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Education

Child Education Plans: What You Need to Know

Given the fate of life, you should not ignore your children’s study plans. Kids rely on their parents to nurture them. Parents fund their studies and other things. Following the loss of a parent, you should not force a kid to battle for funds to exist. They should receive care and study. One must have a child education plan if they are a parent. [B-01] What is a Child Education Plan? The child education plan helps children pursue their goals in whichever field they desire. It also gives options to maximize savings on premiums. These plans include a life plan. The lump-sum payment after the plan’s term assures that neither one nor their child is short on funds for further studies. What are the Types of Child Education Plans? ULIP Plans for Children A child ULIP plan provides him with three profits. These are increased insurance scope, equity share, and disciplined fees. Its goal is to save funds for the kid, ensuring his or her future dreams come true. The benefit is that if the custodian or parent passes away, the child inherits the entire sum. After the plan, these child education plans pay out a lump sum, and future payments are waived. When the program expands, the reimbursement amount increases as well. You can claim the amount after its completion. Child Plan with One Premium The subscriber contributes a single payment. It is based on premiums paid for the plan’s term. It relieves the burden of remembering premium payment due dates. One will not have to deal with problems arranging funds for the amount paid. Some firms also have tempting deals or lower premiums for children. Traditional Investment Plan for Children Child education plans are typical life insurance plans, giving security and earnings. They allow one to save over time. The plans help to obtain a lump-sum payment upon the plan’s growth. A child education plan will serve as a monetary vehicle. Through it, one child can meet his financial goals. The premium is put towards debt insurance. The bonus determines the returns, which are paid at retirement. The insurance company makes the final choice. Child Plan with Regular Premium In contrast to a premium upgrade children’s study program, a premium service child policy lets you choose how to pay the premium. What are the Benefits of a Child Education Plan? Financial Security These plans give one’s child a financial shield. It can be helpful when people are not present with their children. Nothing can replace them or compensate for their absence. One’s child will be able to complete high school. They can pursue their goals thanks to the plan’s payment. Withdrawals in Part Some schemes allow for partial deposits. One can make a planned deposit. It is done from the capital, which gets piled up over time. It gives one the ability to cope with an emergency fund. It will help with any course one’s children wish to pursue. Maturity Profit If one buys a plan while their kid is very young, they will receive the growth profit. They will get this when they are ready to enter college. Due to the increase in college fees, this is becoming more relevant. Enrolling in a child education plan can ensure a kid’s college fees. Keeping Children’s Dreams Alive All high-quality child plans will help ensure their child’s dream. These plans enable one to save a lump-sum payment. Your kids can use these plans to pursue their dreams. If one’s child wants to study abroad or establish a new firm, this funding may help them do it. Extra Benefits Many child plans include extra perks, such as premium waivers or programs for personal accident riders. These plans have more coverage than is currently included in a standard method. These riders assure them. It gives more help and a shield for the child. What Are the Ways to Decide on a Child Education Plan? Consider Economic Variables It is crucial to remember that a child’s investments and savings are realized in the following years. It would help to consider various economic aspects when making a suitable plan. Inflation increases the price of healthcare, education, and other financial factors. It will offer appropriate funds for the child’s future needs. The most critical child policy can help one combat this. Select the Premium Waiver Benefit If the insured person dies during the plan’s term, the insurance company will often lower the premium.It is portrayed as a “premium waiver” or “bonus self-funding.” It aids in continuing the program without putting the family and children under stress. The child gets the entire payout during growth. One must choose this addition if their child’s plan does not include this function. Examine Carefully the Terms and Conditions Fully comprehend the rules and circumstances of the plans document for child education plans. The optimal kid plan includes distinct elements that you must accurately interpret. It will help avoid confusion regarding growth and payout. It will also aid in selecting the best child plans. It depends on individual needs and is ideal for children’s needs. [B-02] Conclusion The sole intention of child plans, recurring payments, monthly Readers can check out the Piramal Finance website to thoroughly study multiple plans. It will help select the best child scholastic programme that meets their child’s needs. If they need help with finances, they can always take the help of Piramal Finance’s financial experts. They will suggest what’s best for them and help take care of any personal loan requirements for their child’s education.
08-11-2023
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Credit Score

