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What Is a Consumer Proposal? And Why Would You Get One?

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What Is a Consumer Proposal? And Why Would You Get One?

If you’re having financial troubles, you may have stumbled on the word “consumer proposal.” What does it mean? Read ahead to find out about the debt relief strategy and when you would want to try it.

What Is a Consumer Proposal?

A consumer proposal is a legally binding process that’s designed to help debtors repay their creditors. With the help of a licensed insolvency trustee, the debtor creates the terms of their proposal, including how much they can repay their creditors and what the expected timeline will be. A proposal’s repayment schedule can be a maximum of 5 years. If the majority of the creditors agree to the terms, then the proposal goes in-effect, and the process officially begins. If the majority of them don’t, then the debtor can try to adjust the terms with the guidance of their trustee and hope to try again.

These are some of the benefits of a consumer proposal:

  • Once the proposal is in-effect, the creditors can no longer charge interest, late fees, and other penalties
  • The creditors have to stop collection actions
  • The debtor can repay a lower amount than their original debt total

One of the biggest benefits is that it’s a popular alternative to filing for personal bankruptcy. A licensed insolvency trustee — formerly known as a bankruptcy trustee — will usually recommend that debtors try to file for a consumer proposal before even considering bankruptcy. For more information, you can click here to see some of the frequently asked questions about consumer proposals and personal bankruptcies. You could get the answers that you’re looking for.  

Who Is a Consumer Proposal for?

Essentially, consumer proposals are designed for people who are insolvent. Insolvent means that you can’t manage to pay off your debts in a reasonable time or way. For instance, someone who would have to stop getting groceries or paying rent in order to afford debt payments is insolvent. If you’re still unsure if you fit the bill, here are some signs that you have too much debt and that you need to do something about it.

Are There Exceptions?

A consumer proposal only covers unsecured debts, like payday loans, credit card debt, and unpaid utility bills. Secured debts aren’t included. So, you can’t add your mortgage or car loans to the agreement.

If you are dealing with student loan debt, you should know that it may not be covered by the proposal. Student loans can only be included in consumer proposals seven years after you cease being a student — this could mean your graduation date or official dropout date.

Another exception for eligibility is the amount of unsecured debt that you have. If you owe less than $250,000 (excluding the mortgage of your primary residence), then you can qualify for the proposal. According to an IPSOS poll, the average citizen owes $8,539.50 in consumer debt — this means debt that’s not related to their mortgage. So, it’s very likely that you’re eligible.

If you owe more than $250,000 (excluding the mortgage of your primary residence), then you will have to look for other debt-relief options, like a division one proposal or personal bankruptcy.

Now you know that you can do more than declare bankruptcy when you have debt trouble. There is another solution out there that can help you get out of debt and get back on your feet.

Mahesh is leading digital marketing initiatives at RecentlyHeard, a NewsFeed platform that covers news from all sectors. He develops, manages, and executes digital strategies to increase online visibility, better reach target audiences, and create engaging experience across channels. With 7+ years of experience, He is skilled in search engine optimization, content marketing, social media marketing, and advertising, and analytics.

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What is Angel Broking’s Angel Amplifiers Platform?

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Social media influencing the market has emerged as the most potent form of marketing in the past few years. From everyday bloggers to even brands have been harnessing its potential to make things even more effective and efficient. There’s no doubt in asserting that the market needs more influencers to change the marketing scenario altogether. There have been plenty of initiatives brought into this matter that have benefited different domains.

The broking marque, Angel Broking, has also decided to contribute by bringing its own influencing platform where influencers can make the most of the opportunity and tap into the demand for stock trading in India. Let us know more about this influencer marketing platform.

What is Angel Amplifier?

As the name suggests, it is an exclusive platform created for social media influencers. It is the first of its kind influencers’ platform that is aimed to harness the potential of investing in stock market. This platform is primarily aimed at encouraging or empowering millennials to invest into stock trading and relish its benefits through systematic awareness, which will be created by the influencers.

Angel Broking is all set to transform the education about investment in stock market by bringing the Angel Amplifiers. It is one of a kind platform meant for influencers to collaborate with the brand and develop a powerful ecosystem for the same. Watch this video to learn how to register as an Angel Influencer.

How is Angel Amplifiers Going To Benefit The Influencers?

