Financial Tips For The 30’s

After you cross your 20s, a lot of things change. You tend to become more serious about your finances and how they can affect your future. It becomes slightly more difficult to do if you are an impulsive shopper. Sadly, maxing out your Credit Cards and living like there’s no tomorrow doesn’t really count as being financially responsible. If you have recently entered your 30s, it’s time for you clean up all your financial excesses and prepare for the major goals that lie ahead of you.

As you grow older, your income automatically increases. However, the sad news here is that your expenses shoot up too. You have to spend wisely and invest wisely to build wealth and have a secure future.

Here are a few steps you need to take in order to secure your financial health:

Plan For The Retirement

Retirement Planning

People often procrastinate when it comes to planning for retirement, assuming it’s too early to worry about it. While it may be true that you have time on your side, the earlier you start investing, the more time you give your investments to grow.

Delaying would imply the need to invest in riskier assets, aiming for a reduced corpus and an increase in the number of years till retirement. Also, consider the impact of inflation on the corpus when you calculate the amount you would need after retirement for your regular expense.

Choose Your Investment Assets Carefully


You can opt for an aggressive portfolio in your 30s by going in for stocks and Equity Mutual Funds but make sure you rearrange your portfolio from time to time to suit market movements.

You must diversify your portfolio to reduce risk. Invest in liquid assets to meet short and medium-term goals such as going on a trip or buying a car. When you pick an asset, calculate the effective returns after tax deductions.

Create An Emergency Fund

Emergency Fund

Once you have your goals in place, you might want to save part of your income for emergencies such as job loss, illness, accidents etc. An emergency fund is often ignored in financial planning, but it’s a must have to keep you going during an emergency. An ideal fund is worth six to eight months of your expenditure.

Keep Your Expenses Under Control

Expenses Under Control

It’s time you got rid of your habit of overspending if any and keep expenses within your means. Create a budget to keep spending under control. This will help you understand how things add up.

Pay Off Loans

Pay off Loan Debts

Sometimes borrowing can be necessary to meet your financial goals, but make sure you have proper repayment plans in place. Timely repayments can help you focus on other investments and improve your Credit Score.

Make sure you don’t get into more debt when trying to clear other debts. In your 30s, you have the time and the flexibility to build a corpus for a secure future.

Start now, start small, scale up, and reap the power of compounded growth.

Keep these financial tips in mind and you’ll be roaring through your 30s ready to take on anything the future may throw at you.

How about managing all your finances in one place? Yes, catch hold of this app for all your personal finance needs and stay tuned with all the latest updates on finance!

Download the BankBazaar App Now!


Financial Planning: The Importance Of Setting Up Personal Finance Rules

When it comes to managing your personal finance in the best way possible, a simple thumb rule is far more powerful than the complex and meaningless advice. To simplify things for you, we have made a list of personal finance rules to help you get ahead financially, especially if you are new to financial planning.

Get this ultimate Personal Finance app in your pocket  – Download Now!

Let’s understand each of them one by one:

Savings – The 50-20-30 Rule

No matter how hard you try, do you find yourself living paycheck-to-paycheck? Are you clueless about how much to save and spend each month? Don’t worry. This rule will surely help. Here’s how to get started.

It states that:

50 percent of your income should go towards living expenses, which includes household expenses, groceries, etc.

20 percent should go towards savings for your short, medium and long-term goals

The remaining 30 percent should go towards your flexible expenses, which include food, travel etc.

The idea is to create outflow buckets for better control. You may tweak the percentage according to your age, circumstances, etc.

Car Loan – The 20/4/10 Rule

No matter which your dream car is, Car Loans are a popular choice when it comes to funding it. However, applying for an unrealistic Car Loan amount when buying a new car can leave you in a bit of a pickle, especially if a financial crisis strikes before it’s paid off.

If you’re stuck in a similar situation, the 20/4/10 rule can come to your rescue. You can use this rule to make the most of the car and the loan. It will also help you keep your finances under control when you’re buying a new car.

