HDFC Bank recently introduced custom-fit features on its car loan offering. Titled '#AapkeHisaabSe', the scheme increases car affordability through step-up and bullet repayment options. This feature is especially attractive for young customers in their initial years of employment and expecting strong income growth over the next few years. The scheme is available on all categories of cars from standard to premium.But does it benefit the customer? Read on to know.What is the scheme all about?Close We all know when we take a car loan, we need to repay the loan in instalments, commonly referred to as the equated monthly instalments (EMI) mode of repayment. Under a standard car loan scheme, the eligibility is calculated based on current income of the borrower who then continues to pay an EMI for the entire tenure of the loan. Through its scheme, HDFC Bank gives customers two options for repayment -- Step-up repayment and bullet (balloon) repayment. related news … [Read more...] about ‘#AapkeHisaabSe’: HDFC Bank’s car loan repayment scheme. Worth it or a gimmick?
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Management of tax has always been a complicated process, often ungraspable even by the best of minds. Further, factors such as increased use of technology, automation and cross-linking of information already available with the tax authorities have made it necessary for taxpayers to reconsider how they manage their financial information, so they can smartly manage their own tax affairs. Here are some tips that can help in tax management and prepare taxpayers better for the future.Maintain records of residency in India As per the law, taxability in India depends on the payer’s tax residency. Tax residency is determined by the number of days a taxpayer has been physically present in India. To determine the tax residency for any particular year, one may need to go back to up to the previous 10 years, to test the residency rules. Tracking of such residency rules becomes very important as the tax return forms require the taxpayers to correctly select the residential status.Close If one … [Read more...] about Tax returns: Make full disclosures and preserve records of financial transactions
In 2014, peer-to-peer (P2P) lending commenced and final regulation on the same was announced by the Reserve Bank of India (RBI) in October 2017. They came with complete guidelines on how P2P lending will operate. Basically, the platform connects a borrower with a lender. They provide an end-to-end digital platform to execute, manage and completely close the loan life cycle.Ajit Kumar, Founder and CEO of P2P lending firm, RupeeCircle, talks about securing an NBFC-P2P licence from RBI, its guidelines and regulations, risks of lending on P2P platforms, the key factors lenders must check before registering on a P2P lending platforms and more.Edited excerptsClose Q: RBI has recently issued a non-banking financial company (NBFC)-P2P licence to RupeeCircle. According to RBI, how many lenders are registered in the NBFC-P2P category? Also, how does it benefit your organisation, borrowers and lenders?A: As of now over 10 NBFC-P2P companies have received a licence … [Read more...] about P2P lending still a nascent concept given the huge demand for consumer credit: RupeeCircle’s Ajit Kumar
Sahil AroraPaisabazaar.comMost aspire to drive their own car but few have the necessary funds to buy it in one go with their own money. Car loans bridge this gap by allowing you to own your dream car by paying a fraction of its cost each month in the form of EMIs. If you too are planning to avail a car loan, consider these seven factors to land yourself a good deal on a car loan.Loan rates -- Compare them across all types of lenders:Close Car loan interest rates start from 8.7 percent per annum onward, depending on your car model, repayment capacity, employer, etc. As many banks offer preferential car loan interest rates to their existing customers, first check with your existing bank for such offers and then visit online lending marketplaces to compare them with the rates offered by other lenders. Also, ensure to inquire the rates offered by dealer finance companies or captive car finance companies before making the final call. related news Documents required for … [Read more...] about Applying for a car loan? Here is a 7 points checklist to get the best deal
The Jet Airways lenders consortium, which has opted for a resolution of the grounded airline under the Insolvency and Bankruptcy Code (IBC) is moving fast and has selected Ashish Chhawchharia of advisory firm Grant Thornton for the crucial role of interim resolution professional in the high profile case, multiple sources with knowledge of the matter told Moneycontrol.Chhawchharia leads the restructuring practice for Grant Thornton in India. Law firm Cyril Amarchand Mangaldas are the legal advisors to the SBI-led consortium for the IBC proceedings, sources added.The interim resolution professional is a key component of the corporate insolvency process who has to manage the affairs of the stressed company, facilitate the bidding process and balance the interests of all stakeholders.Close "This is a very important insolvency case and all eyes are on this process after a stake sale attempt which failed after extensive negotiations with multiple suitors. The interim resolution professional … [Read more...] about SBI-led consortium picks resolution professional for Jet Airways