Every domain needs its set of influencer marketing to reach out to the larger audiences in deeper geographies. That’s exactly what Angel Broking is trying to do with this influencer marketing platform. It is a digital-first approach to bring the investment in the stock market closer to the millennials and tell them its importance. With the launch of this influencer platform, Angel Broking intends to bring the influencers in the market to collaborate with investment companies through the country’s length and breadth. There are plenty of benefits that influencers can have from this platform; let’s learn some of the major ones.

A Content Creation Platform: Angel Amplifier works as an amazing content creation platform where influencers can design content through direct collaborations. It also provides a content library from where they can select the templates and different ideas for content creation.

Brush Up Skills: There’s no end to stop learning when it comes to influencer marketing. With this platform, influencers can learn every day and brush up their skills. It gives them ample opportunity to grow.

Eliminate The Challenges: One of the biggest challenges that influencers face is the need to get the right collaboration and connection. With Angel Amplifier, they are able to receive quality collaborations with the best in the industry.

The Bottom Line

Influencers are the new and potent marketing techniques used by businesses and people to amplify their brand name. Angel Broking has stepped into the world of influencing with Angel, Amplifier, an influencer marketing platform for the influencers. It is a platform where they can connect and collaborate with the companies to market the stock trading among the millennials. So https://amplifiers.angelbroking.com/signup/

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Why Buying A Term Plan Online Is Beneficial For You?

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If you have not yet invested in term insurance for your family, what are you waiting for? Life is not certain, and it never goes according to your ideas. That is why you need to ensure that your family is financially secure after you are not there to protect them. A term plan is the best option here, but you will have to consider a few factors while buying it. Out of all the points, the purchasing platform plays a crucial role. Here are some benefits you can obtain if you buy your term plan online, instead of going to an agent. 

Better Rates

The premium of your selected policy depends on various factors, such as assured sum, policy tenure, and riders. However, one more factor that affects the amount is the platform from where you are buying the term plan. When you purchase it offline, you need to go through many intermediaries, which significantly increases the plan’s costs. On the other hand, you cut all the middlemen by opting for an online policy. As you directly deal with the policy provider, your plan rates can get considerably low.   

Better View

In case you are naive to the policy world, online term insurance plans would be your best choice. The reason being you can get a better view of what you are opting for. As term plans have different aspects, the offline person may not be able to tell everything to you. This can lead to complications, plus, you will not opt for some features that would be beneficial for you. Online portals have everything open in front of the policy buyer. Therefore, you can clearly examine everything and then only go for it. 

Better Tools

When you ask an agent to assist you with your policy’s coverage amount, they do their calculations according to their expertise. But being a human, they can make mistakes. In order to avoid this and remain secure with the amount, you can opt for a term plan online. With the help of online tools, you will be able to decide the exact assured sum you will need. 

Explore The Riders

As stated earlier, you get a better view of the policies on online platforms. So you can easily go through all the available riders and check which one is beneficial for you. Also, the prices of these add-ons are written systematically. Therefore, you will not have any trouble in comparing how they will affect your premium. 

Easy Access

Another benefit of buying term insurance plans online is that you can easily access the policy, following the purchase. You will no longer have to deal with the middlemen to check on your policies. You can just open the online portal of the provider and get a clear sight of the plan. 

Along with these, there will be several other advantages that you can obtain by buying the term plan online. Do not delay anymore and purchase it on time, so that you will not have to pay higher premiums for shorter policy tenures.

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China to Set Up WeChat, TikTok to Next U.S. Trade Talks

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TikTok

US and Chinese negotiators are expected to explore progress in their trade deal in the next few days, with beijing attempting to broaden the agenda to include Washington ‘s recent censorship of firms such as TikTok and WeChat.

A virtual meeting is expected to take place as early as this week, although a date has not been set, according to people familiar with the arrangements for the talks who asked not to be identified. President Donald Trump ‘s Chief Economic Advisor on Tuesday downplayed fears that the phase one deal would fall apart.

Along with agricultural purchases and the dollar-yuan exchange rate, Chinese officials plan to enforce Trump’s prospective bans on transactions with both apps on national security grounds, the people said, but did not elaborate on what China intends to achieve by doing so.

About seven months after the White House signing ceremony ended the tariff war that had ravaged the global economy, Beijing ‘s promised purchases of U.S. goods remain well behind schedule. The coronavirus epidemic and the worsening of US-China ties with anything from cyber security to Hong Kong have made trade a rare area of cooperation.

