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Personal Loan

Light Up Your Homes This Diwali by Taking a Personal Loan

Diwali is around the corner, and you surely want your home to be fully prepared. It would be fantastic if you could do it a few days before the celebrations. A personal loan for home improvements can cover all of your costs. You can pay it back easily and over a long time. A personal loan for home renovation is convenient because you can apply for it online. This speeds up the process of getting approved and getting the money. Let us look more closely at how you could use an instant personal loan to fix up your home for Diwali. [B-01] Festive spending can sometimes get out of hand As you may remember from past festive seasons, the costs of festivities often end up going over one’s budget. One reason could be that inflation keeps eating away at your savings. If you don’t save money or make a financial plan throughout the year, these festive costs can become a burden and ruin the festive spirit. But some festive costs are necessary and must be paid for. Thanks to a festive loan, you can enjoy the special parts of the festivities you like. You could use a personal loan to buy a new fridge or TV. You could also use a home renovation loan to fix up your house. Credit cards aren’t as good as personal loans. They have higher interest rates. One of the best ways to pay for the holiday season is with a short-term personal loan. You can pay it back in a few months. A few ideas for a home makeover with a personal loan Festive lighting and home renovation One tradition that has always been part of Diwali celebrations is cleaning the house. As Indians, we usually believe that cleaning the house is the first step in preparing the home for Diwali and Lakshmi Puja. You can also utilise this time to add a new aspect to your celebrations and fix up the house. Diwali is recognised as the “festival of lights.” We traditionally put lights inside and outside our homes. You can apply for a personal loan to pay for the costs of home improvements and lighting. Household appliances and gadgets Diwali is regarded as a festival of celebrations as well. It makes sense that top online retailers and well-known franchises in the consumer goods industry continue to make purchases this month. Many offline shops and online shopping apps like Flipkart and Amazon run special Diwali sales. Given the festive discounts, it may be a good time to get new appliances and technology at a discount by using a personal loan. The saying “A penny saved is a penny earned” is an old one. You can put it into practice by making additional savings during these holiday sales. Paint your home If we aren’t doing a major renovation, most of us have to paint the walls of our homes. People often put off painting their walls for Diwali until another time. At the moment, the price of paintings goes up every day. Also, the price will go up if you need a personalised wall painting. A personal loan is available to assist you if you would like to paint the interior walls of your home but are hesitant due to a lack of funds. You can apply right away for a personal loan. It will be provided to you in a matter of hours. Gifting You have a lot of friends and family members. So your list of people to buy gifts for is long. No matter what you give as gifts, the total amount needed for all of them is huge. With an online personal loan, you can get money right away to put back into your bank account so you can keep shopping. Garden landscaping Use the personal loan money to create the garden you’ve always wanted in the area surrounding your home. Even a small carport for your vehicle can be built. It can lead to your garden. Along with a variety of plants, a gazebo or outdoor furniture will help to complete the look. This will improve the curb appeal of your house. It will also give you more space to host visitors during the holiday season. How to apply for a personal loan during the festive season? With a slew of festivals coming, markets tend to grow crowded and raise prices to profit from the extra need. Thus, it is great to apply for a personal loan ahead of the festival season. This will ensure that the funds are issued on time. You must ensure that your form is granted as soon as possible. The first & key step is to verify personal loan eligibility. You may also utilise the web eligibility tools provided by almost all major lending banks for this purpose. Next, you must pick the best bank by comparing and analysing personal loan rates. Finally, it is usually a good idea to keep the papers prepared so that the application phase goes well. When you are all set to apply for a personal loan, you must go to the bank’s website, call them, or go to the local branch. You may also apply for a personal loan online & have it granted quickly. To do so, you must complete the request form and provide the needed paperwork. You may easily get loans up to INR 25 lakh if your request is approved. [B-02] Conclusion A personal loan does not need any form of asset or security. It’s a great way to get over a short-term financial crisis and swiftly meet any urgent demands. The festive season has begun. It is a great moment to embark on new projects and make investments. There is also a monetary desire to make the festive period even more special. Due to the vast sum of purchases to be made, whether for oneself, loved ones, or the house, the festive season could be taxing on the purse for some. In any case, seek a fast personal loan to meet the extra expenses. Piramal Finance has similar blogs for you to help you get a personal loan. Give the blogs a read and check out the other services they offer.
08-11-2023
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Personal Loan

All You Need to Know About Different Factors of Personal Loan Disbursement Process

