Some common reasons why people opt for personal loan apply online

Best way to Apply Online For Personal Loan

Every one of us has a unique financial situation and we all have some hidden desires that sneaking out when we least expect them. But what if we tell you that you need not suppress your desires anymore for you could try the option of personal loan apply online.

Personal loan is an unsecured loan and it can be used for any purpose to suit your requirement. This is in contrast to the loans sanctioned for specific purposes such as an automobile or a student loan. 

So, if you are wondering what all you can do with the personal loan, then keep reading the list of things given below. 

To meet additional wedding expenditures: People use the facility of online personal loan for it to add that zing factor to their wedding ceremonies and functions.  Weddings are a significant once-in-a-lifetime occasion in your life and you wouldn’t like to compromise on it for sure. 

Unannounced medical emergencies: Urgencies never come ringing a warning bell, especially not the medical mishaps. And there could be situations when you could be dealing with major health issues of self or someone close to your heart. And even if you have the best of insurance covers, having some more money on hand is always better than relying on others to help. So, there is no reason why one must not head for personal loan apply online facility. 

For a vacation: Everyone needs a break from the monotonous regime of 9am to 5 pm jobs and then rushing back home to cater to the family’s needs. And travelling with your loved ones or a short vacationcan do wonders to your and your family’s soul and overall mental and physical health. You will never forget the immense sense of joy and rejuvenation that the short-break, funded by the online personal loan apply, brought to your dear ones. 

To expand businesses: If you have been contemplating about growing your business, try using the provision of online personal loan for it. Compared to the business loans, personal loan applications require no collaterals, get easily approved and even the disbursement to your savings account is quick. 

To clear pending debts: The personal loan apply online facility allows you to pay off your existing dues and other financial obligations in one go, especially if you have borrowed the money from a friend or a relative and continue to pay off the loan Equated Monthly Installments (EMIs) every month. Also, the facility helps you settle your credit card debts that you have been using to make big and small purchases. Failing to repay the credit card debt within the prescribed time period incurs high penalties. 

Conclusion

Personal loans apply online is a wonderful option that people can avail and benefit from. So, if you are also looking to fulfil your dreams and desire you know what to do now.

Concerned about Rakhi celebrations during this crisis times?

The most awaited festival ‘Raksha Bandhan’ is just around the corner and the siblings have already started prepping themselves for the celebrations. However, as the world is currently gripped in Coronavirus pandemic, the celebrations are not likely to remain the same as always. Though it definitely not going to affect the enthusiasm and excitement of the siblings, especially for the sisters, who like every year waits for tons of gifts from their ‘sweet n sour’ brothers.

While sisters are excited, brothers are quite concerned this time. Not because they are not in mood to shell out their savings for ‘always caring sisters’, but because their finances have been hit hard during this time of pandemic.

Notably, most of the businesses are shut and many have lost their primary income sources. Therefore, it is a major concern among the brothers as to how and what to gift their sisters on the special occasion of Raksha Bandhan. However, there is not much to worry about as personal loan comes to your savior as always.

Understanding the current scenario, several banks and financial institutions have come up with their unique personal loan schemes in order to aid all your financial needs. The schemes are specifically designed to understand the needs during the current crisis.

Although, you might be concerned whether it is the right time to opt for a personal loan or should look for other alternative sources of income? So, if you’re too scratching your head to put the right step forward, here’s what you need to know about applying for personal loan during the Coronavirus outbreak.

Evaluate your finances – It is for sure that we are into this crisis time all together and therefore, it is significant to first evaluate the finances before indulging in yet another liability. In case, you’re facing salary cut off or temporary income disruption, then it could be considered to get a personal loan for having Rakhi celebrations as always.

Don’t opt for high value loan – While the financial disruption is temporarily, it is advised to only apply for a loan amount that you can afford to repay at the earliest. In addition, try opting for a short-term tenure to get rid of debt burden as soon as the situation gets back to normal.

Go for budget gifts – Of course, Rakhi is a festival of siblings, but as the current scenario is clearly understood, keep the high-value gifts due for later date, and instead go for budget yet valuable gifts this time. Remember, love and affection is not calculated on the basis of the value of gift, but the emotions and sentiments behind it.

