Category: Finance
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Is Fixed Deposit the Right Place to Invest Post-Demonetization?
Fixed deposit is an investment option which is balanced with both: Returns and Risks. Although the investment is the most preferred option; these day’s people are seen to be disappointed with its returns. Perhaps the reason behind this disappointment can be the drop down of interest rates post-demonetization. Fixed deposit (FD) is always considered as a much favourable choice than savings since the returns earned are comparatively high. But as the rates have dropped down, the investors might have to think about parking their funds in savings rather than investing it. Before you change your mind, it is important to consider other financial institutions too, who offer fixed deposit investments. Banks are not the only ones providing the fixed deposit service; there are highly reputed NBFCs which are providing it too. The FD offered by the NBFCs are called as company fixed deposit. Despite the repo rate cut down, NBFCs still manage to offer best-fixed deposit rates which are higher than banks. Yes! You read it right, you can earn higher returns by investing in company’s fixed deposit, plus there are many schemes and facilities you can gain from. Owing to the favourable fixed deposit conditions, you no longer need to resort to less interest offering saving options. Here are some things that you should know about fixed deposit investments: 1. Secured Investment: As fixed deposit does not depend upon the market conditions, the interest offered on it is fixed throughout the loan tenure. This makes the investment a safe option to allocate your funds in. Whereas, the returns offered on the high-risk investments depends upon the market conditions which makes them risky. There is no such guarantee that you might always earn higher returns as there can be times when you might face a loss. This is not the case with fixed deposit. Besides, there are some NBFCs who are awarded ICRA’s MAAA rating and CRISIL’s FAAA rating which means, they are reliable as well as safe to invest in. 2. Flexibility: With a safe investment option, fixed deposit also provides flexibility with its tenure. You are free to choose any tenure period ranging from one year to five years. Also, you can reinvest in FD if your account matures. 3. Interest rates: The interest rate is a very important factor to consider when it comes to investments, as it decides the returns you will be earning over the fixed deposit. Fixed deposit interest rate offered by every financial institution differ, which is why it is important to compare FD rates and then apply for it. Also, as mentioned above, investing in NBFC’s fixed deposit can benefit you with higher FD returns in comparison to banks. 4. Tax deduction: In case, if you are investing a lump sum amount and the interest offered on your investment is above INR 10,000, then you might have to pay taxes. To escape from this tax deduction, you can split the money and invest it in different FD accounts. Also, you can apply for Section 80C to benefit from the tax deduction. 5. Senior citizen fixed deposit: If you are a senior citizen, you can benefit here, as you can invest your pension funds and earn higher FD returns compared to normal FD accounts by parking your funds in senior citizen fixed deposit. Although post-demonetization has brought down interest rates on normal FD account, the rates offered on senior citizen fixed deposits have increased. Though rates offered on a fixed deposit have dropped down, investing in a company fixed deposit can earn you higher returns. If you are planning for an investment, then NBFCs such as Bajaj Finserv offers highest Interest on FD Rate as well as provide different schemes and facilities that can benefit you. Read More : How To Get Low Cost Life Insurance For Seniors 10 Tips To Design The Perfect Business Card
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How to Get Low Cost Life Insurance for Seniors
One can clearly understand the requirements of a senior citizen who is willing to buy a life insurance policy even at this late stage of life. They have their own reasons of security, family burden, and responsibilities such as debts, burial expenses, etc. Most of the life insurance companies very well understand these requirements. Due to the rising demand for life insurance by the elderly people they have come up with several policy options for senior citizens at several stages of life even after 80 years. Life insurance companies will never try to risk their own business. This is one of the prime reasons that insurance policies for elders are often very expensive. However, there are a few methods that can help our senior citizens in lowering the cost of life insurance. Consider Group Investment Plans Seriously Depending on your age, if you are still in a job, then consider every group investment plan that is offered by the companies to their employees. Most of such plans come along with some retirement benefits. So, if you haven’t availed any of these plans yet, consider them seriously now. If you are expecting your retirement anytime sooner, these plans can be one of the best investments that will go along with you as your retirement gift. Such plans can be easy to avail because the company itself becomes the guarantor for its employees and the insurance companies do not mind getting bulk of customers on a regular basis. What