There will always be customers looking for a personal loan. Today’s working class prefers to take out personal loans above any other kind of emergency funding for many reasons. These include high inflation, high living costs, and a lack of alternatives. We all run into situations when we need a little bit of additional cash to make ends meet. In such times, a personal loan is often the best option to avoid financial stress. Many young professionals like the convenience, speed and low cost of a personal loan. These factors make them attractive financial options. [B-01] As indicated above, personal loans are all the rage today, but the loan disbursement process is not known to many. Most people who apply for loans have no idea what goes on behind the scenes when one is approved. In this article, we’ll look at the loan disbursement process. What are the different factors of the personal loan disbursement process? Disbursement of loans: The procedure The lender will release the funds when a borrower’s application for a personal loan is accepted. Depending on the lender, they can disburse the amount in many ways. Typically, the lender will use NEFT to give the loan amount to the consumer’s nominal checking account. Cheques or demand drafts are also an option if customers prefer a more traditional method of receiving their funds. However, you must present the demand draft or cheque to a bank to get the cash deposited into your account. Loan disbursement Once your loan is accepted, you will get a digital or physical approval letter from the lender. The approval letter will confirm the loan’s approval. It will include further information such as interest rate, principal amount, monthly EMI, etc. Then, the lender will issue you a cheque for your borrowed amount. Some lenders might send you a cheque in the mail. Lenders often quickly deposit the money borrowed into the borrower’s account. Loan amounts that are ultimately released are not guaranteed to match the originally approved loan amount. That’s because lenders deduct several charges, like processing fees. Once the loan is approved, you’ll have to deal with many paperwork requirements before getting your hands on any money. Disbursal amount Several variables determine the loan disbursement amount you get. The approved loan amount is the primary and most obvious option. The second is the remaining overage fees that you must pay. For example, lenders often subtract processing costs, sales taxes, or other charges and the first payment from the disbursement amount. The welcome kit of the lender After your loan has been approved and funded, you will receive a welcome packet containing important details. All necessary paperwork, including a loan contract outlining the loan’s terms, interest rate, and repayment plan, will be included in the welcome packet. Furthermore, the lender will send a confirmation message to the address you provided during registration. Your lender will also give you access to your loan facility through a smartphone app. The disbursal time Every individual needing a personal loan is worried about when they’ll receive it. A traditional loan requires in-person meetings and documentation. This may lengthen the lending process to seven or eight days. However, the time it takes to get your hands on funds from an instant personal loan is much less. You can often get the loan disbursed within a few hours. Therefore, a quick and easy online personal loan is the best option if you need urgent money. It’s easier for borrowers to manage their finances and get their funds quickly with an online loan. Requisites for repayment Instant loans simplify both the borrowing and the paying back processes. Loan payments typically begin in the month after loan disbursement. For example, if you get your loan before the 20th of the month, your payback schedule will begin the month later. However, get the loan after the 20th of the month. The corresponding EMIs will begin getting collected from the month following the next. Nowadays, borrowers of personal loans may choose to have their loan payments automatically deducted from their bank account. Two more loan repayment methods are post-dated checks and ECS. In this arrangement, the debtor and the creditor agree on the same terms ahead of time. Penalty prospects The borrower must either authorize the creditor to deduct a certain amount on a specified date or furnish the lender with post-dated cheques. Regardless of the circumstances, the borrower must ensure that there will be enough money in the account to cover the loan payment on the due date. If the borrower doesn’t, he’ll have to pay a fine. Their credit rating will also be severely impacted. [B-02] Conclusion Personal loans are highly common due to the ease with which they can be applied for and disbursed. With the help of digital lending, a person may get his loan disbursement only hours after applying. This allows him to address any pressing financial needs immediately. Digital lending services are so good that applicants can request a personal loan digitally. Moreover, they can complete the whole process, including paperwork, approval, disbursement, repayment, and closure, all from the convenience of their smartphone. These days, getting a loan disbursed is a quick, easy, and paperless procedure. You can finish this in a matter of hours. Hence, apply for a quick personal loan with Piramal Finance and get instant funds!
08-11-2023
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Personal Loan

Here’s to know do you have to pay interest and fees on a personal loan?

