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Banking

Why Should You Have A Nominee For Your Bank Account?

These days, having a bank account is important. Irrespective of whether you have a joint account or an account in your name only, what matters is having an account where you can deposit cash. It would be best if you did not keep your savings at home, as doing so involves several risks. Hence, it is best to put your savings in a bank, protecting you from theft. But what happens to the money in the event of your death? This is why it is important to have a nominee for bank account. Life is uncertain, and you can never be sure about the future. As such, you must be prepared to handle any uncertain outcomes. Your bank account holds the money you have saved over a period of time. Thus, you will not want it to fall into the wrong hands. This is why all banks offer the option of naming a bank nominee. Read on to learn more about what is nominee for a bank account is and why you must have one. [B-01] What is Nominee for Bank Account? When you open a new bank account, you can name a bank nominee. A nominee for bank account is the individual who will, upon your death, receive the funds in your bank account. The person you have named as a bank nominee has all the rights to the money in your account without the need for a court order. If you do not name a nominee for your account, the bank will place a lien on the money until someone gets a court order or succession letter and submits it to the bank. If you did not add a nominee for bank account at the time of account opening, you can do it later. The process is simple and takes only a few minutes. No additional documentation is required for this process. Here are some key aspects regarding a bank nominee: Your bank nominee can be your spouse, mother, father, child, or sibling. Most banks now insist on adding a nominee for bank account and lockers. Hence, you must name a person you can trust with your money and assets. You can cancel a nomination or add a new nominee as you wish. If you are naming a minor as your bank nominee, you must also give the legal guardian’s details. As this person will have the money till the minor is of age, so choose wisely. You can only name one nominee for one bank account. But you can name separate bank nominees for different bank accounts and lockers. The bank nominee will get the money only in the event of your death. How to Add a Nominee for Bank Account If you have not named a nominee for bank account, you must do so as soon as possible. This will save you from a lot of problems later on. To add a bank nominee, follow the steps below: Offline Visit the base branch of your bank, i.e., where you first opened the account, as they will have all your documents. Reach out to the manager and put your request in writing. The manager may ask for a valid ID proof to verify your identity. So, make sure you carry an ID proof like an Aadhar, voter ID, or passport. The manager will give you Form DA1. This is the form to add a new bank nominee. Fill out the form and ensure all the details are correct. Sign the form and submit it to the manager. You may also need to give a self-attested copy of your valid ID proof. It will take a few days for the bank to add the nominee for bank account. If you want to cancel a nominee, you will have to fill out the form DA2. If you want to change the bank nominee, form DA3 is required. The remaining process will remain the same. Online You can also add a bank nominee online. To do so, ensure that you have internet banking enabled on your bank account. Log on to your net banking account. Here, you will have to select the “Account Update” or “Profile Update” option. Now you can see the link for “Add a nominee” if you have not named any yet. Click on this link. Now, you can enter the name of the person you want to name as the nominee. You will also have to specify the relationship you have with that person. Check the details once again, and then click on the submit button. You will need to enter an OTP that has been sent to your mobile number to verify the request. You will get a reference number on your phone with the details of the update request. The process will take a few days, and the nominee’s name will appear in your bank account details. [B-02] You can also cancel a nomination or change a nominee using the same steps. You can follow the offline process if your net banking does not show this option. To ensure that your money and assets are in the hands of the right person, make sure you name a nominee for bank account soon. This is a very useful financial tip that will help you in the future.

08-11-2023

Home Loan

Everything You Need To Know About RBI Guidelines for Home Loan Balance Transfer In 2022

