Investment Plans: What Are The Key Factors To Keep In Mind?

Investment plans are a very important part when it comes to smart handling of your money. They are not only effective in terms of short-term goals but also in terms of long-term goals. They are way better than just merely saving money because when you are just saving, at the end of the day you will only have your savings money and nothing more. But when you invest your money in a good policy you get a sum assured that is inclusive of premiums. So, when you are searching for some of the best investment options in India you should look out for certain key factors. Do your research well in order to get the best of the benefits.

Key Factors for Investment Plans:

• First Consider whether you require an investment plan in the form of insurance at all. If you do not have dependents and are not planning to get married soon or are not in a stable job then you are not at a compulsion to purchase any investment plans.

• Delve deep into the prospect of what kind of cover you will actually need and also the timeline. There are a number of best investment options in India that range from simple term plans to more ambitious and complex ULIP plans. Spend some doing research either on the internet or physically visit the insurance company and talk to the people in charge.

• You need to assess yourself and your capabilities, think of how much you can afford to put in. This is a realistic situation because at the end of the day it is you who will need to pay the premiums. Do not get swayed by what people tell you at the insurance company, they will only try to market their best-selling products to you. But you need to invest in what you need and what you can.

• The most important factor when it comes to your investment plans is doing a proper and thorough research of the company you are thinking about. Read reviews and seek suggestion and feedback from your family and friends on the points of customer care and service efficiency. A high ratio of claim settlement record of a company rings good news for you. Because a company with a good track record of claim settlement speaks highly of their credibility.

• Once you have picked out your preferred company and also zeroed in on your desired investment plan read your offer documents very carefully and make a list of questions you want to ask your company before you make the final purchase. The nature of the questions should be as such that they should become deal-breakers for you.

The prospect of investing might seem daunting to you but that is not so. Once, you have are clear on your part about you need and can afford to have, the process will become much smoother for you to wade through.

Personal Loan EMI Calculator: Get the best personal loan

One of the most common form of financial loans that people go for, are personal loans. People take personal loans for a host of different reasons- marriage or education of children, family vacation and more. However, each bank offers the same loans at varying rates of interest. The tenure for the repayment of such a loan may also differ from one bank to another. These variable factors make it very difficult for a personal loan applicant to figure out the EMIs that they are likely to pay. This is where the personal loan EMI calculator comes in handy. With the help of an EMI calculator you can check exactly how much you would have to pay each month if you take a loan from a certain bank.

Evaluating the multiple loan offers available in the market can be very confusing. Receiving reliable assistance to cut through all the numbers in order to determine how much each loan will cost you, gives you an added benefit. Personal loan EMI calculator is probably the easiest way to compare various loan offers, and choose the one best suited for you. It helps you to quickly and accurately compare the different loans and decide on what the EMI would be with different lenders.

While applying for a personal loan you have to keep in mind how much to borrow, how long you want to borrow it for, and at what price. Personal loan EMI calculator offers you various loan combinations. Knowing the actual EMI amount to be paid for the various combinations proves useful. All you need to do is follow these steps:

• The first thing that you need to do is enter the principal amount or the loan amount that you would like to avail into the calculator.

• You would also have to enter the interest rate for the personal loan. In India, the personal loan interest rates vary between 10% per annum to 20% per annum.


• Enter the tenure of the loan repayment. After this has been filled in, press the calculate button to determine exactly how much interest and EMI you would have to pay for the loan. The calculator also calculates the gross repayment amount, which includes the loan principal along with the interest amount.

You can choose to input different combinations of all the three parameters to see which one suits your financial requirements the best. Once the combination is determined, you can look out for the various offers available and choose the lender who offers you the best suited loan.

Vehicle Loan: Now get your dream car stress free!

How long has it been since you’ve been planning to buy your own car? Now that you’ve finally got a financially stable life, you are ready to purchase your dream car. Well, there’s no better feeling than being able to buy a car that suits your personality, gives you comfort, and comes with an affordable price tag!
Buying a car is one of the biggest investments you’ll make. While some may prefer paying in cash, most people need a loan to pay for their purchase. As something that accrues interest as you pay back over time, it’s better to come prepared before you take out a vehicle loan. The following steps will guide you through before you apply for a loan:


• Check your credit
Your credit score determines what type of loan you’ll be able to get from the lender. Whether you’re going through a bank, an auto loan dealer, or the dealership itself, the rate will be dependent on it. Dealership financing, sometimes can appear more attractive. Deals like 0% financing and large cash back refunds which lowers the total amount of your loan, may sound like the best option. The better your credit, the cheaper it is to borrow money. With a higher credit score you’ll be sanctioned to lower interest rates, and may also qualify for lower auto insurance premiums.


