Investment Guidlines

There are several ways in which you can manage your credit card and save money on the same. The first such step would be to keep your PIN (personal identification number) as secure as you possibly can. You must never write it on the card and you should definitely not give it away to anyone else. If you ignore these suggestions and if someone steals your card and uses it the bank would never reimburse you the money that has been stolen from you thus. The only situations where you get money back from the bank are when you are not at fault in any way.

 Checking your bill

 This is something that you should know about before you apply for credit card. Always make sure that all your payments are listed on the credit card statement. They must be for the products and services that you bought using the credit card. If there is any query that you do not recognize you should query it immediately. Do you get a statement each month in your mail? In that case, make sure that you are getting that on the same date each month. This way, you would get into a habit of ensuring that all these expenses are in order.

 Pay off in full each month 

 When it comes to tips to save money on credit cards this must rank right at the top with the best of them. It is always a good practice to pay off your credit card balance in full each month. This would mean that the bank would never charge any interest off you in these cases. If you do not do so the bank would charge you interest on the money that you are yet to pay. This would however not include any expense that is being covered by a promotional rate.

One of the best things about a personal loan is the amount of money that you can get from such a loan. In some cases, this can go up to 25 lakh rupees as well! There are so many ways in which you can utilize such money like renovating your home, buying a car, financing higher education, or covering medical expenses.

 They have flexible repayment periods 

 You can get anywhere between a year and 5 years to pay back these loans. In the case of these loans, you can always choose how much time you want to pay the loan back depending on your requirements and financial condition. 

 They are disbursed rather quickly 

 You would be amazed at the speed at which you get the loan after you apply personal loan. In fact, some lenders disburse these loans within 24 hours of applying for them! It is because of the quick access that you have in these cases that these loans come in so handy when you need money to meet emergencies such as medical emergencies. 

 They do not need any collateral 

 These loans are unsecured ones, a fact which means that you do not have to provide any collateral against them.

 They have attractive rates of interest 

 The personal loan interest rates are normally competitive for the simple reason that you have so many banks and other such lenders offering them. This also implies that your personal loan EMI is going to be affordable often.

 They need little by way of paperwork 

 You need only basic documents for such a loan like the ones that you have to provide when a bank asks for KYC (know your customer). Apart from that, you have to offer statements of your bank account. If you are a salaried individual, you would have to provide your employee ID card as well as the latest salary slips. If you are self-employed you would need to furnish documents of business proof, income tax returns, and details of turnover of the earlier financial year. 

Building a home is a luxury for a million people who can’t afford the expenses. Especially in the increasing inflation, it is getting hard day by day to make such a major investment in life.

Home loan is one such thing that makes it possible for people to achieve their dream home. There are many people who apply for a home loan but are not necessarily aware of the factors that one should consider and be aware of before putting in the application. Let’s first look at the basics:

What Is a Home Loan?

A home loan is defined as the amount of money provided by the bank or other financial organization with the purpose to purchase a property in exchange for collateral until the loan is repaid with interest.

The rate of interest of a home loan and its duration differs as per the institution through which the loan is applied. It can be directly availed through visiting the bank for formalities or you can apply for a home loan online.

General things you should know about before you apply for home loan:

 ●       Interest Rates

Taking a home loan is a major decision that affects one's life both beautifully and drastically since the amount required to secure a property is huge. Moreover, the interest rates on the loan often can be a burden. One should always choose from the lowest interest provided by different banks.

 There are two types of home loan interest rates available –fixed and floating fixed interest does not change with time and floating interest rates change with time so does the EMI amount.

 ●       Duration of repayment

The home loan EMI deadline usually lasts for a long time and interest also increases with it. One should always go for the duration of tenure based on their economic stability and financial condition. It is advised the sooner you repay the loan, the less will be the repayment amount.

 ●       Advantage of the credit score

Whether you are applying for a home loan directly from the bank or going for a home loan online, a good credit score helps you in getting the loans processed smoothly and with lower interest rates.