The real estate space has seen a sharp surge in recent years as every family dreams of owning at least one property in a location of their choice. Additionally, due to various government initiatives, people have realised the importance of owning a house. As we all know, many people aspire to own their dream house but fully financing it becomes a challenge. Therefore, in such cases, they opt for home loans. Additionally, with an increase in the number of people buying houses, there has been a huge rise in home loan applications. Various financial institutions provide home loans. These institutions are both public and private. Furthermore, various Non-Banking Financial Institutions (NBFCs) offer a wide range of home loan products. The banks’ home loan products are subject to specific legislation and regulations that the Reserve Bank of India (RBI) implies. However, as the RBI does not regulate NBFCs, and these institutions provide home loans from their capital; therefore, there is no interference from the regulator. [B-01] Now that we have understood the functions of the two categories of home loan lenders, let’s dive into which type is best-suited basis key factors such as interest rates, loan eligibility, processing time or turnaround time, and so on. In the case of a bank, the Repo rate determines the interest rates. However, in the case of an NFBC, the interest rates are determined by prevailing market rates. Additionally, unlike banks, the NBFCs provide you with various benefits and options such as flexible terms & conditions, higher home loan eligibility and approvals even in cases of low credit scores, a faster processing time, quick disbursement, and less documentation, among others. The RBI has recently come out with guidelines for home loan balance transfers. These guidelines indicate that you can transfer your home loan balances to maximise your loan affordability with better terms of service. The guidelines state that banks and money lending companies cannot charge home loan fees to transfer the balance. How does a Home Loan Balance Transfer work? To transfer your home loan balance, you must first foreclose the current home loan and take a new home loan for the due principal amount. You can apply for a new home loan with the charges waived off on foreclosure of floating interest rates. However, a few banks may charge a pre-payment penalty ranging from 1% to 3% on fixed-rate loans. A home loan balance transfer can be a viable and feasible option if you get better loan terms and a lower interest rate. However, before transferring your loan, consider all the factors and make an informed decision. Factors to consider before opting for a home loan balance transfer Below are the factors that you must consider and carefully weigh your options before opting for a home loan balance transfer: Workout overall savings While opting for a home loan balance transfer, you should always consider all the additional costs levied by your current lender for closing the existing loan before the tenure. You should also consider the processing fee charged by the new lender. In general, you must always consider your overall savings; if transferring your loan enables you to save more, you should opt for it. Ease of processing and documentation When applying for any loan, processing and documentation may become tiring. Therefore, it is prudent that you go for a lender who provides a hassle-free experience with minimal documentation. Analysing the remaining tenure of an existing home loan It is also important to note that if you opt for a loan balance transfer in the later stages of your tenure, it may prove less beneficial since a huge chunk of the interest is paid in the initial stages of a loan. Therefore, it will leave very little room for overall savings. Moreover, you must also duly consider additional costs associated with the transfer, such as processing fees, foreclosure charges, EMI bounce charges, penal interest rates, convenience charges and so on. All these factors will help you make an informed decision about your transfer. There are various benefits of home loan balance transfer that you can enjoy once you analyse the factors mentioned above. Here are some of the benefits and advantages of opting for this facility: Lower rate of interest Getting a low-interest rate will help you save on the overall cost of the loan, which is one of the essential benefits of transferring your balance loan to another lender. Flexibility in repayment tenure You can also enjoy the flexibility of repaying your loan per your financial capabilities. Payment options Payment options like part-payments allow you to repay a portion of the outstanding loan principal. These options also help you reduce your loan amount or the monthly EMIs. Top-up loan options Top-up loan options allow you to get additional funds to buy a new property or renovate an existing property. Lenders these days also provide you with competitive rates on ongoing housing loans. What are the Documents Required to apply for a home loan balance transfer? Here’s a list of documents that you will need to submit to the lender for the transferring the balance: Bank Account Statements Address Proofs (Aadhar card & PAN Card) Other KYC documents demanded by the lender Photographs Additionally, if you are self-employed, you must submit a properly audited profit & loss statement to the lender. [B-02] Conclusion If you are unhappy with the terms offered by your current lender, you can opt for a balance transfer. However, before deciding, you should always consider the earlier mentioned points, which will help you make an informed decision based on your financial capabilities and goals. Paying your EMIs on time is also important, as it will ensure that you maintain your credit score and enjoy a hassle-free borrowing experience. Get in touch with Piramal Finance for more information.

