How to remit funds from your NRO account?

NRO accounts are one of the best features the banking sector has to offer. It gives an NRI the option to open an account in India that can be jointly managed by a resident also. It also provides you the option of easy redesignation of the account in case you become a resident in future. The Indian Government allows you to repatriate up to a million USD per financial year. In order to remit funds from your NRO account you have to follow the procedure given below:

• Get Documents- There are two documents that you need to submit for remitting funds from your NRO account. These documents ensure that proper taxes have been collected on the funds before remitting them abroad. This is done because it is difficult for the government to collect taxes after the funds are remitted abroad. You must be careful to get these documents in the correct order and also fill them up correctly with the required information.

• Submit Form 15 CA- In this form detailed information about the remitter like his name, address, permanent account number and details of the account where funds will be remitted. It also contains information about the accountant responsible for verifying the form 15 CB. You have to submit the form online on the Tax Information Network website. After you submit the form you will then receive an acknowledgement. You will need to take a printout of this acknowledgement and sign it wherever required. Then you need to submit this signed acknowledgement at the bank along with the Form 15 CB.

• Submit Form 15 CB- This form is actually a certificate that you need to get from a chartered accountant. It certifies that you have made all your tax payments levied on the funds that are going to be remitted. In case that you are availing lower rates of TDS under the policy of Double Taxation Avoidance Agreement, the chartered accountant may ask for your Tax Residency Certificate. If that happens you will need to attach a copy of it and submit it to the chartered accountant. The accountant will verify the documents and then approve this form. After that all you need to do is submit this form to the bank.

So, in order to remit funds from your NRO account the first thing you need to do is procure the required documents. The form 15 CA is available online. You just have to give your detailed information and submit it online. The next step is to print the acknowledgement received after submitting the form. Then you need to go to an accountant to certify your tax payments on the Form 15 CA. This you need to attach to the signed acknowledgement and submit it to the bank.

How to get the best car loan rates today

The use of automobiles is now an integral part of any individual’s life. Almost everyone wants to own a car at some point of time in their life. There is no denying that owning a car helps you a lot in your daily life. But the primary cause of concern you may face when you decide to own a car is the arrangement of funds. You may be looking to buy your first car or you may want to have that dream car you always wanted. Whatever the situation maybe, the best help you can get for your problem is going for a car loan. It helps you buy that car without causing too much financial stress on your pocket. The only thing you need to ensure is that you get the best car loan rates so that you can easily pay it back in time without any trouble. Some ways through which you can get the best rates for your car loan are:

• Plan ahead- Looking for auto loans before you negotiate the purchase of your desired car is a good way to get the most out of car loans. If you can start looking into the loan offers that different banks provide from beforehand, it will give you sufficient time to compare and choose the best deal. You can browse through banks, online lenders and credit unions to get a good idea of the different interest rates they have for car finances. You can then pick the one most suitable as per your needs.

• Get pre-approved loans- Getting your loans pre-approved before you finalize a deal for your car can prove beneficial in certain ways. First, you will be able to get loan at rates that you are comfortable with even before going in for the purchase. This will give you the mental satisfaction that at least you have got a good deal for your car finance before going for the final purchase. Secondly, you will receive a blank check from the lender for the purchase. So, if you may come across a better deal elsewhere, you can just return it for minimal charges and get the better deal.

• Total loan cost- Slight variation in interest rates can make a lot of difference in the total amount that is to be repaid. The time period of loan repayment is also a major factor. You should always consider the total amount you have to pay as interest during your loan period. Opting for a short term loan is better than a long term loan as the total interest you need to pay will be less.

These are the things you can follow to get the best loan rates for your car finance. This will not only help you buy that car you want but will also ensure you don’t end up in any financial problem in doing so.

How to effectively calculate your car loan today

Are you confused about your car loan options? Fret not! Use a car loan calculator to calculate your loan details and bring that smile back on your face. With more people coming into middle class bandwagon, the demand for car loans has seen an upswing.

A car loan can help you fulfill your dream of owning a car. Before you opt for a car loan from any lender, you need to do an exhaustive research on the loan and its features. Compare a wide range of loans on the internet and pick one that best suits your financial requirements.

What is a car loan calculator?

