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As the name implies, the Restore benefit replaces or refills your sum insured when it has been depleted, together with any collected Cumulative Bonus, during a calendar year due to illness or hospitalisation. Example For example, let's say you bought a Rs 10 lakh health insurance policy. You are diagnosed with a disease that consumes your whole insurance policy. Let's imagine you're hospitalised again in the same year for a different disease, resulting in a medical bill of Rs 5 lakhs. Your health insurance will not be able to pay the second hospitalisation if you do not have the Restore Benefit, and you will be responsible for the cost. If your health insurance policy includes a restoration benefit, your insurer will pay the cost of the second hospitalisation up to the base sum insured, freeing you of any financial strain. The restoration benefit is only available once each policy year and cannot be carried over to the next year. As the benefit's name implies, it simply replenishes, therefore it can't be utilised for the initial claim. So make sure your health insurance has restoration benefit.

Families should begin preparing for their income, spending, savings, and investments as soon as they marry, because finances tend to become more complicated as the family grows larger. 1. Debt-Free Living: Debt is the primary concern that most young couples face. The first objective should be to pay off any debt, whether it is a credit card, a personal loan, a home loan, or a car loan. Paying off your debt ahead of schedule relieves you of mental anguish, saves you money in interest payments, and makes you cash rich. Banks do not charge a pre-payment penalty on floating rate Home Loans, as per RBI directives. The borrower now has more flexibility in repaying their loans. Consider the case where you have various lines of credit, such as a home loan, a car loan, and a credit card. In this case, we recommend that you devise a strategy for repaying your debt: a) Create a budget: Your budget must be sensible and, above all, realistic. The surplus must be preserved or invested in order to achieve your objectives. Try to be a little more strict with yourself in the future. You must be prepared to make viable changes to your spending that you can stick to in order to improve the overall status of your finances. b) Determine which debts to pay first: Debt management specialists recommend beginning with the loans with the highest interest rates. This is referred to as the debt ladder or debt payback ladder. The alternative option allows you to pay off debt by starting with the lesser principal balances, which will quickly free up money to go toward greater principal balances on subsequent loans. Because you gain momentum and confidence as you pay down debt, this strategy is known as the reverse ladder or snowball method. Examine your money carefully, calculate the numbers, and choose which technique is most appropriate for your case. The general rule is that you should prepay something each month to get out of debt as quickly as possible. Please keep in mind that the strategy described above is particularly effective if there are no prepayment penalties. Please check with your lender ahead of time to see what fees and penalties are involved. Once you've checked for charges, you may need to do some math to appreciate the benefit of early repayment. 2. Purchase or invest in real estate: If you don't currently own a home, you should consider purchasing one. Buying your own ideal home can save you money on rent while also allowing you to build a long-term asset. A shared Home Loan not only helps you share your financial burden, but it also allows you to acquire a larger loan because the income of the co-borrower is taken into account when determining your loan eligibility. If you currently own a home, you might consider purchasing a second home to supplement your rental income. Over the last ten years, experts say that real estate in India has provided good returns. Before you do so, we propose evaluating the cost-benefit ratio rather than the amount to be borrowed, and taking into account other aspects such as future selling prices, rental income, and so on. 3. Money-based dreams: While money cannot purchase happiness, there is a strong link between happiness and the degree to which our financial and behavioural actions are in line with our deepest beliefs. There are a few things that money can buy that will make you happy, such as your dream car, an exotic vacation, luxury jewellery, and so on. Purchasing these items can make you happy for a short time, and there is nothing wrong with prioritising accomplishing these goals first. To manage money and marriage together, partners must first understand each other's financial perspectives and then work together to align and fulfil their financial goals. It is significantly easier to reach your financial goals with a dual income home and adequate financial planning. It is critical for both spouses in a marriage to be on the same financial page. If they aren't, they must come to an agreement that is acceptable to both of them. The easiest method to determine this is to honestly discuss your dreams, desires, goals, and spending habits, among other things. The points we addressed above pertain to a couple's medium to long-term planning. Comprehensive financial planning, on the other hand, entails much more than simply examining your investments. Insurance, taxes, educational funding, employee perks, retirement, and estate planning are all things to consider. You develop a thorough picture of your financial status through planning, as well as a documented strategy to assist you achieve your goals, dreams, and financial stability. 