Money Saving Tips

  Written Off vs Settled in Credit Report https://www.fundstiger.com/written-off-vs-settled/ It is important to understand that though there will be no impact of the “settlement” flag on your CIBIL TransUnion Score, your credit history will show a “Settled” status in your CIBIL Report and there will be Days-Past-Due reflecting on the report since the payment on the loan has not been timely. Read more @  https://www.fundstiger.com/written-off-vs-settled/ #cibil   #cibilreport   #cibilscore   #writtenoff   #settlement   #fundstiger   #loans   #lending   #marketplace   FundsTiger Private Limited - Business Loans and Personal Funding for ALL!

  What happens if the Loan is not paid back by the borrower? A Loan is an amount of money provided to the borrower by the lender with or without any collateral, with the promise of repayment of the initial amount borrowed along with interest. This way the borrower gets the money in the time of need, and the lender earns extra on the original amount through interest. #loans   #defaults   #loanrepayment   #fundstiger   #loans   #lending   #marketplace  @FundsTiger Read more @  https://www.fundstiger.com/what-happens-if-loan-paid/

  Home Loan Application rejection reasons There are several others factors that could influence this decision these you may not even be responsible directly. However, you need to be aware of those rejection reasons. Hence the following are some of its reasons. 1. Previous Rejections Banks and NBFCs have records of all rejected loan applications in their database. Once you apply to a bank, this will show up in your application verification check and could create a problem as it affects your CIBIL score. 2. No Job Stability Banks place a high reliability on job stability and often insist that an applicant needs to be employed with a particular company for a certain minimum period to be eligible for a home loan. 3. Defaulter’s property The defaulter could be a tenant, relative, who may have slipped up on a loan payment or may have unpaid credit card dues and, hence, was reported to the national credit bureau. 4. The age-factor Believe it or not, but the age of the person applying for a ho

  Personal Loan for CIBIL Defaulters How a Defaulter can get a Personal Loan? Follow these factors that may help you get a personal loan even if you are a CIBIL defaulter: 1. Good Salary If you have a good income presently, you are bound to have improved repayment capacity. This should go a long way to gather an approval on your loan application irrespective of your CIBIL score. 2. Partner’s CIBIL/Credit Score If your CIBIL/Credit score is poor and your husband/wife has got a good CIBIL score, then you may ask for their assistance. You can get your loan application approved by making your spouse a joint loan holder. 3. Collateral Loans You will be allotted loan on collateral such as assets, shares, gold, FDs. There are many other products available as well. Banks don’t complete the process of generating CIBIL report for such instruments. 4. Loan Backed by a Guarantor If you are now financially stable but your credit score isn’t, you may still get approved for a loan if you have a guara

  EPF withdrawal due to Covid-19 Members of the Employees’ Provident Fund Organisation (EPFO) have been allowed to take non-refundable advances from their EPF accounts in case of financial emergencies caused due to the coronavirus-induced lockdown. As per the EPF withdrawal rules, a member can withdraw an amount equal to three months of basic salary and dearness allowance (DA) or 75% of the credit balance in the account, whichever is lower. To help members with the withdrawal process, on April 26, 2020, the EPFO issued a set of FAQs. 1. What is the process for change in name on marriage of a woman member against UAN when changes are made in Aadhaar? The name change process if the Aadhaar data is changed is similar to other change requests. Member has to apply online and employer will digitally approve the request. The correction request can be submitted online or offline (joint request) along with a copy of the marriage certificate or such other documents which can prove that only the

  How to raise my credit score towards 750? Bad Credit Score can be improved/ rebuild even without Credit Cards. Primarily you need to repair your credit history before you see your Credit Score improvement. The following factors are to be considered in case to improve your Credit Score:- 1.Make all overdue It is extremely important to pay your bills on time. This affects 35% of your score Pay on time, all of the time. Your credit scores can be significantly impacted with just one late payment reported to your credit file. 2.Pay down balances If you currently have credit cards and are using more than 30% of your limit then you want to follow this portion of this guide. Pay down high balances that put you over the 30% rule. Stay under 30% and maintain a low balance as mentioned previously. This factor alone is the second biggest impact to your score at a whopping 30% of your score. 3.Pay all EMIs regularly Use auto-pay to pay the minimum every month and your scores should continue to im

  How much money do you need for your child’s education? Being a parent is tough. There are just too many things to manage all at once. You probably spend a lot of time worrying about your children’s health, homework, and their social skills. Then, there is the thought about their future. And, you don’t want the lack of funds to come in the way of realising their dreams. It’s probably best to start saving for your child’s education as early as possible. However, to save effectively you need a plan and a reasonable estimate of eventual costs. Here’s how you can estimate the amount you’ll need to save for your child’s education: 5 easy steps to help you calculate the amount for your child’s educational needs.Step 1:Determine the time horizon For investments, time is the most crucial factor. Based on your child’s current age and the age at which they will pursue higher education, determine how long (time horizon) you have to save. Step 2: Research the cost of education Understanding the c

