Blog

How much amount should I save every month to meet any of my future needs?

The current corona virus crisis has lead people to think at least one of the things, such as you cannot invite your friends to your house. You cannot go out in your car. You cannot reveal your lifestyle to anyone – the lifestyle which took you around 10-15 years of hard work with a lot of loans. Almost 50% of your expenses are lifestyle expenses, the other 50% of your expenses are normal living expenses. You can often save more than you’re ever thought. So, what can you do to become financially independent that too within your means? Let us divide your salary and check

Emergency Fund - You should have a minimum of 6–12 months of your household expenses to sustain. So, if in case you lose your job, you can sustain for 6–12 months. If you have any monthly EMI for any loan, you must also add that amount in the emergency fund. First, calculate your monthly expense

The impaired assets in the Indian banking sector declined for the first time in seven years last year, despite continued rigorous efforts by the banks and the government. The total NPA ratio dropped from 11.2% in FY 18 to 9.1% in FY 19. In the Behind of the banking industry's short success, the RBI welcomed the recapitalization of PSU banks to improve the capital base, while stating that the Insolvency and Bankruptcy Code (IBC) started to gain traction in enhancing resolutions.

With the concomitant decline in offer needs, rock bottom lines improved with modesty once extended stress and therefore the banking sector came back to gain within the half of 2019-20'' once a spot of 2 years,' aforesaid the newest tally study on 'Trend and Growth of Banking in Republic of India 2018-1999'.

Private Banks have played a bigger role in improving the

Budget 2020 proposes to give taxpayers the option of paying taxes either as per the existing tax structure or forgo most tax exemptions and deductions to pay as per a new lower income tax rate regime. How can a salaried individual earning more than Rs 15 lakh, say Rs 20 lakh, decide if he/she should continue with the existing tax regime or opt for the new tax regime?
Shown below is a table that gives how many total deductions and tax-exemptions a person with a total salary income of Rs 20 lakh in a financial year should claim so that the individual’s tax-liability stays the same in both tax structures.

Health insurance policies cover all kinds of respiratory diseases, therefore they also cover corona virus, provided the affected person doesn't have COVID-19 at the time of purchasing the policy.

The Insurance cover products will include all the basic coverage as well. Hence, all covers such as in-patient treatment, pre-hospitalisation, post-hospitalisation and ambulance cover provided in particular health policy offers will also be available for corona virus as well.

Generally, diagnostic expenses are not covered by health policies. However, diagnostic expenses would be covered under pre-hospitalisation extension if in case the patient is tested positive and hospitalised. According to experts, in case, the policy covers OPD (outpatient department) expenses, then the cost of diagnostics will be covered based on the policy terms.

Although knowing life insurance policies can sound difficult, it's important to know your policy and coverage inside and outside to make sure you have sufficient coverage for both you and your families. For certain individuals, traditional life insurance policies are the most realistic alternatives under which, in the case of the death of the policyholder, the candidate retains the entire value of the policy insured, either in a lump sum or in the form of monthly instalments, as determined by the policyholder. In term contracts, there is no additional longevity value in the program, which means that no incentives will be available in the event that the policyholder completes the entire period of the policy. Although term benefits protect the assets in the case of an untimely default, there are other classifications that are not protected by term insurance-death benefit payments.

It

What will be the economic scenario post COVID19?

Duvvuri Subbarao, a former RBI governor, said that India may look forward to a V-shaped recovery.

Economic recovery suggestions

On 23 April Confederation of Indian Industry (CII), in a paper titled "A plan for economic recovery", it has outlined three measures that the government must undertake such as cash transfers to JAM account holders, a credit protection scheme for Micro, Small and Medium Enterprises (MSMEs) and creation of a special

Planning is one of the most important characteristics of human beings. When it comes to finances, preparation needs to be practical, because there are enough factors that may impact the financial preparation. As Allen Lakein says, 'The failure to prepare is planning to fail.' Fulfilment of future needs and enhancement of living conditions relies on the preparations you are making now. So, what's your future plan? Are you considering the considerations that could rock your financial plans? Read 5 main reasons why you need better financial preparation tomorrow.

Inflation: Inflation is considered the greatest enemy of buying power. In the Indian context, if measured with the objective estimates, the price of Rs. 100 in 1979 is Rs. 5.55 this year as of (September 2015) and would go further down. That is a fall in the value of the currency. That is because demand

Why loan is sometimes necessary?

For a variety of circumstances, personal loans can be a viable option. First, let’s define a personal loan. Some loans are earmarked for a specific purchase. You can buy a home with a mortgage loan, you purchase a car with an auto loan and with a student loan, and you pay for college.

Whereas, a personal loan can be utilized for everything. Some lenders may question you as to what you will do with the money they lend you, but as long as you’ve borrowed it for a responsible and legal reason, you can utilise the money for any purpose.

Below are five circumstances in which a personal loan might be a good idea.

1. Consolidate Credit Cards: If you have one or more credit cards charged to the max, you can get a personal loan to consolidate all the charges into one monthly payment. This scenario is even more appealing because the interest rate on this loan could be considerably low

RBI has proposed a number of steps to alleviate liquidity and offer relief to lenders and their borrowers. It also declared a three-month freeze on the payment of payments on all term loans, such as home loans, auto loans, school loans, consumer durable loans, and personal loans due between 1 March and 1 March. May 31st, 2020. Often, credit card payments are part of the calculation. Most lenders, though, must have paid the EMIs for the month of March, because they are immediately debited from the bank account.

The moratorium extends to all term loans and working capital loans for all forms of lenders — commercial banks, including rural national banks, small finance banks, and state banks, co-operative banks, microfinance organizations and non-banking finance companies (NBFCs), including housing finance companies (HFCs). That is not a concession, but just a change in payment s

While weddings can be costly in any region, they are especially important in India as symbols of strength and prestige. For many cultures, especially India, marriages are more than simply a union of two persons. A wedding marks the coming together between two families, lineages, and at times, bigger groups like whole villages or communities. Marriages are a significant rite (of) passage that signifies a person and their family's status.

To push one's financial limits at a wedding can, of course, be seen as an attempt to achieve a higher social status and respect within the wider community.

Matrimonial business appears to be recession-proof and is estimated to be worth $40 billion per year, growing at around 20% per year. Indians see it as an indicator of social status, so don't spare any expense.

Complex