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Personal Loan

Financial Planning With A Personal Loan EMI Calculator

Whether it’s a luxury vacation, the latest gadgets, university fees or dream weddings, personal loans can help you a lot. Today’s FinTech has eased the loan application process. It’s digital and paperless. So, you can apply for such loans in just a few hours. But before you apply for a loan, check some facts and figures. Be responsible with your money. Many factors can help you get good deals on the repayment process. Use a personal loan EMI calculator. You now know how much you can afford. You can select tenure and principal amount. This tool helps you make good borrowing decisions. But using such a calculator can seem tricky. So, read to learn how to use a personal loan calculator. Also, we discuss financial planning. [B-01] Concept of EMI Equated Monthly Instalment or EMI is a type of loan repayment. It includes both interest and principal. There are three factors. They are loan amount, interest rate, and tenure. This tool helps you plan your finances. You need to know the EMI amount in advance. So that it doesn’t affect your monthly budget and expenses. The formula used for arriving at the EMI is:EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]Here, P= Principal loan amount, R= Rate of interest, and n= Number of monthly instalments. Who can apply? Anyone can apply for a personal loan. But banks prefer salaried individuals between the age of 21 to 60 age. They need to work in: Government Institution Private sector Public sector MNCs or related companies Partnership Firms Proprietorship concern.These salaried individuals should have a minimum income of INR 25,000 monthly. Also, they need 6 months of work experience in the current organization. But if you are a freelance or contractual worker, submit bank statements for 6 months and more. Do you want to find out if you are eligible for a Personal loan? Check out Personal Loan Eligibility Calculator by Piramal Finance. Financial Planning with Personal Loan EMI Calculator Saves you from performing complex calculations A personal loan EMI calculator gives you results in a moment. You can manually calculate a loan’s EMI. But many find the process lengthy and messy. Also, the chances of errors are high. So, a personal loan EMI calculator makes the whole process easy. You need to input the data like interest rate, tenure and principal amount. You get the result in the next moment. It saves a lot of time and energy. Also, the chance of error is almost negligible. Aids in selecting the most affordable interest rate One important issue that impacts your EMIs is the interest rate on your loan. The interest rates differ depending on the lender. The total amount of the loan amount depends on interest rates. Also, your loan amount and loan term impact your EMI. Based on these limits, calculate your EMIs using a Personal loan EMI calculator. You can also change values in inputs. This helps you identify better terms for your loans. For example, if you increase the tenure of the loan, the EMI decreases. Evaluate EMI options depending on the tenure or interest costs. This helps you be in a better position for loans. A precise picture of your monthly expenditure Tracking your EMIs and credit payments is stressful. Many times, due to unfortunate incidents, you may not be able to fulfil your obligations. So, a personal loan can help you in these situations. Use a personal loan EMI calculator to receive a full breakdown of your EMIs. It enables you to pre-estimate your monthly outlay. Make effective plans according to this. An EMI calculator gives you an amortization schedule. This explains the principal and interest payments due for the specified year. It also displays the remaining principal and interest due once a given year’s EMI has been paid. This information may be helpful when creating a budget and considering a partial pre-payment. Helps you decide on the tenure of the loan As was already mentioned, the duration of your loan influences the amount of your EMI. You may use the EMI calculator to estimate your expenses for various loan terms. If you want fewer EMIs, choose a longer term. It’s important to remember that doing so can have an impact on your interest outflow. A short tenor is the best choice to reduce your interest charges. The EMI is much higher here if you can manage the payments smoothly. A reasonable loan term gives you the financial breathing room to make payments easily. Try several periods in an EMI calculator to see which tenor is ideal for your loan. [B-02] Conclusion Reduce the chances of default on EMI payments. Plan carefully your personal loan EMIs. Hence, always calculate your EMI in advance. A simple little tool like the EMI calculator is immensely useful and free. Such a tool can prove to be a saviour for you. Piramal Financial is the ideal destination if you’re looking for a dependable finance partner to meet your financial requirements. We offer an easy-to-use personal loan EMI calculator for budgeting your payments. The service is free, simple, and always produces accurate results. Piramal Finance’s services also feature 0% pre-payment and foreclosure fees, minimal documentation requirements, quick sanction times, immediate payments, etc. In addition, we offer you flexible loan terms and affordable loan interest rates. Additionally, there are absolutely no additional prices or hidden fees. In every loan transaction, we take care to maintain full transparency. Go to our website right away!

08-11-2023

Tax Slabs

What is the Professional Tax Slab in India?