10 Great Ways to Improve Your CIBIL Score

The CIBIL scores help banks make major decisions regarding customers. These scores give an overview to the banks about whether a customer is reliable or not. Let’s start by understanding what the CIBIL score means. [B-01] What is a CIBIL score? TransUnion CIBIL Limited keeps the Credit Information Bureau (India) Limited (CIBIL) score. The company does CIBIL score calculations for people and organizations. Banks and non-banking finance companies give CIBIL Ltd. information about their customers’ credit so that they can do calculations. In short, the CIBIL score is a three-digit summary of a customer’s credit history. It records their loans, credit cards, delays in payments, and defaults. CIBIL score calculations determine customers’ credit health. A good score gives them good interest rates and offers. It also helps to work out better loan terms. Service providers and utility companies might also check a customer’s score to see if there are any deposits to be made to them. The CIBIL score is taken from a CIBIL report, also known as the Credit Information Report (CIR). It has the following: Credit score Personal and contact information Loan account details Employment details Outstanding balance Inquiry information (it means information about the number of times a customer applied for credit, every single time the lender checks the CIBIL score) How is the CIBIL score calculated? In terms of scale, the score ranges between 300-900. The CIR’s ‘Accounts’ and ‘Enquiries’ sections reflect customers’ credit behavior. Anything above 700 is good. Excellent: 800-850 Very good: 740-799 Good: 670-739 Fair: 580-669 Poor: 300-579 Companies are given a CIBIL rank ranging from 1 to 10. 1 is the highest, and 10 is the lowest. Financial institutions consider rankings between 4 and 1 as good. The factors that are important for company ranking are repayment behavior and credit usage. CIBIL Ranks are only available to businesses that take credit up to Rs. 50 crores. The following things are considered in the CIBIL score calculations for an individual: Past credit behavior is important for CIBIL score calculation. It affects 35% of the credit score. The score considers installments, credit card payments, delayed payments, and defaults. Other things that affect CIBIL scores are the type of credit information and the new credits. It could affect the score positively or negatively. A positive impact on CIBIL score calculation will benefit the customer in the long term. How can I raise my credit score? Utilize 30% of the credit limitCredit Utilization Ratio (CUR) is the ratio between the credit card limit and the amount the borrower spends. Credit cards have a monthly limit. The credit limit depends on how much a customer can repay. A customer can easily spend the whole amount, but that’s not wise. Using up to 30% of it monthly is the way to go. If the limit is INR 50,000, then use about Rs.15,000. If one overuses it, it will lower the score, as banks define it as credit-hungry behavior. Repayment on timeRepayment on or before time is good for borrowers’ CIBIL scores. Delaying the payment harms their CIBIL score. In India, there is a penalty of Rs. 400 to Rs. 1,300. So, paying on time is important. Don’t accumulate outstanding amounts accumulateThe outstanding amount can get added on over time and become expensive. Banks offer auto-pay options to ensure timely payment. Customers should always pay the due amount before applying for new credit; this will help with CIBIL scores. Never pay minimum amountsCustomers should pay credit bills in full. It also saves them from paying the applicable interest rate. When they pay the minimum amount, the remaining outstanding amount adds up for the next month, which is not a great move. Choose the right credit card and avoid multiple applicationsWith so many options on the market, it can be hard to choose the right credit card. The customer can choose the one that best suits his or her buying habits. There are always amazing offers that various credit companies provide. One shouldn’t apply for all of them at once. Every time one applies, the issuers conduct a hard inquiry on his/her CIBIL score, which will lower one’s score. He/she must stick to one or two credits that work for him/her and enjoy the perks that come with them. Be careful with expenses If one worries about how to improve CIBIL score, one should start with spending within the credit limit. Credit card statements are a great way to keep tabs on expenses. It contains information about transactions, limits, outstanding balances, and more. If one fears overspending, he/she should divide the expenses among credit cards. Good credit mixCredit mix means the ratio of secured and unsecured credit. Secured credits are when one includes collateral for the loan, like assets or property. To improve a CIBIL score, one should have a balance between secured and unsecured credit. Cibil score calculations can go negative if secured or unsecured credits are greater than each other. Check the CIBIL score regularlyWhen one regularly checks his or her CIBIL score, he/she can report an error quickly. It also helps one understand if he/she is making the right choices and how that affects the CIBIL score. It leads one to make informed decisions. Never close a credit accountClosing an account affects the CIBIL score calculations badly. If one is unsure about using a credit card, don’t close the account. For example, if one has Rs. 50,000 in debt and a Rs. 1,000,000 credit limit on a credit card, if one doesn’t use the card for a while, the credit utilization might lessen, which is fine. But if you closed one of the credit accounts, the credit utilization rate would go down, which would hurt your CIBIL score. Income matters Though income doesn’t directly impact the credit score, it does show up in the credit record. To get a loan, lenders look at your employment history and consistent income. If one wants to learn more about finance and needs help making smarter choices, check out Piramal Finance. Read more related blogs on the website and explore our financial products and services, such as personal loans, credit cards, and financial calculators. [B-02]
08-11-2023
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Education

