You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
RBI's intention to keep its target inflation rate at 5% was the main reason behind keeping rates unchanged, says Adhil Shetty, CEO of BankBazaar.com.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
If your total EMI payments exceed 35-40 per cent of your monthly income, use these strategies to avoid a Squid Game like debt trap, suggests Bindisha Sarang.
'It reduces the immediate financial strain on your family and helps you take control of your finances without being dependent on your parents.'
Unlike bank FDs that are considered risk-free investments, NCDs do carry a certain amount of risk, primary among them is the risk of default, either servicing the interest payment or meeting their principal repayment obligations.
You can use gold as a financial instrument to diversify your portfolio into hedging against uncertainties in the market, but for ambitious returns, you must explore opportunities in other asset classes such as equities, debts and real estate, says Adhil Shetty, CEO, BankBazaar.com.
Borrowers who were hoping for lower interest rates on their home or car loans might be in for some disappointment.
Technical, legal, valuation fees could offset the benefit.
Experts say this is a good time to buy a house for self-use, points out Sanjay Kumar Singh.
NSC scores high on all three parameters that conservative investors are seeking -- safety, tax-adjusted returns and liquidity.
While there is easy access to money, the flip side is the high interest rate and processing fees, points out Sarbajeet K Sen.
The accumulated interest will increase the principal and you will have to pay a higher rate. Borrowers should take the restructuring plan only after they are convinced they have exhausted all other options.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
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RBI's move to link loan payment to construction progress is likely to bring down property prices.
Multi-currency pre-paid cards are a good option while travelling abroad.
MCLR-linked loans are more responsive to RBI's rate movements, and rate cuts may be transmitted to borrowers in a manner useful to them.
Mutual funds, bonds, PPFs, equity and real estate are some options which offer varying rates of return.
If the nominations are not in place, the heirs need to go through a lengthy process to get access to the money cautions Bindisha Sarang.
Your entire contribution can go down the drain if policies are not renewed on time
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
The stress associated with getting a loan and then paying it back can be substantially cut down if you plan well and understand the factors associated with the education loan
Loan rates will change at the next reset, while deposit rates will continue till maturity.
It takes a longer time to avail of these loans, owing to tight due-diligence process of banks.
The move may release funds locked in government securities and add to liquidity. With inflation expectations lowered, this should not impact bond sentiment in the short run
If your are hassled with too many EMIs, bring them all under one umbrella and pay a single amount
Balanced funds are generally equity-oriented with at least 65 per cent exposure to equities and the rest of the corpus invested in fixed income securities
Salaried individuals may not need to file revised returns as they have only one source of income and there are lesser chances of erring while filing returns
Equity debt, gold - these all are terms you may have heard of when reading on funds but not quite sure where to start with or which one most suits your needs.
Experts believe that financial planning should always start as soon as we become financially independent. This helps in building a sizeable corpus over time and is also easy on our pockets
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A discount on the product may make a credit card loan seem cheaper than a consumer durable loan. But missing a payment in case of the former will mean exorbitant charges.
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
'You should be able to juggle them, extract the most rewards out of them, and most importantly, be able to repay your dues on time.' 'However, you shouldn't try to get multiple cards at once,' advises Adhil Shetty, CEO, BankBazaar.com.
You would find NBFCs more willing to lend even if you have a poor credit score, says Adhil Shetty
Adhil Shetty, CEO, BankBazaar.com shares his thoughts on what could help make digitisation and going cashless easier in the New Year.
Even if interest rates go down, they may continue to offer better returns than fixed deposits.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
When does it make sense and when does it not?
Since payment alternatives such as UPI, e-wallets and USSD - based mobile banking through different platforms are directly or indirectly linked to the user's bank account one needs to be extra careful to keep hackers at bay, explains Adhil Shetty, CEO, BankBazaar.
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