So, as the festival rings in, get yourself bestest memories of all time. 

Consumer Protection Act 2019

Modi Government is all geared up to replace the decade old Consumer Protection Act, 1986 by the Consumer Protection Act, 2019. On August 6, 2019, the proposed bill was passed in the Parliament to address a set of new challenges in the digital age. The amendments made to the Act primarily aims at providing timely and effective administration and settlement in regards to consumer disputes.

Besides this, Union Ministry of Consumer Affairs, Food and Public Distribution also announced that a dedicated Central Consumer Protection Authority (CCPA) will be set up under Section 10(1) of The Consumer Protection Act, 2019. The authority will be responsible to protect consumer rights by eliminating unfair trade practices and misleading advertisements that are detrimental to consumers’ interest.

Now a circulation has been issued that the Act will come into effect from July 20, 2020. As several amendments have been made to the act, it is significant to gain an understanding of newly added sections.

Key highlights of Consumer Protection Act, 2019:

Product liability and penal consequences – The new Act formally introduced the concept of product liability, in order to bring in the scope of any compensation claim for the product manufacturer, product service provider, and product seller. A product liability claims can now be made on grounds of defectiveness of goods or deficiency of services resulting in harm caused to a person or his/her property. The scope of defect and deficiency has been extended to non-conformance, express warranty, design defect, lack of warnings or misleading information to prevent any harm, failure to provide adequate instructions, etc. However, the act has also given certain exceptions such as that the product seller will not be liable for any misuse or modification of product post sales.

E-commerce transactions – Consumer Protection Act, 2019 has widened the definition of ‘consumer’ and now the new definition describes a consumer as any goods, whether through offline or online transactions, electronic means, teleshopping, direct selling or multi-level marketing. The previous act doesn’t specifically defined consumers involved in e-commerce transactions.

E-filing of complaints – The new amendments of the act provides flexibility to the consumer, so that they can file complaints with the jurisdictional consumer forum at their own convenience. The new act contains provisions that allow a consumer to file complaints through electronic modes, and in fact, the hearings are done through video-conferencing. The objective of enabling digital filling of complaints was to ease down the procedure and eliminate inconvenience and harassment caused to the consumer.

Enhance of pecuniary jurisdiction – The newly introduced amendments have also revised pecuniary limits and the District Commission, State Commissioner, and National Commission has been given enhanced limits to entertain consumer complaints. As per the amendments made, the District Commission will now take consumer complaints for the value of goods and services not exceeding Rs.10 million. Similarly, complaints or disputes ranging from Rs.10 million to Rs.1 crore will be addressed under the jurisdiction of the State Commission and the disputes exceeding Rs.1 crore value will be addressed under the jurisdiction of the National Commission.

Unfair trade practices – The Consumer Protection Act, 2019 introduced broader definition of Unfair Trade Practices including sharing of consumer’s personal information in confidence, without their consent or unless such disclosure is made in accordance with the provisions of any other law. The Central Authority and Consumer Commission have been given powers to order the perpetrator of such practices to discontinue it.

Penalties for misleading advertisement – While advertisement is a direct source to connect to target audience, the new act introduced the definition of misleading advertisement for the first time. The definition also covers false description and guarantee of a product or services. In addition, any information that was deliberately concealed from the consumer is also covered in the definition under new act. In case of any misleading advertisement found, then a penalty of up to Rs.1 million will be imposed by the Central Authority. In addition, the act separately has made it a criminal offence for manufacturers and service providers to publish false or misleading advertisement. If found guilty, they could be imprisoned for up to 2 years and/or penalty of up to Rs.10 lakhs will be imposed on a manufacturer or an endorser. In case of a subsequent offence, the imprisonment could be extended for up to 5 years and/or fine of up to Rs.50 lakhs. For every subsequent offence, the period of prohibition could be extended for another 3 years.

Provision for alternate dispute resolution – The new act provides for mediation as an alternate dispute resolution mechanism, which makes the process of dispute adjudication easier and faster. This will result in speedy resolution of disputes, ultimately reducing pressure on consumer courts, who already have several cases piled up for hearing.

