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Get The Top 5 Best Strategies for Successful Intraday Trading

Money is ever-changing its position and its sheer liquidity. Thus, you will need to know a few facts to help you invest better. With the depression in the recent economic climate, you will undoubtedly need to see the trending ways to set your hard-earned money to a particular place which will surely be your asset. Intraday trading is one such thing that will allow you to understand the stock market better before you decide on your money. Well, be that as it may, if you are known about trading, you will certainly do well to learn about intraday trading tips. [B-01] A brief keynote on intraday trading tips Before you acquire trading tips, it will be beneficial for you to know about intraday trading. Well, intraday trading is about buying and selling on the same day. Hence this kind of trading is also known as Day trading. It is a fact that share prices are ever fluctuating, and that movement is non-predictable, and thus, intraday traders tend to draw profit out of that by selling on the same day. You need to know that if you, as a trader, fail to sell the share on the day itself, you will either be squared off your position or converted to delivery trading. Trying the best intraday trading strategies can be a great help and this read will help your reach that goal. The basics of intraday trading The first thing you will need to know about intraday trading strategies is that the swap is done on the same day. Usually, these types of trading are done on online trading platforms. An example will help you to understand the mechanism better. Consider that you got a share worth Rs.500 in the morning. Within an hour, you will see it climbs to 550, and if you purchase stocks of 1000, you will make a profit of Rs 50,000. As a stock market trader, you must be quite cautious during intraday trading. Also, there are a few things, more like a tip, that you need to know, which will enhance your understanding. These intraday trading strategies will help you to deal with the stock brokers well. Thus, the below-discussed five strategies will help you in the long run. Let’s have a look! 1. Learn the techniques well. It is suggested to know the techniques well before trading. Trading is perhaps the most fluid thing you will ever see, and hence, you must be very cautious. As a beginner, it will be imperative for you to invest the exact amount that you think you can afford. Effective intraday trading tips involve selling the stock on the same day, and thus, investing a nominal amount is wise. It will also be an excellent idea to select liquid stocks. Well, this is the most effective intraday trading strategy you will ever learn, and as per the view of qualified individuals, the best intraday trading tips are those with liquidity that hardly create an issue. 2. Make use of intraday trading time analysis The second most effective intraday trading tip would be to use the trading time analysis. As soon as the market opens, you will see the daily charts. In the case of intraday trading, you will get your allocated time and have to be ready to use your time well. 3. Need to follow the sound intraday trading The ORB’s Opening Range Breakout is when the stock first appears in the stock market. You will follow the intraday trading tips well if you pay attention to the first 30 minutes to 3 hours. At the time when you use the ORB intraday trading, you must remember that when the stock moves upward from the breaking range, it will be likely that the price will be bullish. You will also have to use the Relative Strength Index and the Average Directional Index and that is also one of the best intraday trading tips you need to know. You need to understand that the Relative stock Indicator is used to identify the stocks that are over-purchased or oversold. 4. The momentum trading strategy The momentum trading strategy is one of the essential intraday trading tips. Knowing about the stocks that moved in the last few years is what momentum trading is all about. 5. Moving average strategy Another beneficial intraday trading tip for beginners is the moving average strategy. The moving average strategy depends on the straightforward moving average prices. You need to know that the moving average is the logging-off indicator and the crossover strategy will never capture the very top. [B-02] The final thoughts: These are the few intraday trading tips that you will need to follow. Knowing these will help you to understand the market better. However, it will be beneficial if you rely on a trusted financial partner while considering learning about trading. You can take guidance from Piramal Finance, which is the one-stop destination for all your finance-related queries.