08-11-2023

Business Loan

Benefits of Taking a Business Loan with Piramal Finance

To start a business and keep it going, you need money. You shouldn’t let a lack of money stop you from starting a business or growing the one you already have. A business loan is a one-time solution that will make sure your business doesn’t have any financial problems. Business loans are money that banks and other financial institutions give to businesses so they can meet their everyday needs. There are many reasons to get a business loan, and these loans can help you out if you’re having trouble getting money. You can get your plans right with the help of a business loan from Piramal Finance. Let’s look at the benefits of taking a business loan from Piramal Finance. [B-01] Key Benefits of Taking a Personal Loan from Piramal Finance Here are some benefits of taking a business loan with Piramal Finance: Different kinds of collateral are accepted When you apply for a business loan, you can choose to use collateral if you want to. Piramal Finance knows that businesses need money, so it will accept a wide range of things as collateral for a secured business loan. Easy and quick approvals Today, getting a business loan online is much easier than it was in the past. Piramal Finance knows that your time is valuable, so it follows the rule that loans should be approved and paid out quickly and without any trouble. More money to borrow Piramal Finance offers business loans with high amounts, up to INR 25 lakhs, to help all kinds of businesses meet their needs. Personalized Solutions Piramal Finance has a team of relationship managers who help people who want to get a loan at every step. Their products are made with the customer’s needs in mind. Low rates of interest Piramal Finance gives business loans to both salaried and self-employed people at an interest rate of 12.5%. Reasons Why You Should Take Out A Business Loan Getting a loan for business financing can be a good idea. With the extra money, you can buy new products or hire more people. This will help your business make more money and grow. Let’s look at why you might want to take out a business loan: Starting a New Business Before a business can take its first step, there are a lot of things that need to be done and things that need to be set up. To pay for all of these, capital is essential, and a business loan can make it easier on the owners. For business growth If a business is doing well and the owners want to grow it, a business loan would be very helpful. It can be used to pay for the creation of new products, hiring, promotion, marketing, and many other things. For Renovations It is very important to always update your office space so that you can get more customers. Getting a business loan is the best thing to do if you want to fix up the place and add new, high-tech equipment. To get new business opportunities If you want to take advantage of a business opportunity on the market, you might need money. Business loans can help you get money no matter where or when you need it. To stand out from your competitors Today, there is competition in every field, so it is important to stay ahead of your rivals. By using a business loan, you can do things like, install high-tech machines, digitise your business, switch to better software, etc. General rules to follow after taking out a business loan Here are a few general rules you need to follow after you take out a business loan: Before getting the money, make a 6-month financial forecast. You should make a plan for how your business will do financially. This will help you keep track of your spending and earnings for another six months. By doing this, you’ll also be able to change your budget if you need to. You might also find it helpful to make a budget for yourself. Make sure you have enough money to make the payments. You need to be sure you can make the loan payments on time. To do this, you must keep records of how much your business costs and how much it makes. This will help you figure out how much money you’ll have each month to pay back your loan. If you don’t know whether you can make payments, it’s best to talk to a financial advisor. Also, if the interest rates on the type of loan are lower, it will be much easier for you to pay back the money. Don’t borrow more than you can afford. It’s important to only borrow as much money as you need. If you borrow more than you need, it could put unnecessary stress on your finances. You should only borrow money if you are sure you can pay it back. Never use a business loan to pay off personal debt. This is the biggest error that new investors make. It can be tempting to use money from your business to pay for personal expenses, but this is a bad idea. Not only will it hurt your business, but it could also land you in legal trouble. Try not to take a business loan to pay for things you want for yourself. Business owners usually take loans for personal expenses. It might be tempting to purchase a car or go on a vacation with the extra money, but don’t do it! Don’t forget that a business loan is only used for business-related costs. If you don’t, you could hurt your business if you can’t pay back the loan. If you’re not sure if an expense is related to your business, ask yourself if it will help you make money. If the answer is no, it probably isn’t worth including on your application for a business loan. [B-02] Conclusion For many business owners, getting a business loan is the best way to make sure that their business can continue operating or even grow. A business loan can give you the money you need to keep your business going or help it grow. It can also be used for several other things. Before deciding on a loan, you should think about all of your possibilities and compare rates. For similar blogs like this, you can visit Piramal Finance and explore their products and services.