Highest Paying Salaries of Professions in India

India is a growing nation that has made great economic progress over the past few decades. That is why college students and recent graduates in India are looking for jobs that pay the most money in their fields. India has also improved the way it treats job seekers and gives them good access to growth and wealth at the same time. People used to choose narrow career paths, such as medicine, engineering, law, etc., to grow in their lives. But, thanks to technology and development, it is not the same now. Thus, today’s job seekers do not just look for high-level positions in the fields in which their parents or teachers worked. They now look for jobs in which they have a true passion and can earn good pay too. Many people looking for work are taking time to learn more about the career paths that might be a good fit for them and the interests they bring to the table. If you are also one of them, here are some of the best-paying jobs in India. [B-01] The Best-Paying Careers in India Today 1. Commercial pilot If you have always wanted to be an airline pilot but do not know how to become one, this is all you need to read. Commercial piloting is a fancy field. It is always going to be in demand as people need to get from one place to another. A commercial pilot’s duties extend well beyond piloting a plane. A pilot is also responsible for all flight operations, like making sure the plane is ready to fly, following all aviation rules, and ensuring the safety of passengers and crew. Qualifications: Candidates must be in good health and pass the necessary medical tests. They also must have a bachelor’s degree, ideally in a science field like Physics or Mathematics. One must also hold other licenses, such as an Air Carrier Pilot License and a Commercial Pilot License. These can be obtained at a reputable training facility. Pay: A commercial pilot’s average annual pay is more than Rs 17 lakh (about $25,000). Considering base pay, incentives, overtime, and other perks, a pilot with less than a year of experience can expect an annual salary of around Rs 15 lakh. You can earn almost Rs. 50 lakh a year with experience. 2. Blockchain software engineer When it comes to the financial sector, blockchain technology is at the forefront. A blockchain engineer is an expert in the field who can oversee and control the blockchain’s architecture. These engineers work with various technologies, such as Bitcoin, Ethereum, Ripple, R3, and others, as well as computer languages, security procedures, and crypto libraries. The rising value of cryptocurrencies like Bitcoin and Ethereum has led to a surge in their demand. Qualifications: Those who wish to pursue this field must hold a Bachelor of Engineering or Bachelor of Technology degree in a relevant field such as Computer Science, Maths, Statistics or IT. Candidates with a strong coding background in languages like Java, JavaScript, C#, C++, and Python are given preference over the others. Pay: A blockchain developer in India can earn a starting salary of more than Rs. 8 lakh per year. Due to the rise in demand for more people in this field, salaries have increased to as much as Rs 45 lakh per year. 3. Financial advisor Investment banking is one of the best-paying jobs because investment bankers make money for the companies they work for. Qualifications: A bachelor’s degree is a must in fields such as Economics, Maths, Business or Finance. An MBA in finance can provide you with a competitive edge. Pay: MBA salary in India can range from Rs. 4 lakh to Rs. 40 lakh per year. For new hires, the pay ranges from Rs 10 lakh to Rs 12 lakh per year. 4. Medical field (doctors and surgeons) Dentistry, cardiology, gynecology, paediatrics, oncology, nursing, pharmacy, healthcare administration, and many more subspecialties all rank among the highest-paying jobs in the country. Qualifications: A medical degree (MBBS) is required. Pay: Beginners might expect an annual salary of roughly Rs. 6 lakh. Those with ten years of experience or more can expect an annual salary of up to Rs. 20 lakh. Doctor Salary in India differ with the fields, but they easily range from Rs. 6 lakh to Rs. 50 lakh. 5. Chartered accountant A chartered accountant’s (CA) main job is to advise clients on good financial management. This makes CA jobs vital in every sector. As one of the best-paying professions in India, the need for CAs is on the rise. Qualifications: Commerce majors who want to work as CAs must pass the CA exam given by the Institute of Chartered Accountants of India (ICAI), which is based in New Delhi. Pay: CA Pay in India can go from Rs. 52,00,000 to Rs. 60,00,000 per year. At an annual salary of Rs. 7,89,396 on average, chartered accounting is one of the highest-paying professions in India. Lawyer A lawyer practices law, gives legal advice to people, prepares court cases, and fights for justice. It is one of the noblest and most prestigious professions in the world. The enrolment and licensing of lawyers in India are done by the Bar Council of India. Qualification: You need a law degree, also known as an LLB. You can take a 5-year law course after high school or a 3-year law course after graduation. In India, a law graduate must pass an exam given by the Bar Council of India in order to be able to work as a lawyer. Pay: On average, a lawyer’s salary in India ranges from Rs. 6 lakh to Rs. 15 lakh per year for corporate lawyers. Those who practice law in courts as attorneys make from Rs. 10 lakhs to Rs. 50 lakhs per year, depending on their area of practice and experience. [B-02] Conclusion All the above are examples of highly compensated careers in India today. But they are not your only options. Many other fields also offer good salaries, such as marketing executives, executive chefs, growth hackers, public servants, machine learning engineers, and web developers. Many people like to work for the government. You can reach the top of your field by working hard and wisely. Read more related blogs or articles on financial management on the Piramal Finance website. You can also explore their financial products and services, such as personal loans, credit cards, and financial calculators.
08-11-2023
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Education