GLOBAL INSIGHT: Including Step 1 Chinese Trade Agreement to Import Ignore

“The one region we ‘re involved in is trade,” said Larry Kudlow, director of the White House National Economic Council, at a White House press conference on Tuesday. “It’s all right now.”

At a briefing in Beijing on Wednesday, Foreign Minister Zhao Lijian said that China’s stance on phase one remains clear. TikTok, he said, “is just a forum for entertainment, fun, talent show and sharing for Americans and people around the world. This has nothing to do with national security.

In the U.S., Trump’s handling of China is seen as a political tool for Democrats seeking to overthrow him in November. It was three years ago this month that the Trump administration initiated an investigation into China’s treatment of U.S. intellectual property that would help shape the basis of a trade war that would lead to tariffs on some $500 billion of goods traded between the world’s largest economies.

Now, less than three months before Trump’s re-election campaign, his administration is trying to find a compromise between projecting flexibility and sticking to an agreement that fails to deliver on Beijing ‘s promises.

‘The farmers’

Scott Kennedy, a China specialist at The Center for Strategic and International Studies, told Bloomberg Television this week that “there’s no great thing that either Trump or Xi Jinping want to cancel the Phase 1 agreement amid a storm that now exists inside the U.S.-China partnership.”

“It’s about farmers for Trump, in one term-the sales that can be made to this election for the red states,” said Kennedy, referring to rural strongholds for Republicans. For Chinese President Xi, “this is about peace and preventing relationships from collapsing fully,” he said.

China aims at undermining an volatile dispute between ByteDance Ltd. and the U.S, which was seen by some of its tech champions. The new activities are encouraging a possible sale of the highly successful short video application to Microsoft Corp. Trump also forbid US transactions with the WeChat application of Tencent Holdings Ltd., which has over 1 billion users.

The executive orders of Trump, which will take effect in September, may have far more impact than the ongoing assault on Huaweï Technologies Co., a telecommunications hardware provider, because they aim to sever communications ties between the world’s largest economies. The United States claims that Chinese apps gathering U.S. citizens’ information pose a serious national security risk as the data is likely to be collected by the government.

Despite this year’s crash in world economies linked to the pandemic that Trump has consistently accused China, Pekin’s plan to buy more than $170 billion in U.S. goods this year by the end of June has been just a quarter away.

Kudlow lowered the deficit on Tuesday by saying that China “substantially” had boosted U.S. goods purchases.

In the second half of the year, China will have to buy approximately $130 billion to comply with the original terms of the agreement signed in January which offered a further $200 billion in U.S. goods and services to be purchased at the level of 2017 by the end of 2021.

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Stock of Tesla with a 5-for-1 division offer to encourage more investors

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In the first time in its history Tesla must split its stock so that more investors can purchase shares of the electric car leader following a meteorical rise in the market value of the vehicle.

The five-for-one stock split announced on Tuesday will not affect Tesla ‘s value, but will immediately reduce the share ‘s prices by 80% once it is done on August 31.

The sudden fall in value per share generates a wider universe of potential buyers which also mentally sounds like a stock is on sale. Such factors also spark rallies after the announcement of a split. For example, the share price of Apple increased 14% after the iPhone maker announced a four-for-one split less than two weeks ago.

Now Tesla seems to profit from the same phenomenon. Shares of the firm rose 6 percent to $1.459 in extended trading following the news of the split.

This is the first time that Tesla has exchanged its stock since a decade earlier, Palo Alto, California, an company was released at 17 dollars per share. Any investor who has bought an IPO price worth $10,000 and now has a stock value of around $860,000.

Tesla also reveals the relationship between the shareholding structure of a company and short-term business activities. For a long time , the company has been exposed to major short-selling pressures. This is also one of the shortest inventories on the market. A favorable inventory split price pressure, in the case of Tesla, a 7% increase, directly translates into a loss to current corporate short sellers. You will cover your place at a 7% higher price.

Improved shareholder ownership by retail shareholders could also impede future short sales. A company’s short-sellers must borrow stocks from an owner before they can cut it into the market. The major shareholders on the market are institutional shareholders such as mutual funds, passive index funds and hedge funds. Higher institutional shares will limit short-sellers’ supplies to stocks and effectively raise their costs for short-selling. Often retail shareholders may borrow stocks from their brokers, but it is much easier for large institutional shareholders to borrow. Was Tesla’s push inspired by this? We can’t be certain, only the time is going to tell.