Many salaried employees know the term ‘professional tax‘. You can find this term appearing on the pay slips. Yet, you may not realize what it is or why it appears as a deduction from your monthly salary. Professional tax isn’t like income tax, yet it’s a crucial component of your taxes. Also, the amount of this tax might differ depending on the state. So let’s check what professional tax is, why it is crucial, who must pay it, and the maximum cap for such taxes. [B-01] What is Professional Tax? Professional tax is a direct tax imposed by the State Government. It is levied on people who earn: through the practice of a profession, job, or trade, by any profession or through the operation of a freelance business or freelancers. Per Section 16 (III) of the Income Tax Act of 1961, the state government deducts professional tax. This professional tax is deductible from a taxpayer’s income when filing tax returns. The general public may believe that this tax applies only to professionals. Yet, this tax applies to all people who generate income. The professional tax will appear in the deduction column of your paycheck. Depending on where you live, the amount deducted could be Rs 200. The highest limit is set at Rs 2,500 per person each year. Further, it is also the highest limit that the State Government may impose. Note that not all states impose a professional tax. Haryana is among the states that do not impose this tax. Maharashtra does deduct professional tax of Rs 2500 annually. Who Collects Professional Tax? The professional tax is submitted to the state governments. For employees, employers deduct a monthly professional tax from their salary. This tax is then paid to the state government. Companies failing to pay taxes will get penalized. It might be for failing to collect the professional tax or to deposit it with the government. Self-employed people have to pay this tax on their own. They have to register themselves with the state government and fill out a form. Once the concerned authority receives the form, it generates a registration number. Through this, the person can pay professional taxes. Please note that several states offer a professional tax rebate if the tax paid is in a lump sum for a few years. So, you should know your state-specific regulations. Professional Tax Slab in Various States Check the professional tax slabs of different states: Andhra Pradesh Monthly salaries or wages in INR for wage earnersTax rate in INR per monthUp to 15,0000From 15,001 to 20,000150Above 20,000 200 Assam Per month wages of wage earners in INRTax rate in INR per monthUp to 10,000NILFrom 10,001 to 15,000150From 15,000 to 25,00018025,000 and above208 Bihar Yearly Salary in INRAnnual Tax Rate in INRUp to 3,00,000NilFrom 3,00,001 to 5,00,0001000From 5,00,001 to 10,00,0002000Above 10,00,0002500 West Bengal Monthly salary (in Rs.)Tax (per month in Rs.)Up to Rs. 10,000NilRs. 10,001 to Rs. 15,000Rs.110Rs. 15,001 to Rs. 25,000Rs.130Rs. 25,001 to Rs. 40,000Rs.150More than Rs. 40,000Rs.200 Odisha Monthly salary (in Rs.)Tax (per month in Rs.)Up to Rs. 1.6 lacNilRs. 1.6 lacs to Rs. 3 lacsRs.1253 lacs and aboveRs. 200 for 12 months and Rs. 300 for December How to Calculate Professional Tax? In India, each state operates tax services differently. They use a special formula and rates to determine the professional tax payment. Based on income levels established by the government, the tax is collected. Under Clause (2) of Article 276, the states are given the authority to apply this tax. Any state may impose a tax with a maximum annual value of Rs. 2,500. The lowest slab rate, however, is Rs. 110 per year. The professional tax must be determined by: Step 1: Find out whether the professional tax is applicable in the state where you are residing. Step 2: Based on the income, calculate the tax amount. Step 3: Review your salary-based tax slab rates. This gives an estimate of the monthly professional tax deduction. Who Is Liable to Pay Professional Tax? Employees who are getting their monthly income have to pay professional tax. Individuals who are involved in trade employment, calling, or any kind of profession are also liable to pay the professional tax. Private, public, or government sector employers who give wages or salaries to their employees are liable to pay this tax. Individuals Exempted From Professional Tax The individuals exempted from paying professional tax are as follows: Participants in the Central Paramilitary Force (CPMF) Ex-servicemen Individuals with a 40% disability. They must present the appropriate certification. A salary-earning deaf, stupid, or blind person Noncombatant or combatant personnel of the Armed Forces who are civilians. The Process of Filling Out Professional Tax So this is state-specific. Yet, one may pay professional tax either online or offline. Individuals may need to file professional taxes at specified intervals. Yet, it relies on the state’s rules and regulations. Effects of Not Filling Professional Tax Individuals who fail to pay their professional taxes will have to pay penalties. The amount of the fine or the penal interest rate varies from state to state. Also, the State Government can impose penalties for non-registration and late tax filing. [B-02] Conclusion If you are an employee, the employer must file professional taxes. If you are self-employed or an individual, get your tax value computed from a CA and file the taxes on time. Further, individuals must know the respective state’s rules and laws. To avoid penalties, make sure to file taxes on time. To know more about tax slabs, financial solutions like personal loans, and other finance-related information, visit the official website of Piramal Finance.

08-11-2023

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Best Performing Mutual Funds To Invest In 2023