India's Highest Paying Government Jobs after Graduation

Have you completed your graduation in a general stream? You must be on the threshold of starting a career. You may be considering the best option for employment. A job in the government sector is a good career option. The government jobs in India give you the desired security and handsome compensation. The recent global pandemic has made employment in the private sector unstable. Thus, many people are looking for government jobs for a stable and secure future. [B-01] Types of government jobs Government jobs are of two types: · Central government jobs In these jobs, you will serve different ministries under the Government of India. Typical examples are the IAS, Indian Railways, and the Income Tax Department. · State government jobs The state government of India provides these jobs. Examples of these jobs are State Level Civil Service and Public Service Commission. Central government jobs are superior to those of the state government. Hence, these jobs have increased work pressure. You will be accountable to many seniors in central government departments. When working for the state government, you must adhere to state administration requirements. Why would you prefer a government job? If you are looking for a stable job that offers many benefits, a government job is for you. But before applying, it is important to know what kind of benefits a government job offers. The benefits of a government job over the private sector are as follows: 1. Handsome compensation You get a good salary in government employment. The salary is always paid on time. Perquisites like dearness allowance are also paid. 2. Family pension A government employee continues to earn a pension even after retiring, until his or her death. After the death of the retired employee, the spouse continues to get a part of it. 3. Healthy work-life balance Most government jobs have fixed schedules. It will give you time to spend with your family. Government employees are also entitled to paid leaves. Thus, you can spend quality time with your loved ones. 4. Retirement benefits As is the case of a government job, you are most likely to spend a lifetime in the same employment. At the time of retirement, you get a sizable amount in the form of a Provident Fund and Gratuity. This coffer can see you through old age. 5. Ease of getting loans You may need loans for various reasons, like buying a house or a car. You may also need personal loans for your children’s education. A government employee has a preferred profile due to the stability of the job. What are the best government jobs in India? There are several job opportunities after graduation. Some of the highest-salary jobs in the Indian Government include: 1. Indian Foreign Service (IFS) The Indian Foreign Service is the dream government job after graduation. One needs to clear the examination conducted by the UPSC to get into the service. The successful candidates become Indian ambassadors to various countries. The starting salary of an IFS officer is around Rs. 60,000 per month, along with perks. 2. Indian Administrative Service (IAS) Employment in the IAS cadre is the second-most-chosen government job. As an IAS officer, you get a posting in a decision-making role in the government. The job has perks like free education for your children and free medical benefits. The perks are exclusive of a starting salary of Rs. 56,100 per month. 3. Defence Services A job in the defense services is a desired employment option for many. You need to pass the exam conducted by the National Defense Academy to get a job in the defense services. You may expect a monthly package of Rs. 56,100 per month. 4. Job in the Indian Space Research Organization (ISRO) If you are a graduate of science, a job as a scientist in the ISRO is a very good employment option for you. The starting salary is around Rs. 40,000 per month, which goes up to Rs. 80,000 as you become a senior. 5. Reserve Bank of India The Reserve Bank of India (RBI) is the bank for all commercial banks in India. RBI is the regulator and the policy maker for the banking system of the country. In RBI, you may grow to the level of the Governor of RBI. The salary package that you may expect at the start of your career is around Rs. 77,000 per month. 6. Jobs in Public Sector Undertakings (PSU) Apart from the ones stated above, there are many job opportunities at leading PSUs. Jobs with a good package and benefits are available here. Examples are jobs in the State Bank of India, other PSU banks, and the Life Insurance Corporation of India. A graduate is eligible for these jobs. At the beginning of your career, you may expect a package of Rs. 60,000 per month. 7. Indian Police Service (IPS): You may opt for a job in the IPS after graduation. The first posting will be at the supervisory level. With time, you may grow to the level of Inspector General or Police Commissioner. These are very important posts in the police cadre. As an IPS officer, your initial package will be Rs. 56,100 per month. 8. Indian Railways To get a job here, you need to clear the examination conducted by the Railway Recruitment Board. There are two options in a railway job: technical and non-technical. You may opt for the job depending on your educational background. The salary range starts at Rs. 35,000 per month, along with facilities like staff quarters. 9. Jobs via Staff Selection Commission (SSC): If you are a graduate, you can attempt exams conducted by SSC. SSC conducts many examinations to fill up vacancies under various departments and ministries. The jobs under SSC offer handsome compensation. There are also retirement benefits, like in other government jobs. The average salary at the beginning is around Rs. 25,000 per month, which increases over time. [B-02] Conclusion Government jobs can be a good career option for you after graduation. The government job ensures a consistent salary, good benefits, and a pension at the end of your career. At the same time, it is advisable to prepare yourself well for the job. Read more related blogs on the Piramal Finance website, or explore our financial products and services, such as personal loans, credit cards, and financial calculators.
08-11-2023
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Credit Score