Are You Risking? Insurance policies for senior citizens are often very risky especially when they try to gain too much of it. The reason for being their own life expectancy and medical condition are not at their best. This matter puts them on the risk side for the insurance companies. Therefore, they should buy a policy that doesn’t cover too many aspects. For example, some people want “good returns” as well as “lower premiums”. It is always better to expect less and cover less too. Lesser is the risk covered, lower will be the cost of insurance. The best way is to priorities your needs for insurance. Opt for policies with a medical examination and full check-up: If you are a healthy senior citizen (as per the parameters of your age) then try to opt for policies that include a complete medical examination. Some people often try to run away from the hassles of running around for medical examination certificates that are demanded by the insurance companies. It urges them to opt for “no medical exam policies”. Although such options provide you with the comfort you have to pay some price for it. Instead, if you opt for a regular insurance plan, you will have two benefits- The cost of insurance policy will be reduced You will have a free medical check-up and consultation as most of these medical exams are conducted by the insurance companies on their own. Cooperate with the companies for the waiting period: Often it has been noticed that elderly people want things to happen quickly especially after a certain age. This makes them impatient and they do not want to wait for the time that is taken by the companies in the process of documentation and filing. When they urge the companies to provide them with some faster policy option, the company agents suggest them to buy “no waiting period” policy. This is again not going to give any other premium or policy benefit except that it will cost you higher at the time of purchase and fasten up your process of documentation. If one can afford, then they should let the companies take their time as they take care of hundreds of cases at the same time. The clients can save on the extra cost here and show some patience towards the whole process of the insurance application. Last Words The best way to avoid any such chaos is to take the decision of buying the insurance much before then you actually need it. If you have ample time in hand, you will be able to save on a lot of extra cost as a senior citizen.
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Tips to Lower Your Insurance Costs
Investing in life insurance can be an intimidating thought. It is safe to say that the younger and healthier you are, the lower your insurance costs will be. This is because a healthy person has a lower risk of dying as compared to a person with an unhealthy lifestyle. Hence, if you are thinking about life insurance here are a few tips that could help lower the cost of your insurance. Stop Smoking A smoker has to pay a much insurance premium as compared to a non-smoker of the same age. In some cases, this can be as high as triple the premium. So, if you smoke or use any other tobacco-based products, now is the time to quit. You will be considered a non-smoker after you have quit smoking for at least 3 to 5 years. Lose some Weight A number of health issues are caused by being overweight. Hence, insurance companies consider obese or heavy people a high risk and hence charge them a higher premium. Maintaining a healthy BMI can help you live a longer, healthier life by reducing your risk of heart diseases, blood pressure problems, etc. Schedule an Early Physical A thorough medical examination is one of the prerequisites of most life insurance policies. Try and schedule this exam in the early part of the day or on a day when you are relaxed and well-rested. This is because studies show that testing for blood pressure, cholesterol, etc. have lower results in the morning as compared to in the latter half of the day after you have had a stressful day or eaten a heavy lunch. Fasting for 24 hours before your physical could also help lower your cholesterol count. Be Honest If you suffer from a preexisting condition it may be tempting to try and hide this information from your insurance agency. However, doing this could cause you a lot of trouble. In most cases, the insurance company will recognize your health condition during the review of your medical history and medical exam. Since you did not disclose this condition, you will then not have an opportunity to explain the situation. Drive Carefully Along with your health records, an insurance agent might also ask for your driving record. While this may seem unconnected, it is not. According to many insurance agencies, a driver who frequently breaks traffic rules is likely to put himself or herself in a dangerous situation and hence is considered high risk. So, if you have more than the occasional ticket to your name, it may be wise to wait a few years before applying for insurance and drive more carefully in the meantime. Keep an Eye on Insurance rates Like everything else, insurance policy rates also change from time to time. Thus, even if you have already bought a life insurance policy, it is important to review and compare policies every few years. Affordable Life USA has great rates on life insurance. Along with comparing quotes, you should also update your policy from time to time to reflect the changes in your personal situation.