• Know your budget
Having a budget and knowing how much you can afford to spend is important. You need to make sure that your loan payments fall in line with your financial goals and ability. In case you don’t have a budget, start with your monthly income after payment of taxes and monthly expenses.


• Determine how much you can afford
Analyze how long you’d like to pay off your loan. Vehicle loan terms usually come with 3-6 years. With a longer loan period the monthly payments are normally low.


• Get preapproved
After you finalize your lender, you’re required to submit your documents validating your proof of income, resident proof and identity proof. The lender may also want to check your credit score so you’re advised to keep all your loan applications within a 14 day period. Once the lender decides on your eligibility and the interest rate you qualify for, you’re ready to take out a vehicle loan. Do your research before purchasing your dream car.

Financing your new car is a great way to get the vehicle that you want without needing to sacrifice.

Convenient instant transfers: Why electronic fund transfer is your choice?

Electronic Fund Transfer (EFT) is the use of digital technology for the transfer of funds without the exchange of paper currency. The devices through which EFTs are initiated include codes and cards. They allow you and others whom you authorize access to your account. Access to your account entails withdrawals, deposits and transfers. Modes of EFT such as ATM or Debit cards require Personal Identification Numbers (PINs) while others need a scan or a signature. Radio Frequency Identification (RFID) for example scans your pertinent information without any direct contact with you.

Direct Deposit allows you to authorize deposits for specific reasons into your account. Regular deposits like paychecks, insurance benefits can be thus authorized. You can also authorize withdrawals for recurring bills like insurance premiums, electricity and other utility bills, club memberships. This will allow for them to be paid automatically every month without any hassle.

Debit Card Purchase or Payment Transactions let you pay for the merchandize you have bought using your card. Quite similar to the use of a credit card, it allows the buyer to pay for an item of purchase without the exchange of paper notes.  The only point of difference being that with a debit card, the amount of money spent must be existent in your bank account. You cannot extend credit on it.
With your commitments to your family and work in these modern hectic daily life, a trip to and from the Western Union is simply too much of a hassle. Speed and convenience are two of the major factors to consider in anything these days. With everything available at the push of a button, our banking needs have also been made accessible at our fingertips.

With no additional costs or charges attached on these services, Electronic Fund Transfer is not only a viable option; it is the one that makes the most sense. They are flexible, and entirely hassle-free. Without the inconvenience of commuting to the place of business or standing in a queue for long hours, you can take care of your banking needs from the comfort of your home.

Electronic Funds Transfer allows the transfer of funds within the country and also let you transfer funds to accounts that exist overseas. Students studying abroad, who need money for their tuition fees and other expenses in a foreign currency, receive these funds through EFT. The future is most definitely digital. We are moving further and further away from traditional modes of currency and payment. The day isn’t far when we will live in a cashless economy.

Two Wheeler loan: Get your dream vehicle in an instant

Having your own vehicle is a matter of pride and convenience. Now you can have your very own bike or scooter without any hassle due to easy availability of two wheeler loans. While some may prefer paying in cash, most people need a loan to pay for their purchase. As something that accrues interest as you pay back over time, it’s better to come prepared before you take out a two wheeler loan. With increasing demand for two wheelers, getting a loan is fairly easy. The following steps will guide you through before you apply for a loan:

• Check your eligibility
Any individual above the age of 18years is eligible for taking a loan. However, some banks may prefer their applicants to be 21 years or older. Before applying for a two wheeler loan you must be prepared with all the documents that are required for your application- an address proof which is usually demanded in the form of household utility bills, a voter’s ID or a passport. The aforementioned documents other than household utility bills also serve as your proof of identity. You would also need to submit your salary slip from the past 3 months along with the bank statement and the latest TDS certificate as your proof of income to show that you meet the minimum income criteria before borrowing a loan.

• Credit score
Your credit score determines what type of loan you’ll be able to get from the lender. The credit score of the borrowers show their repayment capacity and is given importance in determining the eligibility of the borrower.

• Select your loan amount and tenure
Interest rates on two wheeler loans vary from bank to bank and from lender to lender. Depending on the type of two -wheeler required and financial background of the applicant, loans are available in both secured and unsecured forms. In case of a secure loan which requires pledging of a security against the liability of the loan, the rate of interest is relatively low. In case of an unsecured loan which does not require pledging of the asset as collateral, the interest rates are usually higher. To make it affordable to the borrowers, banks allow a repayment tenure which usually varies between a period of 12 months to 48 months. The borrower can choose any tenure as per their convenience.