Tesla’s ex-CEO and co-founder Elon Musk has been able to reverse a long history of losses through reporting four straight quarters of income.

Musk has qualified for two lucrative awards estimated at approximately $ 3 billion since May in the financial turnover of the company.

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Everything You Need To Know About Demat Account Today

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Whether you are a professional trader or just a beginner, you cannot ignore the need for a Demat account. When you start your trading journey, you will be asked to open Demat account to trade from anywhere in the world. It is a hassle-free mode of storing and holding your securities electronically. 

What is a Demat Account?

Before realising the benefits, it is important to understand what is Demat account. It is a specific account that stores securities electronically. Dematerialisation is the process of converting the physical share certificates into electronic format. This specific account will allow you to trade in the share market with ease and security. 

How Demat Account Works?

It works similar to a normal bank account that stores your money. The Demat account converts the physical share certificates into electronic format. When you want to step into the stock market, you need to open a Demat account with a depository participant. 

There are mainly two types of Demat providers in India that facilitate Demat services: National Securities Depository Services Limited (NSDL) and Central Depository Service Limited. For instance, when you buy or sell from NSE (National Stock Exchange) or BSE (Bombay Stock Exchange) and once your share is cleared, it will be credited to the Demat account which is managed by the depository participant. 

What Are The Features of Demat Account?

 

  • Secure Transfers: Prior to the time of the Demat account, shares were sent to the company and later transferred to the investor’s name. The time-consuming process often makes the entire process much more difficult. Demat account makes it easier to transfer shares instantly. 
  • Fast Procedures: When the physical shares are converted into electronic format, all the hassles and troubles are eliminated. Demat makes the entire process faster and easier. 
  • Corporate Benefits: When your business has a Demat account, all your profits will be transferred to your account without fail. For instance, if you have invested in dividends, all the returns on the investment will be transferred to your account. 

How To Open Demat Account?

Now that you have learnt the crucial things about Demat accounts, it’s time to learn how to open a Demat account.

  • Choose a depository participant you need to open your account with. 
  • You need to fill a Demat account for, and attach all the supporting documents with it, including proof of identity, address, income, etc. It is necessary to attach your PAN card as well.
  • A copy of rules and regulations will be provided to you that will also have the charges of your respected DP. You will have to go through an in-person verification.
  • After the DP thoroughly verifies your documents, and you have cleared the in-person verification, your Demat account will be opened right away. 

The Bottom Line

Demat account is mandatory while dealing in the share market. Storing and managing your securities electronically. It is imperative to understand the nitty-gritty of Demat account so that you can make the most of its services. The above mentioned were some of the essential details regarding the Demat account. 

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Basics Of Demat Account & Dematerialization Simplified For You!

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If you want to understand Demat Account’s meaning, it is important to understand what dematerialization stands for. Dematerialization refers to a process in which your physical share certificates are converted by your Depository Participant (DP) into the electronic form. 

For a brief definition of Demat Account

It is the account in which the electronic equities are held for trading or monitoring is known as a Demat Account. It consists of all the investments you make in the form of stocks exchange funds, mutual funds, government securities, shares, bonds, etc. stored in one place. Through this Demat Account, you can continue your transactions of buying new shares or selling the existing ones.

In other words, facilitating transactions resembling a typical bank account but, in this case, for equities is what we understand from a Demat Account meaning. 

How To Open A Demat Account

The process of opening a Demat Account is quite simple and transparent. Given below is the step by step process following which you will be successfully able to open for yourself a Demat Account.

  • You first have to choose the financial institution or depository with whom you would like to open your Demat Account.
  • Once chosen, you will have to assign for yourself a Depository Participant (DP) who acts as an agent or mediator between you and the depository. You should choose on the basis of the compatibility of your meeting the charges of the DP for his or her services.
  • Then you will be required to submit an application form filling out all the necessary details and attaching along with it the relevant documents required such as PAN card, address proof and other identity details.
  • Prior to the Demat Account to be finally opened, you will be asked by your DP to sign an agreement which will include all the terms and conditions with which both you and your DP have to align with.
  • Following this, you will be assigned a client identification number which you will be needing for all your future transactions.

Following these steps, you will have successfully opened your Demat Account. It is also important to note that a Demat Account can be maintained with zero balance as well.  