08-11-2023

Other

Top 10 Investment Options in India You Must Know of in 2022

The financial market is highly unstable at this stage. If one doesn’t start investing, it will become a huge problem, especially when one faces a financial crunch. Therefore, you can learn more about the top ten investment options available in India in 2022 and start investing in one of them. It might not be feasible for you to start investing in multiple options simultaneously from the beginning. So, you can weigh the options, learn more about their pros and cons, and then decide which investment option will suit you. [B-01] What are the Top Investment Options in India in 2022? Here are the 10 best investment options in India you should look at: Public Provident Fund or PPF Backed by the Indian government, this investment scheme is usually under the supervision of national and public sector banks. It is a risk-free investment option with a high lock-in period of a minimum of 10 to 12 years. It means you will be able to liquify the investment after the lock-in period gets over. You can open only one account after turning 18 years old, with a minimum monthly payment of INR 500 or an annual payment of INR 500. You can deposit a maximum of INR 1.5 lakhs per month. Usually, the current interest rate is 7.10% per annum, without a grace value of 0.25% to 0.75%. Post Office Monthly Income Scheme As the name suggests, the post office’s monthly income scheme is under the regulation and governance of Indian post offices. It’s almost like a fixed deposit where you give a lump sum of a minimum of INR 1000. Every month, you will get a fixed interest rate calculated on your deposited principal amount of 6.60% per annum. The maximum amount you can deposit for a single-holder account is INR 4.5 lakhs, and for a joint account, it is INR 9,00,000. The interest earned is taxable, and you might be exposed to deductions if you foreclose the deposit. National Savings Certificate The National Savings Certificate, or NSC, is one of the best investment options in India in 2022. Being a risk-free investment, it is under the governance of the Indian government, and the certificates are available at several Indian public and private banks. A person has to make a minimum investment of INR 1000 with 12 installments in a financial year in multiples of 100 only. There is no upper limit on the investment amount. The interest rate is compounded annually and paid at maturity. With a five-year lock-in period, your investment will be in safe hands since you won’t be able to prematurely sell it. One of the main benefits of a National Savings Certificate is getting tax exemption under Section 80C of the Income Tax Act. Government Bonds You can purchase bonds directly from the Indian government as an individual investor and use the same for several other investments. To store all of these items, you must have a valid bank account or a Demat account. There is no fixed bond price because the government itself announces it. You can buy it through different kinds of stock exchanges or get listed in commercial bank listings. Sovereign Gold Bonds or SGB Sovereign gold bonds are under the management and governance of the Reserve Bank of India and are usually denominated in terms of grants of gold. It would help if you had a minimum investment of 1 gram of gold. The bonds can be issued multiple times in a financial year, provided you have a valid PAN card. The maximum amount of gold you can purchase through SGB is 4 kg for individuals and 20 kg for trusts. Also, RBI offers an INR 50 discount on purchasing 1 gram of gold online. The investment return is approximately 2.5%, paid half-yearly, with a maturity term of eight years. National Pension Scheme or NPS The National Pension Scheme is ideal for people looking forward to building up a wonderful life for retirement. The investment will go into pension funds monitored under the supervision of government authorities and further invested in various stock market portfolios associated with the least amount of risk. Based on your convenience, you can deposit either in a Tier 1 or Tier 2 NPS account. Equity Mutual Funds You all know what this type of investment option is. As the name suggests, you can invest in equity mutual funds through the stock market and buy some shares in any company or the brokerage itself. Although there are risks associated with equity mutual funds, the returns are quite high, and that’s why it’s one of the best and most convenient investment options. Gold Exchange-Traded Funds or ETF Gold ETFs are electronic transactions through which you buy gold virtually instead of physically. You will have a Demat account where all the details of the asset holdings will be stored in terms of the grams of gold you have under your name. There is no upper or lower limit to ETF investment, which is why it is one of the best investment options for people who want to buy gold in physical form but cannot do so due to the increasing price. It depends on the gold market, where the returns will increase if the market price goes up and vice versa. Unit-Linked Insurance Plans or ULIP Unit-linked insurance plans are almost like policies, where you must buy a certain number of units at the bid or ask price. Each fund will have a certain number of units, and you can either deposit in one fund scheme or multiples at the same time. Real Estate Investment Trust or REIT REITs are almost equivalent to mutual funds. However, you will buy certain sections of the real estate market instead of shares or stocks. It is also volatile because the real estate market’s actions are constantly changing, and the prices are also increasing. However, the chances of suffering a loss are low because the real estate market usually witnesses an appreciation in property values. [B-02] Wrap Up Since we have already discussed the basics of India’s top ten investment options in 2022, your job is to decide which one you want to go with for maximum returns and several other perks. You can read related articles on the Piramal Finance website and learn more about the different investment options.