Top 10 Advantages of Having a Good CIBIL Score

CIBIL score is a number that shows how likely you are to repay a loan. It contains your credit history from lenders, credit reporting agencies, and third parties. Lenders trust you to pay back loans with interest if you have a good CIBIL score. This means that you can get loans at reasonable interest rates. Let’s take a quick look at a CIBIL score and the benefits of having a good CIBIL score. [B-01] What is a CIBIL Score? CIBIL scores are three-digit numbers between 300 and 900. It looks at how much you can afford to pay back. The best score you can get is between 750 and 900. If your CIBIL score is close to 900, you’ll have more access to various forms of financing. If your CIBIL score calculation is high, you are a good borrower. A higher CIBIL score makes you more likely to get credit because you constantly pay your bills on time. So, the risk of the lender not getting paid goes down. Lenders look at their CIBIL score before giving someone credit. If a loaner has no credit history or a low credit score, the lender may be unable to figure out how risky giving the loan is. It may turn the application outright high-risk. Top 10 Benefits of Having a Good CIBIL Score Low Interest Rates Applicants with a good CIBIL score calculation can get better rates of interest. If your credit score is high, you can expect to pay less interest on big purchases and loans like a mortgage or a car loan. A good CIBIL score helps you to get loans with lower interest rates. Fast Approval Everyone has financial needs. Today, loans may cover such demands. People with good credit might be able to get loans quickly. Every lender prefers a responsible borrower. If you have a good credit score, you may be able to get money quickly to pay for things you need. The money is deposited as soon as the lender agrees to the loan. Negotiating Power Lenders like people who repay loans on time. People with good CIBIL scores have the edge over lousy credit histories. This might make it easier for you to talk to the lender and get a better interest rate than other people. Increased Credit Limit Lenders set loan amounts and credit card limits on monthly income. CIBIL score calculation can also affect a person’s borrowing capacity. Lenders know they’ll get their money back when you have a good credit score. People with good payment histories and high CIBIL scores can get a bigger loan. Lenders may not want to give them more money if someone’s credit score is low. People with high credit scores can get a higher credit limit. Better Access to Pre-approved Offers Getting a personal loan from a bank is a fast and easy option if you have already been approved for one. Not every person can get one of these loans. Before any pre-approved offers, you’ll have to maintain your CIBIL score and account balances. If you have a good credit score, your bank or credit card firm might give you a loan with good terms. Availing Premium Features on Your Credit Card Your income and credit score play a role in determining your credit card limit. Lenders will also review your CIBIL score and report to figure out your eligibility. After that, they make decisions like on your credit card limit or offering you a rewards programme. Longer Loan Terms With a longer loan period, you may be able to make lower monthly payments or EMIs. Longer loan terms may increase the lender’s risk. You can apply for more time to repay with a better CIBIL score calculation, lowering your monthly cost. Access to Balance Transfer Facility The Balance Transfer Facility allows users to save the most on their loans. Using this tool, people can move their main debt to a lender with a lower interest rate. Before transferring loan balances, lenders check the CIBIL score calculation of people. Those with good credit can easily use the Balance Transfer option, but those with bad credit may have trouble. Simplified Rental Approval Process Many landlords are using credit scores as part of the screening process. Your chances of getting a home are much lower if you have a low credit score. If you have good credit, finding a landlord willing to give you a chance to stay is much easier. Better Insurance Rates Insurance firms look at your credit history to determine your insurance risk. Insurance premiums tend to be more expensive for those with lower credit scores. If you have a good CIBIL score, you will pay less for insurance than others for the same coverage. How to Increase CIBIL Score? Your CIBIL score is a good way to see your credit history. Your credit score is based on many things, like how well you’ve paid your bills in the past, what kinds of credit you have, how much you use credit, etc. Here are some tips on how to increase your CIBIL score: Keep a Good Track Record of Repayment Pay off any loans or credit card balances you have on time and in full. Your CIBIL score can decrease if you miss payments or pay them late. Paying off debts on time over a long period shows that you are responsible with credit. Don’t Use Too Much of Your Credit The credit usage ratio shows how much credit has been used. Keeping your credit usage ratio at 30% or less shows that you don’t depend too much on credit. If you keep this, your CIBIL score calculation will go up. You’ll have a better chance of getting loans and credit in the future. Do Not Apply for Loans from Many Places at Once Don’t apply for and ask about loans from many different places at once. It shows that you depend only on credit. This increases the number of hard inquiries on your credit report. Both of these things hurt your CIBIL score calculation. [B-02] Wrapping Up Getting a high CIBIL score is sometimes easy, but maintaining it is hard. It’s important to keep your mind on handling good credit habits by drawing awareness to those habits. This ensures you get rewarded for being careful with your credit. When you need the credit most, you can easily get it. If your CIBIL score is poor, you may improve it with the help of credit experts at Piramal Finance. They will suggest what’s best for you and help take care of your credit woes. You can also visit the Piramal Finance website and help yourself to the knowledge of wide-ranging financial products and services, especially credit cards and personal loans.
08-11-2023
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Home

Top 10 Centre Table Designs In August 2022

There are things that guests notice when they arrive at a new home. Apart from the entrance, the drawing room grabs the visitors’ attention. Interior designers believe that the right furniture reduces the need for expensive centre pieces. It is crucial to spend on basic elements of home décor to impart simplicity. A drawing room is the most important area of a house. To make it look more distinct, one can invest in non-traditional centre table designs. People usually invest in fancy sofa sets. But they often ignore the centre table or coffee table. However, these tables complement a designer couch when aligned correctly. [B-01] A good centre table design is stylish and practical. There is more to a centre table than its shape and size. Some latest table designs even come with storage. Therefore, a selection of centre tables for the drawing room must combine trendy designs with the spatial arrangement in the house. Below is a list of the best centre table designs of August 2022 for those planning to go in for redecoration. Before moving on to the list, let’s get a quick rundown of traditional centre table designs. Conventional Table Designs for the Drawing Room Those who like conventional patterns can always go with wooden and glass centre tables. Traditionally designed tables provide familiarity and warmth to an interior. Consider the following types of conventional table designs for your home: Wooden TableWooden furniture represents timelessness. The classic layout and finishing of the table lend a sense of serenity. Wooden tables made of teak or walnut offer both robustness and visual appeal. Glass TableA glass centre table is a mainstay in many households, as it showcases a hint of gloss in the living space. Most people invest in frosted glass so it doesn’t look too delicate to use. Glass centre table designs offer more interior styling. However, it is vital to buy a glass centre table with a strong metal base. Top 10 centre table designs trending in 2022 1. Metal tables A metal coffee table or centre table for the drawing room is a good furniture selection. Unlike a standard table option, it comes with patterns that elevate the simplicity of a room. Also, metal tables can support the weight of heavy objects such as fancy vases. However, metal tables with sharp edges and uneven surfaces should be avoided. 2. Rattan tables People can also go with tables made with rattan material if they want to add an eco-friendly touch to their household. These centre tables are great for outdoor use. The latest designs of rattan tables with fine crafting can make them suitable for drawing room interiors as well. Plus, these tables are budget-friendly. 3. Acrylic centre tables An acrylic coffee table or centre table is a design that comes with a cheaper glass alternative. But glass may not be a good choice in a household with children. This is why an acrylic table is an efficient investment. This table type can also be seen as an escape from conventional home interior patterns. Since it doesn’t have the design complexity of glass, it is the best option for the living area. 4. Modern design tables Modern design tables comprise edgy patterns that add structural elements to the living area. One can go with a simple rectangular table with a crafted base. Again, oval-shaped centre tables can also elevate the appeal of the drawing room. Circular tables have a distinct centrepiece mark. 5. Minimal centre table Those who prefer easy-going yet subtle designs can opt for minimalist table designs. In some ways, minimal designs add more edge to a drawing room by highlighting pragmatism. A minimal table pattern also reflects balance. 6. Abstract design centre table An abstract design centre table is an apt furniture selection for those focusing on the dynamics of the living room. These tables usually come in a blend of different materials, such as metal, acrylic, and wood. These tables serve decorative and practical purposes. 7. Classically crafted table Traditional furniture is never obsolete. You can always invest in a classic wooden or glass table to bring back the agelessness of the interior. A coffee table with an oval top made traditionally can add to the elegance of a traditional set of furniture. 8. Rustic centre table The furniture of a house can customise the ambience no matter where we live. Those who want to add a hint of rural living to their house can consider buying a centre table with a rustic design. These tables come with carvings around the edges. 9. Coastal centre table Coastal table designs have an ordinary structure with gaps around the base. These tables are designed to infuse light and create an airy ambience. These tables are usually made with a robust wooden base, while the top portion is made of glass or acrylic. 10. Vintage design table Unlike conventional table designs, vintage furniture pieces are made with unique and reused materials. Made with reclaimed wood, these coffee tables light up the room with a friendly appeal. [B-02] Conclusion Investing in quality furniture is an idea that will benefit you in the long run. If you are planning on remodelling or furnishing your new home and are wondering how to manage your finances with it, you can contact Piramal Finance for a finance consultation. Know how to apply for easy financial solutions like personal loans for such purposes.
08-11-2023
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Personal Loan