If you are one of those who are seeking top mutual funds online, you probably would have come across sites that have compiled a long list of mutual funds schemes. Sometimes, it can prove daunting for the investors, which ends their pursuit right then and there. So, to tackle this problem, the Piramal group has released a ranking of the best mutual fund schemes. One of the most common ways for people to put money to work is through mutual funds, which allows for diversified portfolios across a variety of asset classes without requiring the investor to take on the responsibility of managing their assets. Another benefit of mutual funds is the potential to gain exposure to a broader range of investments than a person would normally have access to. Investing via the best mutual funds in India has expanded over time. The top-performing funds in the market, as a result, are always shifting. [B-01] No matter how long or short your investment career has been, some mutual funds should be on your radar. In 2023, the following mutual funds are among the most promising ones you can invest in: Axis Bluechip Fund This fund is best suited to achieve long-term capital growth. It does that through a diversified portfolio made up of large-cap company share and equity-related securities, including derivatives. In domestic equities, the fund has an investment of 87.14%, of which 85.53% are large-cap stocks and 1.61% are mid-cap stocks. Government securities make up 0.82% of the fund’s investment in debt. It is suitable for those who want to make large gains and want to hold their investments for at least three to four years. Additionally, these investors need to be ready for the possibility of suffering slight asset losses at the same time. Mirae Asset Large-Cap fund It is an open ended equity scheme which predominantly invests across large-cap stocks. It can place up to 80% of its total assets in large cap stocks. It aims to combine consistency of large caps with few conviction midcap ideas, which is up to 20%. It has an investment of 99.61% in domestic equity, of which 83.93% is large-cap, 11.59% is mid-cap, and 4.09% are small-cap stocks. It is appropriate for investors seeking large profits and wishing to invest money for at least three to four years. Additionally, these investors need to be ready for the possibility of suffering slight asset losses at the same time. Parag Parikh Long-Term Equity fund This is a diversified equity scheme which is free from self-imposed restrictions ndustry, market capitalization, geography, etc. It invests 65% in Indian equities, out of which 53% is giant-cap, 21.33% is large-cap, 21.67 is mid-cap, 3.98% small cap, and 0.01% tiny-cap. Investors with a long-term horizon (three to four years) and a penchant for huge returns should consider this option. These traders also need to be ready to take the chance of experiencing moderate losses on their investments. UTI Flexi Cap Fund UTI Flexi Cap Fund is a multi cap fund that invests across the market capitalisation spectrum. It is composed of high quality businesses that show strong growth for a long period of time, and are run by seasoned management. It has an equity of 85.6% in India, of which 45.23% are large-cap investments, 24.6% are mid-cap stocks, and 9.55% are small cap companies. Government securities make up 0.17% of the fund’s investment in debt. Those wishing to invest for at least three to four years and who want big returns should consider it. Additionally, these investors need to be ready for the possibility that they could simultaneously sustain slight losses on their holdings. Axis Midcap Fund This fund primarily invests in equities and equity-related products of mid-cap companies. This is done to increase the capital over the long term. In domestic equities this fund has an investment of 86.91%, out of which 19.82% is large-cap, mid-cap investment is 66.08%, and 1.06% is small-cap investment. Government securities make up 0.61% of the fund’s investment in debt. Kotak Emerging Equity Fund The fund invests in domestic equities to the tune of 91.97%, of which 6.15% are large-cap stocks, 52.62% are mid-cap stocks, and 21.8% are small-cap stocks. Investors wishing to invest for at least three to four years and seeking substantial returns might consider it. These traders also need to be ready to take the chance of experiencing moderate losses on their investments. Tips for Choosing The Best Mutual Fund to Invest in How much money do you hope to make? You should have a clear vision of your long-term financial objectives while considering a major investment. This will guide your choice between debt and equity financing to achieve your objectives. Depending on the various outcomes, you can use software like Google Sheets or Excel to find the optimal course of action, considering the risk tolerance, time horizon, liquidity needs,etc. Perspective on Future Investments: For what time frame do you see yourself keeping this investment? Short-term (less than five years) and long-term (five years or more) are the two main categories of best mutual fund investments (more than five years). If you are investing for the short-term, look for the stocks with a larger risk and higher potential returns. But, if you prefer playing safe and like consistent growth, go for the long-term.Always remember to invest in things that won’t ruin your life but will yield a tiny profit. Acceptance of Risk: You must be aware of the risk that you are willing to take while investing in mutual funds. This will help you realize the potential financial gain that the stock offers. Expense Ratio: The expenditure ratio covers the fund manager’s salary, advertising, and other fees. This amount should be below 1%, but if it’s higher and the fund has been earning good returns, it may be worth it to pay more for fees upfront rather than later when they would have eaten into your gains (or even worse-caused losses). [B-02] Conclusion Over the past decade, Indian investors have found great success with mutual funds. They are a cheap and easy method to spread your investments around and increase your wealth while keeping your exposure to risk minimal. If you start your search with the word “best,” you probably won’t get the best results. Always consider your investment goals, time horizon, and risk tolerance before settling on a certain plan. As a company, we at Piramal Finance are familiar with the fundamentals of mutual funds and can help those who are new to both mutual funds and investing get started. You can also get easy and customised mutual fund investment and personal loan solutions with us.

08-11-2023

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Different Types of General Insurance in India