• Submit your application
After you finalize your lender, you’re required to submit your documents validating your proof of income, resident proof and identity proof. Once the lender decides on your eligibility and the interest rate you qualify for, you’re ready to take out a two wheeler loan.

With such easy availability of loans, getting a two wheeler of your own is the most convenient way to travel around.

Remitting to India: The key to money transfers

According to the surveys conducted by the Reserve Bank of India, remittance, that is transfer of funds happen mostly from US and the maximum transfers that occur are of a personal nature, that is, they are used to maintain a family. One of the major modes of money transfer from the overseas is SWIFT or electronic/wire transfer.

You might be one of those who remit to India occasionally to support your family. To make the process seamless and error-free you need to follow these few tips that we are going to discuss today. With these tips you can remit to India without any hassle.

Online and offline options: If you are looking into online options you are looking into e-transfers and power transfers. On the other hand offline transfer includes cheques and bank drafts. It is not a question of which option is better; you should concentrate more on the security issues. The first and the foremost thing that you should do is check the list of banks with which the bank from where you are sending the remittance has collaborated with. Go ahead with the further procedures only if the bank to which you will be sending the money is a trustworthy institution.

If you are sending money to India, chances are you will have to stick to offline procedures. Check the RBI guidelines before you remit to India.

Online money transfer: In case you wish to send money to your dear ones within a short notice period, you have no option left other than opting for online procedure. You can use modes such as wire transfer. Your beneficiary receives the money within 24 hours. At the max it takes 96 hours, unlike offline money transfer which takes 7 to 15 days. This is an instant process. There are correspondent banks in the overseas that will assist you in disbursing this process.

Choose a mode that you can afford: A wire money transfer is obviously costlier than a draft or a cheque though the former takes lesser amount of time. You need to decide before you remit to Indiawhether you should give due diligence to speed and drill a hole in your pocket. If there is an emergency to meet with you have no option. But this is one downside of online money transfer.

Foreign Currency Account Banks Scheme: Most of the banks in India cover major currencies like Dollar, Euro, Pound, and Sterling and accept remittance of these currencies. However, to avoid any kind of difficulties it is better to have a foreign currency bank account, which allows uninterrupted flow. This scheme can be used to easily convert currencies like Australian Dollar, HK dollar, dinar, yen, deutsche mark etc.

Wealth Management 101: Why starting early is the key to a healthy investment

Your early twenties are the most memorable years of your life and also are the most crucial ones. Especially when it comes to money.  For most 20-somethings with a steady job and economic stability, managing their finances is one of the biggest hurdles that they have to overcome. With the bad habits of both procrastination and ignorance, quite often people don’t pay attention to their wealth management till they are in their 30’s.


Do Not Drain Your Cash:
For much of the younger generation, the fear of missing out is a very real thing. And this fear drives a lot of them to spend money that they do not have just to be able to keep up appearances. Racking up debts over the student-loan debts that they are already buried under. Putting off responsibilities like investing to the future or deeming saving as “boring”, they wait far too long. Being debt-free is a big part of being financially independent. Learn to live on a budget and once you have done it for 3-4 months you will come to the realization that your expenses can very simply be divided into three categories:a) Essential b) Discretionary and c) Entertainment. The goal should be to reduce the spending on entertainment and to exercise more discretion. You should also have a sum of money set aside for emergencies.


Do Not Be Intimidated:
The thought of investing in stocks makes a lot of young people quite nervous. They do not make an effort until they are much older and that leads to investment choices that are faulty, resulting in portfolios that are flawed and economic insecurity in the later years of life. You can opt for an SIP(Systematic Investment Plan) that will let you invest a fixed amount each month in a mutual fund, typically an equity mutual fund scheme. A target date mutual fund is also a good option. Much like the name suggests, you invest until a certain year in a combination of stocks and bonds. You need not be a whiz at finance to consider investments. Keep it simple and watch your money increase.


Be Patient:
When you are young you have the luxury of time and when it comes to wealth management, time is most definitely on your side. The interest that you will incur on the amount of money you have invested will be compounded over the years and you can then reap the benefits of it. As much as you want to use what expendable income you have on luxuries and amusement, in the long run it will only harm you and your bank balance.


You have worked hard for the money that you have earned. You need to be smart about how you manage it. Start young when you can afford to be aggressive with your investments. You need not be afraid of the future when you can craft it yourself.