A car loan calculator is a simple and easy to use tool that helps you finalize a suitable loan amount and then manage your finances accordingly. You can find the EMI amount with the help of a car loan calculator and then decide on the final loan amount accordingly. The car loan calculator requires you to enter details like the loan tenure, principal amount and the interest rate.

Salient features of a car loan calculator –

1. A car loan calculator is a very convenient and hassle free tool which you can use to calculate the monthly payments.

2. Apart from entering the loan tenure, interest rate and the principal amount, a car loan calculator also has provisions for adding the processing fee for a loan.

3. This calculator also allows you to take into consideration prepayments. You can add the prepayment penalty, prepayment frequency and the prepayment amount and then find out how all of this is going to affect your EMIs.

4. The amortization schedule is also projected by a car loan calculator. In addition to this, it also has provisions that allows you to add loan repayment timeline and the interest outgo, which can help you take smart payment decisions.

5. The results of a calculator of this kind are very accurate as there is no chance of human intervention which minimizes the risk of error.

6. You can keep changing the data as much as you like. The car loan calculator does not have any restriction on the number of times you can enter the data.

7. You get quick results on using a calculator of this kind. It might take a while if you were to do the calculations manually.

8. You can calculate the entire interest amount that you have to pay to the lender. Once you calculate the entire amount using the interest rate then you will get a proper idea of how much the loan is going to cost you.

Things you need to remember when opting for two wheeler insurance

Want to purchase a new bike this monsoon? Well, that is a grand idea. The thought of traversing the rain soaked roads with potholes on foot is a nightmarish idea. Riding a two wheeler on the other hand is a much better proposition.

There are some things you need to consider while purchasing a two wheeler, one primary thing being its insurance. Riding a two wheeler in this country requires its owner to have a valid insurance cover, without which he/she will face penalties. Since an insurance is mandatory, being armed with the necessary information will help you purchase the best insurance for your two wheeler. Here are the important points that you need to consider while purchasing an insurance –

1. The type of policy
There are two types of two wheeler insurance policy. One is the liability only policy which is the mandatory policy. This policy covers that third party damage caused by the vehicle in question, it covers accidental or property damage to any third party. The second type policy is the comprehensive plan which in addition to the liability only policy, also includes the damage caused to own vehicle.

2. The type of coverage
There are a number of coverage options available – vandalism, fire, collision and theft cover etc. Choose a coverage plan that suits your requirements in a two wheeler insurance policy.

3. What factors are affecting your premium?
Features like what is the cubic capacity of the bike in question and what zone the vehicle comes under affect the premium you need to pay. Higher the cubic capacity of a bike, higher is the amount of premium that needs to be paid.

4. What is the status of NCB?
The owner can avail a NCB (No claim bonus) for every years where no claims are made. NCB is a discount that the insurance company offers on the premium for the subsequent year.

5. An uninsured motor cover
While a third party insurance cover is mandatory in the country, there are plenty of drivers who don’t get the insurance updated. This causes the insurance cover to lapse. So if you get into an accident with an uninsured rider, you cannot make any claim and have to pay for all the expenses. Having an uninsured motor cover as a part of your two wheeler insurance policy is a safer option.

6. The IDV
The IDV or insurance declared value is the insured amount of the vehicle, this amount does not change during the tenure of the policy. It is based on the cost of purchasing the vehicle and the depreciation adjustment hinged on the vehicle’s age.

Do you need a health insurance that covers you overseas?

Insurance policies are a necessary thing that every adult invests in. It helps us secure our properties, health and the future of our family members. One of the most important aspects of insurance is health insurance. Investing in health insurance is a primary objective for any responsible adult. It ensures that you and your family is secured in case of any medical emergency or medical situation that may arise at anytime in future. However, most of the health insurances cover you only inside the country, or more accurately, most people choose health insurance policies that cover them only inside the country. But you may want to consider choosing a health insurance that covers you overseas for the following reasons:

• Medical coverage abroad- The benefit of having an overseas health insurance is that it provides you medical coverage while you are travelling abroad. You can go on tours or vacations abroad without any worry about facing any problem if you come across any medical situation. These plans provide coverage for hospitalization, emergency medical evacuation, prescription of medications. It also covers repatriations and provides you with doctor visits while you are travelling or staying for short durations abroad. You can choose your overseas health insurance plan depending on how long you spend abroad. You can either go for a short term insurance plan or a long term insurance plan to suit your needs.