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5 Smart Ways to Boost your Credit Score
It’s a myth that you have a single credit score. You probably know that your three-digit credit scores based on the information of your credit reports are a major factor in deciding whether you get a loan or not. Your credit score can influence everything; from interest rates to your rentals, premiums, and even job eligibility too. Also, the interest rate you are going to pay for loans, mortgages, and credit cards is determined by this score. When you have a good credit score; the lenders easily lend you the money that too at lower rates than others. Your credit scores are not static and improving it can take time; from a year to two years- depending on the kinds of changes needed to be made. With the interest rates going high every day; it is essential to get started for improving your credit score if it is not high as it should be. Here are the five smart ways, which you can use to boost your credit score quickly and in an efficient manner. Check Your Credit Reports With so much running in your previous credit history; now, it’s a good time to get your credit report from the best credit bureaus, which will make sure that your report is correct and is reflecting your proper borrowing activities. If you find an error in any of the reports, you have to go through all the necessary steps of removing it. Start by calling the credit bureaus to report them the wrong information and by asking them to update it in your account. Your credit score will considerably improve just be getting the negative information corrected. Pay your Bills on Time Well, your payment history reflects 35% of your score. Not paying the bills on time is the biggest influence on your credit card score. Lenders report a late payment to the credit bureaus once the thirty days have passed from the bill’s due date. Also, one late payment stays on your credit report for seven years. To avoid, keep an eye on all your credit card bills and set your important payments to auto-pay so that your mandatory bills are always paid. You need to pay you all the dues on time to improve your credit score in a matter of months. Read also: Credit Card Fraud & The Holiday Season: Things To Consider For Next Year Eliminate Credit Card Balances Credit card balances come under the category of bad debt. Make a proper and step by step plan to waive off your credit card debt and overall utilization. One way is to make use of the 0% balance transfer offer. Another way is to use a personal loan to pay off your accumulated credit card debt. Loans and transfers work as a great option if you use the promotional period to pay the debt. At last, you can gather all the credit cards and pay all the small balances off. Paying all your credit card will also reduce the amount of interest you are paying every month. Don’t Apply for a New Credit Whenever you apply for a new loan or credit, it generates a new entry on your credit report. Credit report entries are only the way how lenders come to know that you have been applying for the credits. So, if you’ve applied for new credit; there is nothing you can do rather than waiting for them to disappear as these inquiries stay on your report for two years. It is recommended that you should not apply for new credits when trying to improve your credit score. Even a small change can mean big improvements. Keep your Old Accounts Open Keeping your old accounts work will help you keep long credit history on your report. If you had debt on your old accounts and you have handled and paid it well makes good for your credit report. It is very important to get the highest credit score possible as it has a huge effect on your financial life. Also, everyone’s score is unique, so there is no hard set of rules to improve your credit score.
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How to Get an Auto Loan at a Low Interest Rate
Unless you have the ability to pay for your brand-new car in cash, you’re going to have to find somebody that’s willing to give you a loan if you plan on buying a car or any other type of motor vehicle for that matter. Obviously, nobody wants to pay an arm and a leg in interest if they do not have to. So it’s in your best interest to take the necessary steps to find a low interest auto loan. Getting the best rate is just a smart thing to do financially speaking. With that in mind, we will now take a look at some of the best ways to go about getting a low interest auto loan. Please use these tips to your ultimate advantage. 1. Get Interest Rate Quotes for Cars Online Even though there are plenty of traditional lenders that will have no problem offering you a loan for your new vehicle, it’s always best to use the Internet to find other, possibly better lenders to see if you qualify for an even lower interest loan. By using the Internet to your advantage, you’ll be able to tap into a comparison website that will provide you with many different competing auto loan quotes. So it’s not like you have to spend hours of your time digging through potential lenders, applying online, and then waiting for an answer. As a matter of fact, you can fill out one form and literally have hundreds of lenders get access to your information in a matter of moments. This is the simplest and easiest way to find out about potential auto loans when searching for a new vehicle. And if you use this technique to your advantage, you’ll be able to find some really low interest rate loans for your new car, which could literally save you thousands of dollars over the lifetime of the loan. 2. Fix Your Credit Score Your credit score will play a huge factor in whether or not you qualify for a low interest auto loan. The lower your score, the worse off you’re going to be. So you have to take the necessary steps to raise your credit score in order to qualify for the lower interest rate loans. If at all possible, pay down your credit card bills if you have any outstanding. You do not have to pay them off entirely, but lower your balance to below 30% of your available credit. By doing this, creditors will see a better picture and think you are a lesser credit risk. Plus it’s going to help raise your credit score as well. According to Bestcar.loans, a website sharing info about best bad credit auto loans, “Buying a new car can be an exciting experience. Therefore, when searching for a new vehicle, you want to make sure you have financing available to cover the cost.” Read also: How To Get A Loan On A Day With Bad Credit? 3. Qualifying for Loan Even If You Have Bad Credit This might seem like it’s going to be impossible, but the truth is it’s going to be easier than you think to get a low interest loan for your vehicle even if your credit is bad. Ideally, you’re much better off having a higher credit score. But if you do have a negative credit history, you can still make this happen. Most important of all, you definitely have to keep your options open. Forget about only contacting the biggest lenders. You have to start thinking outside the box and contact lenders that you may have never even heard of. By keeping your options open, you should be able to eventually stumble across a lender willing to offer you lower interest rates on your auto loan. Just keep at it and don’t give up until you find the best auto loan to meet your needs. Please use these tips to avoid making costly car loan mistakes.
