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Schemes

How to Open Jan Dhan Yojana Account – Eligibility and Documents

The honourable Prime Minister of India, Shri Narendra Modi, launched Jan Dhan Yojana in 2014. It is a scheme for financial inclusion that aims to connect the rural & urban public to the banking system. The central governments aimed to provide financial aid to people in need. Jan Dhan Yojana has made a Guinness world record by opening 18,096,130 accounts in one week. The central government has introduced Bank Mitra to handle only Jan Dhan’s account. [B-01] What Is the Eligibility for Pradhan Mantri Jan Dhan Yojana? You may check eligibility for Jan Dhan Yojana given below:- You must be a permanent Indian citizen to open the Jan Dhan account successfully. A minor child aged ten years can apply for a zero balance account in any bank. However, the account will be under the parent’s supervision. Minor will also get a RuPay card for easy money withdrawal. You can transfer your current savings into the Jan Dhan Yojana account. It benefits the account holder in future financial aid. you will need identity proof verified by a gazetted officer to easily open Jan Dhan Yojana’s account. You can also apply if you don’t have any identity or resident proof. The bank will do a background survey and approve the application. What Are the Objectives of the Jan Dhan Yojana Account? The Jan Dhan Yojana is beneficial in many ways. You can enjoy government schemes with subsidies and apply for instant loans. Check out the main objectives of the Jan Dhan Yojana account listed below: It improves financial awareness among rural & urban citizens. It provides at least one bank account to every citizen. You can get guaranteed credit funds. You can apply for microloans. It will get a RuPay card for easy ATM access. You can access your frozen account and reactivate them. Old-age citizens get pension facilities under the unorganised sector. There are so many hidden objectives of the scheme. It improves confidence and self-esteem in rural people. It spreads awareness among women about finance and management. The scheme has divided all 6 lakh villages into small sections. These small sections are known as Sub Service Areas. The government introduced new bank outlets in these areas . In total, the scheme reached 1000-1500 households and opened accounts. The government provided access to unemployed youth, retired citizens, NGOs, NBFS, and RBI-verified individuals to become Bank Mitra. The Finance Ministry monitor all SSA and activities of Jan Dhan Yojana. What Are the Documents Needed for Jan Dhan Yojana? Check the documents listed below if you want to apply for a Jan Dhan Yojana account: You must have two passport-size pictures for an application form. You must have address proof, like an electricity bill with your permanent or current address. You must take two photocopies of your Aadhar card as identity proof. If you have recently changed to a new address, provide proof of shifting and attach a photocopy to the form. You can attach a recommendation letter from the gazetted officer as permanent resident proof to the bank. If your work is under the MGNAREGA scheme, you must attach a copy to the form. These documents are must-haves to open a Jan Dhan Yojana account. The bank can do a small background check if you fail to submit any document. The bank may consider opening a temporary account. After one year, you can provide the missing document. It converts temporary accounts into permanent accounts. Which Banks Offer Jan Dhan Yojana Accounts Service? All banks of India, verified by RBI, are eligible to open Jan Dhan Yojana accounts. You may check the list of public sector and private sector banks below:- Public Sector Banks State Bank of India Union Bank of India Bank of Baroda Punjab and Sind bank Bank of India Indian bank Syndicate bank Canara Bank Andhra Bank The Central Bank of India IDBI Bank Corporation Bank Private Sector Banks Axis Bank Induslnd Bank ICICI Bank Yes Bank HDFC Bank Dhanlaxmi Bank. Ltd Karnataka Bank ING Vysya Bank. Ltd Federal Bank Kotak Mahindra Bank How to open a Jan Dhan Yojana account? You may follow the steps to open a Jan dhan yojana account. The process of account opening is completely online. You can visit your nearest Bank Mitra and open your account. Or fill the form by taking print out from the nearest bank. Fill out the form with personal details. Attach the asked documents, like identity and address proof. If you work as an MGNREGA employee, attach a copy of the card. You can attach a recommendation letter as well. Visit your nearest bank with the form and documents. Submit the form, and they will verify and open the Jan Dhan Yojana account. What Are the Advantages of Pradhan Mantri Jan Dhan Yojana? The Jan Dhan Yojana was launched on a large scale. It spread financial literacy in the rural population. The scheme has helped the economically weaker sections with Bank Mitra. Take a look at the following life-changing benefits of Jan Dhan Yojana: You can apply for insurance under Jan Dhan Yojana. Bank offers life cover and vehicle insurance from Rs. 30000 to Rs. 200000. It also provides coverage for uncertain death. You can do mobile banking with Jan Dhan Yojana. You can do transactions from simple phones and don’t need smartphones. It gives hidden financial freedom to every account holder. You can apply for a loan with Jan Dhan Yojana. Once you complete six months with the account, you can apply for a loan. The loan amount starts from Rs. 5000. [B-02] Conclusion Pradhan Mantri Jan Dhan Yojana is an initiative for the weaker section of society. It helps spread financial awareness in the rural population. You can check the eligibility, documents and advantages in the article above. The government is reaching every small village with Bank Mitra. Every bank under RBI partners with the government to provide financial aid. Apply for your Jan Dhan Yojana account. Visit Piramal Finance for similar blogs and look at their products and services.
08-11-2023
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Education

How to plan a fruitful life beyond retirement?