Blog Source URL: https://www.applykaroo.com/blog-details/consumer-protection-act-2019

Direct Mutual Funds Vs Regular Mutual Funds

Considering different investment needs, the Securities and Exchange Board of India (SEBI) come up with the idea in the year 2012 to categorize the mutual funds into two – direct mutual funds and regular mutual funds. The scheme came in effect from January 2013. The only key difference between both the plans was the method of investment. While in a direct plan, an investor is free to buy shares and securities directly from the mutual fund company; whereas a regular plan involves a broker, advisor, or distributor to do the same. As regular mutual funds involve the payment of commission to the intermediary; direct plans are considerably cheaper.

Direct Mutual Funds Vs Regular Mutual Funds:

Most investors are of belief that cheaper mutual fund plans with higher returns are better, but hardly have they known that everything that glitters is not gold. Decoding the idiom in context of mutual funds, direct mutual fund plans are not always beneficial even though they eliminates the additional cost of paying commission to the intermediaries. Direct plans definitely bring down the expenses, but, they could actually put a lot of mental pressure to the investor, especially the beginners. This is because in regular plan, an intermediary takes care of the entire investment process including the buying and selling of mutual funds, but in direct plan, it is investor’s sole responsibility to buy and/or sell the mutual funds. Thus, this could sometimes result in wrong decisions due to their divided attention and low understanding of share market fluctuations.

Why is it beneficial to invest in regular mutual funds?

Regular plans are a bit costlier, but not to forget to mention that the cost is worth the investment. There are certain reasons why an expert advices to put your hard-earned money in a regular plan instead of direct plan.

Investment recommendations – First of all, as a fresher it is extremely necessary to gather a deep understanding about the market condition and its past performance. Most investors make a common mistake of indulging in the mutual funds market without having enough insights about the market fluctuations. Therefore, it is advised to opt for regular mutual funds plan to get investment recommendations for higher return probabilities. It may be noted that the difference between good and poor mutual funds could lead a major difference of 4 to 5% in returns over a period of time.

Periodic review – It is significant to keep a track of your investments and periodically review your portfolio. Moreover, your advisor would suggest measures to further improve the portfolio to maximize the returns over time.

Learn all about Demat account opening procedure!

People today are keen to look out for handy and convenient investment tools through which they can make good profits without putting much of efforts. One such tool is a demat account or a dematerialized account that holds all the security certificates in an electronic format. As per the latest norms, it is mandatory to have a demat account in order to invest or buy/sell shares and securities in the trade market. This is said to be the very first step to venture into the share trading market. Therefore, it is significant to understand the demat account opening procedure even before planning to invest in the share market.

Opening a demat account is just like opening a bank account, though it involves a few basic steps. So, today we are going to discuss about the process involved for opening a demat account.

1. Select your depository participant – First of all, select your Depository Participant (DP). In India, there are basically two depositories being active – NSDL (National Securities Depository Limited) and CDSL (Central Depository Services Limited).
2. Keep your documents ready – The next you need to produce a set of required documents to the depository participant as this is a part of demat account opening procedure. Initially, an investor will be asked to submit certain identity and address proofs beside mandatory PAN card and Aadhaar card document.
3. Go through fine prints – Once you submit the required documents, make sure to go through the fine prints of an agreement before finally signing on the dotted lines. There will be certain terms and conditions mentioned on the agreement between you and the depository participant. Most investors often skip going through the agreement details and ultimately, land into a trouble or clash later. Also, don’t just rely on word-of-mouth as told by your friends or relatives about the agreement conditions, because every depository participant has different set of terms and conditions. Thus, it would be wise for you to get into every detail of the agreement.
4. Mention a nominee – Just like any other bank account, insurance policy or fixed deposit, you need to fill a nomination form with your demat account as well. Nomination is a significant step in demat account opening procedure as it smoothens the delivery of your share and securities in an unfortunate event of your demise.
5. Setting up digital demat account – You’re almost there to begin trading through your accounts, but before that you need to set up your digital dematerialized account at https://www.applykaroo.com/demat-account in a few clicks. Complete the verification process via One Time Password (OTP) and you’re good to go.

Buy and/or sell shares and securities on the go via online demat account, while keeping your certificates safe and secured.