Benefits Of Demat Account

A Demat Account meaning would become nil if it does nothing more than converting the equities from physical to electronic format. For why then an investor would even bother to waste his time in undergoing the process of converting his shares? So, it must be that a Demat Account offers a number of advantages that lures the investor to opt for opening a Demat Account in the first place.

With a Demat Account, you can monitor your data from anywhere. SOURCE: Pixabay

The following are some of the benefits which a Demat Account provides to its user.

  • You can access your equities from anywhere. The electronic shares allow you the option to access them through a computer, mobile phone or a tablet. This makes it easier for you to monitor your account activities, and constantly be in a position to make effective decisions anytime regarding your shares. 
  • Physical share certificates run the risk of being damaged or lost. With the help of a Demat Account, you can be assured of the security of your securities. 
  • As physical share certificates can be converted into an electronic format through the process known as dematerialization, it by no means implies that you cannot reverse the process. Rematerialization is the process of reconverting the electronic stock into the physical format. Therefore, a Demat Account allows you the option of both dematerialization and rematerialization.
  • You can freeze your Demat Account for a certain time to prevent any unwanted reduction from your account. Though it may be the case that you will need to maintain a certain amount of securities in your Demat Account before you can freeze it.
  • A Demat Account saves time by directly crediting the dividends or profits as received from your investments.
  • Enables a faster way to sell your shares and convert them into money.
  • A Demat Account remains updated regarding various issues, rights and other such important information.
  • Purchase or sell of share has also become easier and quicker with a Demat Account. With physical stock, any transaction would usually involve a longer time period to be reflected in your account in comparison to a Demat Account. 
  • No stamp duty fee has to be paid for the transfer of shares. 
  • You can also avail a loan for yourself by keeping your shares in a Demat Account as collateral.

A Demat Account meaning for you, thus, would be to continue investing with better and more benefits than previously. 

Demat Account Charges

There are a certain amount of charges which you may have to pay for opening and maintaining a Demat Account. Some of them are as follows:

  • Opening Charges

Some financial institutions charge a nominal fee for opening a Demat Account, while others do not charge an opening account fee. With some of these institutions, the opening fee is also refundable – it will be returned to you once you close your Demat Account. 

  • Custodian Fee

Before having a Demat Account, an investor would have to be responsible for the safety of physical share certificates. In the case of a Demat Account, however, the responsibility is shifted to the DP. He is entitled to be a guardian of your securities and to make sure that they are not harmed in any way. For providing this service, the DP charges a nominal custodian fee. The Custodian fee is either a one-time charge or it is not charged at all, depending upon the broker.

  • Account Maintenance Charge

Account Maintenance Charge, also known as Annual Maintenance Charge (AMC).is a specific amount of fee charged by DP annually for the maintenance of your Demat Account. Variations are to be found in AMC in the sense that some do not charge any fee for the first year, while some do not demand an AMC provided you exceed the standard limit of transactions. 

  • Transaction Fee

The DP charges a transaction fee every time you purchase or sell shares. Charges can either be made on the number of translations you make or directly on a monthly basis. It is also the case with some DPs that they charge only when you sell your shares, while others charge on both buying and selling. 

To conclude, once you know the Demat Account meaning, you begin to see the advantages it offers over the physical mode of stock. The only thing for you to negotiate then would be which DP and institution to opt for: based upon your own compatibility regarding the services and the charges levied by a particular DP. Once that is figured out, the rest would be smoothness and effectiveness.

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A Complete Guide to Life Insurance Coverage for Women

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Life insurance is a sexually unbiased plan. It is a necessity that everybody ought to satisfy to make sure about their budgetary future. Regardless of whether you are single or a married lady, working or a housewife, there are various reasons why everyone should benefit from life insurance policy for housewife. 

Why do women need Life Insurance Coverage?

In the insurance area for quite a while, the weight of taking up life coverage was on the provider otherwise known as the man. In any case, perhaps the most concerning issue with this is in the event that the policyholder dies, there is ordinarily a tussle for the demise benefits. In such cases the spouse is disregarded and left with nothing. 

For such circumstances, you should buy a life coverage policy under the MWPA Demonstration. At the point when a guardian buys his life insurance from Canara HSBC, he should go for the MWPA Act too. This ensures on the off chance that the policyholder dies, at that point the advantages from the arrangement go to the mistress/spouse. 

