Skip to main content

You MUST know your Credit Score

 

Credit is an integral part of our life today and our dependence on credit is becoming increasingly important to achieve our financial goals. Whether it is buying a house, a requirement of money in case of an exigency or funding higher education in the context of an individual or raising funds for expansion of business from the perspective of commercial requirements; credit and loans are needed to aid our aspirations.

Credit Score

Despite credit facilities playing an important role in financial life, the understanding on how credit functions is dismal. This leads to a large population getting inaccessible to credit facilities. More importantly, a large population of the ones who are able to get the loans get negatively impacted for unawareness and thus get termed as defaulters. In general, people are unaware that access to funding is an outcome of their credit wellbeing which is measured in terms of Credit Scores.

Credit Score is an outcome of complex algorithmic calculation run by Credit Bureaus and is not just a result of good repayment on existing credit facilities. A host of other factors has also impacted this three digit numeric expression of one's credit wellbeing. Credit Bureaus have been functional in India for over a decade now and today we have four of these (CIBIL, Equifax, Experian and Crif Highmark) that are operational and extend credit report and credit score to banks, lending institutions, and retail customers themselves. Everyone should check their CIBIL scores.  You may obtain a free credit score and report by visiting www.freescoreindia.com

Today, while Credit Scores impact the lending decisions of banks and other financial institutions, in times to come, they are going to play a much larger role in various other aspects of important aspects of our lives. As is the case in developed economies, the Credit Bureaus shall also start impacting the insurance premiums, cost and/or availability of various utility services in India as well. It means that a person who has a lower score might get charged a higher premium, or even get declined for a particular cover. Similarly, he may have to pay a higher fee, say on a mobile or any other utility service or even get denied for a much-required service.

 

This clearly means that a person with higher credit score shall not only be able to have access to funding at the time he needs it, but would also be able to save a lot of money just by the virtue of maintaining a good credit score.

The book "Unlock the Power of your Credit Score" unravels the details on both credit and credit scores. The reader shall be able to understand why and how the credit scores and credit reports impact the underwriting decision of lending institutions. A good understanding of credit and its active management could prove to be the key to a world of conveniences and opportunities. On the other hand, a lack of understanding on how to manage credit can lead to a situation that potentially could be financially devastating.

India is a young country with about 65% of the population under the age of 35* years. With a median age of 25 years, more and more people continue to get inducted into the financial mainstream every year. This, in turn, is expected to give rise to an astronomical increase in the demand for all kinds of products and services in general and fuel the derived demand for credit in particular.

Retail credit penetration in India is far lower than it is in even smaller countries like Thailand and Vietnam. This combined with India's young population is indicative of the growth potential for credit products in the near future.

This book attempts to bring about awareness on the concept of credit health. It explains basic credit concepts in a simple and effective manner that can appeal to the general population in India. Additionally, the illustrations and graphs make the content more interesting and easy to understand.

This book is a must read for all those who wish to achieve their financial goals, since credit essentially plays an important role in our path to achieve our objectives.

-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

Popular posts from this blog

NPS - How much to Invest?

  Though the deduction offered under Section 80CCD (1B) is `50,000 , it is not advisable to put the entire amount at one go. It is best to stagger your investments across several months, much like the SIP strategy in a mutual fund. However, don't make too many small contributions. There is a transaction charge of 0.25% or `20 (whichever is higher) on every contribution. If you invest `500-1,000 every month, you pay `20 per contribution, which works out to 2-4%. Invest at least `5,000-10,000 at one go. Remember, at most `2,500-5,000 of this will go into equities if you have chosen the maximum 50% allocation to stocks. The rest will flow into corporate bonds and gilt funds as per your desired allocation. Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver ...

Mirae Asset India-China Consumption Fund

Mirae Asset India-China Consumption Fund     Mirae Asset India-China Consumption Fund is the first of its kind fund that focuses on the consumption theme in Asia's two biggest economies India and China. It offers a flavor of both Indian and Chinese consumer stocks in a single portfolio $ . We are delighted to share that we have declared a dividend as below.   Scheme/Plan Quantum of Dividend (per unit) NAV of Dividend option as on March 11, 2015 (per unit) Record Date Face Value (per unit) Mirae Asset India -China Consumption Fund – Regular Plan – Dividend Option Rs. 2.00/- per unit (subject to availability of distributable surplus as on the record date) Rs. 18.302/- Wednesday, March 18, 2015 * Rs.10.00/- Mirae Asset India-China Consumption Fund is the first of its kind fund that focuses on the consumption theme in Asia's two biggest economies India and China. It offers a flavor of both Indian and Chinese consumer stocks in a single por...

Shriram Transport Finance FD

Shriram Transport Finance Co. Ltd (STFC) is self explanatory. They have decided to revise the Interest rates on "Shriram Unnati" Fixed Deposit w.e.f. 1 st April'15 . The revised interest rates applicable will be as given below:   Tenor Rate (p.a.)* 12 months 9.00% 24 months 9.50% 36 months 9.75% 48 months 9.75% 60 months 9.75%   *Senior citizens will get an additional rate of 0.50% per annum. This is only an advanced information, enabling us to inform our investors and advise them to take maximum advantage of current interest rates applicable till 31 st March,15.   Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under S...

EPF or NPS - Why not both?

  In the Budget, Jaitley also empowered the corporate employees to choose between the EPF and the NPS. The details are awaited but this could be a big change in the way Indians save for retirement. However, your employer must be ready to shift to the NPS as well. Should you shift to NPS if it is allowed? Experts say you should opt for both . NPS offered by corporates now is additional to the EPF , so the same structure should continue in future also. However, much will depend on the rules and whether employers and the Labour Ministry will embrace the change.     Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by inv...

Comparison of Tax Saving Funds

Comparison of Tax Saving Funds As on 11.02.2015             Scheme Name 1M  3M  6M  1Y  [%]              Rank [%]              Rank [%]              Rank [%]              Rank Reliance Tax Saver (ELSS) Fund(G) 0.99   51/59 7.52   33/57 14.34   22/55 88.54   1/54 IDBI Equity Advantage Fund-Reg(G) 2.44   30/59 10.1   17/57 25.85   1/55 85.12   2/54 Axis LT Equity Fund(G) 5.26   4/59 11.8   3/57 19.44   9/55 72.16   3/54 SBI TAX Advantage Fund-I(G) 6.28   2/59 10.28   15/57 8.08   48/55 71.13   4/54 SBI Tax advantage Fund-II(G) 4.44   6/59 6.44   43/57 9.52   42/55 68.87   5/54 ICICI Pru R.I.G.H.T Fund(G) 3.47   12/59 9.52   21/57 17.44   11/55 67.21   7/54 Birla SL Tax Relief '96(G) 3.19   17/59 ...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now