The rule states that you should save at least 20% for the down payment amount, finance the vehicle for no more than 4 years and keep total monthly vehicle expenses, including principal, interest, and insurance under 10% of your gross income.

Let’s explore each of these components in detail.

20: This is the percentage amount you need to make as a down-payment towards the loan. This figure ensures that you pay a sufficient amount initially and thereby decreases the total cost of your loan.

4: It refers to the tenure of the Car Loan. There are lenders out there who allow you to borrow for a tenure of 7 years as well, but that works more in the lender’s favour than yours. After all, the longer the loan tenure, the more you pay towards interest.

10: Ideally, this is the percentage of your monthly salary that should go towards the monthly instalment of the car. The lower the percentage, the better, since anything above that could easily put you in a debt trap.

Adequate Life Cover

Life Insurance is a risk management tool that makes sure your financial dependants can set up an alternative income stream in the unfortunate event of your death. It can help them maintain their lifestyles for a reasonable period and meet their financial goals even in your absence. If you’re uninsured or underinsured, you are effectively exposing your dependants to the risk of not having enough to fulfil those objectives.

However, determining how much Life Insurance cover is adequate can be a little tricky. So, going by the rule of thumb, one should ideally have a life cover that is at least 10 times your annual income.  So, if you’re earning Rs. 10 lakhs per annum, your coverage should at least be Rs. 1 crore.

However, do keep in mind that Life Insurance needs are governed by many variables like age, income, assets etc., and consequently the one-size-fits-all approach doesn’t always work. Also, don’t forget to review your insurance cover every few years since needs tend to differ at different stages of life.

Home Loan

Planning on buying a house of your own? Although taking a Home Loan is now easier than ever before, don’t forget that a Home Loan is a long-term commitment and you need to be extra cautious when applying for one.

The rule of thumb says that your monthly Home Loan EMIs should always be less than 30 percent of your monthly income. For example, if you are earning Rs. 50,000 per month, then your monthly EMIs should not exceed more than Rs. 15,000.

Also, if you have other EMI obligations such as a Car Loan or a Personal Loan, your combined EMIs should ideally be less than 50% of your monthly income. As long as you stick to this rule, there’s no need to worry about high Home Loan EMIs that could put you in a debt-trap.

To ease out the whole process of getting a Home Loan, there are a few online tools that could help you find the best deal and make the process more convenient and stress-free. Don’t forget to check them out before applying for a Home Loan.

Emergency Fund

Whether it’s meeting routine household expenses or your commitment towards EMIs, certain cash outflows are unavoidable. An emergency fund is not aimed at meeting your planned goals but should act as a safety net.

Although there’s no fixed rule on how much emergency cash one should keep in his/her savings kitty, it is advisable that an amount equivalent of at least 3-6 months’ worth of household expenses should be in one’s emergency fund to help you combat financial emergencies with no stress.

Following these easy thumb rules will help you make informed decisions about your financial future. But remember, they only provide a general direction and may not necessarily give you the exact picture. So, when in doubt, it’s always a good decision to consult a reputed financial expert to plan your finances well.

Now that you’re all set to take the road towards financial planning, go ahead and start investing for a better and secure future.

With the BankBazaar Mobile App in your pocket, you can ridiculously manage your finances with ease! Also boost your IQ in finance with regular financial tips and latest finance news.

Download the BankBazaar Mobile App Now!

Guidelines for filling PAN card correction form

Permanent Account Number (PAN) is a 10-digit alphanumeric code assigned to all income taxpayers in India.

Non-Indian nationals doing business in India can also apply for a PAN card. PAN card is mandatory for financial transactions such as opening a bank account, the cash deposit of Rs.50,000 and above, and more importantly, to file income tax returns.

Guidelines For Pan Card Correction Form

pan card correction
here the process you will get to know about pan card correction

Home Loan Management Tips

Home Loan Management Tips
Home Loan Management Tips

Excited about moving into the house of your dreams? Congratulations! In case you took a Home Loan to make this dream come true, you don’t have to worry! All you need to do is—manage it well. Finally getting to say goodbye to that annoying landlord is nothing less than a huge relief. You can finally design the entire house based on your likes and dislikes. The colour of the walls, the interior design theme—you get to choose everything.