How LIC loan calculator can save you on taxes?

 Every young professional desires of buying a dream house and this remains on the top of priority list. However, a lot of domestic as well as professional responsibilities keeps holding them back and thus, their dreams are left being ‘Dreams’ only. Eventually considering such a scenario, LIC has come up with housing finance schemes, so that no one has to ever give up on their desires of having a beautiful home.

A home is a place where you share the moments of joy and sorrow with your loved ones, while coping with the roughest patch of life all together. Although, buying a home through housing finance is definitely convenient, but it comes along with certain financial responsibilities as well. A borrower is required to make timely installment payments against the LIC home loan. In the process, LIC home loan calculator plays a significant role in setting up a budget and going with a strategic financial plan in a long run.  

Since the home loan quantum is quite high and so does the EMIs and not going with strategic financial planning could trigger monetary imbalance and mental pressure. Therefore, it could be hard to overlook the importance of LIC loan calculator in order to keep financial responsibilities balanced.

Moreover, home loan EMI calculator provides clearer picture and a payment breakthrough about how much a borrower would be paying towards principal loan amount and the interest during the entire tenure. Thus, LIC home loan calculator clearly helps you to figure out the cost of monthly installments as well as the total interest payable. No doubt, high installment costs could put some financial pressure on your cash flows, but the good news is that you can claim tax benefits on home loan to ease down the financial stress.

Yes, you read it right; your home loan is eligible for tax deductions. And, as you know the exact principal and interest payable during the entire tenure, you can easily evaluate how much you can claim for deductions in your income tax.

1. Tax deductions on principal amount – Borrowers can avail tax benefits under Section 80C for up to Rs.1.5 lakhs for the amount payable as principal. Although to claim the benefits, a borrower is required to submit verified home loan documents. 
2. Tax exemptions on fees and charges – Any amount payable on home loan processing fees, stamp duty charges, and registration fees are also eligible for tax exemptions under Section 80C.
3. Tax deductions on home loan interest – Besides tax benefits on the principal amount, borrowers are eligible for tax benefits of up to Rs.2 lakh for interest payable on home loan. 

For more details, visit https://www.applykaroo.com/emi-calculator. 

How to open a Demat account online?

Share trading is not a new concept for the potential investors, but what has made the idea even more popular is the demat account. Since the Depository Act, 1996 was introduced in India and it was mandated to open a demat account. With this, the process of selling, buying, and monitoring the shares have become significantly easier and convenient. Demat is a concept where the shares and securities are kept and maintained on a digital platform, eliminating the risk and troubles associated with the paper certificates. Investors can hold and control their investment instruments all at a single place.

However, before you start investing through a demat account, there are few things that you should know about the share market in advance. Investment instruments like equity shares, mutual funds, bonds, and debentures are said to be a great tool to earn high returns within a short-term. Opening a dematerialized account is no cumbersome process and can be opened very easily through https://www.applykaroo.com/demat-account instantly.  

What is required to open a demat account?

1. Bank account – For first and foremost, to open a demat account, it is significant to have a bank account to link it with your online trading account. All your earnings will be credited to the linked bank account for all transactions in the stock market. 
2. Broker – Trading is not everyone’s cup of tea and thus, you may require expert’s advice and guidance to survive in the stock market. A broker serves as the intermediary between the investor and the stock exchange, who has a good knowledge of the market fluctuations. A broker guides the investor throughout the trading process in the share market. Therefore, it is mandatory to open a dematerialized account with a broker registered with SEBI (Securities and Exchange Board of India).
3. Identity proof – It is a must to keep the KYC documents ready to open a demat account in India. KYC documents such as Aadhaar card, voter id card, and passport are required to verify and authenticate the application.
4. PAN card – When it comes to any sort of financial dealings, PAN card is a must have. This is because the government has mandated to link PAN card for any financial transaction. While considering the application, banks and financial institutions verify personal details of the applicant such as name and date of birth.
5. Additional requirements – Apart from the above mentioned requirements, an investor is also required to submit bank statements and cheques. The same can be scanned and uploaded online, which saves a lot of time and energy of the investor. Within 15 minutes of submission, your demat account number will be generated. You can then go ahead with the trading process.