concession in ROI.
Pre- owned Car Loan
Some banks also help you buy second-hand cars or used vehicles, although the financing available for the same would generally be lower than that available in the care of new vehicles.
Bank of Baroda offers Car Loans to purchase a new hatchback, sedan, MUV or SUV for private use. The documentation is minimal, and the interest rates and processing fee are among the best.
AI in Defence sector
Dear Reader,
India holds the 4th rank in terms of the Army strength, with US, Russia and China placed ahead of it. The Indian startups are leveraging technology to come up with innovative solutions for empowering the nation’s defence and security. These startups are from different locations in the country and have specialisation in areas such as drones, advanced materials, cyber security, IoT, etc.
Gurugram-based CRON Systems is developing IoT-based products to help the armed forces deploy border security solutions. CRON Systems initially began focusing on building laser walls for the Border Security Force (BSF). But it eventually expanded its products and services to include automation for drones, rovers and a central dashboard to control the applications through its command, control, communication & information (C3i) hub miCRON.
Bengaluru-based Asteria Aerospace is a robotics and artificial intelligence startup, which provides drone-based solutions to the military, paramilitary and police forces for security and surveillance purposes. Asteria Aerospace’s product line currently includes three drones. Its CYGNUS drone is a mini fixed-wing drone known for its endurance, range and payload capabilities and is used for ground-up surveillance and security operations. Asteria’s second product, DGCA certified A200, is a micro sized drone deployed for enterprise operations. Thirdly, the A400 is a mini drone whose vertical takeoff and landing allows quick deployment and surveillance from confined locations.
Ahmedabad-based Optimized Electrotech is an electro-optic startup that provides security and surveillance solutions. The startup provides electro-optics system, which can be used for the surveillance of smart cities, satellite-based imaging, border surveillance, medical imaging, access control, machine vision, automotive (Advanced driver-assistance systems, i.e., ADAS) and consumer electronics. The startup’s InfiVision product series can detect a tank from a distance of 30 km.
Chennai-based defence tech startup Big Bang Boom Solutions (BBBS) is involved in developing integrated warfare systems for defence purposes. Some of the products developed by the startup include: T-Series Unmanned Tank Development, BN (boron nitrate) based Hybrid Personal Combat Armour, 360 Advance Battle Interface, Flying Warden-drones for riot control and a smart fencing system.
Iowa and Chennai-based Vinveli, focuses on providing solutions to the aerospace and robotics industry. The startup is involved in building Unmanned Aerial Vehicles (UAV) for both commercial and defence purposes.
The possibility of AI-ushered advancements has opened the scope of an arms race where the conventional military capabilities will matter much less in future. In November 2019, the Indian government said it was looking to fund at least 250 defence startups over the next five years in order to come up with new cutting-edge solutions for the armed forces.
Credits : Akhil Handa,Manisha Gawle
What is a Home Loan?
What is a Home Loan?
For those looking to own a home, banks and other financial institutions offer loans for that purpose at competitive interest rates. So if you already have that dream house in sight, the next step isn't too hard. You can use a Home Loan to buy a plot of land, a flat or an apartment, build your own home from the ground up, and even extend or renovate your existing residence.
Bank of Baroda offers loans for homes to residents and Non-Resident Indians (NRIs), let us take at the types of loans you can get:
Types of Home Loans
Home Loan Advantage
Now you can have a Home Loan sanctioned that will be linked to your savings account. How it works is you can apply for a Home Loan and reduce your interest burden by the balcne amount in your savings bank account . What's more is, no interest will be will paid on the linked Savings Bank account.
Home Improvement Loan
:
A loan isn't just to buy a new home; you can also get a loan to renovate or have repairs done in your current residence. Moreover, you can use a Home Improvement Loan from Bank of Baroda to buy new furniture and fittings. That makeover you wanted for your home is now just a few steps away. Tax benefits are also availbale.
Home Loan Takeover
If you have a Home Loan from any other bank, housing finance companies (HFCs), non-banking financial companies (NBFCs) and financial institutions (FIs), you can switch it to the Bank of Baroda for better floating interest rates. We offer easy takeover for loans where more than 12 EMI`s are already repaid and certain under conditions are fulfilled.
Pre-approved Home Loan
Want to have more flexibility to negotiate with builders and sellers? A Pre-approved Home Loan can help you do just that, as it gives you a loan sanction as it provides in-principal approval for the loan before you have finalised the property you wish to purchase.
Home Suvidha Personal Loan
To help you finance those home purchase-related costs, like insurance, registration, stamp duty or goods and services tax and club membership .Bank of Baroda offers Baroda Home Suvidha Personal Loan.
Pradhan Mantri Awas Yojana (PMAY)
Government of India's PMAY scheme aims to ensure housing for all in urban areas by 2022, a mission that is to be realised across the country. Bank of Baroda offers Credit-Linked Subsidy Scheme (CLSS) under the government's PMAY mission, wherein interest subsidies on housing loans are made available to certain beneficiaries. 1st time home ownership is promoted through this initiative of the government.
Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
:
Targeting mainly the EWS and LIG segments, the scheme aims to help address the said categories' home finance needs.
Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)
The government has set up a CRGFS Trust, which provides credit risk guarantees to lending institutions, against housing loans sanctioned to customers belonging to the EWS and LIG segments, without the need for any collateral.
Questions to Ask When Applying for a Home Loan
Here are some of the common questions applicants ask when they apply for a Home Loan:
What is the maximum duration/period for which I can get the loan?
Bank of Baroda grants a Home Loan for a maximum tenure of 30 years. The loan term will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier. The Home Loan tenure also varies based on the loan amount and the income of the borrower.
Can I prepay the loan ahead of schedule?
Yes, you have the option to prepay the loan either in part or in full.
Who is eligible to avail of a Home Loan from the Bank of Baroda?
All resident and non-resident Indians (NRIs) between the age of 21 and 60 are eligible for a Home Loan from the Bank of Baroda.
How much does the Bank of Baroda lend?
The Home Loan amount is determined based on your repayment capacity. Other factors like age, income, dependents, assets, liabilities, occupation stability, continuity of income, savings, etc., also play an essential role
.
What is the mode of repayment?
You can repay your loan amount via Equated Monthly Installments (EMIs).
What is the security for the loan
?
The security for the loan is the equitable mortgage of the property to be financed.
Conclusion:
A Home Loan helps you buy a house where raising funds appear challenging. Moreover, at Bank of Baroda, the application process is online and convenient where you can upload documents from the place of your convenience. You also can view all the types of Home Loans on the bank's website.
What is a Home Loan Processing Fee?
What is a Home Loan Processing Fee?
Banks and lending institutions levy a onetime charge on the different types of Home Loan products. This charge, known as the Home Loan processing fee. It is generally not deductible from the loan amount, and the borrower pays it separately. This is a fee to cover the loan processing cost incurred by the lender or the bank. Some banks may waive such processing charges for a Home Loan as part of special offers.
In the case of Bank of Baroda Home Loans, we charge a unified upfront fee which consist of:
Document Verification/ vetting charges
Pre sanction Inspection (Contact Point VerificationCPV) charges
Onetime postinspection charges
Advocate charges for a legal opinion
Valuer charges for valuation
Bureau report charges
CERSAI charges
ITR Verification charges
Post sanction proceesing fee table of Processing Fees for Home Loan
S. No.
Area of Banking Service
Service Charges (excluding GST) w.e.f. 20.06.2019
1
Baroda Home Loan & Baroda Home Improvement Loan
Slab-wise
Up to Rs 50 lakh 0.50% of the loan amount: Minimum: Rs 8,500 (Upfront) Maximum: Rs 15,000
Above Rs 50 lakh 0.25% of the loan amount: Minimum : Rs 8,500 (upfront) Maximum: Rs 25,000
The above charges are unified processing charges which include inspection, valuation and legal fees.
The above charges are for all categories of borrowers under Home Loans.
2
Baroda Home Loan Top Up
0.35% Minimum: Rs 5,000 (upfront) Maximum: Rs 12,500
3
Takeover of Home Loan (Resident /NRI/PIOs)
Flat: Rs 8,500 (upfront)
4
Pre-Approved Home Loan (In- Principle Sanction)
0.25% - 0.50%Rs 8,500 (upfront). Suppose the borrower submits the property documents within the validity period of a pre-approval letter. In that case, the balance amount of unified processing charges applicable to Home Loan will be recovered from the borrower.
Charges other than Home Loan Processing Fees
Banks also levy other charges like Home Loan prepayment fees or loan conversion charges. However, in case of a Bank of Baroda Home Loan, there are no charges applicable if the borrower chooses to prepay the loan amount before the tenure is over.