• Chronic medical condition- If you are someone with a chronic medical condition having an overseas health insurance is a good idea. If you suffer from any condition like diabetes, arthritis, migraine, asthma, anemia or any other chronic medical condition or if you are in a high risk category for any such condition then you must invest in this. It will prove to be a good choice in the long run as if ever you need to travel abroad it will have you secured for your medical condition. It will provide you with appropriate medical treatment for your chronic health condition if you ever encounter any problem while you are abroad. You can now travel without any worries about your condition from affecting you.

So having an overseas health insurance provides health coverage to you when you are abroad. It keeps you secured in case of any emergency medical situation that you may face while you are abroad. In case you have a chronic health disorder or anyone in your family has one then it will prove beneficial to invest in overseas health insurance. It would also ensure you a stress free travel and stay abroad.

How to make monthly international money transfers a convenient process?

Staying abroad is a dream that almost every person has had at least once. Today, with the growing opportunities in every field, more people are living this dream. One of the important factors you should look into to have a hassle free stay abroad is money transfer. Whether you are staying abroad for educational purposes or for employment purposes you need to make international money transfers on a regular basis. If you are pursuing higher education you need to receive money from your parents to manage your expenses. On the other hand if you are working abroad you will need to send money to your family periodically. Thus a hassle free international money transfer process will be in your advantage.

In order to ensure that you have a smooth and efficient international money transfer you can follow these simple steps:

• Assign account only for transfer- You can assign a separate account just for money transfer. This will help you in the long run. First of all you can easily keep tabs on the amount that is transferred. Using a separate account will also ensure that no other transactions are made from this account. For instance, you can have a salary account and another separate account for money transfer. This in turn will make it convenient for you to keep track of your finances and manage them easily.

• Set up automatic transfers on fixed date with fixed funds- One of the best ways to make monthly international money transfers easy and convenient is to set up automatic transfers. You can schedule money transfers on a fixed date each month with a fixed amount. It is a very simple procedure which will allow you to easily transfers funds each month without having to go to the bank. You just need to log into your online banking profile, select the amount you want to transfer and the account where you need to transfer to. Then you need to choose the “Schedule Transfer” option from the Transfer Type list and select date of the transfer. The last step includes selecting the frequency of transfer and the end date.

• Set up alerts for transfer status- You can set up alerts for your transfer status. This will help you keep track of your transfers without going to the bank. You can get instant updates and alerts on your mobile through text messages.

So, following the above mentioned steps you can make your monthly international money transfer more convenient that will help you have a peaceful stay abroad.

Why should you let your college children have a credit card

College is such a stage where an individual goes through the transition from a teenager to a responsible adult. They take important decisions about their life, becomes more mature, learn to take care of themselves as most of them start living away from their parents. These experiences make them more responsible and transform them into a grown up ready to take on the world. In order to become a more responsible individual they must also learn to manage their finances. This includes managing funds, expenditure and savings. For this, credit cards is a must. Every person has to use a credit card at some point of time in their life. So it’s better that you let your college children have one which only not only teach them how to manage their expenses but also provide added benefits like:

• Credit cards with limited credit line- Some of the best credit cards in India allow you to choose a credit card for your child that has limited credit line. This will not only allow you to keep a limit on their expenses but will also make them learn to regulate and keep in check their own expenditure.

• Ease of transaction- Having a credit card will lessen the burden of your children having to carry cash everywhere. They can easily make payment related transactions anywhere with their credit cards. For instance, payments for online shopping can be made easily with a credit card.

• Payment of fees- Every college student needs to pay their college fees, which in fact are a huge sum of money. Having a credit card facilitates the payment of the college fees on time without any delay.

• Security in case of emergencies- If your child has a credit card it will act as a backup in case of any emergency payments he may need to make. For instance in case of any medical emergency they can use their credit cards to make payments so that it won’t halt the treatment process.

• Rewards and benefits- Credit cards offer many cash back rewards. These rewards automatically get deposited in the savings account and can be redeemed for gift vouchers at certain retailers.

• Create an early credit history- College children can use credit cards to build an early credit history that will help in the long run. Credit history plays an important role in boosting the credit score and the best credit cards in India value a long and healthy credit history.

So giving your college children a credit card can prove to be a wise decision. It can help you make them responsible as well as provide security in case of any emergencies.