4. A short-term contingency fund is intended to pay expenses in the event of a sudden loss of income or other financial difficulties. Most experts recommend that a household have three to six months' worth of costs on hand in case of an emergency. So, if your monthly obligations are Rs.50,000, your emergency fund should be between Rs.1,50,000 and Rs.3,00,000. These money should be accessible in the same way as a Fixed Deposit or other short-term investment that can be easily withdrawn in the event of an emergency is. 5. Insurance: You've worked hard to establish a strong financial foundation for yourself and your family, and you want to be sure that everything is safe. Accidents and disasters may and do happen, and if you aren't properly covered, they can bankrupt you. You'll need insurance to protect your life, your capacity to earn a living, and your home. It provides security, peace of mind, and a safety net. It is critical for every relationship to have insurance coverage in place. Here are a few you should think about investing in: a) Life Insurance - Because both parties live with their respective families prior to marriage, a Life Insurance policy may not be necessary because there is no dependency. After marriage, however, the reliance issue comes into play, necessitating the purchase of a Life Insurance policy. We recommend a pure life protection policy or a term policy because it is the cheapest type of insurance and offers a large risk cover for a low price. You should ideally strive for a coverage amount that equals the present value of all your earnings until retirement. b) Medical Insurance - If you and your spouse both work, you will most likely be protected by Medical Insurance provided by your respective employers. However, if necessary, you can still check for more riders. 6. Retirement Planning: Saving and planning for retirement is, without a doubt, a real and pressing need. People are living longer, which necessitates careful planning if they wish to maintain their current lifestyle after retirement. If your workplace has a provident fund, you must save at least an equivalent amount to take benefit of it when it comes to how much you should save for retirement. These matching schemes might range from 3% to 5% of your gross income, but you shouldn't stop there with your retirement investments. Younger people with more time to save should aim for a minimum of 10%, though depending on your existing savings, you may want to aim for 20%-30% as you get closer to retirement. 7. Children’s Education and their marriage: Financial planning for children is essential to make their future secure and help them achieve more in life. As a parent, you want your child to have not only a good school but also a lavish wedding. The earlier parents begin making plans for their children's education and marriage, the better. This is because starting to save and invest early will allow you to create a greater corpus over a longer period of time. Setting goals and accomplishing them as a couple is an excellent approach to push your relationship to new heights. Even if they are aware of the efforts that must be made to ensure their future, it is critical for couples to establish strategies on a daily basis. If both partners are working, they should put money aside for long- and short-term goals. They must strategically plan their current income and invest intelligently in the areas that provide the best returns.

The idea of driving away in a fresh new car is a pipe dream for many individuals. Some people carefully budget their finances in order to buy an automobile. Funding options like loans might aid in achieving this goal. If you're going to buy a car, you need to be aware of all the little details that go into the process. In this regard, the price difference between the vehicle's ex-showroom and on-road pricing must be taken into account. What Is a Car's Ex-Showroom Value? In the showroom, a car's ex-showroom price is the price it would have cost if it had been purchased. That is to say, the listed price of the car includes the ex-factory price, as well as any applicable GST. The On-Road Price is more than the Ex-Showroom Price because of this. The cost of registration, insurance, and road tax is not included in the ex-showroom price. How Much Does a On-Road Car Costs ? The amount you pay to take a car from the showroom to the road is known as the "On-road Price" of that vehicle. For example, you must pay for insurance, car registration, and road tax, but you can opt out of paying for things like an extended warranty or additional extras. On-road How much you pay for a car is largely determined by the items and services you receive from the dealership. Ex-showroom prices are commonly used in vehicle advertisements. In order to acquire a vehicle from a dealer, you must pay the "on-road pricing." Some other important points – Once you have paid the Road Tax, you may drive your automobile on Indian roads without having to pay it again. The cost of handling and logistics is already factored into the ex-showroom pricing of your car. Insurance safeguards you in the event of an unfortunate event, such as an accident or theft. An add-on that benefits the customer is extended warranty.