Impact of Home Loan Interest Rates
There is no correlation between the processing fee and the interest rate. However, your loan amount does factor in calculating the processing fee. A Baroda Home Loan is charged at the prevailing floating rate which is linked to external benchmark of REPO( RBI) or MCLR . The interest rate is linked to the Baroda Repo Linked Lending Rate (BRLLR) and is reset annually based on your bureau score(cibil).
Why Bank of Baroda for Home Loans
With a Bank of Baroda Home Loan, you can enjoy a free credit card and concession of 0.25% for car loans. Additionally, the bank offers free personal accident and property insurance with a Home Loan. You can also opt for a group credit life insurance cover when you apply. This cover protects the family against the borrower's death, and the family is not required to repay the Home Loan to the extent of the claim amount. You can pay the premium for the cover along with the EMIs.
What is a home loan Top-up-edited
It's a new year and a new normal in the lives of most people. Yet buying a home of one's own continues to be one of the biggest aspirations. However, with skyrocketing prices of real estate, property purchase remains out of the reach of many individuals. For this very reason, homebuyers are now increasingly opting for Home Loans to fund their dream house purchase. Banks and several lenders these days offer housing finance at competitive rates of interest, subject to several terms and conditions.
Add to that a top-up on your existing Home Loan product. Many banks, like Bank of Baroda, have Top-Up Loan in their range of loan products. As the name suggests, existing Home Loan customers who may need extra funds can opt for a top-up on their running Home Loans. Their eligibility for the same is ascertained by the lender based on your relation with the bank , their repayment history and credit score, among other things. The money from such a loan can be used for various purposes, be it for a wedding, fund your child's education, or renovate/repair your home.
At Bank of Baroda, if you switch your existing Home Loan from another bank via a balance transfer, you can get a Home Loan Top-Up. The minimum is Rs. 1 lakh and a maximum of Rs 2 crore. A processing charge of 0.25% of the loan amount is applicable on a Home Loan Top-Up from Bank of Baroda (minimum Rs 5,000 upfront and maximum Rs 12,500 plus GST).
Are you wondering why you should you take a top-up loan? We try answering that question here. Keep reading to find out more.
Eligibility Criteria for Home Loan Top Up
An existing Bank of Baroda Home Loan customer (including NRIs, PIOs, staff and ex-staff members), who may have availed of a Home Loan under public scheme or staff housing loans, is eligible for a Top-Up Loan on a Home Loan. The applicant must be at least 21 years of age (and a co-applicant should be at least 18 years old, wherever applicable). For a resident Indian applicant, the borrower's age plus the Top-Up Loan tenure should not exceed 70 years, as per laid down norms mentioned under the Bank of Baroda Home Loan Product (the same should not exceed 65 years for in case of NRIs, PIOs or OCIs).
New customers who opt for a Balance Transfer Loan (called a Home Loan Takeover scheme at Bank of Baroda) are also eligible for a Top-Up Home Loan.
Benefits of a Top-Up Home Loan
Minimal documentation, swifter loan approval and disbursal
If you're an existing Home Loan customer, getting a Top-Up on your Home Loan is easier. There is minimal documentation involves since the lender already has most of the required paperwork with you. Plus, knowing your repayment history and credit score patterns makes it more convenient for the banks to go through your Top-Up Home Loan application. This makes a speedy and hassle-free loan disbursal possible. Approach your branch for a quick top up loan.
Attractive interest rates
If you opt for a Top-Up Home Loan, you can get funds at fairly lower interest rates than those available in case of any other personal loan option.
Available for longer tenures
Depending on the period left in your existing Home Loan, you can opt for a Top-Up Loan for a relatively long tenure compared to other loan options.
Can put funds to use for a wide range of purposes
You can use the funds from a Top-Up Loan in any manner you deem fit. The money can be used to finance another home purchase, renovation and extension of an existing house, and even fund medical emergencies, a wedding, or your children's education. No restrictions are placed on how you wish to utilise this option unless you plan to use for speculation or illegal use.
Lower processing fee as compared to personal loans
The processing fee levied by banks in case of Top-Up Home Loans is generally lower than that applicable in case of personal loans.
Conclusion
While one can argue the pros and cons of a Top-Up Home Loan, it does serve as a good source of emergency funds. Moreover, the fact that you can avail of the option on your existing Home Loan makes the process less cumbersome. So if you're moving into that new house right away and need some more funds to settle into your place, this may be an option you'd want to take a look at.
Bank of Baroda customers who wish to apply for a Home Loan Top-Up can visit https//www.bankofbaroda.in/apply-for-baroda-top-up-loan-resident-nris-pios.htm?33 and fill out the form to begin the process.
Clearing up Space Debris
Dear Reader,
Various entities are putting more and more satellites into Earth’s orbit every year making it extremely crowded with defunct satellites and debris. Scientists around the world are worried about accidental collisions affecting new space missions. Governments and start-ups are now working on numerous ways to fix this humungous mess.
NASA has a special ORBITAL DEBRIS PROGRAM OFFICE according to which more than 23,000 orbital debris larger than 10 cm are known to exist. The estimated population of particles between 1 and 10 cm in diameter is approximately 500,000. The number of particles larger than 1 mm exceeds 100 million. As of January 1, 2020, the quantity of material orbiting the Earth exceeded 8,000 metric tons.
NASA recently gave out a handbook on how to avoid crashes for commercial satellite providers, and this month signed an agreement with SpaceX to ensure that both prioritize safety during launches and orbital manoeuvres.
Astroscale, is a Japanese startup which wants to remove hazardous clutter from an already congested space environment. It has achieved a critical breakthrough with the successful launch of its ELSA-D debris removal spacecraft last week.
Russia’s GK Launch Services sent ELSA-D into space on a Soyuz rocket from the Baikonur Cosmodrome in Kazakhstan. The system works by attempting to attach itself to dead satellites and push them towards the earth for burning up in the atmosphere, using a magnetic docking technology.
Apart from Astroscale, ClearSpace SA, a Switzerland-based startup founded in 2018, is aiming to launch the world’s first active debris removal mission in collaboration with ESA by 2025. The mission’s objective will be to remove a fragment of the Vega rocket launched in 2013. It is a bulky piece, about a hundred kilos and a similar size to many satellites in orbit, which is why it has been selected.
The concept is relatively simple—a vehicle will be launched with several mechanical arms that will trap the piece in orbit. Once captured, a descent manoeuvre will be initiated with which the spacecraft and the piece of junk will disintegrate due to the atmosphere's friction.
In India, young Bengaluru-based space startup, Digantara Research and Technologies, is working towards setting up an orbit rubble tracking and monitoring services.
Another Japanese company - Sumitomo Forestry and Kyoto University have joined forces to develop what they hope will be the world's first satellites made out of wood by 2023. This partnership will begin experimenting with different types of wood in extreme environments on Earth.
These strategies will be critical since, by 2029, there will be an estimated 57,000 satellites in orbit. Fortunately, this time around, we have the knowledge and tools to resolve the situation before the accumulation of space junk becomes unsustainable.
Credits : Akhil Handa,Aparna Anand
Tech - Infant Care
Dear Reader,
Newborns are at greater risk of illness due to an immature immune system. Babies' immune systems are not as strong as those of adults. Shortly after birth the immune system is weak and susceptible to diseases. It is critical to monitor the vitals. Baby health monitoring startups are making a vital lifesaving contribution.
As per research by “Markets and Markets” the market for baby monitoring system is expected to grow from USD 1.3 billion in 2019 to USD 1.9 billion by 2024, at a CAGR of 7.9%. The rising adoption of unobtrusive monitoring solutions enabled through modern technology is expected to drive the overall growth of the baby monitoring system market.
Mobile devices give parents access to longitudinal data and provide them with real-time alerts for metrics such as breathing, temperature fluctuations, heart rate and movement without any wearable or connected wires, only using computer vision, image processing, and data analysis. Californian Cocoon Cam is a technology company that leverages computer vision for remote health monitoring. The company’s product is a baby monitor that detects a baby’s vitals by passively collecting a video feed and analyzing the data in the cloud.
BabySparks is an app offering personalized baby monitoring solution. The platform offers baby development programs containing video-based activities for different stages of the baby's development. It also tracks the activity to analyze the progress presented in the form of a graphical snapshot.
Health monitoring systems for infants based on wireless communications are a reliable and efficient tool for both parents and doctors that helps ensure better infant care. Such systems monitor parameters such as body temperature, pulse rate, movement of an infant which are made available to parents in real-time. Seoul-based Monit specializes in smart baby care solutions that comprise of a diaper monitor, air quality measurement hub and mobile app that monitors the state of the baby’s diaper, humidity and temperature of the baby’s surroundings.
Sleep is important for a baby’s cognitive and physical development. Nanit manufactures a smart baby monitor which requires no wearable’s. Nanit tracks and understands sleep patterns, parent visits, room conditions and much more. In addition, the product features a time lapse heat map that shows parents, in a glance, how their baby moves around the crib as well as tools to share videos, and digital scrapbooks with other people.