You can finally do whatever you want to (no matter how tacky it is) and that’s a great thing. While designing your dream house on your terms, you must not forget ignore managing your Home Loan. Buying a house is nothing less than a milestone in your life. You can make it more memorable by knowing exactly what you’re doing with your finances and how you’re managing the burden of a Home Loan.

Sooner or later you are bound to realise that you’re supposed to pay EMIs for a fixed period, just to actually own the house you just bought. When it comes to the process of getting a Home Loan and making the whole process a bit easier, you can trust us. The BankBazaar mobile app is here to give you a series of tips to manage your Home Loan better.

Manage all aspects your personal finance with the BankBazaar mobile app – Download Now!

Here’s what you can do different (and better) than others to manage your Home Loan:

Managing Your Money

Money Management

Now since you have a Home Loan (and maybe other financial liabilities), it becomes all the more important to manage your finances well. A simple way of doing that is by getting your money management skills in place. Instead of messing your money up and blaming it on the situations and people later, you need to take charge of your finances. To get started, make a list of places you have invested in. Don’t forget to include all those investments you have made like EPF, PPF, postal deposits and even ULIPs. The point is that you must know where your money is and where it’s going to go. If you have invested in places that are making you pay unnecessary interest, you need to close all those investments and focus on prepaying your Home Loan instead.

It’s Okay To Pay A High EMI

Home Loan High EMI

Yes, it can help you manage your Home Loan better as it helps reduce the overall loan tenure. As a result, the total interest that you’re supposed to pay to the lender also goes down. So, technically, by opting to pay more every month, you’re reducing your own financial burden. You get enough time to think about your retirement planning. Make way for some other crucial things in life by paying off that Home Loan as soon as you can.

Opt For Partial Pre-payment

Partial Payment

Don’t get stuck in following the usual EMI process and paying fixed amounts towards your Home Loan every month. Opt for pre-payment instead. You could use any of those one-time incomes to prepay your Home Loan. For instance, if you got a promotion recently or one of your Fixed Deposits just matured, you could use that free cash and prepay your loan. It’ll not only help reduce your loan obligation, but will also reduce the loan tenure. Paying off your Home Loan early can leave you enough free time and resources to plan other things in future. The good news? Most leading banks don’t ask you to pay heavy charges when you opt for a loan prepayment. And if they do, the charges are minimal.   

Lower Rate Of Interest

Lower Rate Of Interest

Make it a point to closely monitor the trends in interest rates. As soon as you see a dip, think about switching to a lower rate of interest. Based on the interest rate reset period, different banks generally reduce their rates at different times. If the reset interest band of your lender is wide, you may be at a higher interest rate for a long time after other banks have started to reduce their rates. So, the magic basically lies in being aware of what’s happening in the market. Switching to a lower interest rate will shave off a few years from your Home Loan. You still need to be a little careful. Why? Don’t jump too many times or with low interest rate differences. If you’re getting a good dip in the rate of interest, you should defiantly consider switching. But in case the difference isn’t much, it might be a bad idea to go for that switch. A heartening detail though is the removal of prepayment penalty. This can definitely boost the prospects of a Home Loan switch easing the cost burden for the loan borrower further.

Get The Calculations Right

Get the Loan EMI calculations right

Do you know about the existence of loan calculators? We know you hate dealing with numbers and complex calculations. That’s exactly you need to be introduced to these awesome instruments. These calculators can help you understand what loan amount you can sustain. They ask you a couple of questions to understand the situation of your finances and come up with solutions accordingly. What’s better than getting to know everything about your monthly loan payments, cash down payments and interest rate? Not just that. After doing all the necessary calculations, these awesome calculators also help you determine which Home Loan product is the best option for you. After all, you need to opt for something you can financially handle, right? Getting all the calculations in place can also help you plan your other daily expenses accordingly. Since Home Loan EMIs are a crucial part of your monthly budget, you must be able to balance all your other financial commitments as well.