08-11-2023

Top 10

Top 10 Benefits of a Long-Term Car Insurance Policy

According to the Motor Vehicle Act of 1988, every vehicle owner must purchase third-party insurance. It is needed for the protection of individuals, in the event of a road accident. A long-term car insurance policy comes with a longer validity period. According to the Supreme Court of India, every new vehicle owner needs to purchase such long-term insurance. These policies have a validity period of three to five years. Let us check the benefits of such a long-term car insurance policy. [B-01] Benefits of a Long Term Car Insurance Policy Long-term car insurance online is a multi-year car insurance policy. Due to this policy, the holder will benefit from extended coverage. Usually, it is for more than one year. You do not need to worry about renewing or claiming your policy every year. There are many more benefits to a policy such as this one. They are as follows: 1. Prevents Price Hiking The cost of most car insurance policies undergoes a hike each year. With time, every policy tends to get more expensive. Buying a long-term car insurance policy helps to overcome this price hike. By avoiding annual renewals, you can save a considerable amount. This saves you a lot of money. So, it is always better to opt for a long-term policy. 2. Availing Discounts Most policy providers will be willing to offer you a discount. It is applicable if you purchase a long-term car insurance policy from them. This also happens because such policies tend to be more expensive. But if you think that you can get a similar discount benefit with an annual policy, then you may be wrong. 3. Immensely Convenient Renewing a car insurance policy each year is a difficult task. If you miss the date of renewal, you could end up losing all the benefits and coverage of your insurance plan. If your policy ends up lapping, your insurance provider can end up denying any claims on the policy. A long-term policy ensures that you do not need to undergo the hassle of renewing every year. A policy such as this one helps you, especially if you tend to stay busy. Another point of convenience with a long-term policy is a vehicle inspection. Each year, before renewing your policy, the insurer will demand to inspect your vehicle. In the case of a long-term plan, it will not be a hassle. You will not have to get your vehicle inspected. 4. Avoid Risks Associated With Non-Renewal Did you know that failing to renew your policy can expose you to various risks? Claim rejection is one such risk with serious results. In the event of an accident, you might have to suffer serious financial risks. Such risks are eliminated when you take a long-term car insurance policy. 5. Transferring a No-Claim Bonus In a long-term car insurance policy, it is possible to transfer a no-claim bonus. You can transfer it to the next year of your policy. This can be done if no claims were made on the policy during the previous year. You can browse various policies and find one where you get a higher no-claim bonus. In most cases, you can get it for long-term policies, but not annually. 6. Avoid Policy Expiration In India, it is an offense to drive an uninsured vehicle. Buying a long-term car insurance policy means that you can avoid the risk of your policy lapsing. Drive worry-free and avoid the expiration of the policy for at least three years. After a policy lapse, you need to undergo lengthy paperwork and an inspection of your vehicle once again. 7. Optimum Safety for Your Vehicle If you drive an uninsured vehicle, it will attract heavy fines. Your car stands exposed to risks without insurance. In the absence of a valid insurance policy, you are at risk. You could end up paying large amounts for the repair of your vehicle. By taking out a car insurance policy, you can avoid such risks. 8. Save Time and Effort You do not need to spend time getting your car inspected again when renewing an annual policy. A long-term policy ensures that you preserve your efforts and time and stay free of the hassle of checking your policy status. 9. No Need To Assess Insurers By taking out a long-term car insurance policy, you commit to using the services of one insurance provider. There will be no subsequent need for you to recheck the available options in this case. With an annual policy, you need to check whether your insurance provider is providing the same benefits or not. This can be avoided with a long-term policy. You will get the benefit of the same features and advantages every year for the duration of the long-term policy. 10. No Change in Policy Features and Benefits If you take out an annual policy, you will need to go through the fine print each time. Over time, many policies change. It could result in you having to bear irrational costs. A long-term insurance policy means that you are assured of the same features and benefits. You will not need to go through the changes to the policy. [B-02] To Conclude Buying a long-term car insurance policy has many benefits. Listed above are some of the most useful benefits of taking one such policy. The best items in the basket are discounts and higher no-claim bonuses. So, give yourself the benefit of the best coverage with a long-term insurance plan. It is best to check the details of any policy before signing up for it. Visit Piramal Finance to understand the features of your policy. Compare the policies and select the one that best suits your needs. Read the website for more information on various policies. This will help you make an informed decision about picking a suitable insurance policy.

08-11-2023

Business Loan

Hidden Things You Should Know About Working Capital Loans

Importance of working capital loans Working capital is the amount of money a business uses for its day-to-day activities. Without free cash flow from the business, industry prosperity could be at risk. A working capital loan is a type of business loan that can cover a company’s short-term financial obligations and business. It is not intended to fund business investment or equity goals. Simple obligations may include daily expenses, purchases of goods, and monthly administrative payments through inventory management. These are just a few of the company’s short-term operational needs. Your immediate needs can be met with the help of working capital loans, giving you more time to prepare and focus on your long-term goals. [B-01] When should I apply for a working capital loan? Working capital loans are primarily targeted at small and medium-sized businesses, as loan terms typically range from 6 to 48 months. This period currently varies by bank. Financial institutions calculate interest on working capital loans in the same way. According to Reserve Bank of India (RBI) standards, the loan balance granted varies from bank to bank. Business turnover is a parameter in determining loan size. Characteristics of Working Capital Loans in India Loan amount Working capital loan amounts vary according to the company’s needs, expertise, and duration and are tailored to the company’s specific payment obligations. The interest rate Working capital loan interest rates vary from account to account and depend on the needs of the lender. Collateral It is not guaranteed that working capital loans will be guaranteed. This means that you may have to fill out a deposit slip to receive your loan. Land, stocks, metals, commodities, and even companies can be used as collateral. Banks tailor working capital loans to the collateral availability of borrowers. For unsecured working capital loans, the creditor will look at your credit history. Refund The mortgage payment process aligns with the cash flow statement. The age factor Another point to consider is the age criteria for applying for a mortgage. Debtors must be between the ages of 21 and 65. Hidden Fees Banks charge a service fee when you apply for a working capital loan, and different banks charge different fees. What types of working capital loans are there? Banks often deal directly with working capital loan types. These are all: Overdraft or cash advance facility Loans for a specific period Bank Guarantee Package credit Letter of credit Mortgage of receivables Mailing finance [B-02] Important Standard Requirements for Working Capital Loans Documents Required- 1. A PAN card owned by a single partnership company.2. Identification document: voter ID, passport, driver’s license, or Aadhaar card.3. Proof of personal address: passport, utility bill, phone bill, and Aadhaar account number. 4. Proof of residential and business ownership.5. Proof of Ownership: financial records, tax returns, and tax disputes for the last three years.6. Registration confirmation: Partnership Agreements, Articles of Incorporation, and Registration of Business Places.7. A loan planning letter for existing loans.8. Photos of the candidateThere are some things many people don’t know about working capital loans and how beneficial they can be during difficult times. No full credit is required: Unlike personal loans, creditworthiness is irrelevant when applying for a work loan. Many lenders know that business can drop more slowly than usual. For this reason, they encourage entrepreneurs to apply for working capital loans. Even with imperfect credit, you may be able to obtain the funds you need to continue your business. Working capital loans can be approved faster: Applying for a loan is a little different than applying for a traditional line of credit. Business loans have fewer approval limits, so lenders may approve them in just a few hours. This means your loan is approved and your funds are available in just one business day. Your lender may be able to deposit your working capital directly into your account. Applying for a working capital loan is not that complicated: Working capital loans have fewer requirements than other types of loans. When applying for a business loan, you may only need to show six to nine months of active business history. This is beneficial for new businesses that may feel ineligible for financing because they are new to the business. A solid business history is important, but certain lenders require a much shorter period of documentation. Other payment options: Lenders that offer working capital loans usually offer multiple repayment options. Instead of making large monthly payments, you can choose small amounts that are deducted directly from your daily sales total. Lenders can also make payments automatically. This means no late fees, and in some cases, a fee or two can be waived. If you can make additional monthly payments, you may be able to pay off your loan early. However, be aware that not all lenders are the same. You may not be able to repay or settle your loan before the final scheduled payment. No collateral required: Not all small business loans require collateral to be provided to cover the loan amount. If you don’t need collateral, it’s important to read the entire loan agreement before signing. If you don’t understand something, now is the time to ask. If you own a small business and are short on cash, look for readily available lenders. Understanding how working capital loans work can help you find the right loan for your needs from the right lender. Even if you think you might not qualify, remember that it’s easier to get a working capital loan if you’ve only been in business for a short time. Visit Piramal Finance today to learn more!