08-11-2023

Schemes

Withdrawal Rules To Know For NPS

You need to save and invest your money to lead a good life even after you retire. It does not matter if you are in business or service; you must opt for NPS. The NPS, or National Pension Scheme, is a long-term savings option that will mature after you retire from work or attain 60 years of age. NPS operates under the Government of India and the PFRDA. If you want to invest in NPS or are already investing, you must know that you can withdraw your NPS corpus as an annuity or lump sum. But if there is an urgent need, you can opt for partial withdrawal, subject to some rules. Read on to learn more about the NPS pension scheme and how to withdraw your money. [B-01] How to withdraw money from the NPS? In the normal course, you can opt to get your NPS corpus as a lump sum or as an annuity after you retire from work, i.e., when you are 60. You can also draw money from the National Pension Scheme before you retire if there is an urgent need. But this option is subject to the rules of the PFRDA in terms of age, corpus amount, time, and other factors. You can draw money through online or offline methods, as you prefer. Here are some key rules related to this process: After you retire, you can draw 60% of your NPS corpus as a lump sum, while the other 40% must be used to purchase an annuity. You can extend the NPS scheme until you reach 70 if you do not want a lump-sum withdrawal. If your entire NPS corpus is not more than Rs 2 lakh, you can get the entire amount as a lump sum. If you work with a government and opt for VRS, you must use not less than 80% of the NPS corpus to purchase annuities. You can get the entire amount if the corpus is below Rs. 1 lakh. In the event of your death before the given age, your legal heir or nominee will get the entire NPS corpus. Partial withdrawal is possible only after three years of starting your NPS account. Partial Withdrawal from NPS You can get some money from your NPS corpus, per the present rules. If you are in urgent need of cash, you can make a partial withdrawal that is tax-free. You must apply with PFRDA online or through your POP service provider. This facility comes with some very strict rules, such as: The amount must be less than 25% of the money you have put into the scheme. Your NPS account must be more than three years old. This facility is available for some urgent needs, like Further education of your child. Your child’s marriage Paying for your first house (by yourself or with a spouse). Urgent health treatment for cancer or organ transplant. Serious accident that has a life-threatening risk. Other ailments, as stated by the PFRDA. You can make three partial withdrawals during the entire tenure of the NPS. There must also be a gap of at least five years between each such withdrawal. NPS Withdrawal After Retirement Here are the key rules you must note if you want to wait until the time you retire to withdraw money from the National Pension Scheme: When you reach the age of 60, you can withdraw the entire corpus. You will get 60% as a lump sum out of the entire amount in NPS, while the other 40% must be used to get an annuity. Here, the lump-sum amount will be tax-free, but the annuity will be subject to income tax rules. You will have to pay tax on it per the present IT rules. If the entire corpus is less than Rs. 5 lakh, there is no need to get an annuity plan. You can opt for a lump sum that will be tax-free. If you do not want to close your NPS account when you retire, you can extend it until you are 70. NPS Withdrawal After Voluntary Retirement If you work for the government and want to take VRS before the given age as per NPS, you can opt out of NPS. However, some restrictions will apply, such as: Your NPS account must be at least 10 years old if you want to draw money before you reach the age to retire. If your total corpus is not more than Rs. 2.5 lakhs and if you opt out of NPS due to VRS, you can get the entire amount as a lump sum. If your National Pension Scheme corpus is more than Rs. 2.5 lakhs, then you will only get 20% of the amount as a lump sum, and with the balance of 80%, you must get an annuity plan. This withdrawal will be subject to taxation as per the IT rules at that time. [B-02] NPS Withdrawal After Death There are various rules you must note regarding NPS withdrawal in case you die before reaching the age of 60. If you work in the private sector, your legal heir or nominee will get the entire NPS corpus as a lump sum. Your legal heir or nominee must get an annuity plan if you work for a government body. No lump-sum withdrawal will be offered. The National Pension Scheme is a good option for you to plan your life after you retire from work. If you want to explore other options, then visit Piramal Finance. Their experts have shared good advice through blogs and articles to help you make an informed decision. This will help you plan for a good life after retirement.

08-11-2023

Tax Savings

Why You Should Opt For Mutual Fund To Save Tax

As a responsible member of society, you must pay your income tax on time. But this does not mean you should not save money on your taxes. Several tax-saving schemes under the IT Act allow you to invest your money. It allows you to save on your income tax and create a corpus for future needs. One of the most popular tax-saving investments is ELSS mutual funds. Equity Linked Savings Scheme (ELSS) is a tax-saving mutual fund scheme that is very popular. Many people invest in ELSS to save on taxes and grow their money with equity exposure. Read on to learn why you should opt for tax-saving mutual funds. [B-01] Tax-saving mutual funds ELSS is one of the popular tax-saving schemes that involve investing your money in mutual funds, helping you save income tax. ELSS funds mostly put their money into stocks or other securities that are linked to stocks, like listed shares. Some of the key aspects of ELSS funds are as follows: Lock-in Period: ELSS funds come with a lock-in period of 3 years. During this time, you will not be able to withdraw your money. After 3 years, you can either choose to keep the money or reinvest it in ELSS. There is no limit on how long you can keep the money in ELSS. Equity Link: ELSS funds must invest 80% of the money in equity or similar assets, like shares. The other 20% of the money can go into hybrid or debt funds to reduce the risk posed by equity. Options: You can invest your money in ELSS funds in two ways: as a lump sum or as an SIP. Under SIP, you can put the money in ELSS at regular intervals. Most people opt for a monthly SIP, while some opt for alternatives. In the case of a lump sum, you can invest the money as and when you want during a financial year. Management: Fund managers, experts in the field, usually manage ELSS funds like other mutual funds. They do not make decisions based on market speculation but rather on research and studies. Tax Savings: ELSS is one of the most popular tax-saving investments. You can claim a tax rebate of up to Rs. 1.50 lakhs under Sec. 80C of the IT Act for the money you put in ELSS funds in a financial year. This money will be locked in for three years. Why Choose Mutual Funds as Tax-saving Investments? You might be unsure if you should choose ELSS mutual funds to invest and save on taxes. ELSS funds have emerged as one of the most popular tax-saving schemes for investors. Here are some of the reasons you should prefer ELSS to invest your money: Short Lock-in Period: There are many ways to save taxes, but most schemes have long lock-in periods. It means you will not be able to access your money for that period. This is where ELSS comes up as a great choice for tax saving. The lock-in period here is only 3 years, which is quite less compared to other options. After that, it is up to you whether you want to keep the ELSS going or withdraw the funds. Multiple Options: You can invest your money in ELSS in two ways. One option is as a lump sum where you put your money in one go at any time of the year and as per your choice. The other option is SIP, where you put a fixed amount down monthly or at a predetermined time gap. This way, you can spread out the money you need to invest. Flexible Tenure: With ELSS, there is a lock-in period but no maximum period for which you can keep your money. Most other tax-saving investments have a limit of 7 to 20 years maximum. But this is not the case with ELSS, as you can keep your money for as long as you want. This ensures that you can earn a high profit on your money due to compounding. Professional Advice: Experts in finance handle ELSS funds for different schemes. They base their decision on in-depth research and take all steps possible to reduce the risks of equity markets. It ensures that your money is in safe hands. Since ELSS schemes come under the purview of SEBI, mutual fund companies cannot hide any information from you. Higher Returns: When compared with other tax-saving schemes, ELSS offers high returns on the money you invest. This is because 80% of the money goes towards equity, and over a period, you can earn good returns from ELSS since there is no cap on the profits. In the case of other options like PPF, the government credits the interest rate every year, thereby limiting your profits. [B-02] Final Takeaway ELSS funds are very popular with people who can take a little risk to make more profits and save on taxes. You must opt for an ELSS fund based on in-depth research. If you are unsure about tax-saving investments, visit the Piramal Finance website. They have many articles that will help you decide whether to invest in mutual funds or other tax-saving schemes.

