Personal Loan is availed by borrowers to meet the immediate financial requirement. It is an unsecured loan. You need not provide any collateral/mortgage to avail the personal loan. The only collateral is signed cheques submitted by the borrower. As it is an unsecured loan, therefore, the rate of interest is much higher at 16%. Now compare it with secured loans like Home Loan at 9.55%. To be very honest, you can avail personal loan only if you are a salaried individual. Second pre-condition of the banks is that you should be maintaining good financial relation with the bank. The loan amount is ... Read More
Financial Fraud – Beware of 5 New Tricks from Tricksters
Financial Fraud is now an organized sector. In past, i wrote various posts on how to avoid credit card frauds and safety of banking transactions. Daily the tricksters are finding new ways of financial fraud. The victim is caught unaware. The biggest problem is that victim does not know what to do in case of financial fraud. In a recent case, one of my clients became a victim of financial fraud through net banking. He went to local police station to register FIR. The police official refused to register his complaint/FIR. When the victim insisted, the police registered NC. The police told him to ... Read More
Physical Gold – Why you should hold it for Emergency Situation
It's a universal truth that Physical Gold act as an alternate currency. Investment Advisers never suggest you holding physical gold because of various reasons. Some of the reasons are security, purity, making charges if it is jewelry etc. I am not considering returns at this moment. I personally believe that there is 10%-15% more downside from current levels due to world's economic condition. Besides alternate currency, Gold also act as a hedge against inflation. Experts always suggest investing through Gold ETF's. Recently launched Gold Monetization Scheme generated lot of interest among ... Read More
Credit History – How I am Responsible for My Low CIBIL Score
CIBIL Report is the bible of a credit history of an individual. Through my blog, i have published large no of posts on CIBIL Score. I try to cover all the practical aspects of Credit History. On the web, you may find large no of posts on theoretical aspects that does not have much relevance in my opinion. In my post, How financial institutions Kill CIBIL Score? i shared how financial institutions could kill your score. Not many borrowers are aware that sometimes they are also indirectly responsible for low CIBIL Score. I hope you have heard the word Self Destruction. It is self-inflicted acts ... Read More
Income Tax Investment Proof Submission – Avoid 5 Mistakes
For salaried employees, it is the time of the year to submit Income Tax Investment Proof. I know that we don't like this exercise as it is tedious depending on length and breadth of investments. In this post, i will not discuss nitty gritty of tax savings or whether you availed all the deductions or not. This post will discuss being a salaried taxpayer what all points to check or taken care of to avoid mistakes before submission of Income Tax Investment Proof. Always remember that your employer is only responsible for TDS deduction based on your Income Tax Investment Proof submission. The ... Read More
Investment in 2016 – 5 Factors that will decide the Returns
Investment in 2016 is the most trending query in personal finance space. It is a million dollar question. There is no better way to start the year with factors that will influence returns in 2016. The year 2015 was a roller coaster ride for investors. It began on a good note but ended on a bitter note. Overall, investors lost the money except traditional investors who invested in fixed income or small savings scheme. In my post, Equity Investor - 5 Biggest Mistakes I should have avoided i discussed my mistakes. As i mentioned that going forward, i will change my investment strategy. I will ... Read More
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