Never Miss Loan Payments

Never Miss Loan Payments

Always find a way to pay all your Home Loan EMIs on time. Why? Well, it’s good to develop some good habits. The more crucial thing to consider here is your Credit Score. Missing EMI payments can severely affect your Credit Score and we’re pretty sure you won’t want that to happen, right? A good credit history is an important part of your financial life. All lenders in future will judge you based on your Credit Score. Your credit history determines your credibility as a loan borrower. Be it for a Credit Card or another loan, you need to have a good credit report to show. In case you fail to pay your Home Loan EMIs on time, your Credit Score takes a major blow. As a result, the chances of your loans and Credit Card applications getting rejected in future increase significantly. You won’t want that to happen, right? That’s why you need to budget and plan your months properly. Planning and budgeting is the best way to ensure that you have enough left to make those EMI payments. At the start of every month, as soon as you receive your salary, just take your Home Loan EMI and keep it aside.

If you keep all these tips in mind, managing your Home Loan will be like child’s play for you. It’s all about managing your money right. If you can do that, there’s no chance whatsoever that you’ll miss your Home Loan EMI payments.

With a wide range of home loan offers available on the BankBazaar app, apply for an instant home loan which suits you the best.

Download the BankBazaar Mobile App Now!



PAN card cap should be removed, demand jewelers

After a survey report by GFMS cited that the year 2016 saw a 20% fall in the global physical demand for gold, the gold sector is anticipating Finance Minister Arun Jaitley to turn things around for it through this year’s budget. The demand for gold in India was badly affected and it was recorded to be at its worst stage since the year 2003.


Roopesh George from Kerala Jewellers informs that demonetization was one of the major factors behind the decline. In the month of November, when the government announced its demonetization drive, the gold sector witnessed a steep fall. However, the demand rose a little after that but is still far from normal. know about pan card for jewellery transactions.

Giving out his list of expectations from the upcoming Union Budget 2017, George says that he expects the FM to reduce the import duty on gold from the 10% that it is set on at present. Also, he says that the PAN card should be made compulsory for any purchase of jewellery only over Rs.5 Lakh.

Since a majority of farmers and people from remote areas of the country don’t possess PAN cards, the cap should be increased, he says. He believes that for Indian weddings Rs.2 Lakh is too low a limit.

Balance Transfers of Credit Card Debt to Personal Loan is Now an Easy Process

Earlier personal loans used to be solicited by consumers for instances like the wedding, education etc. But nowadays, more and more people are applying for personal loans to clear credit card debts. Consolidating all credit card debt into a single personal loan allows users to pay off the dues at a lower rate of interest and get a longer tenure to payoff the debts in.

The process of getting personal loan for clearing credit card debt has become much easier now with banks offering balance transfer option. For a consumer unable to repay the monthly payment due on the Credit card balance transfer to a personal loan is the best available good option.

However, just balance transfer is not enough to become debt-free. The consumer must be disciplined in their future expenditures to ensure they don’t end up accumulating more debt, while they pay of the existing debt in 12 to 18 months.

Also, interest rates on credit cards are somewhere between 24% to 48% p.a., whereas a personal loan can be availed at 18% to 24%, depending on the credit score of the borrower. So, getting a balance transfer loan at 24% for a credit card debt calculated at the rate of 48%, can directly save on interests payments of up to 24%.

Further, balance transfer also helps the borrower to improve their credit score, as they are shifting to a cheaper loan from an expensive one.

How To Look For The Right Credit Card

Planning to apply for a Credit Card? Are you looking for some great deals? Trying to find the right plastic buddy could be a little tiring. To ensure that you make the right choice, BankBazaar is here to guide you to keep some important things in mind.


It’s not just about getting a plastic card that can make your life more convenient and cashless. There’s a lot more to it. Apart from just letting you buy stuff and giving you the option to pay later, here’s what a Credit Card does for you:

Go Cashless

Tired of carrying that loaded wallet all the time? A Credit Card can surely simplify your life and lighten your pocket as well. With your plastic friend in your pocket, the chances of losing money reduce significantly.