Things do not always go the way we expect them to. Theft and fire can take away all your belongings; to keep yourself protected, get general insurance. You can avail of various general insurance plans; select one based on your needs. Before buying a plan, it is important to learn about the different kinds of insurance. [B-01] General Insurance Policy General insurance does not cover life and health issues. It helps protect the economic value of tangible assets. The buyer gets money in exchange for losses due to a certain event. Types of general insurance include accident, motor, marine, and more. Why Do People Buy General Insurance Policy? You all probably have different goals for your lives. If you get better at your job and get a car, house, etc., you need to keep things safe. Financial Stability Owning a tangible asset is not sufficient; it is important to keep it safe. You can get rich by buying property, but what if it burns down, or theft occurs? General insurance helps keep such risks at bay. Lessen risks We all try to stay away from danger. Getting a general insurance policy is the best way to keep it at bay. Ensure to pay your insurance premiums on time. By Law In some cases, we need to have insurance as stated by law. The Motor Vehicle Act of 1988 says that every driver must have insurance. Different Types of General Insurance Health Insurance Health insurance is one of the most common types of insurance. You don’t have to worry about rising healthcare costs if you have health insurance. Health insurance pays for all medical care costs, such as doctor visits, hospital stays, and surgery. As long as the payments are up to date, you can use the coverage benefits. Motor Insurance We save up to purchase a car or bike to make life easier for us and our families. General insurance helps cover the costs related to accidents, theft, and damage. Motor insurance pays for damages and lessens your financial risk. The Motor Vehicles Act of 1988 says that all vehicles must have insurance that covers damage. Some motor insurance policies provide personal accident and co-passenger coverage. Home Insurance Home insurance protects your home and its contents. It allows you to cover the damages caused by natural disasters, fire, theft, loss of jewelry, etc. It covers both natural disasters and those made by humans. Travel Insurance It’s fun and exciting to travel, but sometimes weird things happen. Many of us love to travel to all sorts of faraway and often unknown places. If you are planning to travel within the country or on a foreign trip, do not forget to take out travel insurance. This pays for medical bills, trip changes, lost luggage, or a domestic or international flight accident. Getting good travel insurance is the best way to prepare for surprises on the road. Travel insurance plans are available for people of all ages. How to Claim General Insurance Policies? Health Insurance Claim There are two methods to make a health insurance claim. You can either pay without cash or get paid back. Cashless claims can only be made at hospitals in an insurance company’s network. Holders need to get permission before they start their medical treatment. Depending on the situation, you must notify your insurance company within 24 hours. They send all bills and paperwork to the insurance company. You can also file claims for hospitals that are not part of the network. You should inform their insurance company and send in all their medical bills. First, you have to pay the bill right away. Once your claim is accepted, you get your money back. Travel Insurance Claim Travel insurance claim forms must be sent to the insurance company within 24 hours of the event. You can call the toll-free number or send an email to do this. Fill out the claim form correctly and include the required documents. Motor Insurance Claim Call the provider’s toll-free number to claim the car insurance. For cashless maintenance, you must make an appointment with the surveyor and bring your car to an approved network garage to get the claim. If you choose the cash option, you must pay for repairs and send invoices and a claim form to the company to get paid. Tax Benefits in General Insurance General Insurance also helps you take advantage of the tax benefits. Section 80D of the Income Tax Act of 1961 allows tax deductions for health insurance premiums. You can avail of a tax deduction of Rs. 25,000 for the premium paid for health insurance. This also gives you the additional benefit of Rs. 25,000 for the tax deducted from the medical insurance policy of your parents. [B-02] Conclusion A general insurance policy protects you from all risks that don’t involve life insurance. There are many types of general insurance. Each type of coverage has its pros and cons. It’s important to know what each type of coverage offers and its limits and to ensure that your needs are met. It is important to choose the right insurance. Visit the Piramal Finance website to learn more about different types of general insurance and to look at their products and services, such as personal loans, credit scores, and credit cards.

08-11-2023

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Getting Two-Wheel Insurance Renewed Online Quickly