 ●       Home loan EMI calculator

We all hear about car loans in ads and see them over there as well. They have become a common feature on the advertisement boards of most banks that offer these loans as well. The thing with a car loan is that not only does it help you purchase a new car it also helps a family change its lifestyle as well. So, when it comes to these loans there is more to it than meets the eye.  

 A new car brings a sense of pride to a family

 As we have said already, when you get car loans you can buy a new car. In a country like India owning a car is a big deal. It is a matter of great pride for the family that owns the car. When you see a luxurious ride standing outside your main door it makes everyone in your family a lot more confident than would have happened otherwise. This is because they know that they have been able to do something worthwhile in their lives. It is a status symbol, so to speak.

 More family outings mean more happiness for everybody in the family  

 When you apply for car loan this is not something that you think of, do you? However, this is a positive after-effect of the loans that we are talking about over here. When you get a new car it is but natural that you would be taking it out for a spin time and again. You would get together and make plans for more joyrides. This means more happy moments to be shared by the various members of the family. This keeps everyone in great spirits as well.

 Better health of the family members 

 The value of a car can be understood at this time of global pandemic where it provides you a way to avoid public transportation that can increase your chances of contacting Covid. Apart from that, they do not get exposed to the harsh weather and dust outside when they ride in a car. 

Excitement seeing Bollywood-style shot glasses leading to plethora of lavish cocktail mixers, here’s how you could make your Diwali party full of joy and leisure! It’s likely to secure to mention that COVID-19 has without a doubt dampened our festive temper this season. With social gatherings now no longer being a secure option, celebrating Diwali may be plenty different. However, simply due to the fact you couldn’t rejoice the manner you used to or host a Diwali celebration with an extended visitor listing doesn’t imply your Diwali must be an uneventful one. Why now no longer make your Diwali a laugh and boozy, with near buddies and your own circle of relatives supplying you with the company?

It’s celebration time and you love to savour your drinks at home, then it’s time to invest in good and high-quality cocktail bar glasses at your home. Bar glasses will add up spice your house party through their glamourous and appealing look. It will enhance the visual appearance and taste of your drink with class and luxury. There are various types of bar glasses available in the market like Martini glass, Juice Tumblers, coupe glass, highball glass, and Ping drink glass.

Below are the selected cocktail glasses for your home party:

1.                  Martini Glass

Cocktail glasses or Martini glass has a stem in them along with an inverted cone bowl that are typically used for serving straight-up cocktails. Despite their modest differences, the terms cocktail glass and martini glass are frequently used interchangeably. The glass is now used to serve a variety of cocktails, including martinis and their variants. They come in different sizes – a standard cocktail glass contains 90-300 millilitres (3-10 US fluid ounces), but was originally about 120 millilitres (4 US fluid ounces) in size.

2.                  Long Drink Glass

These are the most available in sets for drinking where sizes vary from 290 to 325ml. Long Drink glass is strong, resistant, and economical glass that is widely used at restaurants, home bars, and parties.

3.                  Juice Tumblers

These are also known as Glass beer or Juice Mugs which are used for drinks like beer. They vary in size from 350 ml to one litre and are considered perfect for beer or icy soda. The durability of juice tumblers makes it the maximum usage at stock bars, restaurants, and even at home bars. The classic design of the mug makes it easy to handle, durable, and a must-have for your cocktail party.

4.                  Highball Glasses

The highball (or hi-ball) and Collins glasses have a lot in common. They are used for tall beverages holding the same amount of liquid, which can range from 8 to 16 ounces. Tall glasses are quite useful and are a must-have in any bar.

Everyone today is pretty concerned when it comes to health as it comes first in our life. Improving eating habits and using non-reactive containers have become the fundamental concerns. However, keeping these habits intact for the kids as well is also a significant step. The more critical situation is when we keep the food or water in a container of harmful material. Plastic is one of the most harmful materials, but stainless steel is an excellent one.

 Let us understand why stainless steel makes the right choice for manufacturing a water bottle for kids.