Improves Your Credit Score

If you pay all your bills on time, a Credit Card can help boost your Credit Score. A good Credit Score can also significantly improve your chances of getting a loan/Credit Card application approved. Just train yourself to use a Credit Card wisely and you’re all set.

Online Shopping

Online shopping becomes way simple with a Credit Card in your wallet. Using the ‘Cash on delivery’ option might not be a convenient choice all the time. Besides, online shopping with a Credit Card also lets you win cashback and some great rewards.

Emergency Money

You can always rely on your Credit Card in case of an emergency. Life is unpredictable. Someday, you might find yourself in a situation where you urgently need money but have no backup plan. In such a sticky situation, you can always rely on your plastic friend.

Rewards And Discounts

Another reason that makes Credit Cards a better choice over Debit Cards is –rewards and discounts. These rewards depend on the type of card you’ve opted for. Some other amazing rewards include cashback, free access to airport lounges, frequent flier miles and much more.

Record Of Your Purchases

Do you end up losing track of your expenses every month? With a Credit Card in your pocket, you no longer need to worry. With your Credit Card statement, you’ll be able to track your expenses, which can help you immensely when planning your monthly budget.

Getting a Credit Card is not a bad decision, as long as you maintain it right. Now, let’s tell you how to look for the right Credit Card:

Travel Credit Cards For The Travellers

Do you travel too often? If yes, you definitely need to get a travel Credit Card (along with a regular card).

Why so? Travel Credit Cards are designed to help avid travellers get discounts on flight tickets and hotel bookings. If you want to score some handsome seasonal discounts, try making all travel bookings using a travel Credit Card.

Additionally, the amount you spend is added to your air miles or points, which can fetch you more discounts on your next purchase. Not just this. You also get to enjoy some free bonus time at airport lounges. Go on, pamper the travel bug in you.

Shopping Cards For The Shopaholics

If you’re a shopaholic, you need to get yourself a Credit Card exclusively meant for shopping. These are mainly of two types—Cashback Cards and Reward Cards. If you shop way too much, reward cards are the best since they accumulate points every time a purchase is made using the card. These points can then be redeemed for a range of products.

If you don’t shop much, you can consider going for Cashback Cards. These offer upfront cash back for each buy, just like retailer discounts. Moreover, these cards can be used for any purchases and bill payments as well.

Co-branded Cards For Brand Fanatics

Do you love a brand so much that you only buy their products no matter what? Don’t worry! This brand loyalty can actually help you save better. How? That’s when co-branded Credit Cards come into the picture.

Co-branded Credit Cards are issued by banks in collaboration with various retail stores and brands offering dedicated discounts for their regular customers. You essentially get paid for your loyalty. How cool is that?

Fuel Credit Cards

For those of you who are always on the move, saving every penny on fuel can be a big relief. So, next time when you pay for fuel, do it with a fuel card or petro card, to accumulate points on fuel buys. Some fuel cards even offer upfront cashback.

Specialty Credit Cards

Specialty Credit Cards are designed exclusively by the company for certain specific purposes. These speciality cards include women-centric Credit Cards, student Credit Cards and other lifestyle Credit Cards that are customised for a specific set of users.


Now that you’ve explored different types of Credit Cards, choosing the one (or many) that suit your lifestyle is not difficult. Whatever your need may be, BankBazaar has a plastic soulmate tailor-made just for you!

Download the BankBazaar Mobile App now for the best credit card offers!