Here’s the thing – if you have taken a loan, you definitely have to pay interest. In fact, you have to pay interest on every loan except for No Cost EMIs. Apart from interest, there are other charges associated with a personal loan as well. We’ll discuss these charges in this article as well. [B-01] Also, lenders can charge more for their services. That’s because borrowers don’t have to put up any collateral to get a personal loan. Personal loans are a kind of unsecured loan in which the borrower doesn’t need to put up any collateral. Nowadays, borrowers can get a personal loan without filling out lengthy applications, even without providing supporting papers. In this article, we discuss personal loan interest and charges. So, without further ado, let’s jump right in! What is Loan Interest? To take out loans, you must pay interest. A personal loan of Rs. 20,00,000 can cost you about Rs. 2,30,000 with interest payments during your lifetime. This is an extra Rs. 30,000 as personal loan interest. The principle and the interest are both reduced with each payment made toward the loan. The interest rate that a lender applies to a loan depends on several variables. These variables are: The borrower’s credit history Yearly income Loan amount Loan conditions Existing debt levels Simple interest Calculating loan interest using the simple interest technique is a breeze. To determine the total interest paid, you’ll need to know the following: The original loan amount Rate of interest Length of years or months over which you’ll make payments Despite the monthly EMI, interest gets calculated on the remaining principal amount. Also, it will vary from month to month. Suppose the lender does not levy penalties for prepayment. In that case, paying off the loan early can save a significant amount of money. Lenders use a variety of interest-charging strategies, each aimed at maximizing profits. Interest on loans can be tricky to calculate. That’s because different forms of interest have different mathematical formulas. How to calculate Simple Interest? To determine how much interest you’ll pay, use the formula below. Calculating the interest on a loan is very simple. It’s as simple as multiplying the principal by the interest rate times the loan’s length in years. Applying the basic interest calculation to a loan of 2 lakh over 5 years at 5% interest gives this result: 2,00,000 x 15% x 5 = 15,000 in interest The interest rate might be as low as 1% on short-term loans. But we calculate interest differently by banks and other lenders. Do you have to pay Interest and Fees on a Personal Loan? Instead of a credit card, a personal loan provides the borrower with a lump sum of money all at once. The remaining balance, plus personal loan interest, is repaid by the borrower in EMIs during the length of the loan. When you take out a personal loan, the lending company will charge you interest on the money you borrow. You will pay back this sum in instalments during the life of your loan. You should include interest during the life of the loan, as it can raise the final amount owed to the lender. Charges associated with Personal Loans Loan Processing Charge The bank will pay a small fee for handling the paperwork associated with your loan. The bank assesses this fee to cover the costs of handling the loan’s paperwork and processing. As a rule, this fee is negligible. The percentage applied to your loan balance ranges from 1% to 2.5%. But every bank charges a processing fee. Verification Charge Loan approval requires convincing the bank. You need to convince the bank that you can afford to return the money on time and according to the loan’s terms. The procedure causes the bank to hire an outside agency to examine your credit history. The bank must pay for this service, so it hires an outside firm. Thus, this fee is a verification fee, and the borrower pays it. Penalty on Default Banks usually allow you to pay back the loan in equal monthly instalments. The loan amount, repayment period, and interest determine the monthly payment. The borrower’s financial stability and capacity to make loan payments also determine this. Yet, there are situations when you will have trouble paying your EMIs on time. In this case, the bank will charge a fee if you delay your payments. That’s because you have stopped paying the required monthly instalments. Thus, you should only agree to EMIs within your financial means. Prepayment Penalty Suppose you have access to cash that you can use to settle a personal loan you have taken out. Then, you can either repay the debt or foreclose on it. Banks would rather not do this since they will have to pay interest payments on your loan. So, the bank will charge you a foreclosure fee of 2-4% of the loan’s total amount. The foreclosure charge will also get affected by the loan’s prepayment status. Goods and Service Tax While their clients are amid their loans and processing, banks provide various services. Also, the applicant will have to pay taxes on these services. Due to this, the bank will charge a consumer GST on the services they offer. Duplicate Statement Fees The bank is there to help you track your payments or determine where you stand. They’ll do this if you’ve forgotten when the payments were due. The bank will charge you a fee if you request duplicate reports or other information. It’s dubbed a “duplicate statement fee” for obvious reasons. You can also use this documentation to verify the current loan balance. As part of the loan package, the bank also provides these statements. [B-02] Conclusion It is important to figure out how much interest you would owe before applying for a personal loan. Find out from the lender how they calculated the interest. Then, use the proper method (or a calculator) to determine how much personal loan interest you owe. Consider the aspects that will have an impact on your interest rate as well. Borrowing less money or making payments faster can help you keep more cash. To receive the best personal loan interest rates, you must first search and work on your credit history.
08-11-2023
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Tax Savings

