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EPF WITHDRAWAL PROCEDURE – KNOW HOW TO DO IT ONLINE
EPF WITHDRAWAL PROCEDURE – KNOW HOW TO DO IT ONLINE
PF or EPF is known as the Employee Provident Fund Scheme. Here the employee contributes a small portion of his/her remuneration i.e. 12% of the basic pay every month. Also, the employer contributes a matching amount with this. This is a saving for the post-retirement use of the employee. Here, we discuss the EPF Withdrawal Procedure in details.
The PF scheme is a savings scheme fully under GOI, Employees’ Provident Fund Organization (EPFO). This retirement fund is for the salaried employees under the Employees’ Provident Funds and Miscellaneous Provisions Act in 1952.
The Funds accumulated till the time of retirement should be withdrawn at the time of retirement only. It usually becomes a source of income after retirement. It is important to mention that EPF organization has made the allotment of Universal Account Number (UAN).
The Universal Account Number (UAN) is compulsory for all the employees covered under the PF Act. The UAN is linked to the employees EPF and is portable throughout the lifetime. Besides, at the time of changing jobs, you just need to apply for an EPF transfer.
Must Read:
EPFO UAN LOGIN REGISTRATION & ACTIVATION ONLINE
EPF Withdrawal Procedure – Know Details Step By Step
You can claim/withdraw your PF online only if you meet the following conditions:
Must have an active UAN number
Mobile number must be registered with the UAN Number
Bank details must be seeded into the UAN Number
PAN and Aadhaar should be fed into the EPFO database
You can withdraw your EPF money either partially or completely – EPF ClaimConditions for Complete withdrawal EPF:
EPF can be completely withdrawn only under certain circumstances.
EPF withdrawal can either be done during the course of the employment or after the retirement of the employee.
You can withdraw 100%, if you remain unemployed for more than 2 months, or when you got retirement.
Also, while switching from one job to another, you can also completely withdraw your EPF money.
Conditions for Partial withdrawal EPF:
Partial withdrawals of the EPF amount are also limited to certain circumstances.
You can also withdraw 75 per cent of your total provident fund money if you are unemployed for 1 month.
You can partially withdraw up to around 50 per cent of your EPF money in case of education, purchase of land, marriage or house construction.
Sl NoParticulars of the reason for withdrawalLimit for withdrawalMinimum service criteriaOther conditions
1
Marriage
Maximum 50% of employee’s contribution to EPF
7 years
For the marriage of self, son/daughter, brother/sister
2
Education
Maximum 50% of employee’s contribution to EPF
7 years
For the education of self or his children after class 10
3
Purchase of land/purchase or construction of a house
For land – Max 24 times of monthly wages plus Dearness allowance.
For house – Max 36 times of monthly wages plus Dearness allowance
5 years
The asset i.e. land or the house should be in the name of the employee or spouse or Jointly.
4
Home loan repayment
Maximum 90 %, from both employee’s contribution and employer contribution in Employee Provident Fund.
10 years
The employee or spouse or jointly should be the registered owner of the property.
Withdrawal is permissible by producing requisite documents as needed by the EPFO relating to the housing loan availed.
The accumulation in the member’s PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
5
Renovation of house
Maximum 12 times of the monthly wages
5 years
The employee or spouse or jointly should be the registered owner of the property.
6
Just before retirement
Maximum 90% of accumulated balance with interest
Once you reach 57 years ( as per recent amendment)
For himself
To withdraw money from EPPF, you need to provide a UAN number, which can be obtained from the employer. However, even without a UAN, you can withdraw your PF amount.
Must Read:
UAN MEMBER PORTAL ONLINE TO UPDATE KYC DETAILS EPF
Here is how you can Withdrawal EPF Online: EPF Claim Online
For PF withdrawal/EPF Withdrawal Procedure you need to first login to the EPFO portal by using your UAN and password. Enter the captcha.
Next, to verify your KYC details, click on the ‘Manage’ tab.
Then select KYC to check whether your KYC details such as Aadhaar, PAN and bank details are correct and verified or not.
Now, from the drop-down list of ‘our services’ select and click on the ‘Claim’ option (Form-31, 19 & 10C).
The ‘Claim’ screen will show the member details, KYC details and other service details. Next enter the last 4 digits of your bank account and click on verify.
Click on “Yes” to sign the certificate of the undertaking and then proceed.
Now, click on “Proceed for Online claim”.
Choose the type of withdrawal claim you want. Select among full withdrawal, partial withdrawal or pension withdrawal, under the section ‘I Want to Apply For’.
Now enter your name along with the registered mobile number, address, PAN card number, reason for leaving and date of joining.
Next, fill the form and submit it.
The PF amount will get credited to your account within 10 days, once approved.
Must Read:
EPF UAN CORRECTION – UPDATE NAME, GENDER, DOB ONLINE
Types of Forms Required for EPF Withdrawal Form – EPF Withdrawal Procedure
For EPF Advance/Partial Withdrawal
To make partial or advance withdrawal of your EPF money, Form 31 is needed.
Firstly you need to activate your UAN, to make a PF withdrawal without your employer’s signature.
Download the EPF Form 31, on the EPFO web portal, to make a partial withdrawal.
Now enter your name (as stated on their UAN, Aadhaar card, and bank account), along with other details like your registered mobile number, address, PAN card number, the reason for leaving and date of joining, on the form, and submit it.
The PF amount will be credited to your account within 10-15 days, once approved.
For EPF Complete Withdrawal/Final Settlement
To make the complete withdrawal of your EPF money, you will need Form 19. This form is also known as ‘Final Settlement form’.
You need to fill this form to withdraw the entire accumulated PF amount at the time of retirement.
You need to fill in the form with your personal details and employment details, including PAN, UAN and Aadhaar Number, bank account details, your date of leaving, the reason of leaving services, date of joining services, and full postal address.
The PF amount will be credited to your account, once approved.
Must Read:
EPFO UAN LOGIN REGISTRATION & ACTIVATION ONLINE
Benefits of EPF Withdrawal Online – EPF Withdrawal Procedure
Online EPF withdrawal claim has some benefits, such as –
Comfortable Withdrawal – Online claim saves you from the hassle of visiting the PF office in person and standing in long queues. You just need to fill the forms online from the comfort of your home and time.
Reduced Processing Time – With online claims, the amount will be processed and credited into your bank account within 10-20 days of the application. The government plans to further reduce the processing time.
No need to meet the previous employer – In offline claim method, you have to get your documents attested by the employer. But in online claim verification is done automatically in online mode. This is the best part for people who have moved to a new city. So it will save them from travelling long distances or the trouble of mailing/correspondence the documents.
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kissht finance personal loan
Most of the E-Commerce portals provide EMI on credit card only. But Kissht Finance provides loans on a debit card. Further, get easy credit to all on flexible EMIs option without any credit card. The headquarter of Kissht Finance is in Mumbai, India.