New to Credit Cards? Here’s All You Need to Know

So you’ve decided to take the plunge and get yourself a credit card. Unwrapping that shiny little piece of plastic opens you to a world of benefits and privileges. However, there are certain rules to live by if you want to avoid falling into a debt trap that could see your credit worthiness spiral downwards and make you a financial persona non grata.

credit cardbalance transfer

A credit card gives you the freedom to spend money that is not debited from your bank account up to a certain sum for a fixed period of time. Thus, credit cards make credit available to you as and when you need it. The amount is to be repaid based on your billing cycle to avoid penalties and fines. While the initial rush of swiping your card everywhere you go might seem the way to go, here are some points to keep in mind so card debt does not loom on your financial horizon:


  • Credit Card Charges:

A credit card usually comes with a whole list of Credit card charges, beginning with the joining fee. Additional charges include the annual fee, statement fees, service tax, surcharge, late payment fee, card replacement fee, etc. Exceeding your credit limit on your card will attract a charge as well. Delayed payment of your dues will also result in a penalty, which will be levied on your subsequent bill.

Not paying off the total amount due on your credit card will attract interest charges, which could be anywhere from 3%-4% a month. Doesn’t seem like much, you might scoff, but when annualised, the rate amounts to a whopping 48% on the higher end of the interest spectrum. This amount is also levied on each successive bill that has a balance carried over, which will inflate your overall amount due by a significant amount.

  • Picking a Credit Card that Suits Your Needs:

Picking a credit card that suits your needs is important, as this could be the deal breaker between you enjoying the perks of a card and drowning in a sea of debt. If you’re looking for a card merely to help you keep up with payments and aren’t looking for any perks, a no-frills card is the best bet for you. Looking for discounts each time you swipe at a store? A shopping credit card that offers cashback or in-store rewards is the one for you. Frequent travellers can benefit from a travel card, which converts points into air miles redeemable on flights or hotel stays.

  • Dates to Remember:

With your new credit card comes a host of important dates that you have to keep in mind, such as your bill payment date, the date the bill is generated etc. The date your bill is generated on marks the end of your billing cycle and lists your outstanding dues for that period only. The bill payment date is the date by which you are expected to pay off the outstanding amount or the minimum amount due to avoid late payment charges.

    • Credit Card Application Status

      Different banks have different ways of credit card application status but most of them have an online facility, where you can apply for a credit card online as well. The process then involves furnishing all required documents and information to the bank. Once, the application process is complete, you must track your application status to check how far long has it been processed by the bank so that you can follow up with the bank accordingly. Usually, it takes up to three weeks to receive your credit card from most banks. Credit card may take a month from the date of registration, as it undergoes processing request, followed by dispatch to your home address.

  • Minimum Due versus Full Payment:

Credit cards offer you the chance to pay off your debt in instalments, either before the due date or after it. It is always advisable to pay off your outstanding amount by the due date to keep your credit score and repayment history healthy. However, if you are unable to pay off the whole amount, you are required to pay a minimum amount, usually a percentage of your total outstanding amount.

Getting away with paying just the minimum amount brings with it a set of charges though, since you will be paying interest on the balance amount. You will also lose out on the interest-free period, meaning every successive transaction will incur interest from the day the purchase is charged to your card.

As seen above, there are quite a few pitfalls associated with credit cards that, if you aren’t careful to avoid, could leave you in debt for a considerable amount of time. Being prompt with payments, avoiding maxing out your credit card and being prudent with what you charge to your card will ensure that you reap the many benefits that come with credit cards.


Best avenues to invest in 2017 to get higher returns

The last quarter of 2016 saw one of the most landmark decision taken by an incumbent Prime Minister in the country’s 69-year history since its freedom. PM Narendra Modi, with inputs from the Finance Ministry, brought into effect the demonetisation of Rs.500 and Rs.1,000 notes. This move, although took the country into a near meltdown, has somewhat appeared to stabilise the economy for the long haul.

However, one of the prime effects of demonetisation was that avenues that were deemed profitable for investors lost their charm. In this article, we will talk about a few instruments you can invest in to get better returns for your money.


  • Post Office Recurring Deposit

The age-old Indian post office has underwent a major paradigm shift over the last few years in a number of ways. Of the many, one of the things that stand out is the introduction of deposit schemes. These schemes offer good returns for investors and is almost matchable with fixed deposits of similar terms. At the time of writing this article, post office deposits offer 7.3% returns, which compounds quarterly, for a 5-year period.