Atal Pension Yojana – Objective, Eligibility & Tax Benefits

The Atal Pension Yojana Scheme is a pension program. Prime Minister Narendra Modi started it on May 9, 2015, to help senior citizens become self-sufficient after retirement. The plan ensures that poor people will have more money later. The Pension Fund Regulatory and Development Authority is in charge of running the APY scheme. Its goal is to give everyone in the country a social security system, especially the poor, the less fortunate, and workers in the unorganised sector. [B-01] What Is Atal Pension Yojana Scheme? The Atal Pension Yojana scheme aims to provide retirement security to all Indian citizens so that they don’t have to worry about getting sick, hurt, or dying in old age. People from the unorganised sector can apply for the scheme. These pension benefits do not apply to the private sector or working people. The Atal Pension Yojana scheme promises beneficiaries a minimum monthly pension. After 60, subscribers can select a pension plan of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month. How much of a pension a person gets depends on how old they were when they joined APY and how much they put in each month. Objectives of the Atal Pension Yojana Scheme This pension programme helps unorganised people save early for retirement. The scheme’s return depends on the monthly payments and the person’s age. Atal Pension Yojana scheme recipients get monthly payments from the money they save. The Atal Pension Yojana is focused upon: Unorganized sectors such as house help, gardeners, delivery boys, etc. Give people a sense of safety and help them during illnesses, accidents, and diseases. Why Was the Atal Pension Yojana Scheme Started? Earlier pension plans could not deal with the country’s unique demographics. The Swavalamban Scheme could not help many people because the benefits were not clear. Swavalamban also did not promise to provide a minimum pension. Also, the unorganised sector, a big part of the workforce, wasn’t discussed. Considering this problem, the Indian government launched the Atal Pension Yojana scheme in 2015–16. Atal Pension Yojana Details Subscribers get a fixed pension of between Rs. 1000 and Rs. 5000. People can join the scheme between the ages of 18 and 40. If subscribers join early, their contributions will be low, but that will go up if they join late. The same pension goes to the spouse after the subscriber dies. After a spouse dies, all of their pension money goes to the people they chose. Like contributions to the National Pension System, contributions to the Atal Pension Yojana scheme (APY) can get tax breaks. The central government will pay into the pension scheme for the next five years. The government contributes 50% of the monthly subscription fee or Rs. 1000, whichever is less. Atal Pension Yojana Scheme Eligibility To take advantage of the many benefits of the Atal Pension Yojana scheme, people must meet the following requirements: The people who sign up for the Atal Pension Yojana should be Indian citizens. To apply for the scheme, a person must be at least 18 years old and no more than 40 years old. If a person joins at age 40 and wants a monthly pension of Rs. 1,000, they have to pay more than someone who joins at age 18. The people who join must make regular payments for at least 20 years, depending on their age when they join and the pension slab they choose. APY applicants should have a valid mobile number and a bank account linked to their Aadhar number. This is a very important step in signing up and getting updates on the APY account. Atal Pension Yojana Benefits Here are a few of the best things about the Atal Pension Yojana scheme: Steady Source of IncomeAfter a person reaches 60, they are given a steady source of income. This makes it possible for them to pay for basic needs like medications, which are common in old age. Government SupportThe Indian government is behind this pension plan. The Pension Funds Regulatory Authority of India (PFRDA) ensures the scheme. So, people don’t have to worry about losing their pensions because the government backs them up. Focus on the Unorganized SectorThe scheme was created primarily to assist people who work in the unorganised sector with their finances in order for them to be financially independent in their later years. Nominee FacilityIf a beneficiary dies, their spouse can benefit from this program. They can either close their account and get the whole fund or get the same pension as the original beneficiary. If both the beneficiary and their spouse die at the same time, the whole corpus amount will go to the nominee. Tax Benefits of the Atal Pension Yojana Scheme Under Section 80CCD of the Income Tax Act of 1961, people who invest in the Atal Pension Yojana can get a tax break. Under Section 80CCD (1), a person can get a tax break of up to 10% of their total gross income, up to a maximum of Rs. 150,000. Section 80CCD (1B) lets you get an extra Rs. 50,000 tax break for the Atal Pension Yojana Scheme. Application Process for the Atal Pension Yojana Scheme To get the perks of the scheme, follow the steps below: The APY scheme is available at all nationalised banks. People can access an APY account at any of these banks. You can also find the account opening forms on the official web portal. You can download the application form. The application form is available in eight different languages: English, Telugu, Tamil, Odia, Marathi, Kannada, Gujarati, and Bangla. To apply, visit the bank and fill out an application. Give a working phone number. You’ll need to provide a photocopy of your Aadhaar card. If your application is accepted, you will get a message letting you know. Atal Pension Yojana Contributions The chart shows how much subscribers can give each month. They can also make contributions every three months and every six months. Entry ageRemaining years of contributionMonthly instalment for Rs. 1,000 monthly pension/ corpus amount Rs. 1.7 lakhMonthly instalment for Rs. 2,000 monthly pension/corpus amount Rs. 3.4 lakhMonthly instalment for Rs. 3,000 monthly pension/corpus amount Rs. 5.1 lakhMonthly instalment for Rs. 4,000 monthly pension/corpus amount Rs. 6.8 lakhMonthly instalment for Rs. 5,000 monthly pension/corpus amount Rs. 8.5 lakh18424284126168210194146921381832282040501001501982482139541081622152692238591171772342922337641271922543182436701392082773462535761512263013762634821642463274092733901782683564462832971942923884852931106212318423529303011623134746257731291262523795046303228138276414551689332715130245360275234261653304956598243525181362543722902362419839659479299037232184366548701,08738222404807209571,19639212645287921,0541,31840202915828731,1641,454 [B-02] Conclusion Atal Pension Yojana scheme mainly focuses on the unorganised sector people. Previously, the unorganised sector wasn’t covered in its genuine essence, but with this strategy, the government is on track to accomplish its slogan of “Sabka Saath, Sabka Vikaas.” It lets investors put in money they can easily afford and then get a pension from that money when they retire. Anyone who wants to save some of their income for retirement can use this plan. If you want to know more about government schemes, visit Piramal Finance.
08-11-2023
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Personal Loan

Everything You Need to Know about Government Instant Personal Loan Scheme for Women

The government’s instant personal loan scheme for women is an innovative and groundbreaking initiative to empower women financially. This scheme provides instant access to personal loans without the need for collateral. It’s a perfect option for women who may not have access to traditional financing products or are looking for a more convenient, low-cost way to access credit. Read the article and utilize this fantastic opportunity to care for your finances and become more independent. Top 7 Instant Loan Schemes for Women From Government Several instant loan schemes are available for women. Below are the top 7 instant personal loan schemes for women. Mudra Loan The government launched this scheme for women. It provides financial support to women business owners. This exciting initiative offers instant personal loans to help women become economically independent. The best part is that the loan is granted under this plan without any collateral. This loan helps women entrepreneurs start or expand their businesses and make their dreams come true. Features The loan amount can range from Rs. 10,000 to Rs. 10 lakhs. No collateral is required. The loan amount is disbursed within three business days. The repayment period can range from 5 to 7 years. Women can also apply for a Mudra loan online. This makes it even more convenient. With this loan, women can purchase equipment, buy raw materials, and invest in their businesses. This loan will help them become self-sufficient and create a better future. So if you’re a woman looking to start your own business, the Mudra loan scheme is a great option to explore. 2. Annapurna scheme The Annapurna scheme is an incredible loan program exclusively available to women. It provides quick and easy access to credit at low interest rates. The Government of India introduced this scheme as part of its mission to empower women financially. This scheme is available to women of all backgrounds and income levels. It offers loans without collateral and interest. Features The loans are available for up to Rs. 50,000 and are approved instantly. You can quickly access funds. You don’t have to go through a lengthy loan application process. You can use the loan to cover any purpose. This can be debt consolidation, medical bills, business expenses, etc. The application process is easy and transparent. It ensures that you get the funds you need as quickly as possible. Once the loan is approved, you don’t have to pay EMI for the first month. Once approved, You must repay the amount in 36 months. The interest rate charged is decided based on the market rate and the relevant bank. 3. Stree Shakti Yojana The Stree Shakti Yojana is an instant personal loan with several benefits. This makes it suitable for all financial needs. With this new loan scheme, women can access easy and convenient credit with minimal paperwork and competitive interest rates. This loan scheme is a revolutionary new loan program for women in India. Features Using this scheme, women can take advantage of an interest concession of 0.05% on loans worth more than Rs. 2 lakh. It is an excellent opportunity for women looking to start their businesses, upgrade their skills, or manage their finances. The loan is available to all women, regardless of their background or financial history. The application process is simple. You can quickly transfer funds to your bank account. There are no hidden fees or extra charges. The interest rate and repayment schedule are clearly stated upfront. Women in India can now access the capital they need to begin or expand their businesses without the hassle and paperwork of traditional loan applications. 4. Dena Shakti scheme The Dena Shakti scheme loan is an instant personal loan. It has been designed specifically for women. This scheme is an incredible opportunity for women who want to start a business, pay for their children’s education, or make necessary investments. Features In this scheme, women can get a loan of up to Rs. 20 lakhs with no collateral. The program offers a concession of 0.25 percent on the interest rate. Under the microcredit category, women business owners can be eligible for a loan of up to Rs. 50,000. The application process is simple. The loan can be approved within minutes. Moreover, the repayment terms are flexible. They allow you to choose the time frame that works best for you. 6. Bhartiya Mahila Bank Business Loan The Bhartiya Mahila Bank Business scheme loan for women is making it easier than ever for female entrepreneurs to get the financing they need. This instant personal loan can be utilized for various business expenses, from working capital to technology and equipment purchases. Features With this loan, you can get up to Rs. 20 crores in funds. This business loan scheme provides different plans, such as Shringaar, Parvarish, and Annapurna. Self-employed women can utilize this Shringaar plan to start their businesses. They don’t have to provide collateral security for this loan. Also, the Parvarish scheme allows self-employed women or homemakers to set up their businesses. 1 crore is the upper limit for this loan without any collateral security. Annapurna loan is available to food entrepreneurs aged 18 to 60 who want to start or grow small businesses. It also does not require any collateral. 7. Mahila Udyam Nidhi Yojana Punjab National Bank and Small Industries Development Bank of India launched the Mahila Udyam Nidhi Scheme. It supports women entrepreneurs. So they can start their small businesses. Also, they can begin their micro-enterprises like retail trade and beauty parlours under this scheme. Features It offers instant personal loans of up to Rs. 10 lakh, which can be repaid in 10 years at a low interest rate. You can use the loan amount to set up a new business or grow an existing one. The repayment period is flexible. The scheme also provides access to business advisory services and digital marketing tools, helping women entrepreneurs reach their target audience more effectively. Women entrepreneurs can also avail other benefits, such as skill development and mentorship programs. These will help them increase their chances of success. Conclusion It can be tempting to go with the first loan program you come across, but you’re better off comparing loan options to find a loan that can meet your specific needs and goals. This article covered the top 7 Instant Personal Loan Scheme For Women. Piramal Finance is one of India’s leading housing finance companies. The company’s commitment to providing quality services focusing on customer service makes it stand out. Their experienced professionals provide expert advice on every aspect of the loan process, making it easy and hassle-free. With its stellar track record, Piramal Finance has become India's go-to choice for housing finance.
08-11-2023
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Tax Slabs

Everything you should know about tax deduction for bloggers and social media influencers in 2022

Following the pandemic, there has been a growth in remote working. Similarly, there has been an increase in social media influencers. This job allows you to express yourself and makes you in charge of your destiny. In addition to these, it also comes with tax deduction benefits. Read on to learn the benefits associated with social media influencers. [B-01] What Qualifies As Tax Deductible Charges? Home Office Deduction You are allowed to claim a home office deduction If you work from home. This allows you to write it off. A portion of your rent, mortgage interest, and home insurance can be used for a tax deduction. Few things to keep in mind: Your primary place of business should be your home office. You can only claim the area that you use for work. You can either claim this tax deduction by using the simplified deduction method or an itemized deduction. The latter involves tracking actual expenses and is more time-consuming. Travel Expenses Any flights, whether international or domestic can be used for a tax deduction if they were work-related travel. This also applies to several other modes of transport such as taxis, and hotels amongst others. But, you can only claim if these expenses were done away from your “tax home”. Advertisement and marketing For social media influencers, advertising is very crucial. The good news is that you can claim a tax deduction on it. These comprise Google Adwords and Facebook ads amongst others. Business-Related Education If you are going to go for courses to improve your skills as a social media influencer, you can get a tax deduction on them. These include social media marketing or photography courses. You can get a tax deduction on almost everything involved. Money spent on books, courses, materials and transportation is eligible. Office Supplies Any office supplies you may buy are eligible for a tax deduction. Examples of such supplies can be, Notepad. Printer ink. Stationary. Paper. Whiteboards. This depends largely on which type of social media influencer you are. For example, vloggers can claim a camera and laptop. Business Insurance Business insurance will cover you against unforeseen events. This covers a lot of insurance you take to protect your business. Any insurance premium related to your business can be used for a tax deduction. Website costs Being an influencer, you may need a website. This helps you reach a wider audience. It also lets you promote your services. If you pay for a website, you can write off the following expenses. Hosting fees. Cost of the domain name. Cost of plugins. Cost of themes. App costs Just like the website, any costs involved with an app are deducted. These involve tax accounting software, social media management tools and more. Legal fees Just like any business, social media influencers pay legal fees. You can avail of tax deductions for starting up and also managing your business. Bank fees It is advised to have a different bank account for your business. This allows you to get tax deductions on such bank fees, Transfer costs. Service fees. Overdraft expenses. Giveaway expenses Giveaways are very important if you are a social media influencer. When you do giveaways to fans you can get tax deductions on them. Clothing and Beauty Products If you are an influencer, looking good on camera is very crucial. Hence, buying clothes consumes a good amount of money. The following can be used to get tax reductions: Beauty products such as hair products, tools or even haircuts. Lingerie for only fans content creators or models. Sportswear for working out. Charity Donations If you donate money or items to a charity, you can get tax deductions. You need a written document to prove this from the charity to get the benefits. Tax advice Tax is a hard-to-understand concept. Also, it takes time to figure out. Hence, social media influencers hire tax advisors. This comes at a cost but you can get tax deductions for this. This allows you to save a lot of time and save on the money paid for tax advice Phone bill and internet As an influencer, your phone bill or internet is one of the highest expenses. This is because you talk to many people and upload/download files on a regular basis. You can get a tax write-off on this. If you have a separate business phone it will be fully deductible. But, if you have a personal phone which you use for business-related work, you can get a partial deduction. How to make the most of Tax deductions? Being a social media influencer can get expensive. So, here are some tips and tricks to take full advantage of tax deductions. Keeping track of expenses The best way to not miss out on any tax expense is by tracking all of them. You can use physical or digital journals to do so. Get receipts Another tip would be to get receipts for every single payment. Any tax deduction requires receipts to back up the expense. Hence, collecting receipts for every expense might be a good practice. Tax advisors Tax advisors provide great help. They make sure you get the maximum number of tax deductions. In addition, they ensure you meet the criteria for tax write-offs. This saves you time and effort. [B-02] Conclusion Being a self-employed social media influencer, you need to make the most of tax write-offs. This reduces your taxable income. This exercise requires time and effort but it saves a good chunk of your income from being taxed. This is why financial advisors at Piramal Finance are in high demand. They provide financial advice and help you manage your finances. There are many articles and blogs to help you learn more about the world of finance.
08-11-2023
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Tax Savings

NPS or ELSS: Which one is better for tax saving?

Investment is probably one of the best ways to provide safety and security to your finances. It is better than saving your money as it gives you high-scale profits. Besides that, investing your money gives you financial leverage. This helps you have a strong financial footing. While investing your money to have higher returns is important, it is equally important to use the right strategy. But, with so many options available, it might get tricky to find the right one. It should suit your investment goals. Before you search more, you need to know about two investment options. Most people across the country prefer widely. They are National Pension Scheme and Equity Linked Savings Scheme. Both NPS and ELSS are taxable and provide tax benefits to the investors. Also, they fulfil different investment goals and requirements. In this article, you will learn about the National Pension Scheme and the Equity Linked scheme and its features. Read more to know which option is the better way to save taxes. [B-01] What is the National Pension Scheme? What is its objective? The Public Fund Regulatory and Development Authority launched the National Pension Scheme. It was then aimed to provide social and financial security to the retired class of the country. It also motivates the working class to invest a specific amount up to retirement. This helps to build a huge corpus and get a regular income through a salary for their entire life. NPS is apt for investors who have long-term investment goals. All working class, whether from the public, private, or unorganised sector, are eligible to invest under the National Pension Scheme. It is a great investment option which helps you get a regular steady income after retirement. This is perfect if you are planning for early retirement. You should be investing under this scheme. What are some of the exclusive features of the National Pension Scheme? Some of the features of the National Pension Scheme are: Easy and convenient access: You can manage all your NPS savings and track your progress from home via the internet. Also, an e-NPS portal helps you open an online NPS account. High portability: Although it’s a pension scheme, the National Pension Scheme allows you to change your job per your preference. Changing your job in search of better opportunities and a preferable environment will not affect your investment portfolio. Versatility: The National Pension Scheme aims to provide you with various investment opportunities and a selection of Pension Funds. It also allows you to switch to a different investment scheme or fund manager. Choose this if you are uncomfortable with the present ones. What is the Equity Linked Savings Scheme? What is its significance? The Equity Linked Savings Scheme, or ELSS, is an investment option that invests mainly in equity and equity-related tools. The returns you will get under this scheme are not guaranteed. This is because they are linked to the market. You get many tax benefits on the ELSS funds you generate from the scheme. ELSS gained high popularity among investors. It offers you a higher ROI as compared to other tax-saving instruments. One can use it to fulfil long-term and short-term investment goals. But, choose ELSS as a long-term investment option for a better return. This is better than a short-term option. Features of the Equity Linked Savings Scheme Some of the features of the ELSS are: Lock-in period: The lock-in period in ELSS is one of the shortest lock-in periods among all the tax-saving options like PPF(15 years) or FD(5 years). The lock-in period probably accounts for a maximum of three years. But other tax-saving instruments offer you a five-year lock-in period on average. Returns: Returns under ELSS are highly promising and more than other tax-saving investment schemes. The return rate accounts for 15% to 20%. This is way more than the average tax savings options return rate, that account for 7% to 10%. The choice of SIP: The option of SIP or Systematic Investment Plan can be opted for while investing under the ELSS. This allows you to regularly make systematic and periodic investments of a fixed amount. Tax savings benefits of NPS and ELSS Under section 80(C) of the Income Tax Act, 1961, the National Pension Scheme and the Equity Linked Savings Scheme are taxable. But it does offer many tax-related benefits to investors. While talking of ELSS, you can claim up to an amount of INR 1,50,000 a year as a tax rebate. Likewise, this will help you save up to a maximum of INR 46,800 yearly in taxes. You should also be aware that ELSS is the only kind of mutual fund that gives you tax benefits under Section 80(C) of the Income Tax Act, 1961. While talking of the National Pension Scheme, you can claim up to a maximum of INR 1,50,000 tax benefits in a fiscal year. Moreover, you can claim up to an additional amount of INR 50,000 as a tax benefit with a tax deduction of up to 10% of your salary, including DA, under section 80(CCD-1). [B-02] Summing it up: From the perspective of choosing an investment option, both NPS and ELSS are decent investment options. It depends more on your investment goals, risk appetite, and requirements. If you want stable returns over a longer period, the National Pension Scheme is ideal. If you want higher returns and a good risk appetite, then ELSS is a good option. But for tax saving, NPS is a better investment scheme than ELSS. If you want to know more about different investment schemes and SIPs, you should visit Piramal Finance.
08-11-2023
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Tips & Advice