What are the documents required for Kissht Finance loan?
PAN Card
Aadhaar Card (Address Proof).
One Cheque.
3 months Bank Statement
Utility Bill
Products are available at Kissht Finance.
Digital EMI card.
Kissht Instant Cash.
Kissht Product Loan.
Must Read EPFO UAN LOGIN REGISTRATION & ACTIVATION ONLINE
Kissht Digital EMI Card Features :
Kissht’s Digital EMI Card is to get a quick emergency loan with the provision of EMI without a credit card.
The Digital EMI Card gives you a preapproved credit limit
Instant Processing.
No physical documentation required.
100% online process.
Also, low interest rate
Digital EMI card is simple a virtual card.
How to apply for a Digital EMI Card from Kissht Finance?
Login to the Kissht App OR login to www.kissht.com
Select the option “Activate Digital EMI Card”
Fill all the basic information.
Pay the Processing fee (100% refundable if the card is not approved or cancelled by the user before approval)
Then upload soft copy of required documents.
Credit team will verify your documents and approve your card accordingly.
A Wallet amount is assigned to your card and your card is ready for use
In case of any query, you can reach us at [email protected] or call our customer service desk at (022-48913044). You can also use our Live chat option available on the Kissht App or on our website at www.kissht.com
Must Read INSURANCE DOCUMENTS CHECKPOINTS WE GENERALLY FORGET
What is the eligibility criteria for availing Digital EMI Card at Kissht Finance?
The customer needs to be an Indian Citizen.
The minimum monthly income requirement is Rs.12,000/- (salaried or self- employed).
Your CIBIL Score measures Creditworthiness.
Repayment history is checked.
Where can
you
use my Digital EMI card?
Online Product Loan: Once you get a limit on your card, you can use the “Start Shopping” option. You can select products from a wide range of various online merchants.
Online Cash Loan: You can also use the card limit to avail cash loan by clicking on “Get Instant cash” option after logging on to Kissht App or on www.kissht.com
Offline Product Loan: You can buy from any Kissht enabled offline store as per the limit available on your Digital EMI card. You inform the store merchant that you have a pre-approved Digital EMI Card.
What if
you
cancel the Digital EMI card after receiving final approval?
If you cancel the card after final approval, then you are not eligible for the refund of the Processing fee of Rs.235.
What is Instant cash facility at
Kissht Finance?
Instant cash is a special form of personal loan. It can be applied & approved online. Cash get directly credits to your bank account once loan get approves.
Must Read GOLD JEWELLERY ON EMI-HOW GOOD IT IS?
How to apply for Instant Cash? How is it different from a Personal Loan?
Instant Cash is a subset of Personal Loan. It is specifically designed to get some loan at the time of personal emergency. An instant cash loan is directly credited into your bank account after approval.
What
are
the choice
s
of loan amount available under Instant Cash?
Instant cash loan options are available for –
10,000/-
25,000/-
35,000/-
50,000/-
Must Read OVER MUTUAL FUNDS PORTFOLIO DIVERSIFICATION A MISTAKE
How do
you
know whether I am eligible for Instant cash or not?
You need to be an Indian Citizen.
The minimum monthly income requirement is Rs.15, 000/- (salaried or self- employed) and last 3 months’ worth bank statement as Income Proof.
Creditworthiness is measured by your CIBIL Score.
Checking of Repayment History.
How to apply for an Instant Cash from Kissht Finance?
Login to the Kissht App OR login to www.kissht.com
Next click on “Get Instant Cash” and select the cash loan amount of your choice
Fill all the basic information.
Pay the Processing fee (100% refundable if the card is not approved or cancelled by the user before approval)
Upload a soft copy of all required documents.
Credit team will verify your documents and approve your card accordingly.
Finally, cash is disbursed directly to your bank account by NEFT after loan approval.
Must Read TOP 10 PENSION PLANS IN INDIA BEST FOR RETIREMENT LIFE
What is a Product Loan at Kissht Finance?
Product Loan is an online loan given for the purchase of any product on EMI basis. Kissht product loan enables you to apply as well as get approval for your product loan online. You can purchase mobiles, laptops, refrigerator or jewelry etc.
Can
you
buy multiple product loans at the same time?
You can apply for only 1 product loan at a time. Another loan you can apply only after paying off at least 1st EMI of the previous loan. This is applicable for online applications.
In case of offline purchase from stores that have a tie-up with Kissht, you can bundle a maximum of 5 products and apply for a single loan covering all 5 at once. Also, just ensure that none of the 5 products are identical in nature and are different from each other.
How the product loan amount gets disburses?
Payment happens to merchant directly. Once your loan is approved, the merchant ships the product to your residential address as mentioned in your address proof submitted by you for loan approval.
Must Read PRADHAN MANTRI SHRAM YOGI MAAN DHAN DETAILS
What will be the loan repayment
time
of the loan?
You can choose any one loan repayment time out of 6, 9, 12, 15 & 24 months.
How long does it take to get a
Product
loan?
For online applications, if you upload the correct documents, then the loan approval can happen within 3 working days.
But, for offline applications, once you submit the correct documents the loan approval can happen in less than 30 mins.
How many product loans can
you
take?
There is no limit as such on the number of loans that you can take. It depends on the total amount that you are eligible for product loan. The total loan amount that you are eligible for is known as the wallet amount and the same will be visible to you on your Kissht App as well as when you log in to the website.
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LIC Term Plan
LIC of India’s newest term set up LIC Jeevan Amar is way cheaper than it’s simply discharged Amulya Jeevan set up. Also, it's a lot of versatile and has abundant wider options.
The set up could be a not market-linked associated there'll be no maturity worth and solely death claim are owed to the campaigner just in case of an unfortunate end of the life throughout the policy term, only if the policy is active.