08-11-2023

Health Insurance

Benefits of Health Insurance

In recent years, health concerns have gained popularity. Modern lifestyles have increased health dangers in various ways. Everyone will eventually pay for a major medical procedure. Health insurance is the key to long-term financial planning. Many Indians are hesitant to purchase health insurance because of the high cost and amount of premiums to be paid. Health insurance can help you avoid bankruptcy if, god forbid, you have large medical expenses. These are happening more often as medical costs rise. If you and your family are still on the fence about whether or not you require health insurance, this article should help you understand the benefits of buying health insurance. [B-01] Protection against rising healthcare costs Many people are worried about the cost of health care. It has been found that paying for health care out of pocket is a major cause of financial trouble. In light of the current healthcare crisis, it is more vital than ever to have health insurance. A budget that includes health insurance can save a lot of stress in the long run. One of the best things about health insurance is that it gives you peace of mind when healthcare costs keep increasing. Premiums that are within reach for the young and healthy It’s a myth that healthy people don’t need health insurance. If you are prepared, health insurance might be really helpful. You can lessen the impact on your finances by spreading the premium payment out over a longer period. Health problems are more common as people age. The money you have saved could be wasted if you don’t have a plan. For this reason, you shouldn’t put off buying health insurance until you have a serious health problem. It’s possible that you won’t make optimal use of your health insurance and that the premiums will be higher than they need to be as a result. Healthcare insurance protection in case of an emergency Health insurance is useful. It helps to cut the costs of visiting many hospitals and clinics. It may involve everything from routine checkups to operations. The specifics of the health insurance are spelled out in the policy’s terms. They are available before purchase. Medical insurance’s cashless care option is a major perk for many people. You might not be able to pay for a hospital stay if you need one. Having health insurance means you can relax while getting the care you need. This is because the hospital will deal directly with your insurance company to cover the costs. Extra insurance on top of employee health plans Many companies offer health insurance to their staff members. Even though these things can help, you shouldn’t depend on them in an emergency. A company’s health insurance plan is part of a master policy. It has limits on how it covers individuals. When you buy a plan, you can get the benefits of health insurance that are more tailored to your needs. You should not put yourself in a situation where your employer’s health insurance won’t cover you if you get sick. Ability to upgrade and purchase extras Also, adding riders and other extras to your policy can help you save a lot of money. Most of the time, this option is available when buying or renewing a plan. It can be tailored to the needs of each person while still covering all bases. Here, it’s important to remember that basic plans usually include basic coverage for medical expenses, daycare costs, etc. The riders or add-ons give access to other special or extra features and services, like critical illness cover, daily hospital cash, a health coach, etc., but at an extra cost. Cashless claim facility One of the best things about health insurance is that you can make claims without having to pay anything out of pocket. For those who don’t know, a cashless claim facility means that your health insurance company will pay your hospital directly for services you get at a network facility. You don’t have to pay anything out of your pocket. Covers services for ambulatory patients In many cases, people may say that you need to go to the hospital to treat your symptoms when you don’t. But medical care isn’t free. Also, all outpatient services are not cheap. Medical care can quickly add up to a big bill. Tests, surgeries, and medicines can cost thousands of dollars. Costs like these can hurt a person’s finances. Many health plans cover the cost of outpatient care and, in some cases, even medicines. It is a good thing. Grants for dental care When you need a lot of dental work done, you can expect to pay a lot. The cost of this kind of therapy is high. It includes the actual treatment as well as the diagnostic tests and medications that must be taken along with it. But if you have the right kind of health insurance, you will have the money you need to get good dental care. But it’s important to remember that many plans only cover dental care that happens in the hospital. The no-claim bonus makes the protection stronger Health insurance discounts for not making a claim are one of the best perks you can get. As a reward for not claiming during a given policy year, your insurance company may raise the amount you are covered for at no extra cost. It is possible to save 10% to 20% of the annual premium. So, having a history of making payments on time and renewing your policy often can greatly increase the value of your coverage, giving you a lot of money in case something bad happens. [B-02] Conclusion In a short amount of time, health insurance has become more important than ever. There has been a rise in the occurrence of illnesses that can be attributed to poor lifestyle choices. Even though it’s important to focus on other aspects of wellness as well, financial security should be a top priority. We hope this article has helped you see why health insurance is so crucial. For more such articles, visit Piramal Finance.