For instance, a regular Rs.100 investment will yield a return of Rs.7,250.50 returns once the scheme matures.

  • Public Provident Fund (PPF)

Public Provident Funds (PPFs) has long been one of the most preferred investment avenues for a vast majority of risk-averse working professionals. These funds mature after a 15-year period and offers a opportunity to renew for 5 years every time from there on. Besides, PPF is also eligible for tax deduction under Section 80C of the Income Tax Act.

  • Sukanya Samriddhi Account (SSA)

SSA is basically available for parents of a girl child, which enables them to invest so as to build a corpus to fund the education and other things relating to the girl. This account requires a minimum of Rs.1,000 to be opened and the guardian can add multiples of Rs.100 every time they want to add to the account. The account has an upper limit though, meaning parents can only invest a maximum of Rs.1.5 lakhs per calendar year. A benefit of this account is that it is available for tax deduction while the returns non-taxable. Also, the maximum interest such accounts offer stands at 8.5%

  • National Savings Certificate

National Savings Certificate (NSC) is yet another save avenue that offers guaranteed returns. Currently, the returns offered stands at 8% for a five year term. An account can be opened for as less as Rs.100 while there is no upper limit to the amount that can be invested. An advantage of this fund is that you can use it as collateral for any loans.

These are some of the best investment options you can invest in if you are tired of fixed deposits and their falling interest rates.


How to apply for a Canadian Work Permit

The H1B visa offered by the US government has been mired in a number of controversies for quite some time with its immigration board working to reduce intake of foreign nationals. As Donald Trump, an anti-immigrant leader has won the presidential elections, chances of overseas professionals getting an entry into USA seems to have slumped furthermore.

What currently appears to be a downside for US, looks like a clear-cut advantage for Canada. Led by a charismatic, progressive leader namely, Justin Trudeau and equipped with plenty of interesting career opportunities, Canada is turning out to be a new favourite for India’s skilled immigrants. Besides, Prime Minister Trudeau-led country offers a much better lifestyle and has a vastly lower crime rate when compared to its immediate neighbour.

But when considering such aspects,, an important question arises: how can one get a Canadian work permit?

To begin with, it’s certainly an arduous, long drawn-out process, and can often result in a lot of heartache, for sure. However, all hard work seems to pay itself off once an individual settles in Canadia. In this article we will talk about the various Canadian government agencies one can correspond with to get their work permit issue sorted.

Temporary Foreign Worker Program

Temporary Foreign Worker Program works extremely well in giving individuals with opportunities to get a Canadian work permit. For instance, if an individual is living abroad and the country they are residing in isn’t on the International Experience Canada list or seem to have missed the pool, they need to find an employer who is willing to hire them. There’s a catch to this, though.

Firstly, the employer must be able to recruit or advertise saying that no Canadian willing to do the job. If there aren’t anyone to find, the company need to get Labour Market Impact Assessment (LMIA) documents—which are required before hiring a foreign national—in place. Once these documents are dealt with, one can apply for a work permit, by offering the job offer and contract as proof.

International Experience Canada

International Experience Canada is a federal government program which allows young people from across the world travel to work in Canada. This could either be through a working holiday, young professional, or an international cooperative internship.

While the general age limit to participate in this program is between 18 and 35, certain countries have a slightly different age limitations. To get into Canada, an individual needs to become part of an IEC pool. Every participating will be given a maximum number who could become a part of this pool. For instance, UK in 2011 got only 6000 such spots, which were taken up within a span of days.

In case an individual lands a spot through the IEC, they can stay in Canada for a period of 12 months to 24 months and don’t necessarily need an employment waiting for them. These spots once taken however, cannot be repeated.

International Mobility Program

This program allows employees in a Canadian MNC to transfer themselves to a branch office in Canada. A prerequisite to this is the employee needs to have worked in the firm for at least 3 years. Accepting an individual’s request though is entirely up to the employer’s discretion.Although, the chances of an individual getting into Canada is relatively slim, considering the limitations of these schemes, they are still the best options available.