Top Tips Of Intraday Trading For Beginners To Trade Effectively And Successfully

If you have an interest in financial markets, intraday trading or day trading is a great opportunity to make money. Intraday trading is buying or selling a financial instrument within the same day or multiple times throughout the day. Since the stock market is only operational between 09:00 to 16:00 on weekdays and select working days, intraday trades have high volatility and require the trader to make quick and informed decisions to make a profit. Although intraday traders can make a handsome profit within a day, it is also highly risky and should be conducted with caution. Especially for beginners, it can be difficult to understand the ups and downs of the market and the actions one should take. To make this process simpler, this article presents 10 intraday trading tips to trade effectively and make a steady profit. [B-01] Top 10 Intraday Trading Tips If you want to know how to select intraday stocks for today or later in the week, here are 10 tips that can help you become a successful trader without taking any big financial risks: 1. Do your research The first thing traders need to understand when it comes to intraday trading is to conduct thorough research. This is to avoid falling into traps that are often circulated in the market to catch uninformed traders into making risky decisions and can often be the reason for trades going wrong. Instead, do your own intraday trading research before entering or exiting a trade. 2. Set funds aside To make a handsome profit, intraday trading tips may advise you to invest large amounts in a particular stock or commodity. However, investing all your funds in intraday trades is never an ideal option. Even for seasoned traders, intraday trading is full of risks and it is always recommended to keep funds aside and allocate only a part of the funds for intraday trading. 3. Start with small amounts In addition to setting funds aside for your investments, investing small amounts is always ideal. As a beginner, focus your intraday trading strategies on buying small amounts of a specific stock and learn and earn in the process. For example, if you have Rs. 10,000 to invest in intraday stocks for today, invest Rs. 5,000 in the trade for today and keep Rs. 5,000 for the next day. 4. Allocate time for intraday trading Unlike long-term financial investments, selecting intraday stocks for today and implementing these trades is all about timing. Since trading hours are limited, you need to allocate this time for your trading and be 100% focused on analyzing the markets. One miss can translate to a loss. So keep the trading hours dedicated to buying and selling your chosen stocks. 5. Avoid penny stocks or risky investments Penny stocks have a low price in the market and can often seem lucrative, given the chances of making a profit if the prices rise. However, penny stocks are highly volatile and risky, often leading to losses. As a beginner, it is recommended to avoid penny stocks and make decisions only after conducting a detailed analysis of the stock. 6. Exit when the target is achieved When it comes to losses or gains, it is crucial to exit when the time is right. Often, when the markets are volatile, traders tend to keep waiting for a better profit or for their losses to decrease. Instead, it is recommended to stick to your daily goals and exit once the target is achieved, or cut your losses if it goes beyond a certain threshold. 7. Always set a stop-loss A good way to cut your losses in intraday trading is to use stop-loss for each trade. Stop-loss is a parameter you can set when buying any stock and is an order that will be executed if the markets go down. For example, if you buy a stock at Rs. 50 and set a stop-loss of Rs. 45, there will be no activity if the market is stable or the price goes high. However, if the stock prices start to go down, the order will be automatically sold at the stop-loss price i.e., Rs. 45. This ensures that you do not end up making huge losses and that you trade safely. 8. Do not invest in many instruments simultaneously When it comes to investing, it is advised to never “put all your eggs in one basket”. However, intraday trading strategies do not follow this pattern. As intraday traders have limited time to make decisions on their trades, trying to enter too many trades simultaneously can be risky. Create a list of stocks with priorities like intraday stocks for today, for the week and beyond. This will help you focus on the right stocks at the right time and increase your chances of earning a profit. 9. Time your trades Since the entry and exit for intraday trades happen within the day, traders need to know when to time their trades. For example, since the markets are highly volatile in the morning, it is considered smart to observe patterns during the opening hours and then make decisions later on when there is less volatility. Once movement begins to pick up, traders should take an exit decision towards closing hours, or earlier, since there can be a rush and an opportunity can be missed. 10. Always do a post-trade analysis This might be one of the intraday trading strategies, but analysis is a must if you want to be a full-time intraday trader. After each trade, you need to do a technical analysis of what went right or wrong. These learnings should be used effectively when you take your pick of intraday stocks for today and should help you become a seasoned trader. [B-02] Conclusion These intraday trading strategies will help you become a successful trader, especially in a dynamic financial market. There is no right or wrong in intraday trading and there is always a learning curve, even if you are an experienced trader or investor. The key to success is doing your research, always being on the lookout for movement and having your daily picks. It is advisable to create a list of intraday stocks for today and beyond, using your analysis and instinct to your advantage. Every beginner needs to start small and then take risks as they move on in their journey. To get more information to start your intraday trading journey, read more useful articles like this one on the Piramal Finance website for more suggestions on intraday trading.
08-11-2023
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Personal Loan

