A Look At Indian Personal Finance and Accounting for Life

16 Nov

or copy the link

The globe today runs on the cogs of income, the centralized resource to acquiring, utilizing and disposing of all the main and secondary resources. As such, economic management demands the highest interest whether or not personal or corporate finance, holding the reigns of function at all levels. Monetary management nowadays is diversified with respect to the regular Indian- in the type of loans, insurance, credit card facilities, auto finances, home loans, fixed deposits and tax cost savings to mention a handful of.

With the modifying regulations and elevated awareness, the choices available to a person to garner cost savings and produce a economic back-up are growing too. From the limited openings like Life Insurance Corporation for insurance, National Cost savings Certificates and National Financial savings Scheme, Unit Trust of India mutual funds, Public Provident Funds etc. The opportunities to invest and conserve in India have burgeoned into innumerable options with the finance avenues broadening the playing field. This article offers you an insight into the other developments in some of these monetary avenues like loans, tax cost savings and credit card facilities that have occurred, sharpening the financial tools essential for productive management of your finances.

The concept of insurance is vital to have a excellent commence on personal financial savings as well as back-up for emergencies and with life insurance policies like Unit Linked Strategy supplying tax benefits along with flexibility in the premium tenor, a single can make use of the opportunity to invest and safe amount.

Auto loans are another viable choice, and with 60% of automobiles in India financed, the credibility is sealed! The automobile or vehicle getting a depreciating asset, investment in auto loans must be carefully scrutinised with respect to Equated Monthly Instalment (EMI) rates and foreclosure charges, not to mention turnaround time and mode of repayment.

The third aspect of finances includes the tax rewards and savings which the Indian can accrue, on account of property loans and Public Provident Funds, the latter becoming a extended-phrase savings solution. There are a lot of rebates on taxes offered by the Government on certain investments, and tax exemptions are provided for many saving instruments mentioned above and this list consists of residence loans as well.

An important element controlling most of the economic transactions today is the credit card and debit card solution, which permits us to execute financial transactions conveniently. Although statistics show the debit card transactions ranking higher than their credit card counterparts, the concepts of credit card usage and the latest developments through Customer Data Bureau India Limited are invaluable in economic management nowadays.

Credit card owners who have outstanding amounts piling up can look to salvage their position by turning those amounts into personal loans, which come at a rate of 12-18% p.a. as opposed to the high prices (36-44% p.a.) levied on the credit cards.

The idea of credit information reports are new in India, although typical practice abroad, which offers the credit worthiness of every single individual owning credit cards and going for loans. The information pertaining to the repayment behaviours and financial history obtained from banks, monetary institutions, credit card organizations and housing finances is utilised by the bank or lending agency to gauge the creditworthiness, set up the rates and make a decision on how quick to issue loans.

Understanding the current monetary trends in India and investing appropriately, keeping a decent credit status is vital for today’s investment-savvy Indian to extract greatest returns.

14 Responses to “A Look At Indian Personal Finance and Accounting for Life”

  1. Isaias January 8, 2013 at 5:36 pm #

    Among the finest an easy charge card where I’m able to build my credit up? What’s the right one?

  2. Verona January 8, 2013 at 6:27 pm #

    I wish to obtain a charge card however i don’t have any method of making without having any credit. How can you really obtain a card. I have to build my credit to obtain financial loans for varsity.

  3. Mabelle January 8, 2013 at 7:49 pm #

    How do you take into account charge card expenses on quickbooks online fundamental?

    And just how to deal with charge card charges?

  4. Dustin January 8, 2013 at 7:49 pm #

    The charge card has already been registered towards the account. Can there be in whatever way to transfer money in the card towards the account?

  5. Teena January 8, 2013 at 11:18 pm #

    My charge card is maxed and that i can’t have an increase with my charge card company. Can there be any movers I’m able to use that do not need a charge card for security? Thanks.

    I do not mind giving my charge card number however they can’t put any charges onto it and my charge card company will not increase my credit.

  6. Lacy January 9, 2013 at 1:17 am #

    What’s the simplest charge card to obtain nowadays for somebody attempting to either build non-existent credit or improve credit? Any sort of store cards which are simpler to obtain than the others?

  7. Fredia February 19, 2013 at 10:46 am #

    I have a amazon visa credit card, which is through chase. Is that considered a major credit card? My boyfriend was trying to rent a car from my state but I wanted to know if I could possibly use that card?

  8. Heath March 17, 2013 at 2:08 am #

    I have made some bad financial decisions in my life and as a result I have horrible credit. I am looking for a credit card company that will issue me a card in order to rebuild my credit. Are there any companies that don’t have an outrageous interest rate that will help me get my credit back on track?

  9. Jarred April 19, 2013 at 11:12 am #

    I have just applied for a Wells Fargo Credit Card–I also have a checking account with them as well. Anyways, i was approved for a secured credit card of 800 dollars and denied a personal line of credit? I have to send them 300 dollars for collateral to get my card. Can someone explain this to me more thoroughly. Thank you.

  10. Herman May 6, 2013 at 11:32 am #

    I’ve never had a credit card before what are some tips in getting accepted?
    Forgot to mention that my main reason is for building credit.

  11. Phung May 10, 2013 at 12:03 pm #

    I am a sophomore in college in need of a credit card capable of making purchases outside of Old Navy! I’ve seen plenty Student Credit Cards listed, but I’d like to know a little more – which would you recommend?
    I have a debit card, but that’s not what I was asking about. I understand the risks that come with a credit card, and right now it is a necessary evil. I have other active store credit cards and know very well how to handle paying for them.

  12. Bobby June 26, 2013 at 3:35 pm #

    Will my credit card be under a cost of goods account, expense account, loan or what? The equipment had already been paid in full by the credit card, now we are paying the credit card off. Should I name the credit card as a vendor?

  13. Arturo June 30, 2013 at 12:44 pm #

    I’m interested in applying for a department store credit card like Carsons, Target, Wal-Mart, etc. However, my credit is not all that great right now but I would like a chance to RE-BUILD it. Does anyone have any experience with getting a department store credit card but you had bad credit? I appreciate and thank-you guys in advance for your kind answers and intelligent business advice.

  14. Terri September 19, 2013 at 9:14 pm #

    I want to get a credit card to build up my credit and also for emergency situations. I don’t know all that much about credit cards except the basic buy now pay later. Where i can find a good credit card to get me started(preferrably visa)?
    I’m 23 and don’t have a checking account. My paychecks are direct deposit to a debit card i got through my job.

Leave a Reply