Money Saving Tips

Small Savings Schemes rate cut is expected https://www.fundstiger.com/small-savings-schemes-interest-rate/ The government is likely to announce today interest rates of small savings schemes like PPF (Public Provident Fund), Sukanya Samriddhi account, and Senior Citizens Savings Scheme for the October to December quarter. And in most likelihood, there could be a downward revision due to a general decline in interest rates. The interest rate of small savings schemes, including that of PPF, and girl child savings scheme Sukanya Samriddhi account, are revised every quarter, depending on government bond yields. Earlier, for the July-September quarter, the government had lowered interest rates of PPF and other small savings schemes by 10 basis points. Banks have been lowering their fixed deposit interest rates, with overall interest rates on a downward trajectory. For the current quarter July-September quarter, PPF and National Savings Certificate (NSC) are yielding 7.9% annual int...

PAN-Aadhaar linking Deadline-Sept 30 https://www.fundstiger.com/pan-aadhaar-linking-deadline/ Only two days are left for the end of PAN-Aadhaar linking deadline. PAN not linked with Aadhaar in the next two days may become useless from next month. There is, however, no need to worry for those who have already linked their PAN with Aadhaar. On 31st March this year, Central Board of Direct Taxes (CBDT) of Ministry of Finance had issued a notification clarifying that the deadline for PAN-Aadhaar linking was extended till September 30, 2019. The CBDT statement said, “It has been reported in some sections of the media that those PANs which are not linked with Aadhaar number by 31.03.2019 may be invalidated. The matter has been considered by the Central Government and now the cut-off date for intimating the Aadhaar number and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted. ” The Income Tax Department has on its website –  incometaxindia.gov.in  – listed ...

Home Loan Balance Transfer https://www.fundstiger.com/home-loans-balance-transfer/ Home Loan Balance Transfer refers to transferring your existing Home Loan/ Mortgage Loan from one bank/NBFC to another. The interest rate of an existing home loan and the flexibility the financing institution offers determines whether one continues with the same loan or thinks of a switch. For a lower interest rate and/or other advantages, customers can transfer the outstanding balance to another financial institution or bank. The new finance company pays the old lender the outstanding principal due on the loan. Benefits of Home Loan Balance Transfer Reduction in interest rate from high rate to as low as 8.05% per annum Reduction in monthly EMI by upto 5% depending upon the rate difference, balance tenure and EMI Option to avail top up loan at same rate as home loan rate (8.05% to 8.8%) subject to eligibility conditions and loan to value ratio Lower interest rates and other discounts like ...

Advance Salary Loan https://www.fundstiger.com/advance-salary-loan/ An advance salary loan can be availed at any time in the month and paid back as instalments after actual pay from the company is credited, over a set period of time. These loans are given over a defined tenure and for amounts between Rs 5,000 to Rs 1 lakh. The approvals are quick and almost entirely online with the source of funds being a peer to peer lending model. These short term loans are also known in some parts as salary advance loans or as an early salary. With Advance Salary Loan you will never feel the need of swiping your credit card. You get a line of credit or salary early up to 2.5 times of your net salary. Advance Salary loans are offered for short tenure of 3-12 months. They are repaid through equal monthly installments leading to no loan outstanding at the end of tenure. The loans are given using the P2P lending model where people with excess funds can advance it to individuals in need of it. Lo...

Personal Loan for Medical Expenses https://www.fundstiger.com/personal-loans-medical-expenses/ Unexpected events in life sometimes make us end up in hospitals with a pile medical bill. Medical emergencies crop up any time and require a substantial amount of money. Banks charge hefty interest rates for personal medical loans which make repaying them difficult. Not everybody can summon lakhs of rupees from their pockets. What aspects are covered? When there is a medical emergency, all one needs is speedy treatment. But treatments involve money. So figuring out your finances during a contingency is very stressful. A medical loan is an emergency loan which helps you to get access to the much-needed funds. It covers your expenses for treatments, surgeries, paying prescription and hospital bills etc. Your insurance may or may not cover all kinds of ailments or treatments. A medical loan can be used for any kind or ailment or treatment as it is based on the amount of money you want ...

Marriage Loans https://www.fundstiger.com/marriage-loan/ Marriage marks one of the most joyful and memorable events for any individual. While marriage spends vary among people based on their tastes and spending capacity, most weddings overshoot the planned budget. Marriage loans are specially designed personal loans to efficiently finance marriage expenses with some of the popular schemes being: One might budget for a wedding but one can definitely not plan for everything to work as envisioned from the beginning. From the venue details to catering requirements, from accommodation of guests to decorations around, every little change in detail comes with added cost requirements and many decide against making these changes and compromising on their grand event. Documentation Required for Applicants General Documents Proof of Identity ( Copy of PAN Card / Passport / Driving license / Aadhaar Card) Proof of residence (Copy of Voter ID / Electricity bill / Telephone bill / Prop...