How to Calculate Foreclosure of a Loan?

No one ever wants to pay additional interest on a loan, everyone tries to pay off their loans asap. You might have taken a loan during a need but as soon as the funds are arranged, you want to close the loan. This procedure is called foreclosure of a loan. You can consider a foreclosure of a loan before the tenure ends by paying some pre-decided penalty and saving interest amounts. Here is how you can consider using a loan foreclosure calculator to know the exact amount of penalty to be paid in case of foreclosure. [B-01] What is Foreclosure Of A Loan? Let’s understand the term loan foreclosure in detail. Generally, you need to repay the loan using Equated Monthly Instalments for a decided period to cater to the amount. Here in loan foreclosure, the case is different. You can be debt free or free yourself from recurring EMIs by considering a foreclosure of a loan by paying the remaining principal amount and some pre-penalty charges. It will be a lump sum payment option to close the loan. This step to pre-close the entire loan amount before the due date is called loan foreclosure. You can pre-plan the foreclosing month after completing the lock-in period of paying EMIs. This pre-planning will help you to arrange the amount after foreclosure calculations. How to use the Foreclosure Calculator? Once you decide to foreclose the loan amount, your next step is to know the total repayment. Choose a month in which you will repay the amount. Then you can do loan foreclosure calculations to get an exact amount. Alternatively, you can also consult your lending partner. They will tell you penalty charges and offers if you are ready to foreclose the loan. The loan foreclosure calculator calculates the outstanding balance of the loan. It also shows interest amounts after analyzing the remaining EMI. Here are the components to calculate the loan Foreclosure amount. Total Loan Amount Pending Loan Amount Tenure to Close the Loan Rate of Interest Number of EMIs Paid Already Foreclosure Month Loan Foreclosure Penalty Charges Above mentioned factors will give you an idea of how much you will be paying extra on a foreclosure. Let’s take an example to understand better. Suppose you have taken a loan of RS 2,50,000 for your home. The repayment tenure is 24 months with an interest rate of 6%. After paying 6 EMIs, you wish to pre-close the loan in the 7th month. Now let us calculate the foreclosure amount considering these numbers. Below are the amounts you will get from the calculator. Foreclosure Amount Rs. 1,90,277 Monthly EMI Paid: Rs. 11,080 Interest Paid: Rs. 6,758 Interest Saved: Rs. 9,166 Interest before Foreclosure: Rs. 15,924 Foreclosure of Loan – Step-by-step Guide Every bank and financial institution has a slightly different payment process for loan Foreclosure. They also have a difference in charges and terms. So we suggest you follow the below-mentioned steps for loan foreclosure. Find the nearby branch You can’t foreclose a loan online. Therefore you will need to visit the nearest branch of your bank. You can also contact the customer care team and ask about the process. Submit an application The officer at the bank or the customer support representative will guide you through the process. In the next step, you will need to apply for a loan foreclosure. You can obtain the application form from the branch of your bank. Documents submission You will need to provide certain documents for foreclosing the loan. Attach the necessary documents mentioned by the bank. The most common are: Identify Proof PAN Card Aadhar Card Loan Document Loan Account Details Bank Statement for the proof of EMI payment Payment Here comes the crucial step for which you are reading this article. Your bank will check and verify your documents. Once done, they will calculate the loan foreclosure amount and inform you. It will include the remaining principal amount, penalty charges, and taxes. Post calculations, you will be asked to clear the due amount within the stipulated time. You get multiple payment options, like Demand Draft, RTGS, NEFT, or cheque. So you can choose any one of them according to your convenience. Document Receipts Your bank will do the rest of the formalities for loan foreclosure after clearing all the due payments. It involves stopping EMI reminders, returning all the original documents to you, and providing a clearance certificate. All these activities by the bank will take up to a couple of weeks. You will get the following documents: Acknowledgement letter Loan foreclosure payment receipt NOC to close a home loan No Due Certificate Loan Closure Certificate Inform Credit Rating Agencies This one could be the last step of loan foreclosure. Inform the credit rating agencies after paying the due amount and completing all the formalities. Rating agencies will update your credit score accordingly. It is crucial if you are planning to apply for another loan. What is the Loan Foreclosure Month? It is the month when you pay an outstanding loan amount before the due tenure. Your bank should stop EMI calculations and notifications from that month. You can refer to the before-mentioned example to know what foreclosure month exactly is. It is the 7th month you can consider to be a foreclosure month. What are the Penalty Charges for Foreclosing a Loan? You are liable to pay a certain percentage of the outstanding loan amount at the time of foreclosing. It is a prepayment penalty for loan foreclosure. This prepayment penalty charge varies from 2 to 5 per cent from bank to bank. You also have to pay applicable taxes. Every bank charges this penalty to compensate for the lost interest that occurs due to the prepayment of the loan. Do loan foreclosure calculations carefully and maintain your financial position. [B-02] Conclusion You need to have a plan and calculate a foreclosure loan amount. Consult your bank and apply the proper procedure as mentioned above. Also, make sure to inform your bank 30 days in advance that you are foreclosing the loan. Visit the official website of Piramal Finance to know the nuances of foreclosure of loans. Do not forget to check their products and services.
08-11-2023
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Education

