Has your credit card application been rejected? If yes, do you know the reason? The banks usually do not tell and just reject the application. If you have recently started working and had applied for your first credit card, a reason for rejection could be the lack of credit history. Also known as ‘No Credit… Continue Reading
The Finance Minister presented an action-packed budget today with a number of changes on the personal taxation and capital gains front. Here are the important changes. #1 Increase in Capital Gains Tax (Negative) Long term capital gains (LTCG) tax on sale of stocks/equity funds has been increased from 10% to 12.5%. The exempt LTCG limit… Continue Reading
The Union Budget 2023 is round the corner. Are you ready with your wish list? What do you want from this budget? Lower taxes? Higher tax deductions? Additional tax exemptions? The Budget announcements may not meet all your demands/wishes since the Government must strike the right balance between populism, targeted incentives, and tax collections. Still,… Continue Reading
A few weeks back, I wrote about the impact of RBI repo rate hikes on your home loans EMIs. RBI Repo rate hikes will quickly translate to longer loan tenures or higher EMIs for the borrowers, especially if your loan is linked to an external benchmark. If there is scope to increase the loan tenure… Continue Reading
You need Rs 5 lacs to fund an important event in your family. You have 2 options. Sell your debt funds (you had built up an emergency fund using debt funds for such situations only) Take a personal loan Selling your debt funds seems a superior decision over taking a personal loan. Why? Because the… Continue Reading
Not all credit is bad. In this post, I will show how an overdraft facility can be useful in certain cases. What Is an Overdraft Facility? An overdraft facility is a revolving credit facility just like a credit card. You pay interest only on the drawn (utilized) amount. You can draw from the facility up… Continue Reading
The tax-saving season is round the corner. Are you still running around to finalize tax-saving investments? Well, there are so many ways to save tax. There is PPF, EPF, NPS, ELSS, LIC policies, ULIPs, 5-year FDs, life and health insurance plans, pension plans and many more. In this post, I do not intend to discuss… Continue Reading
Loan EMI and credit card payment moratorium comes to an end on August 31, 2020. While it is possible that the moratorium will be extended, you can’t be sure until RBI makes an announcement. As a borrower, what should you do? Irrespective of what the Reserve Bank decides, you must have a Plan B. You… Continue Reading
ICICI Bank has launched an instant loan against mutual funds facility. So, if you are an existing ICICI Bank customer and have made mutual fund investments, you can apply for an instant loan against your MF investments. The loan is available in the form of an Overdraft facility (and not a term loan). You pay… Continue Reading
You wouldn’t want to find yourself in a situation where you are struggling with debt. As discussed in many of our earlier posts, there are only 4 ways to get out of debt problems. Increase income Reduce expenses Reduce debt Reduce the cost of debt Or a Mix of all the above approaches In this… Continue Reading