Key options – LIC Jeevan Amar – LIC Term set up Jeevan Amar (Table -855) could be a Pure LIC Term set up. LIC’s Jeevan Amar (No.855) could be a Non-Linked and Non-Participating Term life assurance set up. This LIC set up is sold in offline mode solely. Minimum total assured is twenty five hundred thousand. But there's no most limit for the Storm Troops or total assured. The coverage possibility of this set up is up to eighty years older. This set up offers 2 benefit choices. the extent total assured and increasing the total assured. This set up offers lower premium rates for non-smokers. UN agency selects the non-smoker class, should bear an additional excretory product Cotinine take a look at. Special lower premium rates for ladies solely. Accidental profit rider is ex gratia and it's obtainable throughout premium paying term below regular and restricted premium policies. The benefit may be taken as a payment or in instalments. Death advantages may be taken in instalments of five years, ten years or fifteen years. You can pay the premium as one, regular or restricted mode. The minimum policy term of Jeevan Amar set up is ten years and therefore the most term is forty years. The minimum entry age is eighteen years (completed) and therefore the most entry age is sixty five years (last birthday). Must scan – LIC technical school TERM (No.854) – A on-line TERM life assurance set up Eligibility Conditions Entry Age 18 years to sixty five years Maximum Maturity Age 80 years Minimum total Assured 25 hundred thousand Maximum total Assured No Limit Policy Term 10 to forty years Premium Payment Single, Regular or restricted Premium LIC Jeevan Amar – options and Reviews The campaigner will receive the benefit as a payment or in instalments. If you select for instalments, then LIC can pay the benefit in instalments of five years, ten years or fifteen years. You can select the complete death claim quantity is owed in instalments or an explicit portion of death claim in instalments. You can select this instalment possibility either at the time of shopping for or throughout the policy amount. LIC Jeevan Amar set up is out there in 2 classes. the extent total assured and Increasing the total assured. Level total Assured– In level total assured, the fundamental total assured quantity can stay constant throughout the policy amount. The total assured quantity is calculated at the time of Policy purchased. Here, the campaigner can receive the total assured just in case of unfortunate death of the customer. Increasing total Assured– In increasing total assured, the fundamental total assured can increase with the age. If a customer chooses for increasing total assured, the campaigner can receive associate initial total assured for the primary 05 years. But from 6thyear onward to the 15th-year total assured can increase 100 percent each year. Then from sixteenth years onward until policy term total assured can stay an equivalent. this suggests benefit just in case of skyrocketing total assured can rely upon the policy year of death. Here, the campaigner can receive the benefit as per policy terms. No surrender worth is out there below regular premium possibility, however it's obtainable below single premium and restricted premium choices subject to some terms and conditions. Death Benefit possibility – LIC Term set up At the time to buy this policy, you have got to decide on the benefit payment possibility.
Lump-Sum Payment– this selection is for once settlement of benefit. The campaigner can receive a total assured as a benefit within the single go. Instalment Payment– this selection is to induce death advantages into instalments. The campaigner can receive instalment in five years, ten years or fifteen years as per the policy of possibility. chooseion|this feature|this selection} will opt at associate initial stage or later stage throughout the policy year. LIC Jeevan Amar – Premium Details LIC Jeevan Amar Premium Details square measure collected from numerous on-line sources and therefore the premium detail is for non-smoker class.
The minimum instalment premium is Rs three,000 below regular and restricted premium choices, whereas below single premium possibility, the minimum instalment premium is Rs thirty,000.
Policy Term – ten Years Sum Assured – 1Cr Premium Paying Term – ten Years Mode of payment – Yearly Age Male (Yearly/Monthly)* Female (Yearly/Monthly)* 20 years Rs. 8080 / Rs.673 Rs.7760 / Rs.647 30 years Rs. 9280 / Rs.773 Rs.8720 / Rs.727 40 years Rs. 16065 / Rs.1339 Rs.13260 / Rs.1105
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BEST BANK FOR CURRENT ACCOUNT IN INDIA – READ CAREFULLY
People who are a unit in business principally they need a accounting. Most of the banks
provide differing types of current accounts. you'll be able to target your demand to
settle on best banks for accounting. There area unit 2 most typically used accounts –
bank account and accounting. Here, apprehend the most effective Bank For accounting In
India, the newest list for you.
Best Bank for accounting In India – options That Differentiate Overdraft facility More free transactions allowed Moreover, Interest-free account Minimum account balance starts from Rs.10,000 typically Unlimited deposit and withdrawal facility Allows direct payments victimization Doctor of Divinity, cheques and pay orders Must Read: AADHAR LINK TO BANK ACCOUNT- straightforward STEP BY STEP GUIDE Features And advantages Of accounting – Best Bank for accounting In India Zero-interest rate account The facility of draft and unsecured loans Also, Unlimited withdrawals from the house branch Can be operated by public and personal firms, people, proprietors, trusts, NGOs etc. Multiple direct payment facilities like demand drafts, free cheque leaves, pay orders,
NEFT, RTGS etc. Types Of accounting – Best accounting In India Standard Current Account: It offers AN draft facility, cheque leaves, debit cards, SMS
banking, internet banking, etc. and contains a monthly average balance demand. Single Column money Book: It permits transactions however doesn’t provide options like AN
draft facility. It records daily transactions underneath separate credit and debit
columns. Packaged Current Account: It offers packaged options like travel insurance and medical
support. Premium Current Account: It offers premium offers, services and advantages with tailor-
made options for its high-end customers. Foreign Currency Accounts: it's for businesses or people that need vast foreign currency
transactions to be administrated often. Must Read: tax REFUND standing – ELIGIBILITY, PROCEDURE, ONLINE Which Type Of accounting Is appropriate For You?
Basic current accounts area unit dealing accounts with zero interest rates and high
minimum balance account needs. But, banks currently provide a spread of Current Accounts
designed to fulfill completely different client needs. Examples like low or naught
minimum balance account, draft facility, higher transactional capabilities and a
relationship manager. you've got to match this account options to pick out the most
effective banks for current accounts.
Here is that the List Of ten Best Bank For accounting In India State Bank Of India SBI provides unlimited daily transactions with their services. It additionally offers
draft facility that comes with a credit limit. Probably, SBI is that the best accounting
for tiny business in India.
Features And advantages Low account maintenance charges The convenience of straightforward money pickup facilities and money handling Free monthly statement Ease of SMS alerts Nomination facility offered Fastest Safest & Securest company net Banking SBI internet banking is incredibly straightforward to use HDFC Bank HDFC Bank offers a bunch of options on its current accounts. The freed from charges
feature from it’s a home branch on money withdrawals, RTGS and NEFT payments and
collections.
Features And advantages Avail on non-cash services High dealing amounts Easy net banking ICICI Bank ICICI bank targets its customer’s needs into thought. Also, it offers special privileges,
tailor-made offerings, free services and better free limits for daily transactions
Features And advantages Unlimited transactions Free RTGS and NEFT transactions Free mobile alerts Also, an infatuated relationship manager user-friendly ICICI internet Banking Axis Bank Axis bank provides varied options to their customers. Also, there's AN choice of free
money deposit up to Rs. two lakhs during a month reception branch and in non-home branch
free money withdrawal up to Rs. 1 lakh.
Features And advantages 500 cheque leaves free per month Free money deposit up to Rs. two lakhs during a month Minimum balance demand is Rs. 10,000 easy Axis internet banking Bank Of Baroda There area unit differing types of accounting offered in Bank of Baroda. Further, they
provide money withdrawals in line with their customer’s needs.
Features And advantages Based on the conception of PAY AS you employ 5 Non-ADC transactions area unit free per month Unlimited issue of cheque books Auto sweep / Reverse sweep feature offered Kotak Mahindra bank They focus to supply their best to their customers by their current accounts. Services,
like retreating funds and issuance cheques area unit one amongst the most effective from
this bank and it's one amongst the most effective banks for current accounts.