A two-wheeler insurance policy protects your vehicle from financial liability in the event of any unfortunate event. It protects you against different types of damage to your two-wheeler. Without 2-wheeler insurance, you could face a heavy fine, up to 3 months in prison, or both. Two-wheeler insurance also covers third-party damages. Third-party two-wheeler insurance is mandatory in India by law. You get a grace period ranging between 30 and 90 days after your insurance expires. During this time, you can renew your policy without losing benefits. But you will not receive any coverage during this grace period. Your two-wheeler insurance policy protects you from paying for third-party costs. It can include property damage, medical expenses, etc. Bike insurance is also necessary because it protects your vehicle financially. The costs of repair must be borne by you if your vehicle is damaged without bike insurance. A two-wheeler insurance policy is valid for a certain period. It should be renewed after it expires. How can you renew your two-wheeler insurance online? Find out here! [B-01] Steps to Renew Your Two-Wheeler Insurance Policy Online Here are the steps to follow in order to renew your two-wheeler insurance online: Step 1: Go to the website of your preferred insurer. Step 2: Fill in the necessary information. This includes the policy number and vehicle information. Step 3: Choose a bike insurance policy that meets your needs. Step 4: Make your payment by selecting your preferred online payment method. You will receive your renewed policy documents at your registered email address. When you receive the policy document, double-check the details. If there are discrepancies, contact the insurer for corrections. Many insurance apps provide services such as policy renewal. Download the app and sign in with your registered mobile number or email address. Check the “bike insurance” option and renew your 2-wheeler insurance policy. Provide your policy details and pay the premium. Benefits of Renewing Bike Insurance Online Following are the benefits of renewing your two-wheeler insurance online: Quick and simple policy renewal Renewing a 2-wheeler insurance policy is no longer a big task. You can complete this process smoothly at any insurance provider’s website. You can also use the mobile app from the comfort of your home. You must provide the necessary information and upload relevant documents. You will receive confirmation after paying the amount. Safety and security Your two-wheeler insurance information is entirely secure. Multiple safety measures are in place to protect your data and financial information. Customisation If you want to buy add-ons to your two-wheeler insurance online, you can do so easily. You can choose what works best for your needs. Changing insurers You may want to transfer your policy to another agency or provider. You may have an offer with better savings. Some policies provide wider coverage. In such a case, you can easily switch insurers online. You may do this at the time of renewal. Transparency You can access all the information when you buy bike insurance online. This transparency ensures peace of mind. You understand all the terms and conditions clearly. There is no undue influence when applying for insurance. This is a key factor in the popularity of this method. Pay no extra fees You will not be required to pay extra fees. There is no middleman or agent. There are no service fees as well. The payment is for the policy alone. Online help An online team is always available to assist. You don’t have to be concerned if you need help. You can get it anywhere, anytime. Useful Tips to Renew Your Expired Two-Wheeler Insurance Online Here are some useful tips for renewing your two-wheeler insurance online: 1. You can upgrade your third-party bike insurance to comprehensive bike insurance. This will provide better coverage for your vehicle. 2. Consider switching to a new insurer if you are not happy with the present one. 3. Notify the insurer if your bike has been modified. The premium may rise slightly. The insurance will still be adequate. Various Two-Wheeler Insurance Types A comprehensive bike insurance policy provides complete coverage. It takes care of third-party damages. It refunds the costs incurred due to damage to your bike. This policy covers accidents. Your bike is protected in case of fire damage or explosion. Both natural and man-made disasters are covered. You can rest assured even if the bike is stolen. Additional coverage You will need to pay an additional fee for this. It will help you get add-ons. This includes engine cover and roadside assistance. Insurers also offer zero depreciation. Check all the options before deciding. Liability-only policy To ride a bike, it is necessary to get third-party bike insurance in India. This insurance is also known as a ‘liability-only policy.’ This is because it covers injuries, temporary or permanent disability, and third-party death. The policy is triggered by a motorcycle-related accident. This two-wheeler insurance includes coverage for third-party property damage costs up to a lakh. It does not include harm to the insured person or their bike. Bike own-damage insurance As we have seen previously, a bike may be damaged because of an accident, fire, or disaster. It may even be stolen. This standalone, own-damage bike insurance policy pays for the damage. Policy owners can have third-party and own-damage coverage from the same insurer or different ones. The insured person can extend the scope of an own-damage insurance policy by acquiring add-on coverage. [B-02] Conclusion As you can see, it is really simple to renew your two-wheeler insurance online. That is also the reason why most people opt to buy and renew their insurance online. Did you get your two-wheeler covered by insurance? If not, then get your two-wheeler insurance now. For more information, visit Piramal Finance now. This is a one-stop platform for accurate information on financial and banking services. Make sure your financial knowledge is up to date on essential services and products, such as personal loans and insurance coverage, by reading the informative blogs on their website.

08-11-2023

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Travel Insurance Can Protect You on Your Road Trip

Road trip memories are one of the best events in our lives. Fantastic views and your favourite playlist lead to joyful memories. Travel insurance can keep you safe on a trip. Are you searching for travel insurance? This article will tell you all that you need to know. Travel insurance is for people when they go on domestic or international travel. It includes many benefits. If you fall ill during travel, your insurance plan will take care of it. This includes your hospitalisation expenses too. There could be cancellations or delays in your travel. Travel insurance is helpful in such cases as well. If in case you lose your luggage or documents, insurance again helps. Travel insurance will protect you from departure to return. You can choose travel insurance plans based on your needs. It includes flight choices and bookings. Travel insurance covers many trips in the policy period. Details such as travel date, traveller details, and coverage required are needed for travel insurance. You can buy travel insurance online too. There are many portals like Piramal Finance to help you buy travel insurance online. [B-01] Main features of road trip insurance On-trip financial support You are protected if you become lost in the middle of your journey. You get cash for an emergency hotel stay and travel reimbursement up to the covered amount. Low Annual Fee Relief Get a sum of money insured for an emergency during a trip at a small annual cost. It’s a good strategy to avoid spending money you don’t need to, especially if your car breaks down. Blocking of Debit/Credit Cards With just one phone call, you can prevent the unauthorised use of your lost or forgotten debit or credit card and protect your money. This blog covers vital aspects of travel insurance. Read on to learn more. Covers prepaid costs after cancellation You do many things before your trip: You book hotel rooms. You find tickets for must-see sites. Your rent cars. Make sure you have travel insurance too. This helps when there is a change in plans. Travel insurance covers prepaid costs if there is a cancellation of the trip. If you or a group member falls sick, you may have to cancel the trip. Travel insurance can help here. Sometimes a death in the family may lead to the scrapping of travel plans. The travel agency may default. Bad weather can change plans. There are many reasons for trip cancellation. Travel insurance helps in all of these cases. Some road trip travel insurance policies cover trip interruptions due to traffic and accidents. If a highway closure results in delays, travel insurance will help you. Covers medical expenses and evacuation A person may fall sick during a trip. They may even need a medical evacuation. Someone might need a doctor during a road trip. Travel insurance can take care of all these expenses, plus other emergencies. Some of the incidents falling under medical emergencies include acute anaesthetic treatment of teeth because of injury, sudden illness, injury, accidents, or death while travelling. Annual travel insurance plan There is great fun in travelling. A travel insurance plan will give you more freedom to do this. An annual insurance plan gives you safety. It covers any mishaps during your trip. These plans give you more flexibility. Annual travel insurance plans include rental car damage and theft coverage. It helps with trip cancellation. It also helps if there is an interruption in the trip because of an emergency. You can look for an annual travel insurance plan, based on the travel frequency, destination, trip duration, the number of travellers, and the claim procedure. Car insurance policy for your road trip A suitable car insurance policy is useful for every trip. You can look for travel insurance online. Apart from travel insurance, you can get add-ons for your road trips. Roadside assistance This is useful if your car breaks down. The insurance company will send a mechanic to fix your car. Your car can be towed to the closest garage too. Passenger cover Travel insurance plans are very detailed. You can get personal accident coverage of Rs. 15 lakh. The experts at Piramal Finance will give you more information. Personal belongings cover You may carry costly gadgets like laptops and smartphones on your trip. They may get damaged in an accident. The belongings add-on helps in this case. Delayed trips There could be many reasons for a delayed trip. Traffic jams and road diversions are common. It may be difficult to reach places in remote areas. When you search for travel insurance online, look for this too. Maternity and baby cover Not all agencies offer this facility in their travel insurance package. Luckily, in India, some travel agencies provide this add-on under their travel insurance plan. If anyone in your travel group is pregnant, you can also look for these perks. A road trip is a fun experience. It gives you a chance to get to know your fellow travellers better. Enjoy your road trip instead of worrying about insurance. [B-02] Bottom line Use travel insurance to enjoy your road trip to the fullest. Sudden and unfavourable situations arise during a trip. There may be more risks in foreign trips. Piramal Finance has many travel insurance plans online. Its platform has branded road trip products. You can find offers and discounts too. Head to the website to know more. Buy travel insurance online with ease with Piramal Finance. Read the policy carefully to understand the coverage, limitations, and other details. If you need help, you can contact the experts at Piramal Finance. They have a one-stop platform for all information on financial and banking services. Update your knowledge on key services and products, such as personal loans and insurance coverage, by reading the blogs on their website.

