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Finance Forum India

Share your thoughts on finance education, economic developments, capital markets movements or your professional experience in the field of finance.

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How Family Floater Plan is Different from an Individual Policy?

Securing the health of family members is best done with an insurance policy. Potential buyers may choose between an individual plan and a family floater. Making the decision between these options is not easy and understanding the differences may be beneficial. Family floater plans These family health insurance plans cover all the family members under a single plan. The fixed coverage is shared by all the members. Moreover, the premiums on family plans are lower than individual policies making the former more economical. Individual plans These health policies provide the benefits included in the insurance plan only for the policyholder. If...
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Study Abroad Tips That You Will Actually Need

The prospect of going to a foreign country as a student can be a set of mixed reactions. You feel excited about the idea of exploring new avenues and learning. But, at the same time, you may have apprehensions and worries with the notion of being all alone in unfamiliar surroundings. There are a lot of things that may not be under your control abroad. Things such as food, the hostel, your academic environment or even the local safety for that matter are some of them. That being said, there are indeed certain aspects that you can take care of in...
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Why do more people avail personal loans online?

Suresh Mehra, 32, and Ramesh Mehta, 33, have been friends for a long time. They went to the same school and same college. They even took up jobs in the same industry and, earlier this year, they both decided to renovate their houses. Given the cost involved, both Suresh and Ramesh decided to each take a personal loan. Suresh visited many banks to gather information and apply for the loan. Meanwhile, Ramesh applied for the loan online. Why did Ramesh not do the rounds of banks like Suresh? Why are more and more people availing personal loans online? Here is why:...
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Why a personal loan in medical emergencies is a safe bet

Tanmay Seth, a software engineer in his early 30s, thought he had his finances under control. After all, he had savings, two houses, and medical insurance for his whole family. But then Tanmay’s wife was diagnosed with a medical condition that his insurance did not cover. He was in a fix. How could he pay his wife’s hospital bills? Should he sell his second apartment? Should he charge it to his credit card? Should he consider the hospital’s own EMI repayment options?   Tanmay chose the best alternative—he applied for a personal loan. His wife was able to get the best...
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LOANS – An understanding

The loan is an amount taken by an individual from another and has to be repaid over a period of time - a financial obligation. Loans are taken either for a long term or a short term. Long term loans are taken for the purpose of purchasing high costing assets such as a house. This purchase requires a lot of planning and loan taken for this purpose has a long term relation for both the giver and taker. So, the documents should be clear and free from ambiguity. Hence, all the property-related documents must be prepared accurately.  Some of the reasons...
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CIBIL SCORES & LOANS – A REALITY CHECK

Loan and CIBIL score are closely inter-related. The loan is an amount taken by individuals for fulfilling their wants which he cannot fulfill with just his means of income, and CIBIL score is a score which is an important factor taken into consideration by the lenders for the purpose of knowing credit worthiness of individuals. So, an understanding of both can be helpful in analyzing the pros and cons of the same. Normally, purchase of an asset requires a lot of planning and comparisons before decision making. One of the important and almost once a lifetime asset purchase decision that an...
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5 Home-buying myths you should stop believing

Most of us dream of owning a home, do we not? Buying a home is a big investment. So, it is important to take a wise and well thought-out decision. Take the example of Gargi Sen. She wanted to buy a home, but it was turning out to be quite the nightmare for her. Even after a month of house-hunting, she was nowhere close to even making a deal. One day, she was talking to a colleague who had recently bought a house. The conversation was an eye-opener for Gargi. She realised that many things about home-buying that she had believed...
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Important car parts to check before you buy your used car

Turning 24 had its own special meaning for my not-so-little daughter. She had been working since the last 2 years, and was all set to buy her first car. Her dad had convinced her that a fancy car could wait a few years; instead she should buy a used car to begin with. Excited and chirpy she bounced into the room.” Dad, I want a small car; there’s no garage space in Delhi.” Her infectious enthusiasm had us scrambling to our feet and we were off to the car dealer’s garage cum showroom in no time. Once there, Manasvi hopped from...
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Poor Credit Score can mean Higher Interest on Used Car Loans. So Improve Your Credit Score first

When lenders are willing to lend money to borrowers, it is in their best interest to ensure that money is only given to those who can actually repay it back on time. So as an estimate of future repayment behavior, lenders look at past credit history of the applicants to see how they have been repaying their loans. A borrower who has not been regular with his repayments has higher chances of continuing this habit. Similarly, those who have a habit of repaying loans on time have a high chance of doing so in future too. So lenders look at credit...
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Personal loan v/s credit card: What are Indians using?

Rohit Mistry, 34, decided to renovate a portion of his house and change all the furniture. The entire project would cost him a few lakhs. He immediately applied for a personal loan of Rs 8 lakh. Within no time, his home was as good as new. Rohit preferred a personal loan over a credit card for a few reasons. These included the quick disbursement, easy availability, and flexible EMI options. Let us explore why you should choose a personal loan over a credit card: 1)    Interest rate: This is a significant factor. Unlike in a credit card, the rate of interest...
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