With new age startups focusing on the wellbeing of newborns, parenting has become easy. That’s why we appreciate any company that creates a solution to ease the daily grind of parenthood. Real time monitoring for warning signals has made it safer for babies.
Credits : Akhil Handa,Prithwijit Ghosh
Sweat Powered Watches
Dear Reader,
You have probably heard of solar powered smart watches but what about a sweat powered watch? When people talk about renewable power, sweat isn't exactly something that springs to mind, but it sounds like that this natural process is actually capable of powering fitness trackers and maybe even smart watches too. It sounds pretty crazy but scientists have figured out a way sweat could be used to replace traditional batteries.
The research was done at the University of Glasgow where scientists created a battery cell that has a new type of flexible super capacitor that can be used to replace electrolytes typically found in batteries.
The tech works by collecting the sweat a person naturally produces. This is done by “coating polyester cellulose cloth in a thin layer of a special polymer”. The absorbency of the material attracts perspiration. The ions in the sweat react with the polymer which results in a reaction that generates electricity. Researchers say the battery can be charged with only 20 micro litres of sweat. It’s also very sturdy and can survive several thousand flexes and bends it might encounter – ideal for a wearable strapped to your wrist.
So not only would sweat be a non-invasive way to check on your body's health, it would likely be a highly accurate way too, in the realm of blood in some areas – which is far more appealing than something like heart rate, which has a comparatively limited scope.
The University of Pennsylvania has combined those ideas with graphene, a material considered to be "the best sensor material in existence", to create the SweatSmart by GraphWear. Graphene would essentially allow the sweat sensor to be four times more accurate than current sensors.
Then there are companies like LVL and Halo Wearables, who are aiming a little lower with their sweat-based trackers. The company has spent the past six years working on the Halo Edge, a device that analyses your sweat to indicate hydration levels.
In the same neighbourhood is Kenzen, a company which produces the Kenzen patch, which continually tracks biosensors in your sweat and sends you real-time alerts about your health.
The tech seems promising although it is still in the research phase. But the team is planning to take forward the research on integrating sweat power into wearable devices. After all, they are the perfect option for such technology as you typically wear them while exercising. However, the best hope perhaps lies with LVL and Halo Wearables. There's a chance that bigger companies like Samsung, Apple and Fitbit will explore sweat-based wearables, but that doesn't seem to be on the horizon just yet. So it might be down to the start-ups to make the first breakthrough and hope the major wearable tech heavyweights follow.
Credits : Akhil Handa,Clint James
Contactless Retailers
Dear Reader,
An EY survey among Retail store owners across 12 cities has found that 20 per cent of them had started leveraging online platforms for supply chain needs and delivery during the lockdown. Easy and quick digital payments such as UPI, digital wallets have contributed immensely to the quick digital adoption.
PayNearby leverages AI, ML, and advanced analytics to create quick, simple, seamless, and efficient micro experiences that enable local retailers, referred to as ‘Digital Pradhans’, to provide these assisted hyperlocal services. ‘Har Dukaan Digital Pradhan’ is the mission of this entity.
Reliance Retail will leverage AI, ML, blockchain, IoT, and cloud computing to empower local retailers with an end-to-end digital and physical distribution stack. This would enable them to operate in the same way and as efficiently as larger enterprises and ecommerce players do. By integrating merchants, consumers and producers through this digital platform, Reliance Retail envisions further digitisation and inclusive growth.
Noida-based fintech company BANKIT is helping hyperlocal businesses simplify order, payment, and additional services. These kirana stores are empowered to help locals with online cash transactions via AePS/ mATM and provide cash withdrawal services.
The State Bank of India (SBI) and Titan Company have partnered to launch contactless payment services through watches, called Titan Pay. SBI account holders can tap their Titan Pay watch on contactless payment POS machines without the need of swiping or inserting their SBI bank card.
QR “Quick Response” codes based on UPI have become immensely popular where fintech platforms BharatPe, Phone Pe, Paytm, and Google Pay have dominated the proliferation of digital payments stores.
Digital wallets were the second-most popular in-store payment method in 2020 with a share of 22% after cash payments, which had a 34% market share, according to the 2021 Global Payments Report by Worldpay. Initiatives taken by digital wallet companies to tap into the general trade or kirana stores have contributed to this trend.
The technology for digitising purchases and payments has the potential to completely transform the way India does business. The digitisation of payments has introduced much-needed simplicity, streamlined business processes, reduced timelines, and contributed significantly in improving overall efficiency for retailers.
Credits : Akhil Handa,Manisha Gawle
Trending e-commerce
Dear Reader,
E - commerce is at an all-time high. Lockdowns, travel bans, and retail closures forced the consumer online. As countries locked down and retailers were forced to close, ecommerce reached an all-time high of 16.4% of total global retail sales. It’s not just Gen Z and millennials driving this trend—older shoppers have also moved online. According to a global survey across 11 markets by Shopify, 84% of consumers shopped online during the pandemic.
To better compete with marketplaces and retail giants such as Amazon, smaller players are investing in richer, more personalized experiences. Humanizing their platform also aids in customer retention, now a top priority with the rise in acquisition costs.
Some of the interesting trends being followed by these smaller players include Distinctive Convenience where companies strive to deliver ease and speed as a service. For example, US Startups such as GoPuff and Foxtrot offer exclusive inventory and warehouses and promise to deliver in an hour or less, focusing on speed over mass quantity of goods. GoPuff and Foxtrot fit into a new series of players that are using dark stores to deliver goods within 15 minutes.
Social commerce, a subset of electronic commerce involves social media and online media that supports social interaction, and user contributions to assist online buying and selling of products and services.
More succinctly, it uses social network in the context of e-commerce transactions. Companies such as Shopify has been focusing on integrating social and commerce over the past year to drive sales.
An additional example would be that of Glossier, a skincare and makeup company which not only markets its products through collaborations with social media influencers, it also engages more directly with its followers by allowing buyers the chance to be featured on its Instagram feed if they tag the company in their posts.
Sustainability is another interesting trend where sustainability companies are striving to reduce material waste, add more efficient products and services and incorporate more transparent messaging.
According to CBInsights, Eco-conscious consumers are looking to green alternatives; so are investors. Notable deals have gone to unicorns like $1.7B company Allbirds, which was launched on the premise of making shoes primarily out of sustainable merino wool. The company’s process uses 60% less energy than materials used in typical synthetic shoes and Allbirds also uses recycled materials for its shoelaces and packaging.
Never has the consumer expected more of businesses. We believe that not only do shoppers want to buy online, they also expect it to be fast and convenient. Even when the pandemic ends, we would not see a full rollback when it comes to ecommerce penetration.
Credits : Akhil Handa,Aparna Anand
Data for all –
Dear Reader,
Data is king or so they say. Inclusivity for data platforms can be achieved when data reaches all stakeholders without lag or restrictions. Market information disseminated quickly could make the difference between making and losing money in the financial markets.
Spending on financial market data/analysis and news exceeded the USD 30 billion mark for the first time ever in 2018, according to a new report published by Burton-Taylor International Consulting.
Xignite’s market data cloud is a single platform that unifies financial data consumption. It provides cloud-based financial market data APIs to help emerging companies and established enterprises deliver real-time and reference market data to their digital assets, such as websites and apps. Xignite cloud API’s cover millions of financial instrument across all asset classes.
With all the real time data at hand, investors would like to trade across all asset classes. Robinhood makes it possible to trade in stocks, ETF’s, options and crypto, brokerage free. It also gives access to professional research reports, margin trading and instant deposits. Various other tools and features such as price movement notifications and customized investment news provide additional appeal.
Market Prophit is a financial Big Data analytics company delivering real-time, meaningful intelligence to investors through sophisticated natural language processing, predictive analytics, and powerful visualizations of sentiment and buzz derived from financial related conversations in social media chatter. Market Prophit is the first service ever to provide quantitative rankings of financial bloggers data in social media and generate unique, real-time sentiment signals (bullish/bearish).
Another fintech startup Mindbridge Analytics is using AI and ML to detect anomalous patterns of activities, unintentional errors and intentional financial misstatements in financial datasets. The auditing software will automate ingestion and analysis of data and help accountants identify risk. A risk score is generated for the processed data and will flag transactions that need investigation.
Financial institutions harnessing the power of big data coupled with fintech innovation are leveraging meaningful insights from many disparate data sets. Fintech players have set the ball rolling for financial inclusion. A collaborative approach is the natural next step to accelerate the pace of this process.
Credits : Akhil Handa,Prithwijit Ghosh
Automated Driving
Dear Reader,
Automated driving normally refers to self-driving vehicles or transport systems that move without the intervention of a human driver. These features generally fall into logical groups based on how they combine acceleration, braking and steering. Autonomous vehicle market is projected to surpass US$ 65 billion by 2027 with companies such as Tesla, Autoliv Inc. being the key players.