  The hygiene aspect is best when it comes to     stainless steel water bottles. The plastic material is the one that     supports the accumulation of bacteria, causing health problems. Besides,     the plastic bottle is a substance that releases the micro-plastics with     time. These particles pollute the drinking water and enter the body. On     the contrary, the stainless-steel water from the Milton turns out to be     the better option which is an unreactive alternative.

  Durability is better when it comes to     stainless-steel bottles. Many plastic bottles are flimsy, made for     one-time use, and should be crushed after the first use. Besides, plastic     is not an apt material to be washed in the dishwasher. Hence, the kids     sipper bottle of stainless steel is a safer approach.

  The eco-friendly choice is what today's     majority of individuals seek in the products they use. Stainless steel is     a superior choice over plastic ones when it comes to environmental     concerns. Plastic is a man-made material that causes air pollution on     burning and water pollution on dumping. It does not decompose and create a     major concern for nature. However, stainless steel is made from natural     products, and it can readily be recycled, making it a hundred percent     eco-friendly alternative.

  The Convenient Factor. Anyone can wash the     stainless-steel bottles in their dishwashers with ease, which is not the     case with plastic or glass ones. Besides, the kids water bottle with     straw adds to the convenience factor for the school kids.     Besides, the sippers are easy to drink water with minimal chances of     spillage. All these factors corroborate the convenience factor of using     steel water bottles.

One of the best qualities of dinnerware made from melamine is that these products are immensely durable. In fact, they are virtually unbreakable. You may want to know why this happens to be the case. Well, melamine is an organic compound that is rich in nitrogen. It is used to make products such as cooking utensils, plastic products, plates, etc. Melamine resin is a major reason why the material is as good at resisting being shattered – its overall durability if you will. This is also a major reason why melamine houseware is a lot more durable than the same product made using plastic.

 It feels and looks like ceramic and porcelain 

 A lot of companies have brought about an evolution of sorts when it comes to the overall look and feel of melamine dinnerware. These days you get melamine products that weigh a lot and offer high gloss as well. They feel and look like luxury products in the truest sense of the word. If you use a high-quality product you would understand the difference that we are talking about over here. These products are normally made using completely high-grade melamine. This makes them a lot more substantial and a great deal stronger than ordinary dinnerware.

 It does not have BPA and is food safe

 A great thing about the melamine dinnerware sets – especially ones that are of a higher quality – is that they do not have any BPA (Bisphenol A). This makes them completely food safe as well. This is corroborated by the Safety and Risk Assessment of Melamine done by the FDA (Food and Drug Administration). You can be sure that when you buy these products from the best companies they would adhere to the highest standards of safety. However, you must not use them in microwaves and ovens as such usage can compromise the material’s integrity.

Having a health plan helps you in times of medical emergencies. The thing with a difficult situation is that it does not knock on your door before it comes. Medical emergencies are one of them. This is why you must have a health plan that is in keeping with what you need in these cases. This way your savings would not be affected as well. When you have a health plan all your medical costs would be taken care of. This would help you tide through the difficult times. 

 It helps you take proper care of your health 

 You must visit a doctor regularly to make sure that you are healthy. These visits are critical for your parents as well as your kids. The thing with these insurance plans is that they offer coverage for various healthcare-related expenses such as post and pre-hospitalization, yearly health check-ups, and in-patient care, to name a few. If you have such a plan you do not have to worry about using money from your savings for such purposes. All you have to do is pay your healthcare premium each month. So, this is one way in which these policies help you plan your finances.

 It provides you tax benefits 

 When you have health insurance you would get tax benefits for the same. As per Section 80D of the Indian Income Tax Act, the money with which you pay the premium would be exempted from income taxes. The same is also applicable for the premium that you have bought for family members. 

 It helps you after retirement 

 When you retire you may not have access to fixed income as you did when you were working. This is where a medical plan could be what the doctor ordered for you, especially during medical emergencies.

 It would be even better if you can buy the policy from a leading service provider such as ICICI Direct. Your health plan would cover all the expenses that you incur at that time provided it is supposed to cover them. This means that you would not have to spend money from yourself after retirement. This also means that you do not have to use the money that you have saved up for your retirement. You can lead your life just as you wanted to. The medical costs these days are always increasing and in such a situation these policies can be extremely helpful for you.   

