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Are You an NRI? Check the Best Place to Invest in India

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India has forever been an attractive destination for NRI investors. Financial institutions in India offer several value-added benefits for NRI investors, besides high fixed deposit interest rates. 

If you are on the lookout for the best place to park your money for high returns, an FD account can be your best bet.

This article lists down the reasons why you should select an FD account over other investment options.

  • Easy Account Opening Process

Creating a fixed deposit and getting high interest rates are much simpler than investing in other financial instruments, such as equity investments. All you need to do is visit the financial institution’s website and register your profile by entering a few details. You may conveniently transfer the money from your existing NRI bank account in India and open the FD account. 

  • Safe Investment Option

Fixed deposits are generally considered a safe investment option. You can create FD accounts in three types of financial institutions – housing finance companies, non-banking financial companies, and banks.  Housing finance companies like PNB Housing offers considerably higher fixed deposit interest rates than other financial institutions. However, before investing in a housing finance company, try to check its credit rating. Any rating above FAA+ or AA+/Negative is considered safe.

  • No TDS Deduction

When you invest in a housing finance FD scheme, no TDS is deducted if the interest income is less than INR 5,000 in a financial year. In bank FD accounts, no TDS is deducted if the interest amount is less than INR 10,000 in a financial year. However, banks offer much lower fixed deposit interest rates than a housing finance company like PNB Housing, and a lower interest rate offsets the benefits of the higher TDS-exemption limit.

  • Loan Facility

At times, you may require to withdraw money urgently. Generally, financial institutions offer loan facility against fixed deposits, and you may avail up to 75% of the amount in the FD account as a loan. The interest rate of a loan against FD is around 2% higher than the prevailing fixed deposit interest rates.  

  • Option to Close the FD Account Prematurely

If you find an alternative investment option which provides better interest rates than the existing FD account, you may close the FD prematurely. However, financial institutions usually charge 1-2% of the FD amount as penalty, and, as a consequence, the effective fixed deposit interest rates may come down.

  • Automatic Renewal or Maturity 

Most financial institutions offer the facility of automatic renewal. You may instruct the company to automatically renew the principal and/or interest on maturity, during FD account opening. Alternatively, you may also request for a transfer of the maturity proceedings to your bank account. By opting for automatic renewal or maturity, you can eliminate the need to visit the financial institution physically. 

  • Tax Benefits

If you live in a country that has signed the Double Taxation Avoidance Agreement (DTAA) with India, you can save taxes of up to 25%. To avail tax benefits under this provision, you need to file a declaration stating that you come under the DTAA.

Conclusion

If you are looking to get high interest rates on your investment, a fixed deposit can be the best choice. Ensure that you check the financial institution’s credentials and past track record before depositing your money.   

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Finance

Features and Benefits of Using the Home Loan EMI Calculator

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The Indian home loan market is estimated to grow at a CAGR rate of 22% between 2021 and 2026. Thus, this is a perfect time to invest in real estate. Nevertheless, it is essential to have proper knowledge regarding EMI payments. Therefore, it is wise to rely on a home loan EMI calculator to evaluate the EMI amount and other key factors beforehand to avoid further issues. 

What is a home loan EMI calculator?

Availing a loan is a crucial financial decision. Hence, before availing of a loan, it is essential to do a loan planning exercise to estimate monthly EMIs. A home loan calculator helps borrowers calculate the monthly EMI based on the principal amount, loan tenor, and interest rate of a home loan. This calculator makes loan planning easier for borrowers. Hence, individuals can take a look at the features and benefits of home loan EMI calculator that will make their repayment more convenient:

Aspects and advantages of home loan EMI calculator

This simple, user-friendly tool will evaluate the home loan EMI amount at once and provide borrowers with a fair idea of monthly outflow that will contribute towards your repayment procedure.