Aadhaar and Ration Card: Online and Offline Linking

The Indian Government has recently made it mandatory to link a 12-digit unique identification number, also known as the Aadhaar number, with various services and documents. These include bank accounts, PAN cards, and mobile phone numbers. The latest addition to this list is the ration card. This article will tell you everything you need to know about linking the Ration Card with the Aadhaar number. This includes the steps to the Ration Aadhar link both offline and online. [B-01] What is a Ration Card? A ration card is a government-issued document that lets people buy food grains from the Public Distribution System (PDS) at a discount. As per the National Food Security Act (NFSA), 2013, eligible households are entitled to 5 kg of food grains per month. A total of 81 crore people in India are currently covered under the NFSA. Two Ration cards are issued in India – Above Poverty Line (APL) cards and Below Poverty Line (BPL) cards. APL Ration Cards are issued to households that do not fall under the poverty line as defined by the government. On the other hand, BPL Ration Cards are issued to households that fall below the poverty line. Ration cards are an important document as they help in availing various services provided by the government. For example, a person with a ration card can take advantage of programmes like the Pradhan Mantri Ujjwala Yojana, the Pradhan Mantri Jan Dhan Yojana, and the Ayushman Bharat—Pradhan Mantri Jan Arogya Yojana. Why is Linking Ration Cards with Aadhaar Online Necessary? The government has made it mandatory to link the Ration Card with the Aadhaar. The main reason is to weed out fake and duplicate Ration Cards. There are approximately 3 crore fake ration cards in India, according to estimates. Linking Ration Cards with Aadhaar will help the government weed out these fake cards and save on subsidies under the NFSA. Another reason for the Ration Aadhaar Link is that it will help directly transfer subsidies to eligible card holders. Earlier, subsidies used to be given either in kind or in cash through Fair Price Shops (FPSs). With the Direct Benefit Transfer (DBT) program, subsidies are now sent straight to the bank accounts of people who are eligible. To avail of the benefits of the DBT scheme, it is necessary to link the Ration Card with the Aadhaar card. This is because a bank account can be linked with the Ration card only if the Ration Card is linked with the Aadhaar number. How To Link a Ration Card With Aadhar? The government has provided two options to link the Ration card with the Aadhaar, and you can either do it offline or online; we have explained both methods below. Linking Ration card with Aadhaar offline The process of linking Ration cards with Aadhaar offline can be done by visiting the nearest Public Distribution System (PDS) shop. The following documents are required for the process: • Ration Card • Aadhaar number • Bank account details linked with the Aadhaar number The PDS shopkeeper will ask for these documents from the applicant. After verifying all the details, the shopkeeper will complete the seeding process. The applicant will then get an SMS letting them know that the ration card has been linked to their Aadhaar. Link Ration Card With Aadhar Online: The process of linking Ration Cards with Aadhaar online can be done by visiting the official website of the National Food Security Act. The following steps need to be followed for the process: Visit the official website and click on the “Aadhaar Seeding” option under the “Citizen Services” tab. Enter the required details, such as state, district, sub-district, block, and village/city. A list of PDS shops will be displayed on the screen, from which you must select your shop. Enter your Ration Card number and click on the “Show Details” option. The details of the head of the family, along with the members’ names, will be displayed on the screen. Enter the 12-digit Aadhaar number against each member’s name and click on the ‘Submit’ button. You will receive an OTP (One Time Password) on the registered mobile number. Enter this OTP in the given space and click on the “Validate and Save” button. A confirmation message will be displayed on the screen once the Ration Card is successfully linked to the Aadhaar. It is important to note that if someone does not have a mobile number registered with Aadhaar, they will have to visit the nearest PDS shop for seeding. It is important to note that you can link a Ration Card with the Aadhaar number only if you have a valid and active Ration Card. If the Ration Card has expired or has been cancelled, you will not be able to link it with the Aadhaar number. You can link only one Ration Card with an Aadhaar number, and the process will get rejected if somebody tries to link more than one Ration Card with the Aadhaar number. Advantages of linking Ration Card with Aadhaar There are many advantages to linking Ration Cards with Aadhaar: It makes sure that the benefits of government programmes are only given to the people who are entitled to them. It eliminates the possibility of counterfeit and duplicate ration cards. It helps curb corruption as there is no scope for intermediaries or agents. It enables transparency and efficiency in the system. It saves time as the process of authentication becomes easier and quicker. Thus, it is beneficial for citizens and the government to link Ration Cards with Aadhaar. [B-02] Conclusion These steps need to be followed to link the Ration Card with the Aadhaar number. It is important to note that linking the Ration Card with Aadhaar is voluntary and not required if someone does not want to. However, we suggest linking the Ration Card with Aadhaar, as it will help you avail of the benefits of the DBT scheme. Linking the Ration Card with Aadhaar is simple and easy, and it can be done both offline and online. If you need more guidance and assistance with this, visit Piramal Finance. This online platform is what you need to learn everything about relevant developments in the world of finance. For more information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on their website!
08-11-2023
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Guide