Drivers need to be able to process a great deal of information as it is a skill that must be learned – this not only applies to people but is also true for automated and autonomous vehicles. In order for driverless cars to react correctly and safely in all situations, they require artificial intelligence and an electronic “brain” that must possess immense computing power.
With the new generation of its AI-capable control unit, ZF ProAI, has developed advanced driver assistance systems (ADAS) which rely on cameras and radars. Companies like Waymo are working on the next stage: autonomous driving. When cars can drive themselves, human error – statistically the most likely cause of accidents – will no longer be an issue.
Today, cars are being developed with cognitive abilities similar to that of a human brain so that they can make decisions which are not included in their code. In a fraction of a millisecond, self-driving cars must be able to process 360-degree view of the environment, interpret this information, verify the position of the vehicle itself, track the position of any sources of danger, calculate and carry out driving manoeuvres. Thus making, Vision Zero - the goal of ending motoring accidents a reality.
Chinese car sharing operator Pand Auto is already testing automated cars in Beijing. The Chinese government is supporting the construction of large test sites and has opened the first test center for autonomous vehicles in Beijing, creating what is literally a driving school for autonomous vehicles.
The trend toward automation is not just limited to passenger cars. Companies like ZF Friedrichshafen have long been working on self-driving mass transit and cargo movers, automated commercial vehicles, parcel delivery services, intelligent forklift trucks and innovative agricultural machinery.
On the other hand, Amazon is planning to put 100,000 electric delivery vehicles on the road by 2030, with deliveries starting as soon as 2021. They plan to buy these vehicles from Rivian, an electric automaker in which Amazon has invested $440M. Similarly, Microsoft is joining forces with Cruise, the self-driving subsidiary of General Motors, to help speed up the commercialization of autonomous vehicles. Looking at the potential possibilities, we can safely conclude that self-driving cars on roads don’t seem to be a distant dream.
Credits : Akhil Handa,Clint James
Parking Payments
Dear Reader,
Increasing adoption of integrated automated solutions coupled with the advancements in wireless technologies are expected to drive the growth of smart parking market. Major technologies used for the deployment of efficient systems include sensing devices, machine-to-machine (M2M) communication, smart parking meters, data analytics, mobile apps for e-reservation of slots and online payments.
According to Brand Essence Research Report, Global Smart Parking Market was valued at USD 5.62 Billion in 2018 and expected to reach USD 12.83 Billion by 2025 with a CAGR of 12.5% over the forecast period.
In recent years, parking payments has drawn the attention of many FinTechs and digital payment solution providers. In India, National Payments Corporation of India (NPCI) has introduced an interoperable system so that FASTags can be used to pay parking fees at malls, airports and other private parking lots across key metros - Delhi, Mumbai, Chennai, and Bengaluru.
Such payments will be contactless, which assumes significance in the wake of Corona virus pandemic. The NETC FASTag solution will work both as post-paid and pre-paid solutions for securing parking at a parking plaza. There will be no additional cost to customers with respect to the parking fee, other than the one-time purchase cost of the tag. There will also be dedicated FASTag lanes.
In the US, Passport, a transportation software company supports the management of vehicle interactions with streets and sidewalks, through its robust digital parking payment technology. Passport supports over 1,000 clients of all sizes in North America and has processed more than $2B mobility transactions to date.
Similarly, ParkMobile is another leading provider of smart parking and mobility solutions in North America, using a contactless approach to help people easily find, reserve and pay for parking on their mobile devices.
Last month, Google announced entering into an advanced partnership with both Passport and ParkMobile. The parking payment feature can be availed in over 400 US cities, including Boston, Chicago, Houston, Los Angeles, New York and Washington DC.
Simply tap on the 'Pay for Parking' button that appears as you near your destination. Then enter your meter number, the amount of time you want to park for, and tap 'Pay'. The payment will be processed through Google Pay application.
Google Maps, along with Passport, is in the process of expanding the ability to pay for transit fares for "over 80 transit agencies" around the world, allowing the users to plan their trips, buy tickets and start riding without needing to toggle between multiple apps.
We believe that the increased interest around the parking payment technology will provide an opportunity for IoT and mobility players to up their game and significantly increase revenue generation, to get back on track in the wake of the pandemic.
Credits : Akhil Handa,Aparna Anand
RegTech
Dear Reader,
RegTech is the management of regulatory processes within the financial industry through technology. Regtech automates regulatory processes and ensures compliance with regulations. It uses technology to support the ongoing monitoring of regulations and facilitates necessary reporting. Regtech also creates transparency and consistency, as well as substantially increases the quality of risk management and compliance. Another advantage is greater security arising from the continuous monitoring of processes.
Banks and financial companies have to act in accordance with many regulatory requirements. The UK-based startup REGnosys offers a regulatory technology compliance platform, called Rosetta. It aims at facilitating the implementation of the Common Domain Model (CDM) for financial sector players with programmatically enforced compliance mechanisms. The solution saves costs and risks based on a specific rule-based operational lifecycle design.
Canadian startup Mind Bridge creates a financial data analytics platform for auditing, based on AI and machine learning. It leverages accounting data and incorporates domain expertise to detect mistakes and anomalies, spot potential risks and investigate specific cases with built-in natural language processing (NLP) search to help banks and financial institutions resolve issues encountered during regulatory compliance.
Singapore-based startup Dathena utilizes AI to arrange a suite of regulatory data safeguarding tools for the financial, healthcare, travel and retail industries. This suite allows enterprises to organize their data repositories, manage secure access to files, classify data by importance and confidentiality, automate data protection policies implementation and ensure data security.
Banks and financial organizations are obliged to cope with government norms and to regularly create and submit corresponding regulatory reports. Israeli startup Cappitech provides a regulatory reporting platform, Capptivate, for FinTechs. The solution automates data transfer, as well as report creation and submission. Besides, it validates given information and reformats it in accordance with regulatory requirements, monitors the reporting status and provides feedback on past reports.
Chile-based startup Ceptinel has developed a real-time regulatory monitoring system for financial companies. As government laws, regulations and procedures tend to change over time, established companies and FinTechs alike need to stay aware of any pending requirements, modifications in norms, or new state guidelines related to their business. It applies machine learning and complex event processing algorithms to treat large amounts of data coming from various sources to ensure compliance with new regulatory requirements.
Regtech increases effectiveness, efficiency, security and transparency for all market participants, enabling them to focus on their core competence, safe in the knowledge that they are operating in accordance with the legal and regulatory requirements.
Credits : Akhil Handa,Manisha Gawle
Boosted Living
Dear Reader,
We have one life and to live it to its maximum potential it is necessary to be healthy. Heavy workload, pollution, stress, unhealthy lifestyle all take a toll on our immune system. However, awareness has increased in recent times and globally everyone is trying to adopt a healthier way of living.
Health and fitness clubs provide their customers with the infrastructure for their workouts and physical activity in exchange for a membership fee. The global fitness and health club industry generates more than US$ 80 billion in revenue per year. The fitness industry is booming worldwide.
Berlin-based startup Asana Rebel is a yoga combined with fitness app that promises to improve user’s fitness. It is available in six languages and has been featured multiple times by Apple and Google and rated one of the top fitness apps currently in the market.
Another fitness tech startup Fitwell combines the benefits of sports, science and technology to deliver fitness goals. Fitwell is a 24/7 personal fitness coach and expert nutritionist. Fitwell’s personalised meal and workout plans are a simple way to build better habits and reach your health and fitness goals.
Have you ever felt that all those hours spent in the gym is not yielding the desired results. Antelope Club founded in 2014 in Frankfurt aims to change the way people do their workout and keep themselves in shape. This startup has developed a revolutionary full-body mobile ANTELOPE SUIT based on Electro Muscle Stimulation technology. 20 minutes of training equal up to 3 hours of conventional exercises and one session per week is all it takes to be healthy.
Imagine being in Mumbai and having access to classes of fitness gurus in New York. Startup Move With is motivating users to workout by giving instant access to guided audio workouts from the best instructors on the planet whenever and wherever, on the road, in their living room, or at a gym.
GymCraft founded in 2016 in Malaga, Spain is a next generation fitness startup that is bringing together the world of fitness and gaming to create virtual reality workouts. The company’s “exergaming” software is compatible with technologies including various VR goggles, creating fully interactive exercise experiences. GymCraft users can connect their equipment to games via a USB, upon which they can enter virtual worlds to begin a game and compete with friends.
Online coaches not only tell you how to workout according to your body type, but also give you a complete nutrition plan. These innovative ways of fitness save you money and give you the freedom to workout with precision, quicker and tailored to moods and feelings.
Credits : Akhil Handa,Prithwijit Ghosh
Automobile Commerce
Dear Reader,
The auto industry has been facing the heat to move digital more than ever as the pandemic has brought upon new challenges and deepened the need to shift toward digital solutions. Auto dealers have been slow to adopt digital car-buying solutions, but with lockdowns closing dealership doors, the pandemic accelerated the shift to omni-channel auto retail.
Online car buying has taken off in a big way during the pandemic. According to Publicis Sapient, many digitally enabled OEMs are seeing increased, higher quality leads that are 30 percent more likely to buy and a two to four-fold surge in website traffic compared with pre-COVID-19. These online tools are, in some instances, responsible for more than 20 percent of new leads during the second quarter of 2020.
More recently, a number of digitally focused disruptors such as Carvana, Carmax and Tesla have entered the market, offering unique, omni-channel experiences like flexible return policies, virtual auctions, home deliveries, online negotiation and virtual trade-in valuations. These digital leaders recognized a shift in customer expectations and focused on creating seamless user experiences across the entire shopping journey.
Online used car seller Vroom noticed a considerable growth in demand as a result of the pandemic, with people turning to digital methods for purchasing cars. Similar to its competitor Carvana, Vroom offers no-haggle pricing and a no-questions-asked return policy. Another Used car marketplace Shift Technologies went public via SPAC in October 2020. Shift allows users to buy, sell and finance cars online. The company offers a "buy it now" option that allows a buyer to purchase a vehicle online without a test drive. Similarly, Cazoo, a UK based company, sells refurbished cars online, delivers them to customers' homes within 48 hours, and offers a seven-day free returns policy.
Then there are digital platforms that help the dealerships move their businesses online. Take for example, Modal which makes software for car dealerships to move the entire buying process online. Another company, Digital Motors builds a car-buying platform for auto retailers, dealerships, brands and manufacturers.
The new car ownership model of subscription offers ease and convenience to customers like never before. Switzerland-based Carvolution offers car subscriptions where Customers pay a monthly price for a vehicle and are free to switch cars as they like.
We believe that, the winners in this industry will be defined by how quickly they adapt to technological innovations. The dealers and OEMs who adjust can thrive, while those reluctant to change will fall further behind.
Credits : Akhil Handa,Aparna Anand
Technology for a Greener tomorrow
Dear Reader,
Climate change is real and it is happening. Observable effects are seen everywhere- glaciers have shrunk, ice on rivers and lakes is breaking up earlier, plant and animal ranges have shifted and trees are flowering sooner. A 2°C increase could mean more heat waves, a ten-fold increase in Arctic ice-free summers and a complete wipe-out of the world's coral reefs, home to millions of species. More frequent and intense drought, storms, heat waves, rising sea levels, melting glaciers and warming oceans can directly harm animals, destroy the places they live, and wreak havoc on communities and people's livelihoods.
As per NASA, the planet's average surface temperature has risen by about 0.9oC since the late 19th century, a change driven largely by increased carbon dioxide and other human-made emissions into the atmosphere. Companies realize the gravity of the situation and know that the time to act is now. Aiding them in this quest is Artificial Intelligence (AI) and other modern technologies like Machine learning.
Google’s UK-based DeepMind laboratory applies its industry-leading knowledge of neural networks and machine learning to apply more efficient data interpretation to energy consumption and energy-grid distributions. These learnings were deployed for efficient energy distributions in wind farms. Prediction models developed there were used in scheduling energy deliveries resulting in a 20% improvement in operational efficiency.
Climate change has led to teething problems for the global poor and poverty stricken populations leading to poor living environments and onset of diseases and other related ills. AP-Latam, a project run by Argentina-based Dymaxion Labs, uses AI to analyze high-resolution satellite imagery to detect areas of informal settlement growth in precarious areas that are logistically difficult to analyze on the ground. By understanding and predicting areas of potential slum growth and population movements, governments can make better decisions on how to help affected families mitigate the effects of climate change.
Transportation accounts for 23% of global greenhouse-gas emissions, leaving plenty of room for positive contributions from AI. DHL and IBM have teamed up to use artificial intelligence to improve DHL’s global logistics operations. By predicting demand, risk, supply-side variations and other variables, DHL is curbing emission by optimizing their process.
Earth is the only planet we have to call home and global warming is causing irreversible damage. Global awareness is creating waves of innovation and optimizations to reduce the global warming footprint of corporations and individuals.
Credits : Akhil Handa,Prithwijit Ghosh
Insuring Privacy
Data is a double edged sword. Leveraging data can provide boost to revenues. However, if not handled carefully it can lead to fines and prohibitions. Data privacy laws are becoming stringent by the day
.
Leading light for data protection is the European Union’s “General Data Protection Regulation” (GDPR) that came into force in 2018. GDPR protects people in the EU from unlawful data collection or processing and works to increase consent requirements.
Tech companies like Google and Facebook, airline operator British Airways and hotel giant Marriott were hit with fines for data breaches. Start ups have come up with solutions to help companies comply with data privacy regulations.
London based Privitar provides data protection software for large organisations, including the United Kingdom’s flagship NHS, HSBC and many more. The company works with various verticals like financial services, telecommunications, pharmaceuticals and the government.
San Francisco based InCountry touts itself as a data residency-as-a-service platform that helps international companies store customer data locally. It offers the global infrastructure to store and retrieve data in its country of origin by serving up an API that funnels data between InCountry’s local datacenters.
Businesses operating in California are required to be in compliance with a new privacy law, the California Consumer Privacy Act (CCPA). Atlanta-based OneTrust is a data privacy management compliance platform that, similar to InCountry, was established to help businesses adhere to the regulations around the world, including GDPR and CCPA. The OneTrust platform includes a template-based self-assessment tool that enables companies to check their compliance with GDPR in addition to understanding the flow of data through the organization and across borders.
InfoSum patented decentralized technology allows companies to combine and analyze data in disparate schemas without moving or sharing it, eliminating commercial, legal and security risks.
Machine learning is being employed by New York based BigID. This startup helps enterprises protect customer and employee data using machine learning to automatically find sensitive data held on internal servers and databases, analyze, de-risk and ensure that organizations are complying with data protection regulations.
Ensuring privacy into the data supply chain not only protects customers but also creates an unbreakable trust and inspires confidence as well. This realisation has led to a global surge in investment in entities providing solutions on data privacy.
Credits : Akhil Handa,Prithwijit Ghosh
Smart-Robotics for Education
With the huge potential of robotics getting unlocked every day, even educators are leveraging robotics to improve the quality of education in novel ways, providing hands-on way of teaching important concepts like mathematics and science. Teachers can showcase how simple mathematical concepts like addition, subtraction, proportion etc. are applied in the field of robotics.
These bots use the same general characteristics as industrial robots, but are much safer and less expensive to use. As per 'Global Robotics Education Industry Market Research Report', the global education robot market is estimated to reach size of around $25 billion by 2026 with a CAGR of around 23%.
One of the first robots in the educational field was released in the 1980s, called the Heathkit Educational Robot (HERO). Though it was not programmed to perform practical tasks, it was a self-contained mobile robot that was controlled by an on-board computer using a Motorola CPU and 4 KB of RAM. The educational bot featured light, sound, motion detectors and a sonar ranging sensor.
Recently, UBTECH Education and Follett have formed a partnership to create interactive JIMU robotic building block systems which enables students to develop critical STEM (Science, Technology, Engineering, and Mathematics) skills in a hands-on environment. JIMU robots are designed to complement the incremental steps of STEM success in experimentation and progressive learning by providing countless hours of creative and inspiring fun.
Similarly, NuMinds Enrichment has developed AI-powered NAO robot, which enables students to interact with the humanoid as it teaches coding, literature and simulates training environments. NuMinds programs are also enhanced with cutting-edge virtual reality (VR) goggles that integrate virtual environments and augment learning, to captivate students and enhance their experience.
Back home in India, Agilo Research, an EdTech hardware start-up, has developed STEMpedia Robotics learning platform to foster creativity and innovation among the young students. This platform was part of ‘India Innovation Growth Program’ launched by Lockheed Martin, Tata Trusts and FICCI.
Based on the innovative solutions being launched, AI and robotics can effectively improve the quality of elementary and even higher education. Besides cutting down the overall cost in generating insights in different scientific sectors, the technologies can help teachers tailor the education system to suit students with diverse learning needs.
Credits : Akhil Handa,Manish Kulkarni
5 Steps to Apply for a Home Loan
5 Steps to Apply for a Home Loan
You may have heard people say that real estate is the best kind of investment. Its value appreciates over time, and you also get several tax benefits under various Sections of the Income Tax Act of India, 1961. But with ever-escalating property rates, you may not have sufficient savings to buy a property on your own. Thankfully, you can approach Bank of Baroda for a Home Loan. The bank offers a wide variety of Home Loans at affordable interest rates. You can get financing of up to 90% of the property's value and repay the loan in affordable Equated Monthly Instalments (EMIs) over tenures lasting up to 30 years. To get you started, we have outlined the bank's Home Loan application process here.
