Budgeting Finance Financial Advice Personal Strategy

Personal Finance Calendar for Financial Year 2022

Financial Planning has become a major part of our life and it is almost necessary for long-term goal planning for the financial year 2022. However, managing finance also needs some research smart decision on the investor’s part. To ease your burden and help you make a better financial decision here is the calendar for the Financial year 2022.

Due to the second wave of the pandemic, we already lost 3 months of this financial year. But since the economy is now returning back to normalcy, we can hope to see some major financial trends this year.

June

The Central Board of Direct Taxes (CBDT) has extended the last date of filing Tax Deducted at Source (TDS) for the fourth quarter of FY 20-21. As per the official notice “The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31 st May 2021 under Rule 31A of the Rules, may be furnished on or before 30th June 2021”.

July

financial returns deadlines

While as per the initial instructions, the individual taxpayers were required to furnish their return of income for the Assessment Year 2021-22 by 31 July 2021. The last date for that has now been extended by the government. Thus, you can use this month to gauge your credit positions.

You can use this month to relax and can do some analysis on your past credit report. This way you can draw out a solid plan for yourself to build a better credit position.

credit score analysis

August

You have the whole month of august for you to plan for the upcoming tax deadlines in September. This is the month of Independence Day and many cultural programs are observed during the month. Enjoy the kite flying with your family on this Independence Day.

September

In September you can expect some serious work and should prepare yourself to face the challenges. The month is going to be enormous as there are deadlines for various tax filings. The last date of furnishing the 2nd advance tax FY21 is September 15. And hence you will need to pay all taxes before, in order to stick with the deadline.

Also, the deadline for the furnishing of the return of income for the Financial Year 2022 has been extended to September 30 from July 31, 2021. Even though the month of September is looking hectic already you can use the month of July and August to plan in advance.

October

Hey, the month of October is full of the festive season and all the sales and enthusiasm that comes with it. So, if you’ve been eyeing something that was a bit over your wallet, you can make those purchases now. You can make the most out of the festive discounts that will be up on offer in October. Save money buy smart during this discount season.

November

The winter has now begun in the country, the weather is beautiful for day-outs and a family picnic just sounds right. This Children’s Day, you could introduce your children to financial literacy by teaching them how to run a bank account.

The Audit assessors will have to file the income tax return before November 30. Earlier the date was October 31.

December

With the festive spirit of Christmas, the month of December in the calendar is here. The date for the 3rd advanced income tax installment to be furnished is December 15.

As you move to the new financial year 2022, take some time to look upon your finances for the year 2021. Try to come up with pointers for you to correct any financial behavior that you did not like. Do not forget to track your financial goals and position to see if you are moving in the desired direction.

January

As you move in the last leg of the calendar, keeping your tax investment proofs prepared is a good idea. These bills and coupons that you have collected during the year will help you to file for a tax refund.

Try to make 3 new year financial resolutions for the security of your future while keeping your long-term goals in mind. Also, try to come up with some short-term goals to ensure that you don’t stray from your financial goals.

February

Every year the new budget is released by the government in the month of February. This month is very important in terms of your financial plans for the new financial year. These policies will be affecting everything in the country including you. So a good analysis of the budget becomes crucial for you to figure out what will be affecting your finances and plan accordingly.

This Valentine’s Day, spend some quality time with your partner, and while a strict financial plan is good but a special day for your partner is not a bad idea. With all the loving memories move forward to execute your financial decisions collectively.

March

Spring is knocking on the door, it is time to say goodbye to your winter clothes and give a warm welcome to the upcoming warm weather. The march is here and the deadline for the 4th and final installment of advance taxes of the financial year 2022 is March 12. Pay the final installment of your advance tax and move forward with the tax planning for the next year.

For more such updates, keep watching this space!

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When and How to get a loan?

Loan

Short on cash? Whether it’s a trip you’ve been planning, a car you want, or just a sudden shortage of money there could be many reasons why a loan is your best option. In this article, we will discuss when the loan is right for you and how you can get financed.

Loan - What is it and How it works?

It is an agreement between the borrower and a lender, where the borrower borrows money from the lender. And the lender receives a legal document that ensures the repayment of the money borrowed. Both borrower and lender can be an organization or an individual.

Types of Loan

Types of loans

These can be classified into two types based on the security provided:

Secured Loan

In a Secured Loan, the borrower pledges security for the money that they are borrowing. Here, the securities are the assets that can be sold if the borrower defaults on the repayment of the loan. In this type of loan Lender have security for their money.

Unsecured Loan

Unsecured ones are riskier than Secured loans as per the lender’s perspective. These loans do not require collateral, however, the eligibility criteria are more strict in Unsecured than Secured Loan.

Further loans can also be categorized on the basis of their purpose. To list a few we have,

  • Education
  • Home
  • Personal
  • Car or Vehicle
  • Business

Different types of loans have a set of similar eligibility parameters along with other specific parameters according to the loan type. Also, every lender defines their eligibility criteria differently.

Types of Lender:

There are many financers in the market that provides loans. These financers can be categorized into:

  • Banks
  • NBFCs
  • Private Financers (Individuals or corporations)

Different finance offers different loan products i.e. different interest rates, tenure, collateral, etc.

Lenders

What financers look for while evaluating your application?