08-11-2023

Education

Best Fertilizers Stocks to Invest in India

Investing in capital markets is one way to grow your money. The returns on stocks can be much higher than returns on other types of assets; however, this depends on the stock. A good place to start investing is in fertilizer stocks. There are many fertilizer stocks on the Indian stock exchange. This article will help you determine which companies are the leaders in the sector. You will also learn more about possible growth opportunities in the future. [B-01] How does the fertilizer industry stand in India? The Indian fertilizer industry is one of the largest in the world. About 10% of India’s GDP comes from this sector, and about 100 million people are employed in the industry. In India, the number of people has grown exponentially in the last 25 years. India’s fertilizer companies have grown at a similar rate as agriculture has also grown. Keeping this in mind, here are the top five fertilizer stocks in India. Be advised that we do not recommend purchasing them. This information just provides our opinion, and you should do your research. 1. Tata Chemicals Limited The Tata Group is a well-known conglomerate in India. Tata Chemicals Limited makes and sells speciality chemicals for the agriculture industry. With more than 285,000 workers, Tata chemicals Limited is also the biggest employer in the Satna District of MP. The Tata Chemicals stock is great if you want a long-term investment. Tata Chemicals has been in business for more than 80 years. It has grown through targeted acquisitions and the development of new products and services. During the fiscal year 2021-22, the company made $1.7 billion in sales and $170 million in net income. The fertilizer stocks of the company have grown the most in the industry as a whole. 2. Chambal Fertilizers and Chemicals Ltd Chambal Fertilizers and Chemicals Ltd has the largest portfolio of fertilizers and related products of any other company in India. The company produces 15% of the total urea produced in India annually, making it one of the largest fertilizer producers in the country. Chambal’s manufacturing plants can handle 1.5 million tonnes of material per year. Chambal is one of the most interesting fertilizer stocks to invest in. In recent times, the company’s stock has grown steadily, with some downturns reported recently. 3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd In Gujarat, India, GNFC is one of the biggest companies with a diverse portfolio of fertilizers and other products. The company is led by Managing Director and CEO A.K. Muralidbudh. The business was launched in 1976. The Gujarat state government and the Fertilizer Development Corporation oversee the company. GNFC has grown over the years to become one of the biggest fertilizer companies in the world. Since a few years ago, GNFC stock has been one of the most wanted fertilizer stocks on the Indian market. The GNFC share price is around Rs 600 as of 28 November 2022. GNFC has a good record on the stock market. In India, the products are used in many industries, including agriculture and chemical manufacturing. 4. Rashtriya Chemicals and Fertilizer Rashtriya Chemicals and Fertilizer is the country’s fourth-largest government-owned company that makes fertilizer. The company is also becoming a leader in the market for renewable energy. Rashtriya Chemicals and Fertilizer have been manufacturing products in India since 1974. It is now the second-largest fertilizer company owned by the government. During the fiscal year 2022, it made $2 billion in sales and $98 million in net income. The RCF share price is around Rs 120 as of 28 November 2022. 5. Coromandel International Ltd. Coromandel International Ltd. is a part of the Murugappa Group, which is based in Hyderabad. About 60% of the company is owned by East India Distilleries Parry, based in Chennai. The company has grown in the market and its physical infrastructure in the past few decades. At least 16 new units have been set up in different parts of the country. Coromandel International has manufacturing units in Uttar Prades, Gujarat, Assam, Jharkhand, Chhattisgarh, Rajasthan, Punjab, and Himachal. In 2020, Coromandel International had a total of $540 million in equity. In 2022, it made $1.7 billion in sales and $170 million in net income. These are the five most popular fertilizer stocks in India at the moment. It is without a doubt that investing in the share market has risks. Before you invest in capital markets, conduct thorough research on all aspects of the stock. This article provides basic information on the five top-performing fertilizer stocks. It is recommended to do more research before you invest. [B-02] Conclusions Fertilizer stocks come with their own risk. Given that India is likely to be the most populous country by the end of the current decade, the requirement for food will continue to grow in India. Therefore, there will be a greater need for fertilizers to improve the growth of crops in the fields. For this reason, many people are considering investing in fertilizers stocks in India. However, there are many stocks to choose from. Buying stocks can be a useful way to make money over a long period. Most people do not invest because they are unsure or do not have the necessary information. It is best to consult an expert in such cases. If you are ready to take the next step, read more articles on capital markets, investment and finance on Piramal Finance. You can also consult the experts at Piramal Finance to learn more about loan products.