08-11-2023

Cards

Advantages and Disadvantages of credit card : All you need to know

A credit card allows you to enjoy credit for buying goods and services. It also gives you reward points and exciting offers. It has become a useful financial tool in today’s time. However, like every coin, there are two sides to every coin, and so does a credit card. Read through to learn about the benefits and shortcomings of credit cards. The Advantages of Credit Cards A quick source of funds: Credit cards function on a deferred payment basis, which means ‘borrow now and pay later.’ Customers who have bank accounts are served with this unique feature. The customers use funds as often as needed (within the limit) to make necessary purchases. Easy access to EMIs: If a customer wants to make big and expensive purchases but lacks cash or a bank balance, a credit card covers them. They can make these purchases with easy and affordable EMIs (Easy Monthly Installments), which convert the total billed amount into small monthly instalments. Financial credibility: Every time a customer purchases with a credit card, a transaction history gets created. Banks and financial institutions use this transaction history to analyse their line of credit and credit repayments. Moreover, this line of credit builds their creditworthiness for future loans or rental applications. Security: A credit card is a safe tool. Unlike old credit cards, the ones issued recently have Europay, MasterCard, and Visa chips embedded in them, making them safe to use and preventing fraud. Credit score improvement: Making timely credit repayments upgrades a customer’s credit score from bad to good. This shows that they have good borrowing and repaying habits. Rewards and Offers: Most credit cards come with cashback or reward points whenever customers swipe their cards. These reward points are then redeemed to pay their outstanding credit card dues. Sometimes, these can also be used when booking tickets or travel destinations. The Disadvantages of Credit Cards Overuse: Credit cards provide large amounts of funds, which attracts users to overuse credit. Because of this, consumers make every purchase with credit cards and later may fall into a debt trap. So, spending 50–60% of the total credit is recommended to solve this. This will prevent the overuse of credit and the customer from falling into debt. Fraudulent acts: Credit cards are safe to use, but there are still chances of fraud. These frauds include fraudsters stealing credit card credentials and using them incorrectly or when a transaction is made using someone else’s credit card. Moreover, inform your bank immediately if you find any suspicious activity related to your card. High Interests: If a customer doesn’t pay their dues on time, the banks carry this amount forward and apply interest rates on it, and the customer falls into a debt trap. To avoid such a situation, repaying on time and avoiding high interest rates is advisable. Additional Costs: Some hidden taxes or fees are associated with credit cards. Not making payments or recurring outstanding payments may eventually reduce credit scores. Therefore, make timely payments and don’t ignore additional costs like annual fees, renewal fees, etc. Minimum due amount: This minimum due amount is written at the top of a credit card's monthly bill. This is the biggest shortcoming of credit cards. Many credit cardholders, especially new ones, confuse the “minimum amount due” with the “total amount payable” and make partial payments, increasing their outstanding balance and locking them into high interest rates. To avoid such conditions, read the credit card bill thoroughly. The Top Five Fuel Credit Cards The price of fuel keeps changing in the market. So, a customer may save money by making fuel payments through the best credit cards for fuel in the market. SBI Bank, HDFC Bank, and Citibank offer the best fuel credit cards. The frequently used credit cards for fuel, their annual fees, rewards offered, and surcharge waivers are as: Credit Card Annual Fees Reward Points Waiver of Fuel Surcharge IndianOil Citi Platinum Card 1000+GST Every INR 150 spent on IndianOil outlets rewards 4 turbo points in return. Also, you can avail yourself of 68 liters of free fuel in a year. A 1% fuel surcharge will not be charged on payments from any IndianOil outlets. IndianOil HDFC Bank Credit Card 500+GST Get 5% of your total spending only at IndianOil outlets as fuel points and 1 fuel point for every INR 150 spent on all other outlets. Also, you can avail 50 liters of free fuel in a year. A 1% fuel surcharge will not be charged at other fuel stations. ICICI Bank HPCL Super Saver Credit Card 500+GST 5% cash back for fuel payments with HPCL and an additional 1.5% cash back (in the form of cash points) on making payments through the HP Pay app. There is no surcharge exemption. Standard Chartered Super Value Titanium Credit Card 750+GST You will receive 5% cash back on the value of your transactions on all payments under INR 2,000. There is no surcharge exemption. BPCL SBI Card Octane 499+GST Every Rs. 100 spent at BPCL Fuel Stations earns you 25 reward points. 6.25% + 1% surcharge waiver(T&C) [B-02] Summing up In today’s fast-growing world, a consumer must act smart and make smarter choices. What’s better than a credit card that says ‘borrow now, pay later? However, before applying for a credit card, read about its advantages and disadvantages and choose the right one. To get more information on credit cards and personal loans.