5 Steps on How to Apply for a Home Loan
Eligibility
Before you begin the Home Loan application process, you need to ensure that you are indeed eligible for the loan. The bank determines whether you qualify for a Housing Loan after considering several factors such as your age, employment status, income, and monthly expenses. You have to input these details in the Bank of Baroda Home Loan Eligibility Calculator. The calculator instantly computes whether or not you are eligible for the loan. If you qualify, it calculates the maximum loan amount you can get. Note that the calculator only computes a rough estimate of the loan amount. The bank determines the actual loan amount you can get, after assessing the loan application form.
Document Submission
After getting a rough estimate of the loan amount you can get, you can move to the next step in the Home Loan application process. You need to fill the loan application form. You can fill the form online, directly through the bank's website. You have to provide your personal and financial details, based on which the bank confirms the maximum loan amount for which you are eligible. You also have to provide your necessary documents such as your ID, age, and income proof documents etc. You have to also submit property documents like sale or title deeds, NOC or the allotment letter etc. You need these documents irrespective of whether it's a new or existing property.
Property Evaluation
Since a Home Loan is a high-value investment for the bank, the bank does its bit in evaluating the property. A surveyor appointed by the bank visits the property's site and checks the market value of the property. While the bank surveys the property, it would help to have free and clear titles. Bank also appoint a lawyer to check that the title deed and other documents are clear from leagal angle
Documentation
The bank provides a format for you to draw up the loan agreement. All costs and charges relating to the Home Loan, including the loan processing fees, stamp duty charges, loan administration charges, etc., should be borne by you. You may factor in these charges as part of your loan amount as well. The Home Loan agreement document comprises details such as the bank's loan amount, the levied interest rate, the EMI payable, and the loan tenure. It also includes other essential terms and conditions regarding prepayment, default, collateral, etc., which you must read carefully.
Home Loan Disbursal
In the final step of the Home Loan application process, the bank disburses the loan amount. Based on the type of Home Loan you have applied for, the money will be disbursed either to you or the builder. The bank also determines whether the loan amount should be disbursed in partial instalments or as a lump sum. Once the loan amount is disbursed, your Home Loan is officially underway. It begins when you pay your first EMI and ends when you pay the last.
Types of Home Loan
Having explained how to apply for a Home Loan, let us look at the different types of Home Loans offered by Bank of Baroda. These are of 9 types:
The Standard Home Loan that enables you to buy a new, existing pre-owned, or under-construction property.
A Home Construction Loan enables you to construct a house on a piece of land owned by you.
A Home Loan to buy a plot of land, on which you will construct a property in the future (within 36 months).
A Home Extension Loan allows you to enlarge the size of your existing house, build extra floors, etc.
A Home Improvement Loan helps to finance the costs associated with renovating your existing house.
A Top-up Home Loan can get you additional financing on your existing Home Loan.
A Balance Transfer Home Loan allows you to transfer your loan from another lender to Bank of Baroda and benefit from a reduced interest rate.
A Pradhan Mantri Awas Yojana (PMAY) Home Loan allows you to get subsidised interest rates on your Home Loan. This funding type is useful if you belong to the economically weaker section, a light-income group or a medium-income group per PMAY policies.
A Pre-approved Home Loan wherein you can first get approval for a loan and then finalise the property based on your eligibility.
Documents for Home Loan Application Process
Besides knowing how to apply for a Home Loan online, you should also be aware of the documents you need to submit while applying for a Home Loan. These include:
Your age proof documents
You need to provide any government-approved document with your date of birth mentioned on it. Age proof documents help banks assess if you are in the 21-65 years age group (at the time of repaying the final EMI) to be eligible for the loan. This document could be a PAN Card, Aadhaar Card, Passport, Driving License, etc.
Your identity proof documents
Any Government-approved document featuring your photograph is accepted as a valid identity proof document. It could be your PAN Card, Aadhaar Card, Passport, Driving License, Voter ID Card, etc.
Your address proof documents
Any Government-approved document featuring your current/permanent address is accepted as a valid address proof document. It could be your Aadhaar Card, Passport, Driving License, Voter ID Card, Ration Card, Utility bills, etc.
Your income and employment proof documents
You need to provide documents validating your employment, such as your offer letter and designation, salary slips, increment letters, etc. If you are self-employed or a business owner, you need to provide your bank statement, profit and loss statements, proof of business documents, etc. All applicants must also provide their income tax returns for the last three years.
Property-specific documents
Finally, you must provide all documents related to the property you intend to buy such as the No Objection Certificate supplied by the society or builder, the original sale deed, letter of allotment, bank statements and receipts showing advance payments, etc. If you are taking a Home Construction Loan, you must also provide a document on estimating the costs associated with property construction, approved map etc.
Factors to Consider Before Applying Online for Home Loan
Now that you know how to apply for a Home Loan online, you should consider the factors mentioned below before beginning the Home Loan application process.
Consider the bank's lending rate and the maximum loan amount you can get based on your income.
Consider your credit scores and ensure they are above 701 points to get an affordable Home Loan interest rate along with the repayment tenure of your choice.
Consider repaying any existing loans and credit card bills to enhance your credit score, and by extension, your eligibility.
Consider opting for a longer-tenure loan to reduce the monthly instalment amount significantly.
As is apparent, the Home Loan application process is quite simple and straightforward. Now that you know how easy it is to apply for A Bank of Baroda Home Loan visit the Home Loan Section of our website to get started.
Does a Co-Applicant's Income Improve Your Chances of Getting a Higher Home Loan Amount?
Does a Co-Applicant's Income Improve Your Chances of Getting a Higher Home Loan Amount?
A Home Loan is considered a once-in-a-lifetime opportunity for many people. That is why it would help to maximise your potential loan amount. The best to go about is to opt for a joint Home Loan. Let's find out what is a joint Home Loan and how you can improve your chances of getting a higher Home Loan amount.
What is a Joint Home Loan, and What is a Co-Applicant in Home Loans?
A joint Home Loan is one that you can take along with another applicant or a co-applicant. A co-applicant is simply an additional applicant who is just as involved in the underwriting and approval process of the same Home Loan. When you take a loan with a co-applicant, it is deemed as a joint Home Loan.
A co-applicant may be named as the secondary applicant on the joint Home Loan but may share the same loan repayment responsibilities and benefits that go with a Home Loan. Co-applicant may or may not be joint owner of the property. However a joint owner has necessary to be a co applicant even if he / she is not having any income (e.g. In case of house wife). If joint owner is not having any income, then eligible loan amount would be calculated solely on the basis of income of main applicant.
Having a co-applicant on your Home Loan can also increase your chances of getting the loan approved. Furthermore, it also helps you procure a higher loan amount to buy the house of your dreams. However co-applicant must be your close relative.
Benefits of Having a Co-Applicant in Home Loan
Having explained what is a joint Home Loan and the definition of a co-applicant, let's take a look at a few benefits of having a co-applicant on your Home Loan.
The bank considers the income of both applicants
When you apply for a Home Loan, the bank considers various factors that can affect your eligibility. This includes your income, outgoing expenses, credit scores, and so on. While you may be eligible for the loan, you may not get a higher loan amount as the sole applicant. But when you apply for a Home Loan jointly with another applicant, the bank also considers their income. A higher income typically results in a higher loan eligibility amount, enabling you to buy a better property without compromising.
A joint Home Loan reduces your loan burden by half
Another advantage of taking on a joint Home Loan is that your loan burden is reduced considerably. You and your co-applicant can devise a strategy that distributes the loan repayment equally. This way, if either of you is faced with unpredictable circumstances leading to a loss of income, the other can ensure that EMIs are paid on time. Doing this ensures you never default on your EMI payment.
Conclusion: Now that you know what a co-applicant is in a Home Loan, you should consider applying with one. A co-applicant reduces your loan burden and shares financial responsibility.
So are you looking for a Home Loan? Apply now with Bank of Baroda
Home Loan Eligibility Guide for Beginners
Home Loan Eligibility Guide for Beginners
Buying a house in today's real estate market may seem expensive, but it is not impossible. With Bank of Baroda's Home Loans, you can buy a ready-to-move-in home, an under-construction home or a plot of land and construct house whithin 36 months. You can even construct a house on any piece of land you own. The bank also provides the necessary finance to renovate your existing property. However, your loan is sanctioned only if you fit the bank's Home Loan eligibility criteria. Let's understand what is Home Loan eligibility, and the various criteria considered by the bank.
What is Home Loan Eligibility?
Home Loan eligibility is nothing but an assessment of your loan repayment capacity. To assess whether you can afford and then repay the loan in a timely fashion, the bank considers several factors. These include your age, your income, your credit scores, the type of loan you are applying for, among others. Based on these factors, the bank determines the maximum loan amount you can get. Some factors also help you procure a lower interest rate on your Home Loan. Let's take a look at each of these criteria individually.