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How to get a loan on a day with bad credit?
What is a car title loan? A car title loan is an advance for a little measure of money and for a brief timeframe. To get a car credit, you give the advance specialist the title to your vehicle - for instance, your car, truck or bike. It can be extremely costly. On the off chance that you can't reimburse the cash you owe, the bank can take your vehicle. What are some different approaches to acquiring cash? You may acquire money from: Family or companions A bank or credit union Credit card How do car title advances function? You can get a car advance on the web or at a store. This is the way they work: You demonstrate the moneylender: your application, your car, title to your car, your photo ID If the moneylender supports your credit, he gives you the money and keeps the title to your auto. When the time has come to reimburse the credit - more often than not in 30 days - you pay the credit specialist the sum you acquired - in addition to a month to month charge. Read also: How To Shop For A Car With Your Teen Driver? What amount does an auto title credit cost? Advance specialists charge a month to month expense. This charge can be a ton - once in a while as much as 25% of the sum you acquire. What happens on the off chance that I can't reimburse the loan specialist when the cash is expected? You might not have the capacity to pay the credit specialist when the money is expected. The bank may give you a chance to obtain the cash for an additional 30 days. This is known as a "rollover," or "rolling over" the advance. To move over the advance, you will pay another month to month charge. What happens in the event that I can never repay the lender? In the event that you can't pay the advance specialist the money you owe, he might take your auto. This is called repossession. The loan specialist may offer your vehicle and keep the cash. What would it be advisable for me to do before I get an auto advance? Before you get an auto advance, consider different decisions: Can I get an advance from a bank or credit union? Can I get more opportunity to pay my bills by chatting with credit bosses or a credit instructor? Do I have any money spared that I can utilize? Can I get cash from family or companions? Can I utilize a credit card? Read also: Credit Card Fraud & The Holiday Season: Things To Consider For Next Year Compose the responses to these inquiries. Choose which decision is best for you. I choose to get an auto title credit. What would it be advisable for me to do? Request that the moneylender reveal to you the amount it will cost in dollars Request that the loan specialist disclose to you the APR Acquire just what you can reimburse by the date the credit is expected Read More: Invest In A New Car, Without A Financial Liability How To Get An Auto Loan At A Low Interest Rate Fred Loya Insurance Company
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Dealing With A Debt Relief Officer For A Better Assistance
Dealing with corporate dignitaries is something that is a hassle taking. It is more hassle taking when you have to deal with the debt repaying structure. It is important to understand a few important aspects before you start handling the debts of the company. Debt can be taken on a varied aspect. In fact, they will also help in catering to some important aspect that will make your way to deal with eth investors easily. The corporate investors are experienced people who can make you more confused when you have to deal with this entire concept of debt. Following up with the debt relief experts There are various debt relief experts, who can help you in dealing with these corporate investors. They are primarily on the note to advise you with the initial steps that have to be taken when you are in business debt. This is an essential aspect as that helps in preventing you from messing up with the debt amount. They have strategies that will help in regulating the entire debt amount. In fact on certain aspects, there are certain conditions that too have to be critically handled. Hence, unless you have an important coordinator in this respect, it becomes excessively hassling. Cutting the cost and contacting the customers These coordinators are actually working as a complete setup manager. They help in cutting the cost of the firm. In fact, they are also experts in reducing the investment strategies at least when you are drenched in debt. They assist you with the investment plans and also on the figuration of the aspects when you have to finish the repayment within a stipulated time. They help in collecting cash from the customers. They also help in regulating or rather balancing the income structure. This is excessively helpful as nothing comes out from your personal pocket. You can repay the debt with the business money with the help of these calculative experts. Looking for reliable proficient It is very much needed to understand that when you get featured with such help, there need to be certain conditions behind it. The foremost condition is to have a good term with the debt relief administrator. You need to be absolutely clear with them about all your details of the business. In fact, you also need to share your business strategies with them. Hence, it is very important to understand that the person you are choosing has to be a reliable one. You can scroll your mouse to the visit here option to know more about him. Contact the agencies There are various agencies that help the firms to choose their private debt relief officers. They have their fixed rates and you can at least have a note on the professional life of the person you are choosing as your personal experts. You can also look for some acquaintance. But it has to be made sure that you choose the right one in this aspect. Ensure to look at the primary aspect of checking the certification in this respect. This will help you to have an idea about his authenticity.
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