At a basic level, home loans help you get a home – perhaps the most important thing in our lives. However, their benefits do not end there. These loans offer you tax benefits as well. The government of India is offering tax benefits on these loans so that an increasing number of people can now buy their own homes. Tax benefits are offered both on the interest on the loan as well as the principal of the same. In a year, you can claim a tax exemption of up to 1.5 lakh rupees for repaying the principal of the loan. This benefit is offered by Section 80C of the Indian Income Tax Act of 1961. 

 You can get a tax exemption of up to 2 lakh rupees in a year for the money that you are spending to pay the interest on the loan. Please remember that you would get the benefits only after the construction of your house is completed. 

 You get tax benefits on a second house 

 If you have taken a home loan on a second house you would be allowed to claim a tax deduction for the entire money that you are spending to pay the interest on the loan. This benefit is provided to you as per Section 24B of the Income Tax Act.

 You would not have to pay prepayment charges 

 Usually, in a loan you have to pay a prepayment penalty in case you are paying off the loan before the scheduled time. However, in a home loan in India, such charges do not apply. This facility is only applicable in the case of home loans that have a fixed rate of interest on repayment. So, if you have money to spare you can use that to pay off as much of the loan as you can and thus reduce the financial burden being placed on you. Please note that the prepayment charges would be applicable in the case of a house loan with a floating rate of interest on repayment.

 You can always transfer the balance 

 If you want you can always transfer the balance of your loan to another lender such as ICICI Direct where you would get better terms and conditions for repayment. Quite often we see that certain lenders are offering a lower rate of interest on repayment of the same amount. It is only natural that we would want to switch to those providers. This particular facility makes it easy for you to do that. 

If you are new to the stock market, then getting used to daily price fluctuations will take some time. It is one of the most peculiar things about stock trading. No matter, how much information you gather, the reason for stock prices movement remains inconspicuous. However, it remains one of the best methods to reach your financial goals even after so many decades. You can build an education corpus for your children, or you can plan for your retirement by investing in the stock market. The primary reason remains the same - we invest to meet our life goals.

 Let us look at some of the goals that can be achieved by investing in this asset class.

 Higher Education for Children

 The cost of education in India is soaring every year. The top management institutes in the country have raised their tuition by almost 20% for the 2021-23 batches. It means the students will have to bear Rs.1 Lakh to Rs.3 Lakh more for their programs. By the looks of it, it will only go up in the future. To meet the cost of education, and build a corpus for the same, you must invest in instruments like stocks. By making a smart investment, you can accumulate the amount required to meet the cost of higher education.

 Retirement Corpus

 After you are done planning for your children and loved ones, it is time to think about yourself. Retirement is the time to enjoy the fruits of your labor. However, it is only possible if you have a large corpus to take care of your post-retirement needs. Inflation is important to consider while planning for retirement. It erodes the value of wealth over time. Hence, you must invest in inflation-beating instruments like stocks.

 Emergency Fund

 It is an unforeseen cost that does not come with a warning. It can crop up at any time. Hence, it is prudent to be prepared for it. To tackle an emergency, you need to have readily accessible funds. Investing in the stock market will help you do that exactly.

 Short-Term Goals

 These are the goals that you want to accomplish within 5 years. For instance, it can be buying a car, going on a vacation, purchasing a house, etc. You can build a corpus by online stock trading. By investing in stocks that have performed well across the market can help you in achieving the goals mentioned above.

 You can’t keep working alone all your life. When you start making investments and those investments start producing results, it feels like having another earning member in the family.

Disclaimer

You may be a car enthusiast, fond of making modifications to your four-wheelers to make them look or perform differently. However, be careful about the changes that you make to your vehicle because many of them can affect your motor insurance premium. While third party car insurance is compulsory as it helps in case of legal liabilities due to damage caused by your car to a third-party, own damage or comprehensive plans offer extra protection. But in all these cases, the premium is likely to get affected if you modify your car without following the rules first. So, read on to know what a car modification really is, what are the types and which ones can impact your premium.