08-11-2023

Stocks Markets

Best Platform for Stock Trading In India

If you keep your money in a jar, it just sits there and does not grow. But you can make good use of your money by putting it into trading stocks, and your money value will grow. Stock trading means buying and selling a company’s shares. Since the Indian stock market has gone up a lot, it is very fruitful to invest in it. The stock market is at its rising investments in interest and inflows. As a result, people are also learning more about the market. Thus, people are trying to trade stocks on their own. But this trading can be done only through trading platforms. An online portal, often known as a trading platform, uses technology to carry out deals on behalf of its members. There is no need to leave your house to do stock trading. You can trade online and from anywhere using apps built for that purpose. Let us look at the best online trading platforms you can use to grow your money. [B-01] The Best Online Trading Platforms Here is a list of the best stock trading platforms you can use from the comfort of your mobile phone at home. Upstox Pro This is the second-largest trading app. Upstox Pro was earlier named RKSV Securities. It does trade very quickly, all thanks to its user-friendly design. It also offers a great web- and mobile-based trading platform. Upstox Pro has been helped by giant investors, including Ratan Tata and Tiger Global Management. You can use a web browser on your PC or mobile device to trade using Upstox Pro. It allows for the quick and easy trading of even large deals. Also, it happens to be the best option for traders. The best features of Upstox Pro include: Charts to guide your trading decisions. Orders are covered. Quick stock buying and selling. Information about the rate of the stocks you like. The pros of Upstox include: Investing directly. Simple-to-read charts. Many types of orders, like limit, after-market, etc. The only con so far is that some users report that the web version is tough to use. Zerodha Kite Zerodha is India’s top broker and offers India’s best online trading app, Kite, with over 5 million users. You can use it from a PC or a mobile device. The user interface is simple, and the screen is not jammed with elements that are not useful. Since Kite has been created in-house by the Zerodha team, any issues are quickly solved. It is at the top of the list as it is very light and uses less bandwidth. One of its perks is that it executes deals at breakneck speeds. The top features of Kite are: 6 types of charts to aid in knowing the state of the market. Advanced order options. Gives market news. A very easy-to-use app. Some extra perks of using the Zerodha Kite app are: The app is available in 10 languages. Several charts are given to see the state of the market. You can place a limit on your orders. The major demerit is that there is no mutual fund trading or price notifications. Groww One of the best stock trading platforms in India is Groww. The stock trading is also fairly error-free when done as per the user’s experience. The entire process is paperless, and the account is created in minutes. The main features of the Groww stock trading platform are: Offers advice on which asset type to select as part of its user help program. This program is based on user-defined criteria. Tools for mutual funds can be used to compute the returns. One-click trade interface that makes transactions quick and easy The analysis tools have charts that aid in your trade study. High levels of online security. Groww has no account opening or maintenance charges, one of its perks. It also allows you to invest in gold, FDs, and international stocks. 5paisa Online Trading App One of the most popular trading apps in India is 5Paisa. The best features of the app include: Exchanging your stocks. Investing in mutual funds. Money Exchange. Auto-investing option based on your goals. A user-friendly interface. All transactions are done with a single click. The ability to research the market state with the use of advanced charts. The advantages of using 5paisa are: Research instruments. Investing in cars. Educational materials. Zero commission for trading mutual funds. The main demerit is that the charge for “trading on call” is Rs. 100 for each call. Angel Broking Angel Broking is one of the best online trading platforms available in India. The Angel One Speed Pro existed for quite some time and was once known as “Angel Broking.” Initially, Angel Broking was a trading broker. But the company has recently unveiled its online trading platform. With over 1 crore members, Angel Broking is one of the most used stock trading platforms. The best features of Angel Broking are: Using expert-conducted research to analyze the industry. Keeping your portfolio up to date. Using small instances to create a varied portfolio. Picking from pre-made portfolios. Investing opportunities in foreign stocks. The advantages of Angel Broking include: Zero brokerage fees. Portfolio administration. Creating a low-cost portfolio by investing in tiny instances. A demerit is that trading over the phone costs Rs. 20 for each completed order. [B-02] Conclusion In India, several trading platforms are available that you can use to do stock trading. These platforms offer various value-added services, too. Investors, thus, find these online trading platforms more appealing. However, suppose you do not understand online stock trading and which platform best suits your needs. In that case, you can contact Piramal Finance for advice, where experts can offer you all the help you need for stock trading. It also helps you find the best solutions to finance your purchase, such as personal loans or credit cards.