08-11-2023

Business Loan

Calculate Your EMI Using Working Capital Loan EMI Calculator

If starting a new business venture is hard, it is even harder to keep it going. You must take care of many key aspects, make crucial decisions, and arrange for the money. In most cases, you will have to sell goods on credit but might need to buy the material in cash. It is tough for even old enterprises to maintain this cycle with their cash. This can lead to issues with paying for day-to-day expenses as well. If you also face a similar issue, you can opt for working capital finance from a bank or NBFC. With a working capital loan, you can pay your daily expenses until you get the money from your creditors. This loan is ideal for taking care of the urgent needs of your business. Before taking on this loan, using a working capital loan EMI calculator is ideal. This will assist you in planning your finances and knowing if you can pay the EMIs on time. Read on to learn more about the key aspects of a working capital loan. [B-01] Key Aspects of a Working Capital Loan A working capital loan can be very useful for you and your venture. It allows you to take care of the daily expenses of your business, such as salaries, utility bills, freight, repairs, and other costs. Before you apply for working capital finance, you must know about some key aspects of this loan. Type: It is a business loan, i.e., you can use the money for business-related costs only. If you use this loan for any private needs, the lender may cancel the loan. Security: You may or may not need to offer security for this loan. It will depend on the lender and the amount you need. Usually, for loans up to Rs 10 lakh, no security is asked for. If you want more money, you must offer security, like a fixed asset or bank deposit. Amount: There is no upper limit for this loan. The maximum amount you can get will depend on how well you can meet the lender’s rules. After a certain limit, you will need to offer security as asked by the lender. Lender: You can get working capital finance from a bank or an NBFC of your choice. The process will be easier if you have an existing account with the lender. Tenure: The loan tenure can vary per the lender’s rules. Most banks or NBFCs offer tenure of three to five years based on your business profile. Application: You can apply for a working capital loan online. But you must complete the paperwork as per the rules of the lender. You may send the papers by email or give printouts per your preferences. Process: A business loan can take two to three days after applying online. This period can also be reduced if you have an old account with the lender. Eligibility for a Working Capital Loan To get working capital finance, you must meet the lenders’ rules. Here are some key aspects of the eligibility criteria that you have to fulfil: Age: You must be more than 24 years old but less than 72 years old. Work: You must be a self-employed person with your venture. It can be a factory or shop. Credit Score: Your CIBIL must be 700+ for a working capital loan. Some lenders may ask for a lower score based on your profile. Nationality: You must be an Indian national with valid papers. Work-ex: Your venture must be at least three years old and should be making a profit. Docs: You will need to give some documents like IT returns for 2 years Bank statements for 12 months. Ownership Proof Business Registration Personal documents of all applicants Using a working capital loan EMI calculator Before you plan for working capital finance, you must know the EMIs you will have to pay. This will help you plan your finances in a better way. There is no need to do it manually, as you can use a working capital loan EMI calculator. It is a free online tool that will do the entire loan math for you in a few seconds. There are no chances of errors with a working capital loan EMI calculator. You need to enter some basic details, and the tool will take care of the rest. Here are the steps to using a working capital loan EMI calculator: Search for the term ‘working capital loan EMI calculator’ on Google and click on the link for your preferred lender. You may also download a free app from any lender on your phone for this process. Click on the link for business loans. Here, you will need to opt for working capital loans. On the next page, you will find the working capital loan EMI calculator link. Click on it. Now, on the next screen, you will need to enter details like loan amount, tenure, and interest rate. There is no need to enter any personal information. Once you click the “calculate” option, you will see the EMI amount on the screen. There will also be details like the total interest, principal, and amount to be paid. Some tools also allow you to download the repayment schedule for even more clarity. [B-02] Most business ventures need to opt for a loan at some point. It is not bad until you keep the loan amount within a limit and can pay the EMIs on time. If you need a working capital loan with the best features, then get in touch with Piramal Finance. They offer a vast range of business loan solutions that can take your venture to the next level. Get in touch with their experts for more details.