Features And advantages Faster out-station cheque assortment Better Forex rates and economical trade services Cash management services Also, free cheque payments and assortment Free NEFT and RTGS through Kotak internet Banking HSBC Bank HSBC offers current accounts to its customers to fulfill their desires. Further, these
accounts go together with several added advantages and options.
Features And advantages No monthly account fee Exclusive access to offers and discounts Dedicated relationship manager Available draft service, subject to standing Yes bank It is a invasive public sector bank. affirmative bank provides many tailor-made
accounting banking product to people yet as businesses.
Features And advantages Free demand drafts across India Flexibility to extend the dealing limit Also, free cheque payments and collections and free money deposits Multi-city cheque books area unit provided Union Bank Union bank offers unlimited transactions to their customers. Its accounting comes with
varied advantages and options, therefore their customers don’t face any downside.
Features And advantages Unlimited payments Overdraft facility Upcountry cheque assortment facility Also, nomination facility IndusInd Bank The IndusInd bank has AN array of current accounts for giant company, businesses,
importers and exporters and for niche industries. Therefore, one amongst the foremost
vital advantages is that the shoppers will simply avail the draft facility.
Features And advantages No limits on withdrawals Provides AN draft facility Also, Mobile banking and net banking facilities Must Read: ten BEST BANKS for private LOAN IN India Summary – Best accounting In India Therefore we tend to here mentioned a number of the most effective banks for current
accounts in India. So, Current accounts have their own advantages. If you are doing daily
transactions with the bank and wish some further options than a accounting is healthier
than saving account. currently the most issue comes here after you got to opt for a bank
within which you're progressing to open AN account. Moreover, opt for the netbanking
facility. therefore opt for rigorously the most effective accounting during a bank that
suits your needs.
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RAKESH JHUNJHUNWALA PORTFOLIO INVESTMENT TIPS STRATEGY
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Nowadays loans are required at any time. You can not predict the urgency and time before. In past, there were little options. Standing in Bank line was so boring and time-consuming. But now thanks to technology development, instant loan is available. It is easy, fast, paperless and with minimum documentation. Here you get the comprehensive list of NBFC approved by RBI, who provides best instant personal loan apps in India.
Complete List of Best instant personal loan apps in India
MoneyTap –
Best instant personal loan apps
MoneyTap is among the best instant personal loan apps. Here you pay interest only on the withdrawn amount. MoneyTap has a partnership with leading NBFCs in India. It is one of the top 10 instant personal loan apps.
You can get an instant personal loan online with zero collateral. The interest rates start from as low as 13-24.3% pa for 2 to 36 months of duration by using this app.
The maximum loan amount you can take through this app is 5 Lakh. You download this app and apply online by creating your profile and uploading essential documents. You can check your pre-approved loan amount before applying.
B
enefits
Very low amount as Rs 3000, you can take as a loan
No use no interest
Pay interest on the amount you uses, not on the entire approved amount
Get attractive rewards on Moneytap Credit Card.
Take loans for Marriage Loan, Travel Loan, Laptop Loan, Medical Loan, Education Loan, Used Car Loan, Two Wheeler Loan, Mobile Loan, Home Renovation Loan, Consumer Durable Loan, Debt Repay Loan.
Credy – Best instant personal loan apps
Credy offers fast and hassle-free loan with the paperless process. The maximum loan amount offered by Credy is 1 Lakh.
One drawback of this app is it offers loan in selected cities – Banglore, Chennai, Pune and Hyderabad. The interest rate applicable on loan amount via this app is 1-1.5% per month.
Benefits
Instant approval
Get money within 24 hrs
Interest starts from 1% pm
No hidden charge
Get top-up loans
PaySense –
Best instant personal loan apps
PaySense is best to get an instant personal loan online. It is a partner of IIFL and Fullerton for personal loan disbursal. This app is available on Google Play.
You can install PaySense app and get a personal loan for medical emergencies, marriage expenses, buying a two-wheeler or any other requirements.
The maximum amount of loan permissible by this app is 2 Lakh. The rate of interest rate starts at 16.8% annum. The loan amount and tenure are decided based on your risk profile.
You need to submit KYC documents along with bank statement to get a loan. Generally, it takes 3-5 days to get a loan using this app.
Benefits
Instant Personal Loan from Rs5,000 to Rs50,000/-
Fast loan approval & get money in your account
Collection of documents from your doorstep; just sign & hand over the required documents to the courier
Easy EMI plans with reminders and auto-debit facility so that you don’t miss timely payments
One-time documentation. No further checks required for second-time loan
KreditBee –
Best instant personal loan apps
KreditBee is an Instant Personal Loan Platform for Young Professionals, where they can apply for Salary Advance up to ₹ 1 Lakh as per their requirement. The documentation requirement is very minimal. It is one of the top 10 instant personal loan apps.
Also, the entire process starting from registration to disbursement does not take more than 15 minutes. The application process is completely online. On approval, cash is directly transferred to the bank account of the user.
KrazyBee Services Private Limited is an NBFC registered with RBI and Finnovation Tech Solutions Private Limited which owns the brand KreditBee and forms a part of the same group of companies.
It was started by a group of individuals from prestigious institutions such as IIT, IIM, and NUS among others, to solve the issue of easy credit among young professionals in India.
B
enefits
Get loan starting fromRs1,000/- up to Rs 1,00,000/-
Instant eligibility check
Submit basic details in App
Get money in Bank account
100% online Transfer
Low-interest rate and Processing Fees.
Get Personal Loan, Cash Loan, Online Loan, Instant Loan.
Indiabulls Dhani –
Best instant personal loan apps
Indiabulls Dhani is one of the best personal loan apps in India. It is backed by Indiabulls ventures. You can get unsecured Instant personal loan instantly using this app.
The best part of this app is no physical documentation required and interest rates are very low 11.99%. You can get a personal loan up to 15 Lakh using this app.
The processing fee of loan is 5%. To get a loan using this app, you need to download this app and provide your PAN number and address for verification. After entering the loan amount, you will receive the loan amount in your bank account within minutes.
B
enefits
Loan amount from Rs 1,000/- to Rs 15Lakhs
Take loans for Marriage Loan, Travel Loan, Medical Loan, Used Car Loan, New Car Loan, Two Wheeler Loan, Business Loan, Personal Loan.
Get Business loan starting from Rs10,000 onward, no collateral
MoneyView –
Best instant personal loan apps
MoneyView offers instant and paperless personal loans. You can take a quick and easy loan by using this App. You can avail Loan up to amount Rs.5 Lakh using this app.
It is completely app-based, no physical document required for availing a loan. The annual interest rate varies from 16-24%. The processing fee is in the range of 2.5-4%.
Benefits
Be salaried or self-employed get a loan if your monthly in-hand income is Rs 13,500 or more
Income should come in a bank
Min Cibil score of 650 or Experian score of 750
You should be aged between 21 years and 57 years
PaymeIndia –
Best instant personal loan apps
PayMe is an innovative FinTech app which offers short term loan or quick cash loan to the corporate employees. The primary focus area of this app is to provide quick cash requirement of salaried persons.
PayMe India has developed an exclusive lending platform for corporate partners. It is for Advance Salary of their corporate employees
Employees of any partnered organizations can borrow up to 50% of their net monthly income, payable against the following month’s salary. It is in the Corporate Cash Advance lending programme.
Benefits
Prevent any delay in your important payouts
No delay in payments
Option for Advance Salary
Short Term Loans.
Credit advisory services
The interest rate applicable on loan amount is 2-6% per month.
The maximum loan amount limit through PaymeIndia is 1 Lakh
FlexSalary –
Best instant personal loan apps
FlexSalary is a non-banking finance company (NBFC) registered with the Reserve Bank of India. This is also known as salary advance and instant cash loans app. This app offers loan to salaried people and it is up to 2 Lakh. To apply for a loan via FlexSalary, you need to sign up or log in via social account. After filling up basic data and PAN card detail your application will be submitted for approval. Once your loan is approved you will receive an amount directly in your account.
Benefits
One time signup.Subscription with varying interest features.
Instant Approvals.Instant Eligibility calculation.
Get your cash in minutes.
Pay minimum amount.No fixed EMIs.
No Prepayment Penalty
AnyTime Loan –
Best instant personal loan apps
AnyTime Loan is an RBI approved P2P lending on going platform. It also acts like a personal loan app. This app provides a loan to both salaried as well as self-employed individuals.
AnyTime Loan offers unsecured loans for your personal requirement. The maximum loan amount you can take through this app is 10 Lakh. The annual interest rate varies from 18% to 54%. It is one of the top 10 instant personal loan apps.
Benefits
You can invest your money to the borrower via AnyTime Loan
Can earn money up to ROI 40%
High Liquidity
Fully digital
EarlySalary –
Best instant personal loan apps
EarlySalary is a salary advance and Instant Personal Loan App. You can get a loan ranging from Rs.15000 to Rs.2 Lakh using this app. The interest rate applicable on loan amount is 2-2.5% per month. EarlySalary app provides loan at specific cities. You need to pay 2% processing fee for availing loan by using this app.
Benefits
No credit history required for availing loan using this app.
You can use this app at Amazon, Flipkart and Big Bazaar for easy EMI purchase.
Pay your child’s school fees on EMI. Hassle-free process. No paperwork.
Transfer your EarlySalary credit to Future pay, shop at any Big Bazaar & pay in 3 EMIs at zero extra cost.
You can use your EarlySalary limit to shop on Amazon and pay in zero cost 3 EMIs & affordable 6 EMIs.
Get salary advance up to Rs 2,00,000 starting at just Rs 9/day. Pay only for the no. of days you use the money.
Cash
e –
Best instant personal loan apps
Cashe provides instant short-term personal loans to young professionals. It checks one’s social profile, merit and earning potential using its proprietary algorithm based on artificial intelligence.
CASHe is completely automated and requires no personal intervention and no physical documentation for availing a personal loan. You can avail loan from Rs.5000 to Rs.2 Lakh using this app. The interest rate applicable on loan is 1.5% per month.
B
enefits
Completely digital
Hassle-free process
One time approval for a repeat loan
Loan option from Rs5,000/- to Rs.2,00,000/-
Loan tenure 15,30,90,180 days
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10 BEST BANKS FOR SAVINGS ACCOUNT IN INDIA
Keeping your money at home will not give you any benefit. With a savings account, you can easily reinvest and transfer the amount deposited in your account. For this, you have to check some best banks for a savings account.
What A Savings Account Gives You?
It gives you security for your money
You will get interest for your money deposited
It provides liquidity, so you can use your money anytime
It might be the simplest way of investing money and earning interest
You will get online banking facilities, so you can transfer money in a blink
Automated payments do your work in a hassle-free manner
Here Is The List Of 10 Best Banks For Saving Accounts In India
State Bank of India or SBI
Axis Bank
Kotak Mahindra Bank
Yes Bank
Citibank
IndusInd Bank
Bank of Baroda
RBL Bank
HDFC Bank
ICICI Bank
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Savings Bank Account Types
Regular Savings Account
This is the most common basic savings account.
Salary Based Savings Account
Companies open these accounts for their employees, so employee’s salary can be transferred on a monthly basis.
Savings Account For Senior Citizens
It is the same as a regular savings account but due to senior citizens, the rate of interest is higher.
Savings Account For Women
These accounts are just for women so they can get exclusive features and benefits.
Savings Account For Minors
Parents/guardians open these accounts on behalf of their children.
Zero Balance Savings Account
There is no minimum limit for account balance so no penalty charged.
Features of S/B Account in India
Interest Rate
Most people consider this to choose a bank because everybody wants high-interest rates. Most of the banks provide just 3% to 4% interest rates on a savings account. But some banks also offer a bit higher interest rates 5% to 6%. Hence the interest is credited at the end of every quarter in your account: 31st March, 30th June, 30th September and 31st December.
Minimum Balance Requirement
Private sector banks require a higher amount as minimum balance but public sector bank don’t demand that much. The customer has to maintain a minimum balance so their account remains active. If an account holder fails to maintain the minimum balance then he/she has to pay maintenance fee as a penalty.
Facilities Offered
Most of the banks offer the same facilities as a credit card, debit card, net banking facilities, ATM access, mobile banking etc. But if we talk about physical reach then the State Bank of India has a number of branches. Every customer looks for prompt customer support and better facilities.
Customer Service
People have a mindset that private banks offer much better customer support and services. There are many online facilities are present but what if you have to visit the branch office. Therefore in this situation, helpful staff and good customer support is an advantage for you.
Charges Or Fees
Banks usually charge for many of their services, so you have to clear about all charges that can be charged by a bank.
Location Of Branches
It is not a major concern but a bank which has many branches all over India will be more beneficial. If the bank has many branches then it might have a higher number of ATMs so you don’t have to pay extra for withdrawing money. Hence if you relocate from one place to another then you can take branch transfer.
Must Read:
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Savings Account Interest Rates In India
State Bank Of India Or SBI
In SBI there is a 3.5% interest rate up to 1 lakh amount and 3.5% to 4% above 1 lakh amount.
Axis Bank
Rate of interest for a savings account is 3.5%.
Kotak Mahindra Bank
In Kotak Mahindra bank they offer a 5% rate of interest for up to 1 lakh amount and 5.5% to 6% above 1 lakh amount.
Yes Bank
It has a 5% rate of interest for up to 1 lakh amount and 6% to 6.25% for above 1 lakh amounts.
Citibank
This bank also has the same rate of interest 3.5% for all amounts.
IndusInd Bank
Rate of interest up to 1 lakh amount is 4% and above 1 lakh it is 5% to 6%.
Bank of Baroda
It has a 3.5% rate of interest for up to 1 lakh amount is 3.5% and 3.5% to 4% for amounts above 1 lakh.
RBL Bank
In RBL bank rate of interest for up to 1 lakh amount is 5.5% and above 1 lakh it is 6% to 7%.
HDFC Bank
HDFC bank has the same rate of interest 3.5 % for all amounts whether it is up to 1 lakh or above 1 lakh.
ICICI Bank
ICICI bank has the same rate of interest 3.5% for both amounts up to 1 lakh and above 1 lakh.
Must Read:
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There are many banks which can give you good interest if you open a savings account in them. Before opening a savings account in any bank you should consider some points like customer support, minimum balance requirement, feasibility, technology, extra benefits, interest rates etc.
Presently State Bank of India has the largest number of branches in India and from decades it is ruling the Indian bank world.
Most of the customers don’t have enough time to visit the branch and they do most of their work online. Therefore they also have many options; presently many banks are offering hassle-free online savings accounts. So one can just open an account in minutes by providing required documentation.
Here we discussed some of the best banks for savings accounts in India. So with the above description, you can choose among the best banks for a savings account because are the complete factors which one wants to know and compare.
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BEST NPS FUNDS IN INDIA – KNOW THE BEST PERFORMER
Best NPS funds are performing well in the last 5-10 years and giving up to 12% annualized returns. Some of these National Pension Scheme Funds have provided 21% returns in the last year. Hence, these are attracting investors now. While NPS funds are providing good returns, these also provide income tax benefits u/s 80C.
What is the National Pension Scheme (NPS)?
National Pension Scheme is a government pension scheme for Indian citizens in the age group of 18 to 60 years. Apart from Central and State Government employees, other investors too can subscribe to this New Pension Scheme/ National Pension Scheme.
It has 3 asset classes
Equity plans (Class E) – Which invests majorly in equity-related instruments. This is a high risk-high return option. Good for high-risk investors.
Govt bond plans (Class G) – This NPS fund invests in Govt securities like govt bonds, etc., This provides high safety to the investments. It is a low risk-low return option. Good for low-risk investors.
Corporate bond plans (Class C) – Which invests in securities other than govt securities like investing in corporate bonds, corporate securities etc. This is high risk-medium return option. Good for moderate to high-risk investors.
Must Read –
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What are the accounts available under NPS?
There are 2 types of accounts are there as part of the National Pension Scheme. Tier-I account and Tier-II account.
Tier-I NPS account – Investments can be made into this account, however, it has restriction in terms of withdrawal of the funds from this account.
Tier-II NPS account – Investments can be made into this account without any restrictions on the withdrawal of the funds from this account.
Apart from above, there is a New Scheme “ Swavalamban NPS scheme” / NPS Lite for Govt. Employees.
Must Read –
NPS CONTRIBUTION – LATEST RULES AND UPDATES
What are income tax benefits available for investments made in NPS?
Here are the details of the income tax benefits of the investments made in this
1) Income Tax Benefits for investments in Tier-1 NPS account
Any investments made in the Tier-1 NPS account are eligible for income tax rebate up to Rs 1.5 Lakhs u/s 80CCD (1) of the Income-tax act.
Any investments made in the Tier-1 NPS account are eligible for an income tax rebate up to Rs 50,000 u/s 80CCD (1B) of the Income-tax act. This is over and above Rs, 1.5 Lakhs indicated above.
Means you can simply invest up to Rs 2 Lakhs in NPS scheme of Tier-1 and get a complete income tax benefit. Alternatively, you can invest in other tax saving investment options u/s 80C up to Rs 1.5 Lakhs and invest Rs 50,000 in an NPS Tier-1 scheme and get tax exemption u/s 80CCD (1B).
If an employer has contributed to this fund, the employee can claim this as income tax exemption u/s 80CCD (2) of IT act. This is applicable to salaried employees only. The least of the following can be claimed as income tax exemption 1) Actual contribution by the employer to NPS fund 2) 10% of basic+DA (15% for Central Govt employees) 3) Gross total income of the employee.
2)
Income Tax Benefits for investments in Tier-2 NPS account
There are no income tax benefits for contributions made in Tier-2 of NPS account.
However, Central Govt employees can get income tax benefits for amounts invested in Tier-2 account w.e.f. 1-April-2019 which is optional.
However, if they are claiming this as a tax benefit, the amount would be locked and not eligible for withdrawals for 3 years.
Must Read –
NPS SCHEME LATEST NEWS – PREFERENCE CHANGE IN TIER I
Best NPS Funds in India – best performer
Now analyze some of the Best Funds to invest in 2019. We have classified these NPS funds based on the plans available.
Central Government Plan NPS Funds – This fund is only for central government employees.
State Government Plans NPS Funds- This fund is only for only state government employees.
Swavalamban Plans – NPS Lite
Equity Plans – NPS Funds Tier
Govt Bond Plans – NPS Funds Tier-I
Corporate Debt Plans – NPS Funds Tier-I
Equity Plans – NPS Funds Tier-II
Govt Bond Plans – NPS Funds Tier-II
Corporate Debt Plans – NPS Funds Tier-II
1)
Central Government Plans
–
Best NPS Funds in 2019
There are only 3 fund managers offering this for Central Government Employees i.e. SBI, UTI and LIC.
The SBI Pension Fund is the best fund in this category. This fund generated 10.44% annualized returns in the last 5 years and 13.54% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.82 Lakhs.
In the short term of 1 year, the SBI Pension Fund and LIC Pension Fund have given good returns along.
Next, it is the list of Funds under Central Govt Plans and their performance.
2)
State Government Plans
–
Best NPS Funds in 2019
Here too, there are only 3 fund managers offering for State Government Employees i.e. SBI, UTI and LIC.
The SBI Pension Fund is the best fund in this category. This fund generated 10.51% annualized returns in the last 5 years and 13.63% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.82 Lakhs.
In the short term of 1 year, along with the SBI Pension Fund and LIC Pension Fund have given good returns for 1 year.
Next, it is the list of Funds under State Govt Plans and their performance
3)
Swavalamban Plans
–
Best NPS Funds in 2019 NPS Lite
There are 4 fund managers offering fund for Government Employees under NPS Lite i.e. SBI, UTI, LIC and Kotak.
SBI Pension Fund is the best fund in this category. This fund generated 10.42% annualized returns in the last 5 years and 13.34% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.82 Lakhs.
In the short term, along with the LIC Pension Fund and SBI Pension Fund have given good returns for 1 year.
Next is the list of Funds in NPS Lite (Swavalamban) Plans and their performance.
4)
Equity Plans
–
Best NPS Funds in 2019 from Tier-I
Here is the performance of Funds under this category.
HDFC Pension Fund is the best performing fund in this category. This fund generated 10.64% annualized returns in the last 5 years and 7.69% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.93 Lakhs.
In the short term of 1 year, the HDFC Pension Fund and Kotak Pension fund have outperformed among the NPS funds
Next, it is the list of Funds in Tier-I Equity Plans and their performance.
5) Govt Bond Plans
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Best NPS Funds in 2019 from Tier-I
Here is the performance of Funds under this category.
LIC Pension Fund is the best fund in this category. This fund generated 11.86% annualized returns in the last 5 years and 19.59% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 4.01 Lakhs.
In the short term of 1 year, the LIC Pension Fund and Kotak Pension fund have outperformed among the NPS funds.
Next, it is the list of Funds in Tier-I Government Bond Plans and their performance.
6) Corporate Debt Plans
–
Best NPS Funds in 2019 from Tier-I
Here is the performance of Funds under this category.
ICICI Prudential Pension Fund is the best performing fund in this category. This fund generated 10.29% annualized returns in the last 5 years and 12.52% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.8 Lakhs.
In the short term of 1 year, Birla Sun Life Pension Scheme and ICICI Prudential Pension fund have outperformed among the NPS funds.
Next, it is the list of Funds in Tier-I Corporate Bond Plans and their performance.
7) Equity Plans
–
Best NPS Funds in 2019 from Tier-II
Here is the performance of Funds under this category.
UTI Retirement Solutions is the best performing fund in this category. This fund generated 10.67% annualized returns in the last 5 years and 6.87% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.87 Lakhs.
In the short term of 1 year, the Kotak Pension Fund and HDFC Pension fund have outperformed among the NPS funds.
Next, it is the list of NPS Funds in Tier-II Equity Plans and their performance.
8) Govt Bond Plans
–
Best NPS Funds in 2019 from Tier-II
Here is the performance of NPS Funds under this category.
The LIC Pension Fund is the best fund in this category. This fund generated 11.88% annualized returns in the last 5 years and 20.66% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 4.04 Lakhs.
In the short term of 1 year, LIC Pension Fund and HDFC Pension fund have outperformed among the NPS funds.
Next, it is the list of Funds in Tier-II Government Bond Plans and their performance.
9) Corporate Debt Plans
–
Best NPS Funds in 2019 from Tier-II
Here is the performance of the Best Funds under this category.
ICICI Prudential Pension Fund is the best fund in this category. This fund generated 10.15% annualized returns in the last 5 years and 12.2% returns in the last 1 year. If one would have invested Rs 5,000 per month through SIP for 5 years, the investment amount would have been Rs 3 Lakhs (5,000 x 60) and your fund value would have grown to Rs 3.78 Lakhs.
In the short term of 1 year, ICICI Prudential Pension fund and HDFC Pension fund have outperformed among the NPS funds.
Next is the list of Funds in Tier-II Corporate Bond Plans and their performance.
Must Read –
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Who is the Best NPS Fund Manager 2019?
Equity NPS Funds – UTI Retirement Solutions and HDFC Pension Fund are performing better.
Govt Bonds NPS Funds – LIC Pension fund and SBI Pension Funds are doing good.
Corp Debt Plan NPS Funds – ICICI Pension Fund and Kotak Pension Fund are best.
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best business newspaper in india
Nowadays, there are lots of news websites live in India. But there are very little that concentrate on business news even though all maintain to be receiving appropriate audiences. The top Indian newswebsites from many top Indian news websites in the news index list using search and social metrics. Business sites provide you with the most up-to-date news of India and all around the world. There is numerous business newspaper which has thousands of readers. Also, they are most popular among readers due to their high-quality news and unique updates. I have mentioned some of them here.
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TAXABILITY OF LIFE INSURANCE MATURITY AMOUNT- BUDGET 2019
TAXABILITY OF LIFE INSURANCE MATURITY AMOUNT- BUDGET 2019
Most of us think that the Taxability of Life Insurance Maturity Amount is tax-free. But many of us are unaware that the Government has newly introduced the TDS on Life Insurance Maturity Amount. Further, it is increased in the Budget 2019.
Hence, let us understand the applicable TDS on Life Insurance Maturity Amount.
Before understanding the TDS concept, let us first understand the taxation on Life Insurance Policies.
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Here are the sections to know the Taxability of Life Insurance Maturity Amount
1) Section 80C of Income Tax Act
We all very well know that whatever premium you pay towards life insurance can be shown under Sec 80C. But there are some conditions to qualify under this section.
If the premium paid towards a life insurance policy on self, spouse or kids and if the policy was issued on or before 31st March 2012, then eligible deduction under Sec 80C is only 20% of the sum assured. (Example I)
If the premium paid towards a life insurance policy on self, spouse or kids and if the policy was issued on or after 1st April 2012, then eligible deduction under Sec 80C is only 10% of the sum assured. (Example II)
2) Sec 80CCC of Income Tax Act
Any premiums paid by taxpayer towards pension schemes like LIC’s New Jeevan Suraksha will be eligible for deduction under this section. Please note below two points here.
This section only deals with the individual taxpayer. Hence the contribution made in the name of spouse or kids is not eligible for taxation.
The aggregate amount of deduction under Sec80C, Sec80CCC and Sec 80CCD (1) shall not exceed Rs.1,50,000.
3) Section 10 (10D) of Income Tax Act
Now it is important to understand Section 10 (10D) of the Income Tax Act.
If you purchased the policy on or before March 31, 2003, then such maturity from these policies will be TAX-FREE.
If you purchased the policy after 1st April 2003 to 31st March 2012, and premium paid towards such policy on self, spouse and kids are less than 20% of sum assured, then such maturity amount is TAX-FREE.
Next, if you purchased the policy on or after 1st April 2012, and premium paid towards such policy on self, spouse and kids are less than 10% of sum assured, then such maturity amount is TAX-FREE.
Death Claim amount one receives from Life Insurance is completely TAX-FREE.
Any Sum received under Keyman Insurance is TAX-FREE.
If the policy is issued on or after 1st April 2013 for those who are disabled or suffering from ailments as specified by the Income Tax Act, where the premium payable in any given year exceeds 15% of the actual sum assured (as per section 80DDB) is TAX-FREE.
If you purchased the policy which is issued on or before March 31, 2003, then such maturity from these policies will be TAX-FREE.
Some Practical Examples on TDS on Life Insurance Maturity Amount
Example I
Let us say Mr.A took a life insurance plan before 31st March 2012 with Sum Assured as Rs.3,00,000.The Policy term being 10 years and yearly premium is Rs.65,000.
But according to the above rule, only 20% of Sum Assured (in this case 20% of Rs.3,00,000 I.e Rs.60,000) is eligible for tax deduction under Sec 80C.
So Mr.A can avail benefit only to Rs.60, 000 not Rs.65, 000.
Example II
Let us say Mr.A took a life insurance plan after 1st April 2012 with Sum Assured as Rs.3,00,000 term being 10 years. The yearly premium was Rs.65,000. But according to the new above rule, only 10% of Sum Assured (in this case 10% of Rs.3,00,000 I.e Rs.30,000) is eligible for tax deduction under Sec 80C. So Mr.A can avail benefit only up to Rs.30, 000 but not whole Rs.65, 000.
Must Read –
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Taxability of Life Insurance Maturity Amount- Budget 2019
A few years back Government of India introduced the TDS concept on the Life Insurance Maturity Amount. This TDS rate is now revised in Budget 2019.
In finance bill of Budget 2019, the government said, “It is proposed to amend the said section so as to provide that the levy of tax deduction at source shall be on the income comprised in the sum payable by way of redemption of a life insurance policy, including the sum allocated by way of bonus on such life insurance policy, excluding the amount exempted under the said clause (10D) of section 10 at the increased rate of five per cent.”
Hence, as per this change, there is a change in Income Tax Section 194DA. As per this, the TDS will be applicable to below conditions.
If your maturity amount exceeds more than Rs.1 lakh in a year.
Also, If the policies are not exempt as per the above said Sec.10(10D) of IT Act.
If you do not provide the PAN details with the Life Insurance Companies.
In such a situation, Life Insurance Companies will deduct the TDS. The revised TDS rate after Budget 2019 is as below.
if your maturity amount exceeds more than Rs.1 lakh a year and policies are not exempt as per the above said Sec.10(10D), then there will be a TDS of 5%.
If you do not provide the PAN details with the Life Insurance Companies, then there will be a TDS of 20%.
Must Read –
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Note:-
The above said all rules are the same for
Term Life Insurance, Endowment Plans or ULIP Plans.
Maturity, Death Claim or Surrender of the Policies.
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STARTUP LOAN FOR BUSINESS – HOW TO GET EASY FUNDING
Startup Loan for Businesses for the existing businesses looking to expand and individuals start a new business. Most of the banks provide this kind of loan. It is similar to personal loans.
There Are Two Types Of Startup Loan for Business
Line Of Credit
It works in a similar manner to a credit card. Here the card has a tie-up to the individual’s business. One of the best benefits in this type of loans is customers don’t have to pay interest for the first nine to fifteen months. After this period the interest will rise between 7.9% and 19.9%. Customers have to pay interest only on the sum they use.
Equipment Financing
In this type of loan, banks pledged the equipment as collateral. By this lender has to pay a low-interest rate with a slightly higher risk. The main benefit of this type of loan is a customer can cause depreciation of the equipment as a tax benefit for many years. Customers should have a high credit score (680+), a detailed credit report and the required documents to avail this loan.
Must Read:
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Documents Required for Startup Loan for Business
Photographs
2 passport size
Proof Of Identity
Aadhar card, PAN card, passport, driving license, voter ID
Address Proof
Aadhar card, voter ID, driving license, passport, postpaid phone bill
Age Proof
Pan card, passport
Bank Statements
Last six months
Proof Of Income
Salary slips, income tax returns
Signature Proof
Pan card, passport, bank verified signature
IFSC Code Proof
Scanned/cancelled cheque, passbook’s front page photocopy
Features And Benefits
No security or collateral required to avail a loan for a startup.
These loans come with flexible and easy repayment tenures.
The documentation for availing this loan is nominal.
The funds get rapid distribution to the applicant’s bank account.
Eligibility
Age of the applicant should range between 21 years to 65 years
Applicant must be an Indian citizen
Applicant should have a business plan
Must Read:
10 BEST BANKS FOR PERSONAL LOAN IN INDIA
How To Get Startup Funding-Startup Loan for Business
Loans For Startups By The Government Of India –
Bank Credit Facilitation Scheme –
Pradhan Mantra Mudra Yojana (PMMY) –
Credit Guarantee Scheme (CGS) –
Standup India –
Sustainable Finance Scheme –
When the business is in the early stage or just an idea, it is a challenge to get funding. Also, the small, micro and medium enterprises sector in India only has limited access to formal credit.
This scheme is headed by NSIC (National Small Industries Corporation); it looks at the credit needs of the MSME units. Also, NSIC has partnered with several banks so they can provide loans to MSME units. Scheme’s repayment tenure ranges between 5 years and 7 years. It can be extended up to 11 years in special cases.
This scheme is headed by MUDRA (Micro Units Development and Refinance Agency) and launched in 2015. It offers loans to all kinds of trading, manufacturing and service sector activities. Also, the scheme offers a loan under 3 categories – Tarun, Kishor and Shishu. This loan can be availed by shopkeepers. Artisans, machine operators, vegetable vendors, repair shops, etc.
New and existing MSMEs can avail this loan that is involved in manufacturing and service activities. CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) head this scheme. But, agriculture, retail trade, educational institutions, self-help groups (SHGs) are excluded from this scheme.
This scheme is headed by SIDBI and launched in April 2016. It extends loans to enterprises in trading, manufacturing or services. Also, one can avail loan between Rs. 10 lakh and Rs. 1 crore. Further, the repayment tenure is 7 years and the maximum moratorium period allowed is 18 months.
It is also headed by SIDBI and offers loans to industries that deal in renewable energy, green energy, technology hardware and non-renewable energy. Further, the government started this scheme to offer support to the complete value chain of energy efficiency/cleaner production and sustainable development projects.
Startup India Registration
Log on to startup India portal
Enter your legal entity
Then enter your business registration number
Enter the registration date
Then enter your PAN number
Enter the address, pin code and state
Also, enter details of authorized representatives
Enter the details of partners
Upload the required documents
File the registration certificate
Must Read:
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How To Apply For A Startup Loan for Business In India?
The borrowers are needed to carry out the required paperwork. Then submit the required documents to avail the loan for a startup. These loans are offered by the government so some of the loans are collateral-free.
Some Of The Important Things To Check Before Applying For The Startup Loan:
Personal Background: Personal background means whether you had a criminal history. Details of your background are checked.
Resume Or Business Background: They ask for the applicant’s experience in growing the business.
Business Plan: There should be a well-thought business plan in the loan application.
Personal And Business Tax Returns: They ask for the past 3 years personal and business tax returns.
Legal Documents: Proof of the legal business.
Collateral (if required): It may help you get a bigger amount of loan for startup and strengthen your profile.
Advantages Of Securing Startup Loan From Bank
There are various benefits of securing a loan for a startup from a bank because venture capital funds are very costly. Also, the return rate to the bank is fixed at a low amount of about 13%-17% and banks do not require equity dilution. If we talk about the approach then banks are available everywhere in India and easier to approach. Also, it is too easy to approach your local bank and request for funds. Banks have a well-established framework for funding evaluation. So the whole process of requesting funds is fast in banks than a venture capitalist.
Hence, here we discussed loan for startup and we clearly see that the government is encouraging for better business opportunities. So, there are different types of loans that the government offers for different purposes. One can avail the loan which suits their requirements. Most of these loans also have a subsidy, which helps most in beginning a new business.
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