Right age to buy Health Insurance https://www.fundstiger.com/health-insurance-age-limit/ Health Insurance is necessary for every individual, keeping in mind the rising medical costs and spurt of lifestyle diseases among Indians. A medical emergency can attack anyone, anytime and impact an individual emotionally and financially. Financial advisors therefore suggest that it is prudent if you to buy a health plan early in life. It is a common belief that when you are young and healthy, there is no need to avail of health insurance coverage. However, today life is fast-paced and erratic with unhealthy eating habits and irregular or lack of exercise. As a result, there is an increase in lifestyle-related illnesses striking at a young age. Ideally, the 22- to 23-year-old graduate purchases a life insurance policy to cover the debt assumed. However, most individuals under age 25 are more concerned with paying current bills than acquiring additional ones. While the optimal age to pur...

‘Loan Mela’ In 400 Districts https://www.fundstiger.com/loan-mela-400-districts/ To boost liquidity in the economy, Finance Minister Nirmala Sitharaman today said public sector banks will organise credit “Shamiana meetings” in 400 districts beginning October 3 to provide loans to NBFCs and retail borrowers, including homebuyers and farmers. “PSBs will focus on giving loans to the ‘RAM’ category retail, agriculture and MSMEs,” Sitharaman said at a press conference after meeting PSU bank heads. She said the idea is to ensure maximum credit disbursal during the festive season. In this, the banks will take help from non-banking financial companies (NBFCs). Further, the government has told PSBs not to declare stressed assets of micro, small and medium enterprises (MSMEs) non-performing assets (NPAs) till March 31 next year. This will come as a major boost to the sector with its 65 million firms employing around 120 million workers the biggest job creation after the agriculture sec...

Corporate Tax Rates Slashed To 22% https://www.fundstiger.com/corporate-tax-rates-slashed/ Finance Minister Nirmala Sitharaman today announced a big reduction in income tax rate for corporates. The government has slashed basic corporate tax rate to 22% from 30% while for new manufacturing companies it has been cut down to 15% from 25%. Over the past few weeks, the government has been announcing a series of measures to boost growth that had fallen to six-year low of 5% in June quarter. Revenue foregone for the reduction in corporate tax rate and other relief measures announced today will cost the government ₹1.45 lakh crore per year, the finance minister said. While that will raise the deficit, already under stress since the tax targets were too ambitious to begin with, it doesn’t really matter; the sensex rose 1500 points within a short while of the announcement. Diwali came early for India Inc after the Centre slashed effective corporate tax to 25.17 per cent inclusive of all ...

Joint Home Loan –Myths https://www.fundstiger.com/joint-home-loans-myths/ A joint home loan is a massive financial obligation. Apart from the huge EMIs that are particular to these loans, the tenures are not lesser than 15 to 20 years which means you pay the EMIs for a large portion of your life. Thus, it’s a good idea to do extensive research before you finally start submitting applications for a joint loan. It would help if you also were wary of some of the most common myths about joint home loans that mislead borrowers: 1. Handover of Original Property Documents at the time of Home Loan Closure A home loan is a long-term commitment. Today it might be in good relation/terms with the co-applicant/guarantor. It might not be true after few years. One of the most common myth is that if the property is under single ownership then the co-applicant has NO ROLE at the time of loan closure. The fact of the matter is that banks insist NOC from co-applicant/guarantor at the time of ...

Joint Home Loan-Advantages and Disadvantages https://www.fundstiger.com/joint-home-loans-advantages-disadvantages/ Joint Home Loan is one of the best-marketed product by banks and NBFC’s. Through Joint Home Loan banks hedge their mortgage risk. These days almost all the banks insist on Joint Home Loan even if the property is bought in a single name. Quite interestingly even if the wife is non-earning/housewife then also banks insist on Joint Home Loan. The biggest carrot to SELL Joint Home Loan is Home Loan Tax Benefits. I agree that if both Husband and Wife are availing tax benefits then it make sense to avail Joint Home Loan. If you take a Home Loan jointly, the repayment capability is higher. While there are many advantages of availing a Joint Home Loan, there are a few disadvantages as well. Before you understand the pros and cons of Joint Home loan, it is important to understand who all can be considered as co-applicants for the Home Loan. The following family members are ...