Along these lines her needs are ensured and made sure about. Notwithstanding this, life insurance for women is significant. They ought to guarantee that the life coverage gave under these strategies is satisfactory to their requirements. 

The facts may demonstrate that life insurance approaches are implied mostly for the providers, and it comes as an alternative income option for the family if there should be an occurrence of their unexpected demise. However, today, numerous people are picking life coverage plans for their homemaker companion also. It is primarily because of the way that life insurance policies for women are intended to deal with the money related necessities of women at various phases of their life. 

Importance of Women 

As more women step into the workforce and become providers, there is a need to ensure their salary. With evolving patterns, women are currently moving towards money related freedom by investigating insurance and other budgetary instruments as a reserve fund system to enlarge their thought and propensity for long haul reserve funds. Working women as well as even housewives, single women, single parents (regardless of whether bereaved or separated) should be safeguarded to guarantee money related freedom at different phases of life. 

Smart and effective

Generally little reserve funds have been the space of women in India. Anyway access to advertise connected items like Unit Linked Insurance Plans (ULIPs) can help women spare as well as show signs of improvement returns, while getting the assurance of life insurance. They can likewise spare through conventional ‘with benefits’ arrangements to meet their life stage objectives like youngsters’ training, commitment towards purchasing another home and putting something aside for their own retirement. 

Life risk coverage

Life insurance is an alluring plan that assists in the expenses during one’s lifetime and offers an extra advantage of lower/limited premium rates for women in many policies, which is particularly in term and wellbeing plans. Women can utilize various types of insurancepolicies to alleviate this hazard – regardless of whether it is unadulterated term insurance or insurance with benefits. 

Critical illness coverage

A mix of exhaustive medical coverage and critical illness coverage can give a decent harmony among evaluating and inclusion. Treatment for such ailments isn’t just long and awful however costly as well, and includes a ton of way of life adjustments for a woman. This incorporates, surrendering their activity/calling, monetary administration, changes at home and so forth. Subsequently, there are explicit policies for women, which are easy to comprehend and effectively accessible. 

Leave an enduring inheritance 

A woman will need to leave enough cash for her family, her kids and for her life partner. Some may likewise seek to desert sizeable gifts for magnanimous associations, and life coverage is an extraordinary method to guarantee that you can do that. 

It is prudent to reexamine policy prerequisites with every life change. We can be confident that our fantasies for our family’s monetary security and soundness remain on course if there should be an occurrence of any inevitability.

Benefits of Life Insurance policies

 

  • One of the most clear preferred advantages of life insurance that everybody looks for is the money related insurance for your family and friends and close ones. In return of a generally limited quantity of premium consistently, you get a higher life coverage that goes about as an ideal budgetary pad for your family and friends in your nonattendance. 
  • Life insurance premiums are normally modest and fit into the financial plan effectively without upsetting it. Premiums are much less expensive when the plans are taken when the policyholder is young. 
  •  Life coverage accompanies a true serenity that in your demise, your family and friends will be dealt with as you would have arranged. 
  • Purchasing a life insurance plan finishes your money saving plans as a great many people will in general put resources into retirement plans, ULIP plans, and mutual funds plan. Going for a life insurance plan returns everything in context. 
  • All life insurance plans accompany tax cut on premiums and charge discount on the development sum. 

 

While going for a life coverage plan, ensure that your goal is unmistakably characterized as that will assist you with choosing the best life insurance plan. Life insurance plans are cautiously created to meet an assortment of requirements dependent on the sorts of insurance.

You can get extra advantages from your life insurance plans by deciding on extra riders or extra covers. These permit you to grow the extent of the arrangement to cover cases like basic sickness, individual mishap, waiver of premiums if there should arise an occurrence of a handicap, family income advantage, and so on. A portion of the additional items can get you extra tax breaks, for instance, the premium towards the basic ailment coverage can be deducted under Segment 80D of the annual assessment. 

You should absolutely buy the best life insurance coverage policy on the off chance that you have any remarkable liabilities or depends. You can without much of a stretch think about the various approaches accessible on the web and pick one that meets your necessities the best. The capacity to purchase an arrangement online is a very helpful option for the new turn of events.

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All you want to know about necessary requirements for Marriage Loans

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Weddings are an extremely important event in anyone’s life and people at times find it difficult to arrange funds on their own to make this event happen. Hence, the most important kind of planning that needs to be done is for arranging the finances to make your dream wedding turn into a reality.