  • Choosing the right tenor- The repayment of any loan is made through monthly EMI that makes their repayment convenient since they can choose a feasible tenor that will not be stressful. After getting a fair idea of the monthly EMIs, individuals can decide whether they can manage to pay a high EMI and choose a short tenure period or pay a pleasant EMI amount and extend their loan period. One can also focus on ways to reduce home loan tenure and EMI to further ease repayment. 
  • Easy calculation- Borrowers, who want to know the exact figure of EMI repayment, they need to enter the loan amount, interest rate, processing fees and loan tenor and the amount will be provided by the calculator.
  • Comparing Interest rate- The interest rate charged by financial institutions regulate the cost of home loan. When individuals pay their home loan EMI, the home loan interest rate charged decides how much of an amount is to be paid to the lender. Choosing a short tenor reduces the interest rate and allows individuals to compare several financial lenders’ different rates.
  • Choosing the principal amount- Though the financial lenders calculate the higher eligible amount, it is not necessary to borrow that particular amount. Borrowers should try to arrange the maximum down payment to keep the EMI amount minimal.

Hence, a home loan calculator is a handy financial tool that gives instant and accurate results, thereby helping individuals customise home loan based on their comfort and convenience.

To meet your needs, some reputed housing finance companies offer a home loan amount of up to Rs.3.5 crore over a flexible tenor period of 20 years. 

Top HFCs also provide pre-approved offers to simplify and quicken the lending process. These offers are available on several financial products, such as home loans, loan against property and more. You can check your pre-approved offer by providing your name and contact details.

Hence, using a home loan EMI calculator, users gain a fair idea about their financial obligation associated with the credit option and gauge their financial standing.

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Finance

Women Outfit Ideas For Valentine Day 2021

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Valentine’s day comes with the promise of romance in the air. And on that special day, we all love to look good and attractive. When it comes to women’s fashion wear for valentine’s day, the choice is endless. You can either go simple and elegant or you can pick something bold and classy.

To help you get started with your dress shopping this Valentine ’s Day, here is the list of the best outfit ideas.

Flaunt A Sheath Dress

A sheath or a shift dress is very popular for special days like valentine’s and dates. This dress is pretty simple, yet looks perfect for the evening. A shift dress in soft colours or a dark one will definitely set the right mood for your romantic date. Some of the best colours to choose are pink, coral red, dark maroon, navy and bottle green. Pick the right size for comfortability and fittings while buying a shift dress online.

Stylish Tops With Palazzos

The most simple and smart looking dress idea for this valentine’s day would be a pair of the flared palazzo and a stylish ladies top. Embroidered tops are great or you can choose a crop top and wear a shrug on top to make the appearance more regal. Earrings, bangles or just a nose pin will look dazzling with tops and palazzos. 

Ravishing High-low Dress 

Go for the high-low hemline if you want to impress your special one. A dark or bold coloured high-low dress is simply perfect for your first valentine’s. You just need to wear a pair of heels or bellies, carry a clutch and wear your hair down. To highlight your dress, wear very little makeup and stay natural. If you are wearing a sleeveless and low neckline high-low dress, you can also drape a scarf.

Appealing Red Saree

Nothing creates magic like a stunning red saree. You can wear a classic chiffon or silk red saree and pair it with designer tops for girls. Instead of the regular blouse style, do a little experiment and wear a shirt style tp or a tunic kurta with your saree to make a bold and fresh statement. Oxidised jewelry or simple stone studded jewellery will look awesome with your red saree look. To accentuate your coverall attire, do a stylish hair bun and get bold eye makeup.

Elegant White And Red

Just like every time, red and white is the most demanding and evergreen combination for valentines day dress code. Wear a white tunic with a deep red palazzo and you need nothing else to look fashionable. You can also go ethnic and wear a red and white combination anarkali suit with silver jewellery. A white top with a long ethnic red skirt is another fabulous choice for your evening valentine day outing.

Some other great options in red and white are: midi or mini skirts in red with white tops, red cape tops with white jeans or you can wear a red and white gown. 