Personal Loan in Noida: Easy to Compare and Apply Online

Noida is a major city in Uttar Pradesh. It is a part of India’s National Capital Region and a satellite city of Delhi. In Noida, personal loans are freely accessible. You may apply for one online or offline, depending on your preferences. Numerous banks and non-banking financial institutions (NBFCs) in the city provide personal loans with various terms. You can evaluate interest rates, processing costs, and other costs before choosing the loan that best suits your needs and preferences. A personal loan is reasonably priced and conveniently accessible. [B-01] Qualifications for a Personal Loan in Noida You must meet the requirements to apply for a personal loan in Noida. Personal loans are unsecured loans. They don’t need collateral. You get a personal loan from the lender. This depends on your income, job history, age, employment status, where you live, and CIBIL status. You qualify for a personal loan in Noida if you meet these criteria. You work with the best lenders in Noida. They offer you flexible options. Both salaried and self-employed applicants should meet the required criteria. Salaried people should be between the ages of 21 and 60. Self-employed must be between 25 and 65 years of age. At least three months in the job you already have. Salaries must be paid every month. For the self-employed, the business must have been steady for at least a year. Transfer of Funds Using the balance transfer feature, you can move your loan in Noida from one lender to another. Your loan balance is given to the new lender. Your EMI payments, then, start at a new interest rate. If you change your loan amount, you may save money on your EMI and interest payments. If you can’t pay your EMIs because they are too high, it’s time to find a new lender and transfer your balance. Let’s say you took out a personal loan for INR 10 lakh. And the high interest rate of 18% per year makes it hard for you to pay your EMIs. So, after making payments for two years, you find a lender with an interest rate of 12% per year. How to Compare Different Lenders Efficiently Inflation Rate One of the most crucial things to consider is the interest rate, since it impacts how much your mortgage will ultimately cost over time. The rate is affected by the down payment. Quantity of Loan When Compared to Property Value The loan-to-value (LTV) ratio compares the property’s appraised worth to the loan you request. The likelihood of being approved for a competitive mortgage increases when your LTV ratio decreases. This is because you seem less risky to a lender. Term of Loan The terms outline your responsibilities when taking out a loan. These include the time frame for repayment, the interest rate, any loan fees or penalties, and any other terms that could be included depending on the lender. Requirements for a Down Payment The down payment is one of the largest upfront costs when purchasing a property. This is the sum of the purchase price that was paid at closing. The longer the loan is outstanding, the more fees and interest you will have to pay. Mortgage Protection If a borrower misses payments or cannot uphold the terms of the mortgage, mortgage insurance safeguards the lender. What are the pros of getting a personal loan in Noida? Noida has a lot of different options and extra benefits for a personal loan. You don’t have to go to the bank. You can do everything online. You can enjoy the following perks: Instant approval: Many banks in Noida offer instant approval without paperwork. They will help you get a personal loan at the best possible rate. High eligibility: You can find out if you can get a loan in just a few minutes. The process is run by automated technology. You can get the lowest possible EMI. Personal Loan Balance Transfer: If you reduce your loan amount, it will be easier to pay your EMIs. To save money, move the balance of your loan. Some lenders charge a fee to move a balance to another card. Personal Loan Documents Requirement in Noida You can fully digitalize your process using current technologies. Uploading the necessary papers will take a few minutes. Salaried Proof of identities like voter ID, passport, Aadhaar card, driving license, or PAN card. Leave and License Agreement or Utility Bill as Proof of Residence (no more than three months old) Proof of income for a passport: pay stubs from the last three months as well as a bank statement that shows the salary was deposited, Certificate of employment for the past year Two photos the size of a passport Self-employed The KYC paperwork includes proof of who you are, where you live, and when you were born. Leave, and a license agreement can be used as proof of residence. A bill for service (no more than three months old). And, if you have one, a copy of your passport. Proof of income: ITR for the past year Official Address Proof: Proof of your address, along with your email address and phone number Business Continuity Proof: Testimonials showing that your business has been running for the past year. Application for a Personal Loan in Noida Follow the steps below to get a personal loan. One of two things can be done to get a personal loan: Online Application Go to the website of the bank or NBFC where you want to apply. To apply for a personal loan, go to their goods section. Click on the “Apply Now” link. Fill out the form with information about yourself. Fill out the form and send in the necessary papers. Offline Application Go to a bank or NBFC branch near you. Talk to the representative about getting a personal loan. You will be sent a form to fill out. Fill out the form. Send in the form along with the required documents and passport-size photos. Then you have to wait for the lender to respond. If everything goes as planned, the loan will be transferred to your bank account 7 days after approval. [B-02] Conclusion Personal loans in Noida are a blessing. They can help you in any financial situation, especially if you need money quickly. You won’t have to take important documents to banks and wait for days to get a loan. With online loans, the whole process is quick and safe. You can now compare loans from the comfort of your home without spending too much time. Use Piramal Finance if you want a quick online personal loan from a reputable lender. They are one of the most reputable online loan companies in the country.
08-11-2023
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