Fortunately, we have a lot of financial institutions at our disposal to help us with funds that can help us with our wedding expenditure in the form of a marriage loan. It is a personal loan taken to fund expenses related to the wedding. The interest rates for this kind of loan range from 11.25 to 24% per annum. 

Personal Loan is a great medium to consolidate debt & make the major purchases which in the case of weddings could include the payment for the venue, caterers, fancy clothing, etc. But, we should always make it a point to utilize the financial resources responsibly. This practice goes a long way in improving your financial standing & image in the market. 

The entire exercise of planning for a wedding becomes a mammoth task in itself right from hotel bookings which are done in advance, the jewelry shopping for multiple occasions, planning the caterers, decorations, wedding invitations, etc. Making a budget for the wedding could be the right way to approach an event like this and can give a fair idea of how much funds can be required. This can enable clarity on how much funds need to be borrowed vs what is our own capacity to pay. 

Weddings have always been a huge deal in India and people are making the best use of loan alternatives available to fund the idea of dream weddings they have in their mind. They want to shoulder all the wedding-related expenditures by themselves and as a result, are not shying away from approaching lenders for necessary funds that can help meet their goal. 

One has to be eligible to obtain a marriage loan, & every lender bank will have its own criteria, yet, a few generic ones are listed below:

  1. To become eligible for a marriage loan, one needs to be at least 21 years of age & for some lenders, the minimum age applicable is 23 years.
  2. One should not exceed 58 years of age when you fall into the salaried income category whereas people who are self-employed should be not more than 65 years of age.
  3. Minimum income requirement usually is Rs.15,000 for taking a wedding loan, yet some lenders might consider Rs.25,000. The living conditions of the applicant which include the current city, age, etc also affect these particular criteria.
  4. People who are employed on a salary basis, or are self-employed are considered eligible to avail of such kinds of loans provided they meet the minimum income requirement.
  5. The steadiness of income is a must for a candidate and hence, salaried individuals should have been employed for two years & at least a year with the current employer to be able to opt for a marriage loan.
  6. CIBIL Scores should be above 700 amongst applicants and the ones who have lower CIBIL Scores may also get the loan but lenders might charge a higher rate of interest.
  7. The quantum of loan ranges between 5 Lakh to 20 Lakh but also varies from lender to lender and depends on various factors which include income, repayment capacity, CIBIL Score, etc. 

Once you are eligible for availing a marriage loan, there will be a set of documentation that would be required from your end to get started with the formal process, which includes:

  1. Valid Proof of Identification: Applicants can submit any or combination of the following documents- Passport, Voters ID, Driving License, Aadhar Card, Ration Card, National Rural Employment Guarantee Act (NREGA) Job card, PAN Card.
  2. Valid Proof of Address: The documents listed below serve as proof of address and they include: Diving License, Ration Card, Passport, Adhar Card, Rental Agreement, Water/Electricity/Telephone Bill & Voters ID.
  3. Proof of Age: Usually the documents submitted have the proof of age of the applicant mentioned on them but, in case there are documents that don’t have age written then, the documents mentioned below can be submitted: School Leaving Certificate, Birth Certificate & PAN Card. 
  4. Salaried individuals need to submit Form 16 or the latest salary slips or bank statements to show salary is credited in their bank account. 
  5. Self Employed applicants need to show the P&L Account, Balance Sheet, and the latest Bank Statements of the primary account for the last 6 months.
  6. The Loan Application form would be available on the Lenders website or can be taken from the Lender. It needs to be filled and submitted along with the rest of the documents.

Kindly note that every lender will require a different set of documents to be submitted but the general/basic ones have been highlighted above. Most of the major banks and NBFC’s in India offer major loans like Punjab National Bank, Standard Chartered Bank. State Bank of India, IDBI Bank, Kotak Mahindra Bank, Axis Bank, and many more. 

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Finance

Questions to Ask Before You Take Out a Loan

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finance

Loans can be something of a minefield, particularly if you have little to no experience with them. It can be tempting to look at them as free money without considering their long-term implications. However, it’s extremely important to consider the impact lending will have on your finances and future life. For example, you’ll need to consider the levels of interest you’ll be paying as well as the implications of late payments. In this article, we suggest a few questions you may need to ask before you take out a loan. Upon hearing the answers to each one, you’ll be able to more easily determine whether or not you should be borrowing money in this way and at this time.