08-11-2023

Gold Loan

How to Take A Gold Loan Against Your Ornaments

How to Use Your Jewellery to Secure a Gold Loan? Are there any benefits of taking out a gold loan against jewellery? Loan against gold: What is it? People frequently find themselves in precarious situations when they require money to cover an unexpected expense or to pay for a long-awaited need, such as a home renovation. A gold loan could be quite beneficial in these circumstances. A gold loan is essentially a secured loan. In this borrowers use their gold jewellery or even gold coins as collateral to borrow money from a bank or non-banking financial institution (NBFC). The gold pledged as security may be obtained back by the borrower following full loan repayment. The borrower’s credit history is not a major worry for lenders because gold loans are only offered in exchange for a piece of collateral. Gold loan’s biggest advantage is how straightforward it is to apply for one. A reputable lender’s website will allow prospective borrowers to complete the entire process online. [B-01] Loan Amount: The loan amount is determined by the weight and purity of the gold that is pledged. The amount is inversely related to the gold market price at the time of pledging. The majority of lenders often do not accept ornaments with a purity of fewer than 18 carats for a gold loan. The loan-to-value (LTV) ratio is essential in gold loans. This ratio is the maximum amount that the lender will advance as a percentage of the value of the gold that the borrower has pledged, after assessing and verifying the purity of the gold loan against gold ornaments. Therefore, if a person pledges gold jewellery worth Rs. 10 lakh and the lender offers a loan-to-value ratio of up to 60%, after which a maximum loan of Rs. 6 lakh is imposed. The maximum amount of a gold loan would increase to Rs 8 lakh, however, if another lender offered a loan-to-value ratio of 80%. The Technique: An application must first be completed, either online or at a lender branch. The majority of trustworthy lenders enable consumers to apply for gold loans online. Aadhaar cards, bank account numbers, and basic know-your-customer (KYC) credentials like Permanent Account Numbers are required of applicants. For application reasons, anything can be uploaded online, even photos. Officials from the lender get in touch with the applicant once the application is submitted to evaluate the gold that is being promised. Although this evaluation is physical, the majority of lenders will provide the borrower with the option of having it done at home. Otherwise, the applicant may go to the lender’s closest branch office. This assessment is a brief procedure that frequently just takes a few minutes. The executives of the lender will assess the quality of the gold, its weight, and its current market value before determining how much can be loaned. The money is sent into the borrower’s bank account, typically within a day, while the promised gold is maintained with the lender. What Kind of Gold can be Accepted as Collateral? Gold coins, gold bars, and jewellery made of 18-to24-karat gold digital (but digital gold must be exchanged for physical gold against which a loan can be availed). A few things to think about before taking out a gold loan include the following: The convenience of gold loans is undeniable, but before applying for a loan, it’s crucial to evaluate gold loans and loan providers. Before you take out a loan, be sure to negotiate the best conditions and interest rates. Assess interest rates for gold loans against gold ornaments. Do your research to identify the best loan options. Determine which lender will provide the largest loan amount for the value of your gold. Consider the lender’s reputation. Examine the security precautions the lender has taken for the gold you have pledged. Evaluate how quickly various lenders disburse loans. Pick a lender with a solid customer support system and respect for the interests of its clients. What Are Some Common Options for Gold Loan Repayment? As a secured loan, gold loans are straightforward to apply for. The lender is confident that the loan won’t go south because the quality of the gold has been confirmed in advance. To make it convenient for the customer, they typically offer a variety of repayment choices. 1. Pay Interest as EMI and Principal Later: This option allows you to pay back the interest by the gold loan’s EMI schedule, but the borrowed principal must be completely repaid when the loan matures. Make Partial Payments: As necessary, make partial principal and interest payments. No matter the predetermined EMI plan, partial or full payment of both the interest and principal components is allowed. Your total interest payout will be lower if you pay off your principal first. Interest is typically calculated daily based on the amount of the loan that is still outstanding. By doing this, you can save a lot of serviceable interest. 3. Bullet Repayment: When the loan’s term is up, you must pay back the total principal plus interest using the bullet repayment method. With this repayment plan, interest is computed each month, but payment, along with principal repayment, is only required when the period is complete. 4. Regular EMI option: The regular EMI gold loan against jewellery is intended for those with steady monthly incomes in their bank accounts and is targeted at the salaried class. The EMI in this instance consists of principal and interest payments. It is also a quick process because this loan is only available to salaried individuals. [B-02] Summing-up: The purpose of this article is to give comprehensive information on gold loans against gold ornaments. You don’t even need to visit a branch to apply for a gold loan secured by gold jewellery. To take a loan, go to its website, register, and fill in your key details, such as address and bank account details, and a company representative will come to your home to complete the process. Competitive interest rates are offered on gold loans to assist you in getting money right away. The gold loan application and repayment procedures are also tailored to provide special features to accommodate all of your capital needs. Also visit, Piramal Finance has more in-depth, educational-related articles.

08-11-2023

Tax

HRA in Salary: Understand HRA Exemption in Income Tax

House rent allowance, or HRA, is a benefit received by many salaried employees. Did you know if you rent out your property, you can get a tax exemption via an HRA? You may be excluded from paying taxes on HRA contributions if you meet Section 80GG requirements. Here, we will learn what an HRA is and how to calculate it. We will also understand how you can get an HRA exemption on your income tax. [B-01] What is House Rent Allowance? Employers often provide a housing allowance for those staying in rented accommodation. You may thus use this exemption whether you are self-employed or employed somewhere that does not provide an HRA. However, your house rent allowance is tax-free if you are a lessee. The tax benefits associated with the HRA exemption provision cannot be used by people who get HRA from their employer and also possess a primary residence. How to Calculate Your House Rent Allowance? Here is how to calculate your house rent allowance: If you live in a tier 1 city, your HRA will equal half of your monthly salary. The HRA should be between 40% and 50% in case you don’t receive any commissions or dearness allowance. Income Tax and HRA Salary Your HRA pay may be calculated using the following factors: Your net monthly rent payment minus 10% of your regular paycheck. The money you received as an HRA. You will get 50% of your regular salary (for a metropolitan area). The lowest total of these three is the HRA you may write off. HRA Assessment Calculation HRA is a deduction from taxpayers’ gross income if they pay rent. Online salary HRA calculators are available for you to use to determine your HRA refund. The HRA refund might also be calculated manually. Use the HRA calculator on the Income Tax India website. For example, if an employee has annual rental expenses above ₹10,00,000, the landlord’s PAN number must be included on their tax return. An employee can claim rent benefits in line with Section 80GG or the HRA exemption section. This is possible if they are paying rent costs but don’t get HRA as part of their compensation or pay rent without any income. Considerations for HRA Deductions The following factors should be considered for HRA deductions: If you file jointly and pay your spouse’s rent, you cannot take advantage of the HRA exemption. You may still benefit from the tax-free HRA status if you have a mortgage. If you pay your rent to your parents and have a receipt, you may apply for a house rent allowance. For tenants with an annual income above Rs.11,00,000, the PAN number of the tenant’s landlord is required. In the case of a non-resident Indian landlord, 30% of the rent must be withheld as TDS (Tax Deducted at Source). Local Housing Allowance and Housing Rent Subsidy Employees in tier-1 or metro regions may be eligible for a City Compensatory Allowance (CCA) from their employer. Workers at Tier-2 locations may be eligible for CCA under certain conditions. It’s not only based on a person’s starting wage but also on their position and pay scale. In other words, HRA is different in every city. An employee in Mumbai, for instance, would get more pay than their counterpart in Delhi. A City Compensatory Allowance (CCA) in addition to their House Rent Allowance (HRA), helps pay the higher cost of living associated with rented accommodation. Regarding taxes, CCA benefits are completely tax-free, whereas HRA recipients may deduct up to Rs1,000,000 from their income. Proof of Payment for HRA Exemption You must show your rent receipt to the tax office to claim a break. You should save a copy of the lease and the license agreement, as well as any utility bills, letters to the cooperative organization, etc., that pertain to the tenancy. A house rent allowance is a tax deduction for money spent on housing that is exempt from taxation under Section 80GG of the Income Tax Act. Suppose a worker has previously claimed a deduction for HRA contributions under another section of the Income Tax Act. In that case, the HRA exemption will not apply. Those who do not qualify for the house rent allowance but are still eligible for the HRA may deduct mortgage interest and other related costs under Section 80GG. Constraints Expanded Upon Linked to Article 80 GG Housing unit exemptions are only available to HUFs and individuals. Rent costs are deductible for self-employed and wage earners who don’t have any tax breaks available under Section 10. (13A). The HUF of which the worker is a member does not own the residence where the worker is engaged in business, nor does the HUF own any of the worker’s dependents. Section 80 GG deductions did not also claim any other rental homes they use as their primary residence. All self-declarations for deductions under Section 80 GG must be filed using Form 10-BA. The applicant must provide evidence in the form showing they are eligible. [B-02] Summing Up You may keep claiming HRA only if you opt for the old tax scheme. Remember that under the new tax legislation, you won’t be able to take advantage of any HRA exemption, except for small NPS payments (up to Rs. 50,000) and mortgage interest (up to Rs. 2 lakhs). As a result, if you are currently renting and have a house loan, you should not be shy about taking advantage of the double tax benefits. To learn more about HRA and HRA exemption, you can read similar blogs on the Piramal Finance website.

08-11-2023

Investment

Important Things to Check Before Making an Investment

When you’re in a hurry to get the most out of your investments, it’s easy to overlook important details. Things like making sure your portfolio is diversified and choosing the right combination of investment plan components. Think about doing these things before you make an investment plan. This way, you can avoid problems like this from occurring in the future. [B-01] Keeping a sober mind about your current financial situation is important. To get an accurate picture of your current financial situation, you should examine your resources, income, and expenditures in great detail. After that, you can choose the amount of money you would invest in the enterprise. After that, the amount of your investment plan will be determined based on your salary as well as your financial situation. Be careful to study the market and the financial instrument you want to use for your investments. Once you have decided on your available investing funds, the next step is to do thorough research on the market and the investment plan prospects you have. The schemes may be analyzed regarding their profit. You should also consider how long they last, their tax advantages, and their safety level. You may increase the safety of your possessions by dispersing them. You can diversify your portfolio by investing in several goods, giving you access to alternatives ranging from high to low. You will still have the revenues from your low-risk assets as a fallback option if your investments with a greater level of risk do not provide the desired outcomes. Enrich your portfolio Recognize that low-risk investment plan choices, because they are less vulnerable to altering market dynamics, give superior income stability and should be considered. As a result, you need at least one fixed deposit or some other kind of investment plan with a low level of risk. To determine how much money you have made, use the FD Calculator. Investing is a game played over the long term, and thus, you should put only some of your eggs in one basket. Make sure your portfolio is clear. It is desirable to have a diversified portfolio. Besides, it becomes more difficult to manage if the portfolio is also disorganized. There are so many different alternatives for investing, so it might be challenging to complete one’s income tax returns. It makes it more difficult to study and come to definitive decisions, such as whether the organization should be dissolved or brought back to life. As you construct your portfolio, you should exercise extreme caution. You should also seek the guidance of industry experts to prevent this situation. It is important to keep in mind the following elements that might affect your profits. The total earnings you get from an investment plan are determined by several elements, including but not limited to inflation, tenor, principle, taxes, and rate of return. Before making any investments, consider them and analyze them to get the most out of your money. For example, money’s buying power decreases over time when inflation develops. If an investment plan seems like a great idea, one must determine its worth after accounting for inflation. Increase your wealth by investing and using this checklist as a guide. When deciding between low-risk and high-risk investments or between short-term and long-term possibilities, it is critical to maintain composure and use reasoning in light of each choice’s possible dangers and benefits. You should always have some money stashed away in case you need cash. Important Things to Think About Before You Invest When one begins to add financial resources, one should immediately get started on a long-term investment strategy. A person should consider the following before investing money in a savings account, a mutual fund, stocks, or bonds. A document issued by the bank Starting an investment portfolio requires a checking or savings account as a precondition. You should use a bank account to invest in various other financial items. When assets are sold, it is easier to avoid changing the bank’s mission. It is wise to move all investments well in advance if there is a change in the number associated with a bank account. Determine who it is that is purchasing from you (KYC) Before making any more financial investments, this is a required criterion that must first be met. Keep extra copies of your identifying papers, such as your passport, Aadhaar card, and PAN card, on hand at all times. This is especially important if you travel often. Nominations When making investments, most investors need to include their nominee information. Submitting a nomination is suggested and often necessary. After registration, if an investor’s intended beneficiary or beneficiaries change, the investor must re-register new candidates for each investment. Holding one’s position either in a group or on one’s own Managing and overseeing one’s holdings is an essential component of every investment. When developing an efficient workflow, it is important to consider the joint, either, and survivor modes of operation. One must pay close attention to the order in which the holders are listed since the first holder is regarded as the principal holder and is the party on the receiving end of payments and communications. A significant amount of burden Recording and updating all the following details about investments: The date of the investment, The investment account or folio number, The holding method, The nominee’s bank account number. [B-02] Conclusion: There are various advantages to making investments. To achieve your goals of being financially secure, increasing wealth, and preparing for retirement, you must develop a personalised investing strategy. But before you make an investment plan, you should verify a few things first. You can contact a reputable financial institution such as Piramal Financing. They will help you establish a workable strategy.

08-11-2023

Personal Loan

Hybrid Flexi Personal Loan Calculator, Calculate Flexi Loan EMI

If you need quick cash to take care of your affairs, a Hybrid Flexi Personal Loan is your best option. Hybrid Flexi Personal Loans may be used for whatever the borrower sees fit and are quickly approved and disbursed. One of the most common ways to borrow money is because of its low-interest rate and lack of collateral requirements. Body [B-01] For what purpose does a flex loan calculator exist? With the help of a Flexi Hybrid loan EMI calculator, you can determine how much interest you’ll have to pay based on the money you borrow. In cases when immediate financial assistance is required, a “Flexi loan” may be brought out based on a previously established credit line. The loan principal may be repaid whenever you choose, and in exchange, you’ll have to pay the interest rate as an EMI for the period you select. The fact that you pay interest on the money you borrow is a major perk of this kind of loan. If you qualify for a Flexi loan for Rs. 7 lakh, only utilize Rs. 2.5 lakh, interest will be calculated based on the lesser amount. What Is The Function Of The Flexi Loan EMI Calculator? The flexible Loan Equated Monthly Installment (EMI) Calculator considers the loan amount and the interest rate you expect to pay. For example, if you borrow Rs. 10 lakhs at an interest rate of 13.25 per cent, your monthly payment would be Rs. 11,042. The interest portion of the EMI for this kind of loan is due in the first year. Flexi Loan EMI Calculator: How to Use It? The Flexi Hybrid Loan EMI Calculator is simple to use. Just fill in the loan amount and interest rate fields to apply for a personal loan. The interest accrued will then be shown. You must first enter the desired amount to apply for a personal loan. Two, the loan tenors will automatically fill in when you choose the suitable option from the drop-down menu. Make a call on the rate of interest to be offered. Enter the loan’s start date in the “Enter your Transactions” section. Select the month (mm) and year of the transaction before entering the partial payment or withdrawal amount. Add new purchases by selecting the + sign (part-payment or withdraw) Your first transaction will always be for a lesser amount. Because this is an imaginary monthly calculator, financial dealings can only be completed in the month funds are dispersed. In addition, this monthly sample calculator can only process a single transaction every month. After the data has been updated, your repayment schedule will be shown. Difference Between Personal Loan and Hybrid Flexi Loan Borrowing money might be helpful if you meet certain requirements, such as having a steady salary and a good credit history. To ensure that a loan covers all of one’s anticipated expenses, one must use caution while deciding. There are many different types of loans available, but two of the most popular are personal loans and Hybrid Flexi Personal loans. There are similarities and variations among the options, although they may all suffice for various budgetary needs. Examples include the loan’s kind, interest rate, disbursement method, term, and repayment schedule. Learn the key differences between a personal loan and a flexible hybrid loan. A personal loan is a loan in which the borrower receives money from a financial institution for a specific purpose, with the agreement that the borrower will return the loan within a certain time frame and at a specified interest rate. Once a loan has been approved and disbursed, the borrower is free to spend the funds in any way they see fit. A Hybrid Flexi Personal Loan is one in which the borrower is given a credit limit upon meeting the lender’s conditions. The borrower enjoys the convenience of having ready access to funds anytime they may be required. Rate of Interest on Personal Loans In most cases, the interest rate on a personal loan remains constant regardless of whether or not the loan is repaid. In contrast, with a Hybrid Flexi Personal Loan, the borrower is only responsible for paying interest on the funds that have been spent. These loans are significantly more accessible and versatile since interest on the unpaid balance is lowered. Loan Disbursement for Individual A Personal Loan is Disbursed in an Easy to Understand Manner. After the application process is complete and the loan is approved, the lender will transfer the agreed-upon loan amount into the borrower’s bank account. Borrowers using a Hybrid Flexi Personal Loan may now make partial payments while delaying the entire debt until later. To what extent you put this credit option to use depends on your circumstances. This allows for more adaptability. Rate of Interest on Personal Loans In most cases, the interest rate on a personal loan will remain constant regardless of whether or not the loan is repaid. By contrast, with a Hybrid Flexi Personal Loan, the borrower is only responsible for paying interest on the funds being used. These loans are significantly more accessible and versatile since the interest on the unpaid balance is lowered. Duration As a result of the higher risk associated with extending credit to individuals, personal loans often have shorter repayment durations. Details about the loan’s payments and term length The typical loan term length offered by lenders is 60 months. Hybrid Flexi Personal Loans provide borrowers additional time to prepare financially for loan repayment by allowing them to spread out payments over a longer period. You should be able to extend the time to repay the loan. Information Needed to Prove Eligibility for a Personal or Hybrid Flexi Loan For further details on any loan, borrowers should refer to the lender’s personal loan papers. To apply for a loan, you’ll need the following documents: Greeting Card Network Proof of Residency (Aadhar card, Utility Bill) Current three-month pay stub and bank statement from the last six months (for personal loans, self-employed individuals need to submit income proof) Form-16, or the income tax return. Jobseekers who want payment in cash are often turned down (in the case of salaried employees) All of your business’s financial documents if you’re self-employed. Additional paperwork may be necessary depending on the lender’s standards and your credit history. Which Personal Loan or Hybrid Flexi Loan Should You Get? A hybrid Flexi Personal Loan might be a good option if your cash flow needs aren’t all at once but rather spread out. Both your independence and your interest rate will improve. If you need a large sum of money with a clear purpose and value repayment flexibility and low rates of interest. Then a personal loan might be an excellent choice. With the help of the personal loan EMI calculator, you can figure out which loan option would serve your requirements at the lowest possible cost. [B-02] Conclusion The Flexi hybrid loan is easy to use and repay and provides you with access to a digital account. At any time convenient for you, you may see the current balance of your loan. The customer portal allows you to rapidly access information about your loan, such as loan statements, payment details, a ledger for partial prepayments, etc. The annual fee for this kind of financing is minimal. To learn more about Flexi hybrid loans, consult an expert at Piramal Housing Finance.

08-11-2023

Business Loan

Loan against Property for Business Growth

Investing in your business and growing it is a dream come true for most people. If you are an entrepreneur, finance has a large influence on the fate of your business. Poor financial planning or limited funds can prevent your business from achieving its full potential. However, banking and financial institutions provide several options that can help you. Among these, a property loan is a common and affordable option. A loan against property is as simple as it sounds. You can pledge your property and use it as collateral to get a loan. The lender will keep this property as a guarantee until you repay the loan. Once you repay your loan amount and interest, you are once again the property owner. The property can be seized if you do not repay the loan. This article explains a property loan, its benefits, and some tax benefits! [B-01] What exactly is a “loan against property”? A loan against property is financial assistance you take from a lender by keeping your property as collateral. The property you own is a guarantee to the lender that you will pay back the loan on time. This property can be your house, a flat, or a piece of land. The lender, in return, charges you a rate of interest on the principal amount you have to repay within a specific period. Remember, you can still use or live on the property. While the loan can be used for any expenses, we will focus on using the amount for business growth in this article. You invest this amount in your business and meet your business goals. Several banks and private financiers provide loans against property at convenient interest rates. What are the benefits of using a loan against property to finance your business venture? There are several benefits to using a mortgage loan to finance your business. These are the following: Low rate of interest Interest rates on loans against property are low. The low interest rate is to ensure you can pay off the loan. Banks often charge a low interest rate so that the maximum amount is invested in growing your business. In India, the interest rates for a mortgage loan start at 8% per annum and can go up to 25% per annum. The interest rate depends on various factors. Most lenders will check your credit score, loan history, income, and property value before providing a loan against property. Property utilisation Obtaining a loan against property is far superior to selling the property in the long run. A loan against property is much better than selling your property. The reason is simple: selling is an irreversible deal. Additionally, selling your home will result in a one-time lump sum payment. The amount will be the market price of the property. However, if you are living on the property, this can create two problems: You will have to look for a new place to live. The property value may decrease depending on the condition of the property. In contrast, you will also get a lump-sum payment when you take out a mortgage loan. However, you will not have to face these two problems. The amount you get depends more on your income, credit history, etc. than on the condition of the property. High loan amount The loan amount that you get from your bank depends on many factors, and one of the main factors is the market value of your property. If your property has a high market value, the loan amount may also be on the higher side. Banks will lend up to 65% of your property’s market value. In many cases, the loan amount can go up to INR 5 crore. This can also increase depending on your credit history, property location, the development of the area, and so forth. Low-cost EMI Loans against property have low EMIs. This is one of the major reasons for choosing a loan against property rather than selling it outright. The EMI is usually between INR 750 and 900 for every lakh borrowed. EMIs are far more manageable than a lump-sum payment. Flexibility Loans against property are highly flexible. The whole application process is transparent. Many lenders provide a self-tailoring option. You can choose the type of loan and the tenure of the loan. Many also provide a Flexi option. In this option, you only need to pay the amount you use rather than the entire principal amount. Should you take a loan against property to finance your business? It is difficult to answer this question objectively with one word. Financing a business is not very straightforward. You can apply for business loans, MSME loans, etc. to finance your business expenses. However, your eligibility for each loan and the interest rate vary. Therefore, you should compare all the options and choose the one that fits your requirements. However, a loan against property does have some tax benefits. For mortgage loans used to finance business, you can claim tax exemption under Section 37(1) of the Income Tax Act. The tax exemption is claimed against interest paid and associated fees. [B-02] Conclusion A loan against property is one of the most popular choices to finance business expenses. This type of loan depends on the market value of your property. Also, you can avail yourself of some tax benefits on both the principal and interest amounts. You have to compare the different loan options available to you before choosing one. To determine the best EMI option, use a loan against property calculator. If you’re still not sure where to start, reach out to the experts at Piramal Finance and learn more.

08-11-2023