Home Loan Eligibility Based on Salary / Income
Your salary is the first criterion on which the bank assesses your Housing Loan eligibility. You should be able to provide valid proof of your income to eligible for this loan. You could be a salaried employee, a self-employed professional or a business/practice owner such as a lawyer, doctor, chartered accountant, etc. Essentially, it would help if you had a regular income to be eligible for a Bank of Baroda Home Loan. What's more, you can apply for the loan jointly with another immediate family member (check with the bank for eligible joint holders), who is also stably and securely employed, to improve your eligibility.
The bank typically has a standard interest rate and loan amount allowance based on your income bracket. The interest rate is linked to the Baroda Repo Linked Lending Rate or BRLLR and varies as per your credit score. [For instance, if your net monthly income is Rs. 25,000 and you can produce credit scores exceeding 750 points, you may be eligible for a maximum loan amount of Rs. 15 lakh at interest rates starting at 6.85% p.a*. On the other hand, if you have good credit scores and your net monthly income is Rs. 75,000, you can get a maximum loan amount exceeding Rs. 57 lakh.] You may repay the loan in tenures lasting up to 30 years.
You can use the Bank of Baroda Home Loan eligibility calculator to check the maximum loan amount you can get based on your salary.
Home Loan Eligibility Based on Age
Your age is another crucial Housing Loan eligibility factor that banks consider. Typically, the bank requires you to be at least 21 years of age to apply for the loan. Also, your age at the time of final EMI repayment should not exceed 65 years. Your chances of getting a Home Loan sanctioned are higher when you are younger; typically in your twenties or thirties. This is because, in this age group, you would have established your career securely, and you would have the capability to repay a high-value, long-tenured loan like a Home Loan. Furthermore, when you apply for a loan in your twenties or thirties, you still have several years of gainful employment ahead of you. You would be drawing a monthly income, which helps you repay your EMIs on time.
When you apply for a loan in your 40s, you may be able to make a higher down payment or pay a higher EMI amount. You need to assess what works best for you and then apply for the loan accordingly.
Other Factors determining Home Loan Eligibility
Apart from your salary and age, several other Home Loan eligibility criteria that the bank evaluates while considering your loan application. They are as under:
The Number of Years You've Been Employed
Being employed for over three years with the same employer conveys to the bank that you are stably employed.
The Details of Your Employment
Typically, the bank consults your employer to assess your claim of employment. It also asks you to provide documents such as your offer letter, monthly income statements and salary slips, etc., to determine your eligibility. These documents help the bank evaluate your employer's reputation and decide the loan amount and interest rate you can get.
Your Credit Scores and Financial Management
Your credits score is perhaps the most crucial of all Home Loan eligibility criteria. It is nothing but an assessment of your financial behaviour and your creditworthiness. Your credit score helps the bank evaluate how you spend your money and your income-to-credit ratio, i.e., how often you use your credit card and whether you repay your credit card bills on time, whether you are repaying your other existing loans regularly. It would help if you typically had a credit score of over 775 points out of a possible 900 points to get a low-interest Home Loan. The bank may also sanction your loan request if your credit score is in the 701-774range, but you may be charged a higher interest.**
The Value of the Property You Intend to Buy and the Loan-to-Value Ratio
While the bank finances a significant portion of the value of the property you want to buy, you have to provide a down payment. Typically, you have to provide at least 10% of the property's value as down payment, and the bank finances the remaining 90 per cent. This is known as the Loan-to-Value ratio. With Bank of Baroda, you can get finance of up to90% for Home Loans up to Rs. 30 lakh. You can get up to 80% finance for loans in the Rs. 30 lakh to Rs. 75 lakh range. If you need a loan exceeding Rs. 75 lakh, you have to pay a down payment of up to 25% of the property's market value and can get loans up to 75% of the value of the property.
Tips to Enhance Your Home Loan Eligibility
While you cannot change the bank's Home Loan eligibility criteria, there are several ways in which you can enhance your Housing Loan eligibility. They are as under:
Repay Any Existing Loans You May Have
Your credit scores are reduced if you have any existing loans while you apply for another. As such, it is better to repay your current loans and then apply for a fresh Home Loan. Repaying existing loans demonstrates to the bank that you had taken on and repaid loans in the past, and makes you a credit-worthy applicant.
Apply Jointly With A Co-Applicant
When you apply for a Home Loan jointly with a co-applicant, the bank considers both your incomes. It also checks the credit scores and repayment behaviour of both applicants jointly. If both of you have credit scores exceeding 701 points, your eligibility will be enhanced, and you can even get low-interest loans if credit score is further higher.
Opt For A Longer Tenure Home Loan
Your Home Loan eligibility increases with a higher loan tenure. A higher tenure allows you to repay the loan in smaller EMIs. It also ensures the bank that you would be employed for a longer duration, enabling you to pay your EMIs on time.
Calculation of Eligibility for Home Loan
Now you can calculate your Housing Loan eligibility even before you apply for the loan. You can use an online Home Loan eligibility calculator, available on the Bank of Baroda website. Enter details such as your age, income, monthly expenses, other loans EMIs, and the value of the property you intend to buy. Once you submit these details and click on enter, the calculator computes the maximum loan amount you can get. You can apply for a Home Loan online, .
So, visit the Bank of Baroda website to check if you are eligible for a Home Loan. Apply for your Home Loan online and start the process of becoming a property owner!
*Subject to change at Bank of Baroda's discretion.
**Conditions apply
Home Loan Principal & Interest Rate Explained
Home Loan Principal & Interest Rate Explained
Bank of Baroda offers a wide variety of Home Loans that you can choose from, based on your requirements. The bank offers loans of several lakh to a few crore in various Indian cities and towns. With its streamlined, online process, you can now apply for the loan online through the bank's website. You can even get a pre-approval for the loan, select a property based on your eligibility, and submit your documents online. But before you take on a Home Loan, you should familiarise yourself with the various terminologies associated with the loan; two of which are most crucial. We are talking about the Home Loan principal amount and interest rates. Let's understand these in detail.
What is the Home Loan Principal Amount?
To put it simply, the Home Loan principal is the amount of money financed by the bank to help you buy a property of your choice. The property in question could be cost of newly constructed, a pre-owned property, or an under-construction property. It could also be a plot of land and construction thereon you want to buy. The bank also offers you the necessary finance to construct a property on a piece of land you want to buy, renovate or remodel your existing property. Such financing also falls under the umbrella of the Housing Loan principal amount.
As such, the Home Loan principal amount is nothing but the original amount of money you borrow from the bank as a loan. It is the actual loan amount. Depending on your eligibility, income, and the value of the property you wish to buy, the bank offers maximum financing of 75 to 90 per cent of the property's market value as the principal loan amount. You have to provide the remaining 10 to 25 per cent of the property's value as a down payment.
Example to Help Understand Home Loan Principal Amount
Let's say you want to buy a 2BHK in Pune City. The cost of the flat is Rs. 1 crore. After assessing your eligibility, the bank decides to offer you a loan amount of 75%, while you have to provide the remaining 25% as a down payment. As such, you would be eligible for a loan of Rs. 75lakh and you have to make a down payment of Rs. 25lakh. Thus, your principal on Housing Loan would be Rs. 75 lakh. This amount reduces with every EMI you pay towards Home Loan repayment.
Difference Between in Home Loan Principal & Interest
Having explained what is Home Loan principal, let's understand what interest rate on Home Loans is, and how it differs from the principal loan amount.
Interest is the amount of money the bank charges on principle of the amount loaned to you. The interest rate on a Home Loan is typically expressed as a percentage and calculated as the Home Loan interest.
What is EMI
The EMI you pay towards your Housing Loan comprises both the Housing Loan principal amount and the interest amount. With every EMI you repay, the principal amount reduces. Interest is charged on every month on remaining outstand principal. So gradually with repayment of every EMI, original principal amount is reduced and according every month amount of interest is reduced. Thus in later EMIs, portion of principal is higher and it increases further with every payment of EMI. In the beginning, a significant portion of the EMI goes towards interest repayment, while a smaller portion goes towards repaying the principal amount. This becomes apparent through the bank's amortisation schedule that shows you how your loan repayment is calculated. The amortisation schedule is nothing but a tabular representation of the loan repayment, highlighting the amount going towards the principal amount and interest repayment each month, even though the amount of EMI remains unchanged. As per the amortisation schedule, the amount going towards repaying the principal amount increases progressively every year. You can easily calculate the same with the help of an online tool known as the Home Loan EMI calculator.
So, if you're planning to take on a Home Loan, make sure you understand the concepts of Home Loan principal interest rate and EMI thoroughly. You can now apply for Bank of Baroda Home Loans conveniently. Click here to get started!