08-11-2023

Home Loan

Benefits of taking a joint home loan

India is a well-known traditional country for its joint family living culture. People have a strong belief in joint family living culture. But it requires big homes for all members. Buying a big house requires a good amount of money. Well, taking a loan is a great option, but what’s better? A joint home loan is a way better option as it brings attractive benefits. A joint home loan helps you buy your dream home for your whole family. The benefits of a joint home loan include divided responsibility, repayment options, and much more. Let’s read the article to learn more about joint home loan benefits. [B-01] What is a joint home loan? Two individuals take a joint home loan as applicant and co-applicant. Buying a big home requires a large amount of money, which means a high financial burden on one individual. A joint home loan divides the financial pressure into two people with easy repayment options. This way the burden turns into responsibility and is easy to pay back. However, a joint home loan has a few terms to follow. Look at the important terms and benefits of a joint home loan. Who can be the co-applicant? If you want to apply for a joint home loan, check who can be your co-applicant. Close relatives (they) in your family are eligible to be a co-applicant in a joint home loan. The relative is not necessarily to be a co-owner of the property. The Co-owner (they) is eligible as a co-applicant for a home loan, not necessarily to be a close relative. Non-resident Indians (NRI) can also become co-applicants in a joint housing loan. Key benefits of joint home loan Sharing the loan amount with a co-applicant helps in applying for and repaying the home loan. Check out the key benefits of the joint home loan- Higher loan amount eligibility The number one benefit of a joint home loan is higher loan amount eligibility. The combined income of two individuals brings more trust to the lender. More amounts can bring you the bigger house of your dreams. You can choose any house in any locality with a higher loan amount. Buying a house is a lifetime opportunity, so it does not compromise the budget. Because falling short on a budget is not a tension anymore. Tax benefits The joint home loan helps individuals save on tax expenses. If the Co-applicant is also a Co-owner of the property, you can ask for separate tax relaxation. Under section 80C of the Income tax act, an individual can claim compensation on principle and interest repayment. The compensation amount depends on the share of ownership of applicants. Multiple repayment options In a joint home loan, the loan repayment amount is divided between the applicant and the co-applicant. The amount is divided into EMIs depending on ownership share. The thought of sharing loan amounts makes the repayment easy for applicants. Either your spouse or close relative involved in sharing the burden makes you more responsible toward timely repayment. You may pay the loan earlier than decided and be set free from responsibility. Two incomes combined help pay small EMIs at a decided time. You can discuss and divide the EMIs to ease with the co-applicant. Instead of taking a home loan and paying in 25 years, pay your joint home loan in 20 years with peace of mind. Compensation in interest rate for women. In a joint home loan, women get relaxation in interest rates. Women need to be the sole owner of the property for maximum benefits. They can be applicants or co-applicant in the joint home loan application. Check the interest rates and compare for the best benefits. Documentation and Eligibility for Joint home loan You can check the eligibility for a joint home loan at your preferred bank. The relationship with the co-applicant must be close to avail easy sanctioning of a home loan. Prefer your spouse, sibling, or parents as co-applicant. After selecting a co-applicant, prepare the documents as per bank requirements. Check out the list of documents- Identity proof (Aadhar Card, Pan Card, Voter ID Card, passport, or driving license). Address proof (Electricity or utility bills, Aadhar Card, and passport). Income proof (Income statement or Income tax return slips). Property sale legal document and NOC statement. These are the most important documents for a joint home loan application. The borrower and co-applicant have to submit the documents separately. Keep the original copy of the document to attest to the authenticity while applying for a business loan. The credit score of the applicant and co-applicant must be good. A good score allows fast approval and sanctioning of the higher loan amount. Several banks allow individuals to check their credit scores and provide improvement tips. Check your credit score via CIBIL, Equifax, and CRIF Highmark. You can improve your credit score by following simple steps if your credit score is low. The most popular way is the CIBIL home loan score; it helps in knowing the perfect score for a home loan application. Check your home loan eligibility. You can easily check the eligibility for a home loan by using a special tool. The home loan eligibility calculator tells about loan limits according to income. It is free and easy to use for everyone. You need to fill in a few details, and there you know the funding amount. The details include the following: Interest on loan. Tenure of loan. Gross income. Liability, EMIs, and expenses. Open the home loan eligibility calculator and put in the details as asked. Press the check button and that’s how you can check the funding. Also, include your co-applicant details for a joint home loan and avail of the benefits. Women as co-applicant in the home loan bring benefits like tax relaxation and low-interest rates. Operate one loan at a time to keep the burden off your mind. [B-02] Conclusion If you’re compromising your dream home due to a lakh shortage, apply for a joint home loan. A joint home loan is easy to apply for and brings benefits like a higher loan amount, tax relaxation, and easy repayment. A joint home loan frees you from the burden, and repayment becomes easy for the applicant and co-applicant. From the above article, learn how to check eligibility, key benefits, and documents for a joint home loan. Visit Piramal Finance for similar blogs and take a look at the products and services they offer.

08-11-2023