Retirement, or leaving one’s job after many years of dedicated service, marks a major turning point in a person’s life. Retired life without retirement planning comes with money problems, which get harder now that there is no monthly income. Regarding retirement, there is no difference between self-employed and salaried workers. Most people retire when they are between 55 and 60 years old. People may feel like they are carrying a heavy burden when they retire if they haven’t planned their finances. It is important to stay financially free after you retire if you want to keep living an easy life. Proper retirement planning helps to attain a fulfilled life post-retirement. [B-01] Different ways to get ready for retirement If you have not done any retirement planning, you may find it hard. The sooner you invest, the more it will help in the future. This will help ensure no money worries after you retire. Here are some things that you can do to get ready for retirement: Deciding on an investment strategy. Return on investment (ROI) is the most crucial factor in determining how much money is made. Mutual funds are a good way to get exposure to a wide range of asset classes, which is necessary for higher returns. The prime way to invest money is through the best mutual funds for retirement. People think they can be changed and offer a tax advantage. They can also think of them as long-term savings. Mutual funds can be divided into hybrid funds, equity funds, and debt funds. Retirees can pick the best if they align their goals with the funds. Start investing early. With the help of the TOI, the average rate of return on the stocks in India by market cap reached 10.3%. With this, it’s possible that when you retire, you’ll have saved more money with less money each month. If you start saving for retirement five years earlier, you could reach the same goal with less capital. In this type of retirement planning, investing early is better than investing after one has retired. Health insurance. When you are old, your health is one of the most important things to consider. So, getting health insurance before retirement is a good idea if you want to protect your finances in case of an unexpected medical need. By doing this, you can be sure that unexpected medical costs won’t hurt the money you save from investments. Steady cash flow. Sticking to a SIP is always best for a stress-free retirement. When you retire, you get little or no income. For a good life in old age, it’s always best to have retirement planning for investments and withdrawals. Join a retirement pension plan to save and keep a steady income once you retire. Many public and private banks offer various pension plans. Pension plans by the government Uncertainty about money is one of the things that makes retirement scary. The retirement pension plan gives retirees peace of mind about their money. Here are the public pension schemes for senior citizens: National Pension System People who opt for this plan can make regular payments while working. After you retire, you can get the benefits of a regular annuity. In an emergency, subscribers can also take money out of their NPS accounts in parts. Atal Pension Yojana (APY) With a minimum monthly payment, you can get pension benefits in this retirement planning. The unorganised sector is the main focus of this project. For this APY, you must have a low income or not pay taxes. Pradhan Mantri Vaya Vandana Yojana This retirement planning ensures that you will be financially independent and have social security when you retire. LIC offers this program, and you can get your money back over ten years. PMVVY is the best scheme for steady income for retirees. Indira Gandhi National Old Age Pension Scheme People get social security through this system. It gives pensions to older people, widows, and people with disabilities. Low-income people who don’t get regular money from family members are also eligible. Beneficiaries between the ages of 60 and 79 would get Rs. 200, and those 80 and older would get Rs. 500. Employee pension scheme This pension plan is for people who have worked for the company for at least ten years. There are different EPS or EPF pension plans, such as widow, child, orphan, and reduced Varishtha Pension Bima Yojana This pension system gives people a steady income and a rate of return through annuity payments. After paying the fee, the subscriber has the right to a normal pension. Every year for ten years, the rate of return is 8%. Step-by-step retirement plan Step 1: After retirement, calculate how much money you will need. Consider anything from rising medical bills to family gifting. Step 2: Calculate the lump-sum payment amount that will be paid upon retirement. This is referred to as the terminal benefit. Step 3: Choose a retirement programme that will provide you with the means to fulfil your needs. Investing your money in assets with higher returns is in your best interest. Step 4: Begin to invest at a young age. This investment enables us to take advantage of the compounding effect. Benefits of planning for retirement Setting priorities after retiring is very important. Consider the benefits of retirement planning at the right time to ensure a fruitful future. Retirement planning aims to save money for the future in the best way possible. Financial support You may feel anxious when you’re not working because you don’t know what will happen next. In an emergency, you might need the money you’ve saved to pay for the things you need to live. Get ready with retirement planning to ensure you’re ready for financial needs. Investment returns Retirement planning lets you save money and make it grow. Determining which investment is right for you depends on your financial situation. When you plan, you’ll get a better return on your investments. Find out how much you’ll need to save to meet your financial goals. Tax advantages Many financial tools can be used for retirement planning. You can lower the amount of tax if you put your money into acceptable strategies. Investing costs can be managed well with the right kind of retirement planning. Financial Self-sufficiency Planning for retirement can help give you peace of mind in old age. Have a good investment portfolio to start a new journey in your life without fear. [B-02] Conclusion Retirement planning does not stop when you resign. Preparing for retirement involves several factors, and it’s never too early to start. Retirement preparation comprises two steps: pre- and post-retirement planning. A smooth shift from pre-retirement to retirement is crucial. Before retiring, you need a clear vision and a robust savings plan. For more information on retirement planning, check Piramal Finance.
08-11-2023
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Stocks Markets

How to Invest in Global Share Markets Like U.S. & Europe from India?