Home Loan Process at Bank of Baroda
Home Loan Process at Bank of Baroda
Owning a home gives you a sense of financial security. You can easily become a homeowner, thanks to a Home Loan. To make this type of loan more accessible to anyone in need, Bank of Baroda has made the loan application process even more convenient. Now, you do not need to visit the bank several times to get your loan approved. Indeed, you can get approval for your home loan from the comfort of your home. Yes, Bank of Baroda has streamlined the Home Loan process. You can start the loan application process online. Here are the steps you need to follow.
Home Loan Application Process
Visit the bank’s website to check your eligibility and EMI amount
The first step in the Home Loan process is to visit the Bank of Baroda website. Here, you can use the Home Loan eligibility calculator to check the maximum loan amount you can possibly get. You can also check your potential EMI amount by adjusting the sliders.
Fill the application form and submit the documents
Once you’ve checked your eligibility, you need to determine the type of Home Loan you need, and fill the loan application form accordingly. You can download the form from the Home Loan section of the website. You need to provide your necessary details such as your name, age, address, income and employment status, etc. You also have to provide copies of your basic documents such as your ID, age, and address proof, along with a scan of your passport-sized photograph and signature income documents, property documents etc. Once you send these documents, the bank verifies them.
Wait for the loan sanction letter
In the next step of the Housing Loan process, the bank sends you a sanction letter, mentioning the loan amount you can get. This letter is typically valid for 6 months, during which time you can avail disbursement
Home Loan Disbursal Procedure
Drawing up the loan agreement
After you’ve done your bit in the Housing Loan process, the bank takes over. It gives you the format to draw up the loan agreement. You need to execute the Home Loan documents in the manner as per state law. Some of states also require registration of documents. Ensure you read the loan agreement carefully as it contains all the terms of the loan, including how funds will be disbursed.
Funds are disbursed
Based on the clauses in the home loan agreement, the bank disburses the loan amount to you or the builder/seller. In case of loans for under-construction or ready-to-move-in properties, the loan amount is typically disbursed to the builder/seller. On the other hand, funds for Home Renovation loans are paid to you directly. If you opt for Home Construction or Extension Loans, the bank may disburse the funds in instalments, depending on how the construction is progressing. If you transfer your loan from another bank, the funds may be disbursed directly to your original lender.
Once the funds are disbursed, the Housing Loan procedure is officially completed. The loan lasts until you repay it in its entirety. As is apparent, the Home Loan procedure is indeed simple and straightforward. The partially online procedure makes it a great time and energy saver. So, visit the Bank of Baroda website to begin the Home Loan process today!
List of Documents Required for Home Loan
List of Documents Required for Home Loan
When you apply for a Home Loan, a bank needs proof to verify your identity and assess your creditworthiness, before sanctioning. It does that by requesting you to provide several documents. As such, you should ensure you provide all the documents required for Housing Loan as mentioned on the loan application form.
Here is a list of the primary Home Loan documents you need while applying for a home loan, along with specific documents required from salaried and self-employed Applicants.
Necessary Documents Required for Housing Loan
There are five types of primary Housing Loan documents you need to provide. These include
The duly-filled and signed Home Loan application form available at your nearest Bank of Baroda branch or the bank’s website.
2 Passport size photographs; one of which should be attested on the application form.
A copy of your identity proof document could be your PAN or Aadhaar Cards, passport, driver’s license, or voter ID card. Essentially, it should be any government-approved document with your photograph on it.
A copy of your age proof eligible for the loan could be your PAN or Aadhaar Card, passport, driver’s license, birth certificate, etc.
A copy of your address proof document could be your, Aadhaar Card, passport, driver’s license, bank passbook, utility bills etc. The document should have your permanent address mentioned on it.
List of Documents Required from Salaried Applicants
As a salaried individual, you need to provide all of the Housing Loan documents mentioned above. You also have to give a few additional, income-specific documents, enabling the bank to assess your eligibility. They are as under:
A duly filled Form 16
A letter from your employer certifying your employment status and the duration of your employment
Your salary slips of the last 3-6 months
Your filed IT Returns of the last three years
Investment proofs (shares, fixed deposits), if any.
Account statement showing credit of salary.
List of Documents Required from Self-employed Applicants
Self-employed applicants also need to provide a few additional documents certifying their source of income. These include
Business address proof
Their duly filed tax returns of the past three years
Company Balance Sheet, Profit and Loss Statements, duly audited/attested by a Chartered Accountant
Their business license/professional practice (for doctors, lawyers, etc.) documents
Copies of registration certification for establishments like shops, factories, clinics, offices, etc.
Account statement of business.
Property documents Required for Home Loan
Apart from your basic and income-specific documents required for Home Loan, you also have to provide the documents of the property you intend to buy through the loan. These include:
A No Objection Certificate (NOC) provided by the society or the builder
The original, registered sale deed, letter of allotment or stamped agreement of sale, provided by the builder
Occupancy Certificate for ready-to-move-in properties
Maintenance and electricity bills, along with property tax receipts
Original receipts showcasing any advance payments made to purchase the property
A copy of the building plan for purchasing flats, villas, bungalows, etc.
Original receipt showcasing the land tax paid, along with possession certificate issued by the relevant authorities.
Bank account statements showing any payments made to the seller or builder.
A detailed estimate of construction costs (in the case of construction loans).
To ensure your loan is approved without any hurdles, you must provide all the Home Loan documents mentioned in the loan application form. You may also be required to provide few other documents based on your employment, property type etc. So do you have your documents ready? Go ahead; apply for a Home Loan from Bank of Baroda today!
Reasons to Consider a Home Loan Balance Transfer
Reasons to Consider a Home Loan Balance Transfer
Home Loans make it possible for you to invest in a property of your choice. The property could be a ready-to-move-in home or an under-construction property, or a plot of land on which construction will be carried later on. You may also avail loan from any bank/NBFC. Even though you may have started repaying the loan availed from other bank/NBFC, there could be times when you may not want to continue with that lender. Fortunately, you can change your lender and move to another, offering a better deal, by opting for a Home Loan Balance transfer. Let's know more about it in this article.
What Is a Home Loan Balance Transfer And How To Transfer My Home Loan?
A Home Loan balance transfer is a unique facility that enables you to transfer your existing Home Loan to another lender. If you are unhappy with your current Home Loan provider or paying a higher interest rate, you can opt for a Balance Transfer. You can now complete the Home Loan balance transfer process online through the Bank of Baroda website. The entire process is streamlined for your convenience. You need to provide us with the details of your existing Home Loan, lender's name, and the loan amount you intend to transfer. Yes, a Home Loan balance transfer can prove incredibly beneficial. Let's understand when you should opt for it and the benefits of transferring the loan.
When to Opt for Home Loan Balance Transfer Process?
Having explained what is balance transfer loan, let's understand when you should opt for it.
When there's a chance to reduce the overall cost of your Home Loan
The most obvious reason to consider a Home Loan balance transfer is to reduce your Home Loan's overall cost. A Home Loan can work out to be quite expensive in the long run as it involves interest in each installment. So, if there is a chance to save money by transferring the loan to a new lender, you should consider it. However, it would help if you remembered calculating the cost of transferring the loan, the processing fees, etc., and then deciding to move the loan.
When there's a chance of getting a reduced interest rate on your Home Loan
You can consider opting for a Home Loan balance transfer if you come across a lender offering an interest rate lower than that provided by your original lender. When it comes to Home Loans, a lower interest rate can result in significant savings in the long run even by a few decimals. If your calculations show that a reduced interest rate can result in savings, you can opt for the balance transfer loan.
When there's a chance of changing your EMI amount or loan tenure
If you are struggling to pay your loan EMIs, and want to reduce the EMI amount, you can check for a lender who can offer a chance to modify the EMI amount. A lower EMI can make the loan more affordable but may increase the loan tenure. Alternatively, you can increase your EMI amount and reduce the loan tenure as well.
When you need additional loan amount for extension/repair/renovation
Benefits of Home Loan Balance Transfer
Now that we know what is balance transfer loan, let's look at its many benefits:
As mentioned above, opting for a Home Loan balance transfer from one lender to another can reduce your EMI amount to quite an extent.
A balance transfer loan can also result in a reduced interest rate on your Home Loan, which, in turn, promotes higher savings.
Opting for the Home Loan balance transfer process can also help enhance your CIBIL scores, proving beneficial when you need other loans in the future.
When you've paid all EMIs on time, opting for a balance transfer gives you the upper hand in negotiating the loan's interest rate and terms with the new lender.
Opting for a balance transfer is especially beneficial if you are not satisfied with your original lender's facilities and services.
To be eligible for a Home Loan balance transfer, you should ensure that you've paid all EMIs on time, without defaulting. The bank considers your credit repayment behaviour and your current credit score before approving your request. Indeed, a Home Loan balance transfer can result in significant savings. So, get the best Home Loan services with Bank of Baroda. Click here to transfer your existing loan from another lender to ours!