  ICICI Bank introduces ‘Insta FlexiCash’ Enables Salary Account customers to get instant approval for OD An end-to-end digital facility; the customer does not need to visit branch ICICI Bank today announced the launch of a facility, that enables its Salary Account customers to get approval for overdraft (OD) instantaneously and in a paperless manner. Called, ‘Insta Flexicash’, the end-to-end fully digital facility can be availed using the Bank’s internet banking platform. The facility comes handy to lakhs of the Bank’s pre-approved customers who can apply for the OD from the comfort of their home, without visiting a bank branch. The facility can be sanctioned immediately while customers can start using the approved OD limit within 48 hours. The interest payable on the OD is calculated on the basis of the actual amount availed by the customer, not on the full amount of the OD sanctioned. Talking about the initiative, Mr. Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “We at ICI

  Khata certificates are now going digital Palike launches software that will allow users to upload and access all property-related documents In a couple of weeks, the Bruhat Bengaluru Mahanagara Palike (BBMP) will start issuing digitally signed ‘A’ and ‘B’ Khata certificates in 100 wards in the city. With a successful pilot run in three wards, the civic body is all set to introduce a new web application called ‘e-Aasthi’ — which has been integrated with another web application ‘Kaveri’ in more wards. On Friday, BBMP Administrator Gaurav Gupta and Commissioner N Manjunath Prasad announced the launch of the new web portal, which has been customized for the civic body by the National Informatics Centre (NIC). The new software is expected to reduce property registration-related fraud as the revenue officer will have to link his/her Aadhaar number before logging into the account for making any property-related transactions. Some of the salient features of e-Aasthi are: property records can

  Best SIP Investment Plans 2020 Here are the top 10 mutual fund schemes suitable for SIP investment in year 2020-21: *3 year returns are annualized. Data based on the NAV of direct-growth variant of schemes as on May 12, 2020 1. Top-up SIP This SIP allows you to increase the SIP amount at regular intervals and take advantage of a well-performing mutual fund scheme by increasing your investment amount. For example, if your SIP is Rs 10,000 per month in June 2019, you can increase it to any amount, say Rs 11,000 per month in July 2019 or any other succeeding month under Top-up SIP 2. Flexible SIP This SIP allows you to increase or decrease the SIP amount as per your disposable income. Thus, with this SIP, you can decrease or skip the payment of a few installments when there is a cash crunch. Similarly, this SIP also allows you to increase the SIP amount during an increase in cash inflows 3. Perpetual SIP While making a SIP investment, investors have a choice to provide the end date of t

  Top 10 Mutual Funds to Invest Most new mutual fund investors ask this question while starting their investment journey. But do they get the list easily? Will the magic list make them rich? The answer is no. In most cases, that is. For example, an online search would often take investors to many websites with ready-made lists. Most often, the schemes may be shortlisted on the basis of their short-term performance. Sometimes, schemes from a single category may dominate the list because that happens to be the flavor of the season. Here is the list of top 10 schemes: ICICI Prudential Equity & Debt Fund Mirae Asset Hybrid Equity Fund Axis Bluechip Fund ICICI Prudential Bluechip Fund L&T Midcap Fund DSP Midcap Fund L&T Emerging Businesses Fund HDFC Small Cap Fund Motilal Oswal Multicap 35 Fund Kotak Standard Multicap Fund Some pointers you should keep in Mind First, find out about each category and whether it is suited to your investment objective and risk profile. Aggressive h

  Flat Interest Rate vs. Reducing Interest Rate Flat Interest Rate Flat interest rate, as the term implies, means an interest rate that is calculated on the full amount of the loan throughout its tenure without considering that monthly EMIs gradually reduce the principal amount. As a result, the Effective Interest Rate is noticeably higher than the nominal Flat Rate quoted in the beginning. The formula of calculating fixed rate of interest is – Interest Payable per Instalment = (Original Loan Amount * No. of Years * Interest Rate p.a.) / Number of Instalments For example , If you take a loan of Rs 1, 00,000 with a flat rate of interest of 10% p.a. for 5 years, then you would pay: ·         Rs 20,000 (principal repayment @ 1, 00,000 / 5) + Rs 10,000 (interest @10% of 1, 00,000) = Rs 30,000 every year or Rs 2,500 per month. ·         Over the entire period, you would actually be paying Rs. 1, 50,000 (2,500 * 12* 5). Therefore, in this example, the monthly EMI of Rs. 2,500 converts to an

  Grown-up info for your Kids What happens for the rest of their lives, when they have to manage money on their own? That’s the more important legacy you can give them. When it comes to children and personal finance, there are two distinct issues that parents face, or should face. The obvious one, which is to save for children’s future needs. Until a couple of decades ago, this wasn’t really a top-of-mind issue with Indian parents, as publicly-funded, reasonably-priced education did the job, more or less. Now, most parents with growing children are acutely aware of how expensive education is, and try to save enough to finance it. Still, this is only one children-related money issue. There’s another one, which most parents are not aware of, but is actually more important which I’ll come to in a moment. The biggest problem in actually saving for children’s future is products that are marketed specifically for this purpose. Of course, this is not specific to personal finance. It’s a commo