Before issuing any loan, every financer performs some eligibility checks on the borrower’s profile. In most cases financers are looking for profiles that have:

The interest rate is often based on the below features of a borrower’s profile.

CIBIL

Documents required

Loan application

For Salaried Applicants:

  • Application form with photograph
  • Identity and address proof
  • Last 6 months’ bank account statement
  • Latest Salary Slip
  • Form 16

For Self-Employed Applicants:

  • Application form with photograph
  • Identity and address proof
  • Last 6 months’ bank account statement
  • Proof of business
  • Business profile
  • Income Tax returns (self and business) for the last three years
  • Profit/loss statements and balance sheets of the last three years

When should you apply?

Before you apply for a loan, you should be aware of your financial situation. It is you who must pay back the amount later. Proper planning for your personal finances is necessary to ensure good financial health.

How to apply?

To apply for the loan, you can either go to the bank and talk to the bank officials or steer past all that and apply online. We will discuss the procedure in the following steps:

  1. Choose the lender you’d wish to borrow from that supported your research and check for your eligibility.
  2. To apply, you should visit their bank branch or go through their official website.
  3. Read the form carefully before signing in anything.
  4. Submit or upload all the necessary documents mentioned in the application form.
  5. Wait for the bank’s response, it can take from few minutes to few days. The bank will process your application and respond accordingly in a stipulated time.

It is always advisable to read all the documents carefully and discuss every clause thoroughly until nothing remains vague. Never take a loan unless you absolutely need it. Defaulting on the EMIs can lead to an unpleasant situation that is not good for your financial and mental well-being.

For more such updates, keep watching this space!

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How to get Instant Personal Loan!

In our lives, we all have been in situations where we were in desperate need of money. In this article, we will explore what other options we have to ease our finances, how to get a Personal Loan instantly, and the role of CIBIL Score. Though they are many advertisements we see every day on both online and offline mediums. But availing of these Personal Loans without due knowledge may backfire.

How Banks and NBFCs are different from each other?

Banks are the organizations that offer saving accounts, current accounts, loans, and other financial products. In India Banks operate with the permission of the Reserve Bank of India. Banks can be classified into Government-owned, private banks, and cooperative banks.

NBFCs or Non-Banking Financial Companies

These are private financial institutions offering various financial Products. They are only limited to offer loans and fixed deposits. NBFCs operate in India as per the Indian Banking Laws. They offer loans at a higher interest rate than banks and usually have easier eligibility criteria.

Now, we know the difference between banks and NBFCs. There are many websites and apps working as third-party providers. These third-party providers take big loans from Banks and distribute that money into smaller loans or personal loans to be precise. They offer these small personal loans to consumers for a short period i.e. few months. However, the Interest rate is usually high on these platforms.

loan application

As consumers, we can seek loans from any of these providers. But before taking any loans, always do your own research about the Institution and the product. The few important factors are the reputation of the financer, interest rate, duration of the loan, etc.

Instant Personal Loan

Instant Loans are short-term, small loans that can be availed from the comfort of our home. There are banks, NBFCs, and other third-party platforms that are offering such loans. But not all platforms are alike.

Now that you have done the research and short-listed a few financers. We need the knowledge of the CIBIL score.

Personal Loan Thumbnail

What is CIBIL Score and How it affects your Personal Loan?

CIBIL Score (or Credit Score) is given by the TransUnion CIBIL. This score represents the credibility of the loan seeker. It is based on the past performance of an individual’s loan payments. Hence, the higher the CIBIL Score greater the odds of loan and the lower the interest rate.

CIBIL

It is advisable to maintain a good CIBIL Score. We must plan our finances accordingly to ensure a good CIBIL Score. Timely payment of EMI is one great habit to maintain a good CIBIL Score.

Loan Application

When we apply for a loan, Financial Institutions assess our loan application over certain parameters like employment status, salary, CIBIL Score, etc. One can check the CIBIL Score of anyone using the Pan Number of the subject.

All the institutions ask loan seekers for certain documents. These documents include PAN card, Aadhar Card, account information ( i.e. bank statement or passbook), etc. These documents are then verified and only after the verification, our loan is processed.

Who should you approach?

It is always advisable to only avail loans from credible government-approved institutions. There have been many reports of incidents where financers were accused of exploiting consumer’s rights. Nevertheless maintaining a good CIBIL Score will help in your future of the odds of getting any loans.

Below are few platforms that offer instant loans. But always do your own research before availing of any loan.

Government Banks

  • State Bank of India
  • Central Bank of India
  • Punjab National Bank
  • Bank of Baroda
  • Corporation Bank
  • Canara Bank

Private Banks

  • Kotak Bank
  • HDFC Bank
  • ICICI Bank
  • Axis Bank
  • Yes Bank
  • RBL Bank

NBFC

  • Tata Capital
  • Mahindra Finance
  • HDB Finance Services
  • Aditya Birla Capital
  • Bajaj FinServ

Third-Party Platforms

  • Dhani
  • Home Credit
  • MoneyTap

Kindly read every loan-related documents carefully before signing. This is not a promotional article for any of the institutions mentioned above.

For more updates like these, keep watching this space!

Contact us to get more knowledge about everything related to Personal Loans and more. or you can directly apply on our website.