08-11-2023

Other

Online Brokerage Charge Calculator and Comparison

Have you ever wondered why the amount you invested in buying stocks is not utilised 100%? This is because a portion of the amounts you invest is a contribution for brokerage, taxes etc. Brokerage is a practice in which a broker takes care of your investments in exchange for a commission. Besides managing your financial transaction, a full-time broker also gives you trading tips in their brokerage rates. So, understanding how to calculate brokerage rates becomes essential. [B-01] How does brokerage work? The brokerage varies from broker to broker. For example, a full-time broker might take a 10% brokerage on your trade. However, discount brokers can charge a lower brokerage, as they will only manage your deal but will not give any financial advice. Another type of broker is an online site, which tells you the correct stocks you can invest in at a given time. Serious traders hire a full-time broker to manage their trade. Finding the right broker depends on your expectations and the amount of commission you can share with your broker. While dealing with your broker, you will need to calculate the brokerage they will be taking. Unfortunately, calculating the commission amount is hectic. So, the best method of brokerage calculation will be to use an online brokerage calculator. You can use it to track your stock investment or change investment plans based on your budget. The online brokerage calculator will save you time and let you make investment decisions. What is a brokerage calculator? Online brokerage calculators allow traders to choose different brokerage rates, helping them to calculate and compare brokerage fees. A brokerage calculator is an online tool that deals with brokerage accounts and helps traders decide on their investments. Brokerage firms provide this free online tool which makes the process easy. It is a mandatory tool for traders to keep a record of the commission or brokerage rates that go to a broker. Sometimes, traders are unaware of the money going into a broker’s pocket. Due to this, they have to incur huge losses. So, calculating the commissions before hiring a broker becomes an essential trade practice if you are a trader. For instance, a flat fee broker might charge Rs. 10 to Rs. 20 per trade. You have to be vigilant enough to keep an eye on this per-trade charge so that the combined trade fee is not affected. You can save more on investment and countercheck the transaction with your broker. How does an online brokerage calculator work? To enter the brokerage world and understand the working of an online brokerage calculator, you should be aware of terms such as stamp duty, STT, GST, SEBI, net profit and transaction charges. Stamp duty: An official registered document is created to face cases like a betrayal by the broker or the trader. This document states all the transaction details and procedures between the investor/trader and a broker. This document is called stamp duty, which binds the two parties in a commitment. Securities Transaction Tax (STT): STT is a direct tax on buying and selling listed securities on the stock exchange. Goods and Services Tax (GST): GST is an indirect tax levied on goods and services, including stock exchanges. Securities and Exchange Board of India (SEBI): SEBI is India’s security and commodity regulatory body. Only listed firms in SEBI are allowed to enter the stock market. Being a regulator, it checks the function of the stock market. A trader must also pay a regulatory fee to SEBI, which helps the institution manage its financial operation. Net profit: It is the amount of profit made after reducing net costs from the net sales. Transaction charges: These are the charges that brokers get per trade. Considering all these elements, we calculate the brokerage. After buying and selling, the broker gets a certain percentage as a commission. For example, the stock you want to buy is worth Rs. 300, and the broker demands 0.05%. Then 0.05% of Rs. 300, which is Rs. 15 during buying and 5% of the same price, Rs. 15, will be added and paid to the broker, which is Rs. 30. Sometimes traders don’t calculate this price and lose the money they might otherwise have saved. Benefits of an online brokerage calculator Calculating the commission using an online brokerage calculator is an intelligent step. You can find correct and reliable results in a fraction of a second. As a trader, you can compare various brokers’ commissions or brokerage rates and choose the cheaper one. A brokerage calculator also helps you become smart traders who fall into the trap of expensive and sometimes fake advertising brokerage firms. It tells you the transaction charges and stamp duty, STT and GST. It is entirely free. An online brokerage calculator makes you self-reliant in taking decisions for trading. You do not have to call an expert every time. It also shows you net profits. [B-02] Conclusion Investment in the stock market starts with opening a Demat account or trading account. At first, the stock market may leave you confused, but your trading skills will gradually improve with days of scrolling and making the wrong or good decisions. Some investors feel starting with one’s stock market journey and then consider hiring a broker. But, brokers have experience managing stocks and trading, so many traders advise by talking to brokers and taking financial and trading advice. If you’re a student, you can try trading without aid, but as you make profits or get stuck into the web of failures, you will have to contact a brokerage firm or any discount broker. However, as a naive trader who wants to hire a broker, you must know the basic legal and financial terminology that applies to the calculation of brokerage using an online brokerage calculator. Then, after thorough research, you can talk to a broker. This process also lasts after you meet a few brokers as you might need to compare their commission percentages and go for the right one who will fit your savings goals. Please visit the Piramal Finance website to learn more about Brokerage Charge Calculator.

08-11-2023