Udyog Aadhaar – Eligibility, Registration Process, And Importance

What is Udyog Aadhaar? In India, every person has a unique ID in the form of an Aadhaar Card. In the same way, every Udyog, i.e., trade in India needs to have a unique ID. Thus, the Ministry of Micro, Small and Medium Enterprises (MSME) gives small and medium-sized firms an Udyog Aadhaar. It is also known as Aadhaar for firms. A 12-digit government ID number to register as MSME. It is a great way for new businesses to get an identity and trade in the Indian market. an Udyog Aadhaar aids small firms to get easy loans at a good interest rate by giving the least collateral. [B-01] Eligibility Not all firms can get an Udyog Aadhaar. Only those who fall under the MSME category will be eligible to get an Udyog Aadhar. The MSMEs are divided into two classes as per the laws of the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006: Manufacturing firms are those that produce or make goods for any of the industries listed in the first schedule of the Industries (Development and Regulation) Act of 1951 or that use plant and machinery to add value to a final product so that it has a unique name, work, or use. Service firms are those that offer or supply services and are classified as per their equipment investment. Nature of FirmUAM CategoryTypeInvestment in plant & machineryMicro EnterprisesAManufacturingNot more than 25 lakh rupees Micro EnterprisesBServiceNot more than 10 lakh rupeesSmall EnterprisesBManufacturingMore than 25 lakh rupees but does not exceed 5 crore rupeesSmall EnterprisesEServiceMore than 10 lakh rupees but does not exceed 2 crore rupeesMedium EnterprisesCManufacturingMore than 5 crore rupees but does not exceed 10 crore rupeesMedium EnterprisesFServiceMore than 2 crore rupees but does not exceed 5 crore rupees Udyog Aadhaar Filing The MSME filing process is also known as Udyog Aadhaar Registration. But this process has now been replaced by the Udyam filing. This is an update to the previous version. This process needs the least documents and is very quick. If you want to register your firm, all you need to have is your Aadhaaar details. What is Udyam Filing? MSME will now be known as the Udyam Aadhaar after the government of India made a new MSME filing scheme on July 1, 2020. This is also known as the Udyam filing. The Indian government has taken many steps to ease trade and aid the Atmanirbhar Bharat Scheme. At the moment, all MSMEs must get Udyam filing. Not many documents are needed. There is no need to upload any documents. Only the Aadhaar and PAN card data are needed for Udyam filing. The main documents needed to get an Udyog Aadhar along with the PAN card and Aadhaar card are: Name of the owner. Name of the firm. Address of the firm. Category in which the firm is applying. The type in which the firm carries out its business. Bank account data. NIC code. Employees’ data. DIC data. Date of starting of the business. The process to register a firm with Udyog Aadhaar is as follows: Visit https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx On this web page, enter the Aadhar data of the owner of the firm. The owner will get an OTP on their phone no. After entering the phone number, they will get a link to fill out the Udyog Aadhaar form. After filling out the form, they will get an Udyog Aadhaar Certificate within 15 to 20 days by email. They can even get the certificate from the official website of Udyog Aadhaar after the processing time has passed. Those MSMEs which had registered under the older version of the Udyog Aadhaar filing, called Udyog Aadhar Memorandum (UAM), can now easily switch to the Udyam filing Portal or file for a Udyam filing afresh. It is a very quick and time-saving process. The best thing is it is done free of cost. Why is Udyog Aadhaar Vital for Small Businesses? There are many perks for firms having an Udyog Aadhaar. Some of them are: The trades having an Udyog Aadhaar will be given financial aid so they can exhibit their goods at the international level. These firms can apply for MSME loans at a low rate of interest. They can also apply for a no-collateral loan. Also, they can apply for government subsidies in many schemes. The filing would make it easier to open current bank accounts in the firm’s name without any issues. Also, it would enable firms to apply for small government loans and other such schemes. The firm owner can easily waive the stamp duty and filing fees. The firm can also get perks under direct tax laws. The owner can get a subsidy on barcode filing. Those firms that submit an application to the electrical department with their filing certificate can even get a discount on their electricity bills. The firms with this filing will be given an edge over the others when applying for government tenders. When applying for government tenders, these registered MSMEs will get special perks. They can even apply for an IPS subsidy. These firms also get protection against delayed payments by buyers. [B-02] The Bottom Line Thus, MSMEs should get the full benefit of the Udyog Aadhaar scheme, which is made by the government of India’s ministry for MSMEs. The Udyog Aadhar filing process is now just called the Udyam registration. Thus, both of them should not be confused with each other. Also, after the free Udyog Aadhar filing, various perks offered to the firms make it a very useful scheme for MSMEs. If you want to read more such articles and gain insights into such vital financial products and services, visit Piramal Finance right now!
08-11-2023
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