Asymmetrical Dress

The dress is the most preferred outfit for valentines day. And asymmetrical dresses always make the top of the dress list. The symmetric hemline looks offbeat, attractive and very classy. You can also pair a legging with an asymmetric dress and drape a dupatta to make a fusion style statement. 

Flared Long Kurta

Gown style flared kurtas are very much loved by modern women for their elegant look. Flared kurtas can be worn with churidars or leggings. If you are wearing ankle-length flared kurta, you can ditch bottoms and wear it like a dress.

Hope this valentine’s day, you look bold and beautiful and feel confident. 

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Finance

Some Facts You Must Know When You Apply Personal Loan For Women

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The number of women borrowers in India has increased significantly in the last few years. As per a report, female borrowers numbered around 2.4 crore in 2014 compared to 7.8 crore in March 2020. It just goes to indicate how the mindset has changed regarding borrowing among women in the country.

  • According to a December 2019 survey, women contributed approximately 15% of the total personal loan borrowers.

Fortunately, a personal loan for women is available against a standard set of qualifications, making them easily accessible. While the requirements remain gender-neutral, they indicate an increasing inclination of women in arranging personal financing conveniently. So, here are a few essential facts you must know about these advances, included under the eligibility requirements and application process, for easy financing.

Eligibility criteria for personal loans

The following simple personal loan eligibility criteria enable borrowers, including women, to avail hassle-free funding.

  1. Maintain an impressive credit score and history

The minimum CIBIL score requirement from some of the reputed lenders in the market is 750. Thus, borrowers must aim for a CIBIL rating higher than this particular score if they plan to secure a personal loan conveniently. 

Applicants with scores over 800 also stand a chance to acquire additional benefits, such as favourable rates, higher principal amounts, and much more. If one’s current score does not meet the minimum requirements set by a lender, a borrower must check out things to improve his/her personal credit score.

Nevertheless, taking care of factors such as maintaining a balanced credit mix, keeping the credit utilisation ratio in check and the likes always help maintain an individual’s credit profile for easy borrowing.

  1. Meet age specifications

Generally, salaried employees aged between 23 and 55 years are offered personal loans.

Match minimum income requirements

To acquire a personal loan for women, you must also possess a stable source of income. Monthly earnings should thus be around Rs.25,000 or more to qualify for these forms of credit. 

However, the exact specifications regarding earnings can vary based on your city of residence. If one’s income is limited, she can opt for a Flexi personal loan for women to ensure repayment affordability. Under such an arrangement, lenders provide a pre-sanctioned amount to borrowers for multiple withdrawals, with interest charged on such withdrawals only.

For instance, if this limit is Rs.1 lakh and a borrower utilises Rs.25,000 from this amount, he/she would only need to bear interest on the latter sum and not on an entire principal sanctioned.

How to apply for a personal loan?

Borrowers can complete the following steps for an easy and convenient loan application – 

  1. Depending on the financial institution selected, visit its official website and navigate to the personal loan application section. 
  2. Next, fill up an online application form with the required personal, financial, and other details.
  3. Proceed to choose a suitable loan amount and ideal repayment tenure from the available options. Generally, the personal loans for women come with tenures ranging between 12 to 60 months.

Note that while an option to apply offline is available, one should avail a personal loan online to acquire the best deals. Borrowers can also compare the various rates and terms before choosing a low interest personal loan. For interest rate affordability, one can look for NBFCs like Bajaj Finserv.

The financial institution also provides pre-approved offers to hasten and ease the process of lending. One can avail these offers on personal loans, business loans, credit cards, and more. You can check your pre-approved offer by submitting your name and phone number.

  • Around 30 million women borrowers acquired credit in India, as per a CIBIL report from 2019.

Evidently, women are borrowing more frequently today than ever before. It is due to increased financial independence among Indian women, which has enabled them to avail and repay such credit efficiently.

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