Can I Afford to Borrow Money?

For many people, a loan is a last resort. However, others may use one simply because they don’t feel comfortable spending a lot of money in one go, even if they can theoretically afford a certain purchase or service. Try to carefully prioritize before you go into debt. Is this particular expense vital? Is there no other way of raising the funds? You may be able to avoid a complex and costly situation by avoiding having to borrow money altogether – or it may be the best possible way of bridging a financial gap.

Can I Revise My Repayments Further Down the Line?

Try to establish whether you might be able to adjust your payment plan later on if you’re struggling to keep up with repayments. You should also look into the possibility of refinancing, as you may find that adjustments are possible following sweeping changes to interest rates and other relevant circumstances. For example, it is possible to refinance or consolidate student loans after a certain amount of time. This may provide you with the opportunity to save money or release some equity.

Are There Any Hidden Costs?

When a money lending or credit service is recommended to you, the process may be made to sound very straightforward. However, some less scrupulous companies will gloss over the hidden charges involved to make their deal seem a little more desirable. Be sure to ask about administration charges and fees for early repayment as well as finding out whether or not your contributions will remain at a fixed rate or vary depending on the financial landscape.

What Happens If I Default?

It is vital that you look into possible enforcement proceedings before you borrow any money – even if you’re totally confident that you’ll be able to make all repayments. It’s impossible to know what the future will bring, and court fees or fines can force you even deeper into a financial hole.

What Will This Do to My Credit?

It’s important to maintain good credit where at all possible. Regular, on-time repayments may improve your score, while late repayments can damage it significantly. This can affect your future plans in a major way, so always keep a close eye on the positive and negative impacts that a certain loan may have.

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Finance

3 Simple Credit Tips for When Cash is No Longer King

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3 Simple Credit Tips for When Cash is No Longer King

They say cash is king, but in a time when social distancing is on everyone’s minds, its reign is on the chopping block — and for good reason. The average bill can pick up a few germs in its time, and new studies show it may be a vector for more serious health concerns.

With the crown up for grabs, the credit card may be its heir apparent. Thanks to its contactless payments, credit offers an easy way around touching dirty money, but it does pose another risk.

The New York Times reports people are more likely to spend when using credit vs cash. There’s no physical exchange of bills when you tap or swipe, so you can end up charging more than you can afford.

If you’re worried about your budget when you give up cash, check out these tips. They’ll help you tap into your credit card’s advantages without putting your finances in a bind.

1. Understand How They Work

A crash course in the various credit accounts can do wonders for your financial health. It helps you understand what’s on the line every time you swipe, tap, or sign your name.

Ordinarily, credit is reserved for special emergencies. Take, for example, installment loans. The loan experts at MoneyKey only recommend using installment loans to cover surprise auto or medical bills when your savings are low. The installment loans you can find at www.MoneyKey.com aren’t meant for day-to-day shopping, and their terms and conditions reflect that.

But a credit card isn’t like an installment loan. When used responsibly, it may tag along to the average shopping trip. Its billing process is different from most personal loans, which is why it may be suited to these expenses — provided you follow the next rule closely.

2. Treat it Like Cash

Cash enjoyed a long reign because it’s simple. Once you run out of it, you can’t spend any more. It’s an easy way to stay on budget.

A credit card is a little more complicated. Remember the money you charge to this account is an IOU. Eventually, you’re expected to pay it back plus interest, even if it’s more than you have.

Use a budget to avoid overspending. It can show you how much cash you need to cover the essentials throughout the month, and how much cash you have leftover for non-essentials. These are your hard limits; don’t spend more than this.

3. Pay in Full and On Time

Paying your full balance on time is one of the best ways to manage this account. It frees up your limit for additional purchases, and it may reduce the interest you accrue.

If you’ve been spending according to your budget, you’ll always have the cash you need to make this full payment. You just need to get into the habit of paying it on time. Set up reminders to help you remember and set up automatic payments covering the minimum payment in case you forget. This will keep your account in good standing until you pay again.

These tips don’t guarantee a credit card is the perfect replacement for cash, but they do put you in a better position to use it responsibly. Take advantage of any rewards points that might come with this account, and always avoid opening an account that has an annual fee if you can help it.

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