There has been a recent uptick in the number of Indians who invest in international stock markets. In addition to its benefits, this also offers quick and easy returns. However, there are costs involved, such as huge broker fees. It’s vital to remember that the RBI has set a limit of INR 20 lakhs (approx), which applies to all Indian residents. These terms are for all the funders who want to put money into U.S. shares. [B-01] Positive of Global Investment Many funders buy international global stocks because of the rising trade rates. It allows them to reap huge profits. In addition, many individuals can have variety in their portfolios by funding different global stocks. Furthermore, the U.S. stock market is home to some of the most well-known firms, like Tesla, Google, Amazon, Facebook, General Motors, Apple, and Microsoft whose stocks perform well. Ways to make Global Investment Global investment from India may appear difficult at first. However, there are only two major ways to go about it. Investing In Your Own There are two methods under direct global investment. Both of the following methods are used for funding foreign equities: Open a foreign trading account. Before entering international stock markets, open a foreign trading account with an Indian broker or a global trading partner. If you want to invest in stocks from abroad, open a Demat account. It will be best for you because so many funding firms support it. Sign up with a broker in another country. The Indian market for U.S. shares is accessible through some well-known foreign brokers. They can assist you well in your funding abroad. But, again for this, you need to have a separate account. Subsidiary Investment There are three ways to make an indirect global investment: ETFs, or exchange-traded funds Direct access to U.S. ETFs is possible via an Indian or a foreign broker. In contrast to other fundings, ETFs do not require you to keep a set amount in the account. Mutual Funds Investors can also opt for mutual funds for global investment. It is one of the easiest methods of investing in foreign equities. There is no need for a minimum balance for trading accounts. Mutual fund trading can also relieve the stress of selecting individual stocks. Advanced mobile software New money apps provide another entry point for funding in international stock markets. Funding via apps makes it very easy to invest in stocks. You don’t have to go anywhere; sit at your home, and you can start trading. Factors urging Indians to Choose Global Stock Market Grab better chances Once you enter the foreign stock market, there is more and more for you to explore. Also, it provides better chances in terms of stock trading. Global investment gives you an opportunity to earn from profitable shares. Portfolio Diversity Let’s assume that you have invested in both Indian as well as foreign stock markets. Indian stock crashes due to some reason. But your funding in foreign shares will give you quite a good result. The reason being it’s not affected by Indian markets. Investing in Favourite firms Everyone looks up to brands like Tesla, Meta, Apple Inc, and many others. What if they get a chance to invest in these firms? All of these are foreign-based companies and have provided good returns, so far. Therefore, it attracts many Indians to buy stocks in these companies. Precautions Before Global Investment While conducting an in-depth examination of the investee firm is essential, a prudent investor will also consider the following factors before purchasing foreign shares. Risk Factors of a Country Any foreign investment requires careful consideration of the potential dangers unique to that country. Before investing consider investee entity-specific, future business prospects, geopolitical concerns, macroeconomic considerations, etc. Risk Factor of Foreign Exchange Foreign exchange risk is another factor that can’t be overlooked. An investor should always have a margin in the ERR. This can be due to dynamic foreign currency. The investor might lose or make more money, that depends on the stock exchange rate. Hence, they should factor in that risk before funding. For instance, if you invest in the USD with the expectation that it will go up against the INR, your return will be higher in INR terms, and vice versa. Risk of Volatility The danger of price changes in stock is always there. Increased volatility means increased risk. This is due to high uncertainty in the stock’s price. Therefore, from a funding point of view, more stable and mature markets are preferable. Risk of Economy Many economic variables can affect the share price of a company. So, before buying any stock overseas, it’s important to consider the country’s overall financial health. Investment Expenses in Foreign Stocks Fees incurred during a funding It’s important to keep in mind that investing in foreign companies entails a huge funding cost. It is way higher than buying Indian stocks. There is a hidden cost between a currency’s buy and sell prices (say, the U.S. dollar). If you want to save time and money, opening a bank account in the same currency as your funding is a smart move. Other factors are: Minimum funds needed for margin trading in a broker account Finances fees Financial institution fees Costs, including any applicable sales, use, or value-added taxes. Depending on the portfolio size, transaction fees might be as little as 0.5% and as high as 2%. Source-of-Income Tax-Collection Considerations (TCS) If an Indian investor invests in foreign stocks and their yearly funding exceeds the prescribed threshold limit, then the authorized dealer bank must levy and collect tax collected at source (TCS) at the rate of 5%. This is per Section 206C (1G) of the Income Tax Act, 1961 (“I.T. Act”). [B-02] Conclusion While funding in U.S. stocks can be good, it is necessary to grab the whole point. There can be risk factors, too. To begin your global investment, you can choose ways that best suit you. While direct funding requires you to maintain a minimum balance, indirect funding does not. Based on your needs, always choose the right way or take the help of an expert. For further details, visit the Piramal Finance website to get assured assistance.
08-11-2023
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Guide

Difference Between Repo Rate Vs Reverse Repo Rate

The bank will charge interest when you borrow from them. Consequently, if you deposit money, the bank pays interest. But have you ever wondered how banks fund themselves? The answer is simple. Banks either utilise deposits or borrow from the central bank – the Reserve Bank of India (RBI). For these transactions, the RBI implements a tool called the Liquidity Adjustment Facility (LAF). Under this arrangement, banks can borrow from or lend money to the RBI through the repo and reverse repo agreements. The interest rate levied on these transactions is the Repo Rate and Reverse Repo Rate. This article explains the main differences between these two terms. What is the Repo Rate? The Reserve Bank of India (RBI) charges interest on loans borrowed by commercial banks. This rate is called the repurchase agreement rate or Repo rate. Typically, commercial banks secure loans from the RBI by pledging various government securities as collateral, such as treasury bills and bonds. The repo rate is nothing but the lending rate charged by the RBI. The repo or repurchase agreement allows the RBI and commercial banks to repurchase securities at a pre-determined rate. These agreements are set in motion when banks must maintain liquidity in uncertain market situations. The RBI uses the repo rate to control inflation. So, let us now understand how the repo rate works. How Does Repo Rate Work? The RBI uses repo rates to regulate money moving through the market. It increases the rate when inflation strikes. Banks borrowing money from the RBI during inflation pay a high interest due to a raised repo rate. This severely affects the bank’s capacity to borrow from the RBI. The end customer feels the impact of a repo rate increase in two ways: Banks increase the rate of interest on deposit accounts to increase the cash at their disposal. Thus, investors can enjoy higher interest on fixed-income instruments. To combat the repo rate hike, banks further increase the interest rate on loans, making them costlier and thus less sought after. With fewer loans to disburse, banks manage to retain greater liquidity. The decrease in liquidity lowers demand in the economy, reducing inflation levels. Repo Period The RBI has stated that the repo period can be ‘overnight, open, or flexible.’ Overnight repo does not extend beyond a night. However, the situation gets complicated if the term is predetermined and agreed upon in advance. This type of repo is known as the term repo. In this case, either side may request to stop the repo at any moment with one or two days’ notice. Term repo typically lasts for one week. However, there is no maximum limit on repo tenure. Current Repo Rate The current repo rate is 5.90%. The RBI increased the repo by 50 basis points in September 2022. What is the Reverse Repo Rate? Commercial banks deposit money with the RBI and earn interest when they have surplus funds. This interest paid by the RBI is called the reverse repo rate. In other words, the reverse repo rate is the rate at which the central bank borrows from commercial banks. How does the Reverse Repo Rate Function? RBI often applies the reverse repo rate during inflation. This increases the rate, prompting banks to park more money with the RBI and earn higher returns. As a result, the banks have less money to extend in the form of loans. Thus, the liquidity in the economy decreases. Current Reverse Repo Rate As of November 2022, the reverse repo rate is unchanged at 3.35%. Repo Rate Vs Reverse Repo Rate Parameters Repo Rate Reverse Repo Rate Definition The rate at which commercial banks borrow from the RBI. The rate at which the RBI borrows from commercial banks. Liquidity A hike in the repo rate drains excess liquidity from the economy. When the reverse repo rate goes up, the liquidity in the market increases. Objective Repo rate helps control inflation. A reverse repo rate helps manage the money supply. Interest Rate The repo rate tends to be higher than the reverse repo rate. The interest rate is lower than the repo rate. Mechanism of Operation The RBI lends funds to commercial banks against securities pledged as collateral. Commercial banks deposit surplus funds with the RBI and earn interest on their deposits. Current Rate The current repo rate is 5.90%., The current reverse repo rate is 3.35%. [B-02] Conclusion The repo and reverse repo rates are vital tools for managing the economy. However, we must remember that the repo rate will always be higher than the reverse repo rate. Further, the difference between these two rates determines the RBI's financial income.
08-11-2023
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Personal Loan

How to Pay Hair Transplant Surgery Cost through Personal Loan

Hair is the crowning gem that keeps you looking young for a longer period. However, not everyone is endowed with thick, healthy hair. Hair loss may be psychologically painful since it lowers self-esteem. Baldness is a genetic disorder that affects some individuals even in their 20s. This generates a feeling of inferiority, with some people facing difficulty finding compatible relationships. How can you discover a long-term solution to this problem? What can you do to restore your enthusiasm for life? There are, in fact, two alternatives. The first option is to wear a wig for a short time. It cures the issue, is reasonably priced, and has no negative side effects. You must, however, remove it at night and take proper care of it. Another alternative is to get a hair transplant. It is more costly but offers a long-term solution to the issue. However, it might be pricey at times. To cover the cost, you can apply for a personal loan. [B-01] What Exactly Are Personal Loans? A personal loan is borrowed at a fixed rate and repaid over time. These loans are unsecured. Thus, no security or assets are required. You can use the loan proceeds to meet your urgent money needs, whatever they may be. When you apply for a personal loan, it is a fantastic solution to all your money needs. A personal loan is likely one of the most vital duties. You must alter your budget to repay it on time, even without paying a lump sum. Yet, if you want a loan, make an effort to get one with the lowest personal loan interest rate available. Hair Transplant Types In India, the average price of a transplant is Rs. 57,000. It may cost as much as Rs. 2,65,000 based on your doctor of choice and other factors. The level of hair loss, the region to be fixed, your age, your hair texture, and the kind of surgery you select all influence your hair transplant costs. Unsecured loans are available for both cosmetic and medical operations. There are two types of hair transplants based on where the donor site is harvested: Strip harvesting Follicular Unit Extraction (FUE) There are two kinds of hospital devices used during a hair transplant: Manual hair transplantation Robotic hair transplantation Perks of Applying for a Personal Loan for a Hair Transplant Easy to use You may use the online method if you don’t know how to apply for a personal loan offline. Lenders’ websites are simple to use. Lenders will walk you through the process of filing a loan online step by step. Many lenders also offer a chatbot service that handles clients’ questions 24 hours a day, seven days a week. Easy Comparison When you apply for a personal loan online, you can compare many loan interest rates and offers with just a few clicks. Many websites now enable users to make decisions based on data from multiple lenders listed on the site. You can also check to see if you are eligible for a loan and use the loan EMI calculator to figure out the best EMI to pay. Minimum Work Required You must follow very few steps when you apply for a personal loan online. You need KYC papers, proof of income, and a passport-size image to complete your loan form. The online application process is ideal if you need a personal loan right away. Instant Approval Many lenders allow you to apply for personal loans online through their website or an online app. The loan request is completed faster because the method does not require many papers for verification and processing. The money is released into your account when the lenders have verified the scanned papers. How Can You Get a Personal Loan for Your Hair Transplant Surgery? The way a person looks has a major impact on his or her identity and self-esteem. If you are self-conscious about your lack of hair, hair transplant surgery may help. Yet, the surgical cost might be a barrier if your resources are insufficient to pay this unpaid bill. Apply for a personal loan to help you pay for this cosmetic surgery. You may satisfy your varied needs by getting a personal loan from the right lender. You may apply for a personal loan with flexible repayment choices and affordable interest rates. Preparing and applying online with proper paperwork takes just a few minutes. Eligibility Criteria for a Personal Loan for Hair Transplant Surgery Loan eligibility varies from lender to lender. Here are the general criteria followed when applying for personal loan. Your age must range from 21 to 58. You must have at least one year of work experience and at least six months of job history at your current workplace. A monthly salary of Rs. 20,000 is needed. Papers Needed For A Personal Loan For Hair Transplant Surgery Asking for a loan is simple and fast. To begin, go to the lender’s website and complete the online form. Along with your loan form, you must apply for a personal loan with the following documents: ID Proof PAN card, Aadhaar card, driver’s permit, voter ID, and any other official ID with your picture and name are accepted as proof of ID. Proof of Address Your utility bills, passport, ration card, or voter ID are proof of residency to apply for a personal loan. Proof of Job Your work ID card acts as proof of employment. Money Records You must also supply your bank records, Form 16, and the last two months’ pay slips. [B-02] Conclusion A personal loan may normally be found with a good rate and terms. If you need direct support covering the whole hair transplant cost, you can apply for a personal loan. It can prove to be a good choice. A hair transplant may improve your mood and give you more confidence. After you’ve chosen the correct specialist and determined your costs, compare the personal loan choices to see which one will get you closer to your new hair. For similar blogs, you can visit Piramal Finance and explore their products and services.
08-11-2023
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Mutual Funds

How to Invest in SIP? And its Importance

For equity investors looking to get a sizeable corpus, SIP investment is a great long-term strategy. It has been demonstrated that SIP investments yield higher returns than conventional assets like gold, fixed deposits, PPFs, etc. Mutual fund SIP plans may be the best choice if you are a working professional with a long-term investment plan of at least five years and are willing to accept market-based risks. However, there is no hard-and-fast rule or a set time that can be used to determine whether to make mutual fund investments. [B-01] What is SIP? When you choose a regular fixed plan for investing money, it’s called Systematic Investment Plan (SIP). Every month, a fixed amount is taken out of your funds and put into the SIP plans of your choice. Way to Invest in SIP SIP Investment has become quite easy. You can do it online through different methods, which we will discuss below. However, investors must have their KYC completed and updated. 1. You can invest in an AMC SIP investment can either be online or by going to the websites of Advisory Management Companies (AMC). You must create an account by giving all the details before proceeding. In the next step, you need to give all the bank details along with a cancelled cheque. In the end, the KYC is verified with the use of the Aadhaar card, and the money is sent to the appropriate mutual fund program. You can make your offline investment by stopping by the AMC office in your area. You will need a completed application form, proof of identity documents, and a check or money order to cover the fee. 2. Platform Acting as an Intermediate When using a third-party platform, investors can make SIP investments quickly and easily. This hub allows you to invest in, monitor, and take care of all of your mutual fund and SIP accounts across all of your advisory management companies (AMCs) with a single point of access. Register with a third-party platform that acts as an intermediary to participate in a systematic investment plan (SIP). The next step is to decide on a scheme and a budget for the investment. Enter your personal information and bank information. With the investment, they can send money online to withdraw their profits. 3. Get Assistance from a Broker SIP investment through a broker, who is a mutual fund distributor, can be time-consuming and expensive. To invest in a SIP plan, you must submit your KYC documentation and a cancelled cheque. However, these days most brokers also have their investment-related website or mobile app. If the broker offers everything you need, setting up a systematic investment plan (SIP) is simple. What is the best SIP Investment in Mutual Fund? There is no such thing as picking the top mutual fund. This is because a mutual fund’s current performance is no indicator of how the fund will do in the future. Similar to how the fund with the worst performance now can turn out to be the best performer tomorrow. Most casual investors research a fund’s performance over the prior three to five years before committing. However, there are undoubtedly additional aspects to think about. Here are some things to consider when choosing a mutual fund for a systematic investment plan. Investment goals consist of things like saving for college, saving for retirement, etc. Investment horizon refers to the duration during which a monetary investment is expected to generate an It could be one year, three years, or even ten. The investor can select either a debt or an equity fund, depending on the duration of their investment. the degree of uncertainty that an investor is willing to take Investors can choose the most appropriate mutual fund for SIP investment based on these characteristics. Investors also need to think about the following issues when choosing a mutual fund: Comparison of Fund Results to a Benchmark Stability in the fund’s returns Evaluating a mutual fund’s results with other funds The expertise of the Fund Manager AMC’s Past results Mutual fund total assets under survey Comparing costs and benefits Benefits of SIP Investments: The benefits of SIP investment are as follows: 1. Easy customization options SIP allows you to contribute as little as Rs 500 per month and enjoy the compounding effect of your investment over time. A SIP not only helps you save money but is also easy to monitor and manage. 2. Rupee Cost Averaging The distinctive aspect of SIP is the Rupee Cost Averaging, whereby investors can buy more units when the market is low and fewer units when the market is high. Because of the nature of SIP plans, your investment cost will go down, and your profit potential will go up as you buy more whenever the market drops. 3. No withdrawal commitment With SIP, you won’t have to commit to something as long-term as a PPF or ULIP. There is no set term for withdrawal, as these are open-ended funds. You are free to take as much or as little as you want out of your investment at any time without penalty. 4. Rate of Interest compounded Compound interest is the power behind SIP, which works because your initial investment will earn interest on top of interest. As a result, it’s more profitable to invest a modest sum regularly over a long time than to make a large lump-sum expenditure. [B-02] Conclusion Investing in a SIP plan is a great first step. Mutual fund SIPs are a good way for new investors to start. When first starting in the investment world, it’s important to consider the big picture. Investment in long-term aims is another consideration. You should invest your money for a longer period. In this way, you are more likely to achieve your goals easily. In addition, you can try out different methods to increase your mark in the stock market. A long time horizon for an investment means that it has the potential to provide high profits. For more details, visit the Piramal Finance website and get assured assistance.
08-11-2023
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Stocks Markets

How to Build a Career in Stock Market?

As India’s trading industry grows more and more professionals are looking for a career in the stock market. This could involve working for a company or building a traditional career in the investment industry. You can also consider taking a business approach to invest and trade instead of stock market jobs to make money for yourself. Let’s talk about a career in the stock market and what steps you need to take to pursue this path. [B-01] What is the Stock Market? Most people need to learn about the dynamic work culture in the stock market. In stock market jobs, there is a lot of competition for every position. Most people don’t want to make a living in the stock market as it’s risky and includes a lot of pressure. Due to the huge growth and steady income, many people want to enter the stock market. For people who like stock market jobs, the Indian share market has opened up many jobs. The market is doing well, and the number of jobs in the stock market keeps increasing. People from many different walks of life like working in the stock market. Participants in the Indian securities market can trade on their own or come up with new ideas and strategies for the market. Here are a few stock market jobs with much room to grow. Opportunities For Employment on the Indian Stock Market Investment Advisor Start a consulting firm and work as an investment advisor. Many CFPs want to be able to plan money professionally. A CFP professional might work independently or for a company that helps businesses and people plan their finances. To apply for a job as an investment adviser under SEBI, you must have passed the NISM Investment Advising Certification Test. After you’ve met all the rules, you can ask SEBI for a licence to be an investment adviser. Equity Research Analyst You could become an equity research associate if you want to work in the stock market. This is a very rewarding job. The stock market has two sides: research on the buy side and research on the sell side. On both sides, they need people who research stocks. The buy side of a market is where fund managers invest and buy a lot of stocks. On the other hand, the sell-side of the market deals with advertising, developing stocks, and selling public stocks. To work as an equity research analyst, you can get a CFA or CA degree, both of which are respected in the job market. Portfolio Management If you invest in a mutual fund, your money is managed by portfolio managers. Professional fund managers are in charge of managing the funds for their clients. If you know a lot about the financial markets, the best job for you would be in portfolio management. You needed a CA, a CFA, or an MBA in Finance, among other degrees, to work in this field. Start with research and marketing if you want to manage a portfolio. As you get better at what you do, you might be able to start investing in portfolios. Stockbroker You all know that you need a trading and demat account to buy or sell stocks. Both of these accounts are taken care of by the same broker. The sheer size of India’s population should give you an idea of how much a career as a stockbroker could grow. Any established broker will sell you a “sub-broker ship” if you are just starting out and don’t want to take on too much. In this situation, you should try to sell the potential customer a brokerage account to make the most money. Becoming a sub-broker is easy, and it could help you reach your financial goals. What Options Are There for a Career in Stock Market? People now have a great interest in stock market investing. They put their money through fixed bank deposits and gold. However, given the current economic climate, customers are looking for new options, such as mutual funds or stocks. India needs to learn further about money as a result. Younger people think it’s better to do things themselves rather than use middlemen. Because people want to learn about money, more stock market jobs are looking good. Most jobs in the stock market are interesting, fast-paced, and pay well, which makes them desirable. Some examples include research and analysis, financial management, stockbrokers, auditing, compliance, cybersecurity experts, and data scientists. Other popular profiles include stock traders, hedge fund managers, investment bankers, portfolio managers, and risk managers. How can people who want to learn more do so? In today’s world, knowing how to handle money is vital. A good education system would prepare people for jobs. it will also make more people aware of how to manage money well. Graduates, in particular, are expected to learn how to handle money since they will have to earn it at some point. Also, any financial expert can serve clients better than their competitors if they have a hold of various financial topics. How do you get ready? What kind of training do you need? One crucial thing about stock market jobs is training. If you want to work in this field, the best training should give you both theory and hands-on experience. Through theory, you must fully understand how things work in the field. It’s like an art where you must know what you’re doing to do it right. [B-02] Conclusion Depending on your skills and interests, the stock market can give you a lot of different jobs. How well you can trade stocks depends on how much you know about the market. It’s more crucial to have experience in the financial market than to have a degree or certification. You need good analytical and communication skills to get a stock market job. For more details, you must visit Piramal Finance, which will clear all your doubts. They have all the blogs and articles to help enhance your knowledge on this topic.
08-11-2023
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Personal Loan

Go Green: Paperless Personal Loans with Piramal Finance

Much has changed over the years in terms of how people access and use loans. Instead of waiting for days, most people today want fast and simple answers to their money needs. The era of digital platforms in the finance sector has made this easier. The government is already doing its share to digitise the economy. It is focusing on developing a cashless system. Piramal Finance’s paperless instant personal loans are one instance of how this sector is growing. People in the digital era want fast answers to money issues. Loans given by Piramal Finance meet these needs. These loans assist them in solving the money crisis. Many experts predict that the future of client finance will be online. Let’s talk about how paperless personal loans are helping to alter lending firms. [B-01] Features of Paperless Personal Loans with Piramal Finance Here are the features of paperless personal loans that you must note: No asset is needed. Users do not need to pledge security or assets to get a loan from Piramal Finance. This makes these loans a good choice for many people. Tenure of flexible repayment. Piramal Finance loans allow you to repay the loan according to your financial capacity. You may choose a payback period of 12 to 60 months. Huge loan amount. Piramal Finance offers large loans of up to Rs. 25 lakh to meet your money needs. Other Offers. Your needs are a priority at Piramal Finance. Piramal Finance’s loans are tailored to these specific demands and aims. Simple online access You can monitor your loan account online, check your current loan balance, and even arrange partial payments since the process is fully paperless. Before asking for a personal loan, research and compare loan rates, and look for hidden prices or charges. Piramal Finance places a premium on openness, and all charges are disclosed upfront. You may apply for an online personal loan on Piramal Finance now that you know the whole process of getting a loan. Perks of Paperless Personal Loans from Piramal Finance A lending platform aims to test your creditworthiness by assessing your data online. Getting a loan via digital lending platforms is faster and easier than going to a bank. Here are some of the benefits of a paperless personal loan: It is trouble-free. Getting paperless personal loans is easy. There is no need for lots of paperwork, many visits to the bank, or filling out and signing page after page. With a few mouse clicks, you may apply for a loan from the comfort of your own home. It takes less time. The entire process, from approval to disbursement, is done online. You may save energy and time by not having to visit the bank often to submit papers. The loan is granted quickly and with minimal human interaction. It protects your data. Digital lending sites are subject to strict security testing and must comply with bank-mandated security measures. Hence, the technology ensures that all data on the site stays private and secure. You must first match the eligibility rules to get a loan without papers. Eligibility for Paperless Personal Loans with Piramal Finance Following are the eligibility requirements for paperless personal loans with Piramal Finance: You must be a paid employee. You must be an Indian national. You must be between the ages of 23 and 58. You must have a clean credit history and an above-average credit score of 700 or higher. Use the loan calculator to assess your eligibility when applying for a loan. All you have to do is enter your net revenue and the EMI you can afford. You will have all the needed data. Make sure you have a soft copy of the papers available to expedite your digital rapid loan form process. Documents required by Piramal Finance Paperless personal loans are simple and quick to apply for. Yet, to get the loan money, the user must provide some papers to the firm. These papers ensure that the user is a real borrower capable of paying the loan amount. Users must provide digital copies of these papers and allow the firm to verify them. Users may now e-sign papers, making the process easier. The following papers are needed for online loans: ID Proof PAN card, Aadhaar card, driver’s permit, voter ID, and any other official ID with your picture and name are accepted as proof of ID. Proof of Address For a paperless personal loan approval, you can show that you live in the area with your utility bills, passport, ration card, or voter ID. Proof of Job Your work ID card acts as proof of employment. Money Records You must also supply your bank records, Form 16, and the last two months’ pay stubs. How do paperless loans function? Many firms today find it relatively simple to receive and verify digital applications. You no longer need to visit a branch office to finish loan applications. You may do this from any place and simply ask permission. The process is mainly the same for all banks in the market, and the stages are as follows: Go to the lender’s official website. Fill out the online form with your data. Provide digital versions of all vital paperwork. The bank will get the papers and check their validity. If the paperwork is approved, the loan is sent to the user’s bank account. [B-02] Conclusion Paperless personal loans provide various perks for both lenders and users. By eliminating the time-consuming process of paper filing, you can save a lot of time and receive the loan amount quickly. Most of the country’s main banks offer pre-approved loans to current clients. Pre-approved credit does not need any papers since the user profile is already present with these banks. The ease of paperless personal loans has already become popular in India, and it’s expected to develop much more in the future. Check out similar blogs on Piramal Finance and explore their products and services.
08-11-2023
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Schemes

Benefits of Pradhan Mantri Awas Yojana (PMAY) to Home Buyers

Most of us want to own our own homes. Most lenders, though, offer home loans with higher interest rates. This is a big problem for the vast majority of people who want to buy a home. People who want to realize their dream of owning a home need to find the right lender and use the Pradhan Mantri Awas Yojana. PMAY is a program of the Indian government that aims to give everyone an affordable home. Pradhan Mantri Awas Yojana was started by the government of India. The goal of the program is to make housing more affordable for the urban poor so that the goal of “Housing for all by 2022” can be met. In other words, the PMAY was established on June 1, 2015, to give 20 million people a place to live by 2022. The Credit-Linked Subsidy Scheme is part of it. This helps pay for the interest on home loans that are used to buy, build, expand, or fix up residential properties. [B-01] Benefits of PMAY Scheme to Homebuyers Below are the advantages of the PMAY program: A rise in the residents’ standard of living A permanent home gives you financial and social stability, comfort, and overall better quality of life. People who are struggling financially can improve their quality of life with the help of this plan. This is because the plan brings down the cost of home loans for everyone. Successfully exploiting land whose value is declining The program focuses on getting people living in slums to move to “pucca” houses so they can have a safer future. With its successful implementation, the lost value of land next to slums can be brought back. An increase in available employment possibilities In terms of building, expanding, and improving homes, the PMAY plan focuses on a huge construction and redevelopment project. So, it will open up a lot of job opportunities in the real estate industry. Assurance of financial stability for females The program makes it easier for women to get home loans. So, there is a good chance that women can protect their financial futures by buying their own homes. Also, there must be at least one adult woman in the household who is also a co-owner of the property. On the other hand, this requirement is not needed to build a house on an existing piece of land or to add on to or fix up a ‘kuccha’ or ‘semi-pucca’ house that already exists. Advantages of conducting business in an environmentally responsible manner Under the PMAY programme, homes are built using materials and methods that are good for the environment. The developers and builders of these homes have been told to use high-quality, eco-friendly materials and to make sure that the construction sites don’t hurt the environment too much. The PMAY is a government program that has the potential to improve the lives of people who are struggling financially. People are encouraged by the government to live safely and cleanly. They get it because they meet the basic requirement of having a permanent place to live. This need can be met by giving people a place to live. What are the PMAY Program’s Features? As was already said, the main goal of the Pradhan Mantri Awas Yojana 2021 is to give everyone a place to live by 2022. In addition to this main goal, the scheme also gives its beneficiaries the following benefits: The Pradhan Mantri Awas Yojana will give people and families who live in economically poor areas priority. The PMAY programme can help women and people from groups that aren’t well-represented because its goal is to give them a place to live at a price they can afford. People from Scheduled Castes or Scheduled Tribes, for example, get help with housing as a top priority through this programme. Senior citizens can take advantage of the program. If they choose to take part, the government will give their claims for ground-floor properties more weight. People who want to take advantage of the benefits this program has to offer must first sign up for it. Also, women, especially mothers or wives, must be listed as people who can benefit from the program. Under PMAY, people from other minority groups also get a boost. People in the transgender community, people with low incomes, and widows are all thought to be in this group. Who is eligible to make an application for PMAY? The PMAY program is open to applications from the following categories of people: Individuals who are members of the Economically Weaker Section (EWS) Other Backward Class (OBC) Low Income Group (LIG) Middle Income Group-I (MIG I) Middle Income Group-II (MIG II) Schedule Tribe (ST) Schedule Caste (SC) To get help from this program, a family must have a husband, a wife, and sons or daughters who have not yet gotten married. Every adult family member who helps pay the bills should be counted as their household, whether they are married or not. [B-02] Conclusion The Pradhan Mantri Awas Yojana has a lot of benefits, and many of them depend on the type of borrower who applies for the program. When figuring out the interest rates, loan terms, subsidy amounts, and other details of the Pradhan Mantri Awas Yojana, the age of the applicant, where they live, and their current financial situation are all taken into account. Check to make sure you meet the requirements for each category. After that, carefully fill out an application for the PMAY program that fits your situation the best. This keeps you from having to go through the trouble and hassle of having your application turned down and then resubmitting it. And you can go for Pradhan Mantri Awas Yojana Gramin online apply since it is quite simple to apply online. However, if you aren’t sure what to do, talk to a financial expert like Piramal Finance. They offer business owners and professionals custom loan solutions.
08-11-2023
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