'Try to obtain a secured personal loan or credit card by offering some collateral, such as a fixed deposit or gold.' 'Not only will this improve your eligibility, but the lender may even offer a lower interest rate.'
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
While most borrowers calculate the gain they stand to make from switching to a lower interest rate, they often fail to take into account all the costs.
Begin the year-end review by assessing whether your portfolios are on track to achieve your life goals.
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
For women, it is important to build an emergency fund and a financial independence fund independent of the couple's joint goals and plans.
If you don't have a specific goal, but want intermittent liquidity, then ladder your FDs, that is, invest in FDs of varying maturities, such as one, two, three, five or even 10 years. Laddering ensures FDs mature at regular intervals.
Be wary of co-operative banks which have historically been most vulnerable.
'Banks will continue to increase FD rates to attract more deposits and meet the increasing demand for credit.'
If you pledge market-linked instruments and their value plummets, you will have to provide additional collateral, points out Sanjay Kumar Singh.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
A home loan is a long-term contract, so do shop around before signing on the dotted line, advises Sarbajeet K Sen.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
From 50 stores Vimal Textiles aims to have 150 in 3 years.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Managing your money in January will set the trend for rest of the year, says Adhil Shetty.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
Gold loan is currently the fastest-growing loan category (among the various types disbursed to individuals). On February 26, 2021, the outstanding loan against gold jewellery stood at Rs 56,596 crore. By February 25, 2022, it had risen to Rs 71,408 crore, a year-on-year growth of 26.2 per cent, according to the Reserve Bank of India's (RBI's) data. Several factors are driving the demand for gold loans.
'If you wish to make a big-ticket purchase on EMI without having to pay additional charges, no-cost EMI would be the right choice for you.'
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
Make sure that the person you are buying the plot from is the rightful owner.
The advantage of leasing is that you can get a new car every few years. You can also get to drive a high-end car without paying its entire price.
There can be as many as six co-applicants in a joint loan.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
A car that gives you a better resale value will reduce the cost of your next purchase, points out Bindisha Sarang.
A balance transfer to another lender entails substantial cost and time.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
When opting for any loan, make sure you read the terms and conditions carefully, and understand the 'other charges' to avoid any disappointment at a later stage.
Why various loans are disbursed differently...
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
'Stick to FDs of shorter tenures, preferably one-two years.'
When looking for alternatives, consider several parameters -- your investment horizon and liquidity requirement, post-tax returns, and risk.
You must remain invested in bank deposits, unless you are considering the idea of earning higher returns by moving to gilt or liquid funds, says Adhil Shetty, CEO, BankBazaar.com.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
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