 What is a car modification?

A car modification can be anything from a minor change to a significant one made to a vehicle to tweak its performance, appearance, or both. It refers to any change made to a car in its original condition. Car modifications include the optional extras that car dealers offer when you purchase a new four-wheeler. You may opt for add-ons to your cars, without realising that you are paying for modifications to your new vehicle.

Poor-quality modification of vehicle parts can affect the vehicle's functioning and safety. Always choose reputed professionals when getting the modifications done.

 Car Modifications are broadly classified into three categories:

●        Aesthetic modifications

Aesthetic modifications change the internal and external appearance of the vehicle. Some of them also change the performance of the car. Paint jobs, installation of body kits, different headlamp or tail lamp clusters are a few common aesthetic modifications.

●        Performance modifications

These modifications enhance the car's performance by boosting its handling, power, and fuel efficiency. Such changes usually extend to the brakes, tyres or wheels, engine, exhaust system, air filters, etc.

●        Functional modifications

Functional modifications change the vehicle’s functions or add new ones to it. These include installing a navigation system, car phone, air conditioning system, sunroofs, among others.

 Modifications that affect your insurance premium

Many times, changes in your car without the insurer’s knowledge may lead to the car insurance policy getting cancelled when you file a claim for an accident or theft. Below are some modifications that may increase your car insurance premium:

 1.       Wheel modifications

Modifications to the tyres or wheels typically enhance the look of the car. Upgrading the wheels may also increase the value of your car. Therefore, it is recommended that you inform your insurer if you make such modifications.

2.       Paintwork

Changing your car’s paint can significantly modify its look, especially adding eye-catching patterns and designs similar to racing cars. While changing the paint may seem like a harmless modification, you still need to inform your insurer about it. This type of modification increases the risk of your vehicle getting stolen, due to which the insurer may hike your motor insurance premium.

3.       Engine and mechanical modifications

Modifications that boost the performance of the engine or acceleration speed also increase the risk of an accident. Since overtaking, over-speeding, and other such activities lead to accidents, getting a turbocharger, supercharger, or nitrous oxide injection kit added to your car can increase your car insurance premium.

4.       Brakes and suspension

Irrespective of the vehicle, the brakes are responsible for its control. Upgrading the braking or suspension systems of the car drastically affects its performance by changing the power and speed. Therefore, the insurance company needs to assess any change to such critical parts. You must inform your insurer about such modifications, which include details about the service provider.

5.       Non-standard engine change

Your car’s engine is one of the primary aspects that determine your insurance premium. Getting a non-standard engine installed in your four-wheeler is a major modification and increases the risk of accidents or breakdown. Due to this, your car insurance premium will spike.

You must inform your insurer about the process because they calculate the insurance premium based on the quality of the products installed, the make and model of your car as well as its manufacturing year.

6.       The car’s interior

Changes to the sound system, pedals, steering wheel, seats, etc are considered crucial by insurers. So, you must inform your insurance provider about such modifications. The quality of the products used and their wear and tear reflect in your insurance premium.

 Modifications that do not affect your insurance premium

Insurance companies do not consider some changes like installing parking sensors as modifications because these alterations help protect the car from damage by reducing the risk of accidents or thefts. Such car modifications do not affect the insurance premium.

 Why you must inform your insurer about car modifications

Insurance providers calculate the premiums based on various factors like the make, model, mileage, specifications, vehicle condition, accessories, market price, etc. When a modification is made to any insured car, it changes the parameters of the premium calculation. The insurer has to analyse and calculate the premium accordingly.

If you buy a second-hand four-wheeler and are unsure about the car modifications, get the vehicle examined by a mechanic. Also, intimate the insurer about any modification you would make to the car in the future.

If you do not inform the insurer about car modifications, whether intentionally or not, the insurer may nullify your coverage. If your insurance gets cancelled, it may become difficult for you to get car insurance in the future.

Do not hide the information or wait until the last minute because it may create problems when you file a claim.  It may cost you more to sign up for a new policy in such a situation.

 Conclusion: