Welcome to FintooInvest!
Are you searching for a quick online loan? Do you need a hassle-free loan? Are you still waiting for the disbursement of a bigger loan and paying out installments from your own pocket?
Now search no more. FintooInvest is committed to assist with quick and easy loan processing. Here is why you should opt for FintooInvest for availing online loans:
- Quick Disbursement
We at FintooInvest, make sure to process the loan requirement quickly, and hence you would receive the disbursement within 2-3 days.
- Minimal Paperwork
We require very few documents for disbursing the loan requirement, unlike traditional loan processing. So you are not buried under documentation requirements.
Since we charge no prepayment fees and also we charge lower interest rates for EMI, it is a Win-Win situation for both of us.
- Amazing support system
We at Fintoinvest brag about our consistent support service before and after loan processing. So, we are at your assistance 24/7
We charge no hidden costs and hence you can be assured that loan processing is transparent.
What types of loans you could obtain from FintooInvest?
- Personal Loan
As the name suggests, FintooInvest can help you avail a quick personal loan, be it for a wedding or for renovation or major repairs or even any medical emergency (of course the part which health insurance does not cover)
- Professional Loan
It so happens that professionals like Chartered Accountants or Engineers or Doctors need some bridge loans while carrying out their practice. FintooInvest is at your service and will help you avail the professional loan.
- Business Loan
Liquidity crunch is the biggest issue that businessmen try to handle by taking a loan from small-time lenders. With FintooInvest, you would be assured that cash crunch will not be a problem anymore for you.
How can you avail online loan from Fintoo Invest?
- Step 1
Create a login ID on FintooInvest or log in from your Google or Facebook account.
- Step 2
Once logged in, you can click on the loans button, which will have a dropdown menu consisting of
- Step 3
Depending on your requirement, click on the loan and you will need to select a preferred loan partner. After selecting, the FintooInvest website will take you to the external website of the preferred loan partner.
- Step 4
Create a linked loan account on the loan partner’s website as per the requirements mentioned on the website. You may need to carry out one-time submission and KYC verification of the documents in this process. And then you are set to go.
- Step 5
The Loan partner will carry out a credit score to check your eligibility to avail of the loan considering that you are able to repay the loan with the existing incomes and liabilities. Don’t worry, this is a standard procedure and is meant to be there so that you would not get into trouble while paying off the loan later on.
Certain pointers to check while applying for online loans:
- Always check the charges like prepayment charges, interest rates, etc to be in the know of the costs carried.
- Always opt for installments to be equal to or less than 50-60% of your in-hand income. EMI’s would otherwise take a huge chunk away from the disposable income.
- You can always check with the loan partner if you could add income of the spouse so that the probability of obtaining the loan increases.
‘Tax’, a word that brings stress to the taxpayers. It is a compulsory contribution, imposed by the state government on the working crowd. They are taxed according to the income they receive. It can be any income, which includes salary, income from a business, or house property. People get irritated paying tax because, they have worked really hard to earn their money, and from what they get, part of it goes to the Govt. Some people don’t even realize that their 2 to 3 month’s salary goes into paying taxes.
Now let us talk about what is the other option available to save this tax being paid. The Govt may have made this contribution compulsory, but they have also provided us with tax-saving tools. That’s another thing, most of the working crowd are still not aware of these tools, which results in frustration of paying tax.
Tax is vast and very complicated to understand. So even though they use the basic deductions, a huge chunk of their income still gets cut. This is because they are not aware of the other saving tools available. Only professionals in this field will be able to help you out. Tax planning is very important, as it allows you to take more of your hard-earned money home. Those falling under the 5% tax bracket, do not have to work much on their tax planning as they can easily bring it down to nil. Those in the 20% or 30% tax bracket need advanced tax planning since a huge amount must be getting cut.
Related article : New Tax Regime Vs Old Tax Regime -Which one should you opt for?
Let us see few tax planning tools other that of section 80C:
Hindu Undivided Family:
Famously known as HUF, is a great tool for tax planning. All the members can transfer their income except salary income to the HUF account. A HUF when created also enjoys the same exemptions and deductions as that of an individual. For married couples, if either the husband or wife has an ancestral property that generates rental income, they can transfer this income to the HUF account and it will be taxed as the income of HUF. However, it’s not the same in the case of, a person buying a property, and income generated from that, if transferred to the HUF, will be added to the person’s income and taxed accordingly, it will not be treated as income from HUF. But the rental income once transferred can be invested in tax-saving tools.
People with housing loans can take the benefit of Rs.200000/- under section 80C. For the interest amount, there are 2 situations, one is self-occupied where the person gets the deduction up to 2 lakhs and if it is taken in joint names of the husband and wife, then 4 lakhs. In the second situation, in case of a let-out property or deemed to be let out, there is no limit to the deduction. However, in one year a maximum of 2 lacs only can be claimed as a deduction. Anything over it can be carried forward to the next year for up to 8 years.
In an education loan, the interest amount available for deduction is unlimited. This deduction is allowed for seven years. It can be for any further studies after passing Senior Secondary Education. The loan is available for deduction even if taken in the spouse or children’s name. This comes under section 80E.
This comes under the deduction 80D. For an individual the limit is up to 25000/- and for senior citizens above 60 years of age, the limit is 50000/-. So an individual can claim his amount and if he takes mediclaim in his parent’s name, who are above 60, he can get a total benefit of 75000/-.
Expenses Incurred On Medical Treatment:
This deduction comes under section 80DDB. He can take the benefit for the specified diseases for himself, his spouse, children, parents, brothers, and sisters. The maximum deduction is up to Rs. 40000/- and for senior citizens, it is up to Rs. 100000/-. If you have taken a policy, worth Rs. 150000/-, and your medical bills have actually come up to 2 lakhs, then you will get the benefit on only Rs. 50000/-, i.e. (200000 – 150000 = 50000). To avail this benefit, the bills and a certificate from the specialist are required.
Any donation or charity made to any NGO, political parties and trust can be claimed under section 80G. The maximum deduction is 10% of your gross total income.
Invest In Spouse’s Name:
Any surplus income can be invested in the house property, PPF, mutual funds, and equity. To invest in house property in the spouse’s name, you can lend her the money and she can give you her jewelry in exchange. In case the individual is not married but engaged, and if his fiancé does not have any taxable income or pays tax at a lower rate, then he can transfer the surplus income to her and it won’t be taxed as his income, as in the case of a married couple.
Invest In Mom’s And Dad’s Name:
If you have surplus income, you can invest in their name. When money is transferred to parents, there is no clubbing of provisions. You can transfer any amount. There is no limit as such. So, these are the other tax-saving tools that a person can use if he/she has exhausted the deduction under section 80C. If it is too complicated to understand, then it’s better to seek help from a tax professional.
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The coronavirus has spread like a fire globally. This pandemic has taught us not one but many lessons. As it is always said, any experience teaches you some lessons. It is up to us whether we understand it or just ignore it. In this blog, we will focus on the financial lessons we learned regarding our personal finances from this deadly virus – COVID19.
The pandemic has also dealt a huge blow to the world economy and looking at how things are moving currently, the chances of all this going away anytime soon are only getting bleaker.
While nobody really knows how long this will last or how much we will be affected, there are a few financial lessons that we have already learned so far. Let us discuss these in detail:
1. Do not depend on single source of income
Having your entire family depend on your single source of salary/business income has proved to be a big mistake. I have come across so many people who have lost their jobs having 4-5 dependents.
It is highly suggested that you should have multiple sources of income. But the question you may have now is “How?”.
Well, try to make your hobby lucrative. For example, you play guitar, you can teach students on weekends. Alternatively, if you are an experienced professional, you can start providing online coaching to people in your industry who need to upgrade themselves. You can teach them how to do business or any area in which you have expertise.
Another way is to have passive income by way of dividends, interest and rentals. For this, you need to plan in advance so that you have multiple sources of income. So even though one of the income sources ends or becomes less you have others to fall back on to move on for some months.
So the lesson learnt is to generate income from multiple sources.
Read here: Financial Planning amid COVID-19
2. Do not go overboard with loans
Many households have experienced a grave cash crunch in this COVID situation. This is major because most of their incomes were going towards paying EMIs. As long as you are getting your monthly income, it is manageable to pay off your loans. But looking at the current situation where we are experiencing job loss or significant pay cuts, it is difficult to continue with all the loans.
Although taking a loan enables you to experience a lavish lifestyle like owning a big house, a sedan car, top model mobile phone, luxury shopping of clothes using credit cards etc, it is crucial that you understand we should only be spending what we have and should not expand our lifestyle beyond what we can afford at that moment.
Loans can really help you out in need and it should be taken only when there is no other option left. Ideally one should not have EMIs exceeding 30% of your income.
Ones who have lost their job or witnessed massive pay cuts have no other option but to either sell the asset or make use of the moratorium period provided by RBI. But opting for a moratorium will only add to your liabilities as your interest will increase. Instead of saving money, you will end up paying more.
So the lesson learnt is don’t go overboard with loans ever. Limit it to 30% of your in-hand income even though you are eligible for 50% or more.
3. Always have an emergency fund ready
We understand the importance of having an emergency fund in time like this. Are you thinking that if you would have saved for emergencies, instead of spending on less important things then you would have been a lot better off dealing with the current COVID-19 pandemic?
If yes, this is the lesson learnt for you.
It is never too late. The first investment should always be to create an emergency fund. Once you are done saving and investing for your emergency fund, then you can look at investing for your other goals whether short term or long term.
Having an emergency fund is a great way to meet all your liquid needs. So start building it before it is too late. Now you might be wondering. “how much should we target to have in an emergency fund?
I will give you a thumb rule here. Ideally, one should have an emergency fund equal to 6-12 months of your expenses. It varies depending upon no. of dependants, no. of sources of income, nature of work etc.
So the financial lesson learned is to have an adequate emergency fund at all times. You will never know when it can prove to be useful. Usually, it is when you least expect it.
4. Should not depend solely on employer’s health Insurance
Let me tell you one incidence here. Mr. Sahil, age 29 had a health insurance cover provided by his employer. This cover not only covered him but also his parents. So in case, any need arises, he could utilise this benefit provided by the employer. Even after suggesting multiple times that he should take a separate cover for himself and his parents, he just kept on postponing the same thinking that he already has a cover so why to spend more.
Now during this lockdown owing to novel COVID-19, he lost his job. To make the situation even worse, his mother tested COVID-19 positive. Sahil who once thought that he is adequately insured was looking out for other means of funding the medical expenses as now he has no job and no health insurance cover too.
It made him realise the importance of having a separate health insurance cover. But he learnt this lesson the hard way. I feel that many of you could relate to this story of Sahil.
So the lesson learnt is don’t make the same mistake and get yourself adequately insured.
These were some of the financial lessons that we learnt from the current COVID-19 pandemic. It is highly recommended that you learn these financial lessons and take action so that the same thing doesn’t get repeated any time in the future. It is rightly said that “Tough times don’t last, but tough people do.” In times such as these, let us try our best to keep ourselves optimistic and positive. This too shall pass.