Here are a few of the possibilities: Contact a grievance officer. The policyholder should first contact the insurance company's grievance officer to learn why his or her claim was denied. The policyholder can file a written complaint here, together with any supporting paperwork, and receive a written acknowledgement of the complaint with a date. IRDAI should be contacted. If the policyholder is not satisfied with the response to the grievance offer, he or she can contact the Insurance Regulatory and Development Authority of India (IRDAI) and file a complaint with the IRDAI Grievance Call Centre. You can also make a complaint through the IRDAI's consumer education website or the Integrated Grievance Management System, where you can track the progress of your complaint. Go to the insurance ombudsman's website. Finally, if the insurer's replies do not satisfy the policyholder, the policyholder can move to the Insurance Ombudsman or take legal action. The insurance ombudsman plan, according to the IRDAI's consumer education website, was formed by the Indian government to allow individual policyholders to have their complaints resolved outside of the judicial system in a cost-effective, efficient, and unbiased manner. There are currently 17 insurance ombudsman in various locations, and any person who has a grievance against an insurer may file a written complaint with the insurance ombudsman whose territorial jurisdiction the branch or office of the insurer complained against or the complainant's residential address or place of residence is located, either directly or through legal heirs, nominees, or assignees. The complaint must be made in writing on plain paper, duly signed by the complainant, and must include the complainant's name and address, the name of the insurer's branch or office against whom the complaint is being made, the facts giving rise to the complaint, any supporting documents, the nature and extent of the loss suffered by the complainant, and the relief sought from the insurance ombudsman.

As a co-owner, co-borrower, co-applicant, or co-signer, you can apply for a house loan in a variety of ways. Before deciding in what capacity you will put your name on the home loan, it is critical to grasp the differences between these phrases. Each of these jobs will have various legal and financial obligations when it comes to repaying the home loan, making it even more critical to understand it well and make informed decisions. Here's what you should know about each of these home loan jargon terms. Co-owner of a loan Co-owners of a house loan have a legal portion of the property equal to that of the primary borrower. Banks and other lending organisations may require co-owners of a home to sign up as co-borrowers on a loan. In most circumstances, this means that the co-owner of the property is also the co-borrower and co-applicant of the house loan. However, it's crucial to note that not all co-applicants on a house loan will also be co-owners of the home. Co-borrower on a loan In the legal and financial repercussions of repaying a home loan, a co-borrower is just as significant as the principal borrower. While both share equal responsibility for loan repayment, if the principal borrower is unable to repay the debt for whatever reason, the co-borrower is completely responsible for repayment. However, the co-borrower can only get tax benefits on the home loan if he is also a co-owner. A co-borrower of a house loan does not necessarily have to be a co-owner of the property. When becoming a co-borrower or requesting someone to become a co-borrower on a house loan, there are a few things to bear in mind. The following are some of them: A spouse or a close relative should be a co-borrower. A minor cannot be a co-borrower. If the principal borrower defaults on payments or dies, the co-borrower is responsible for the entire home loan repayment. In order to pay the home loan if the principal borrower fails to do so, the co-borrower must have a regular and stable income stream. Examine the distinctions between co-borrower, co-owner, and co-applicant. A home loan co-applicant Along with the primary borrower, the co-applicant of a house loan has the duty of making home loan repayments. While some banks and financial institutions require that all co-owners of the property also be co-applicants for the house loan, this is not always the case. Adding a co-applicant can boost the primary borrower's chances of meeting the loan's eligibility requirements. If the co-applicant is not the co-owner, however, they will lose all rights to the property if they do not return the loan. Furthermore, co-applicants who are not co-owners are not eligible for the same tax benefits as the primary borrower on house loan repayments. Co-signer on a loan Co-signers are typically used in the case of a house loan when the primary borrower does not match the qualifying requirements due to a poor credit rating. A good credit score not only improves your chances of getting a home loan, but it also means reduced interest rates and other advantageous terms. Because the co-signer is required due to the primary borrower's poor credit, it is critical that the co-signer has a good credit rating. While the co-signer will not be responsible for the house loan's Equated Monthly Instalments (EMI), they will be legally responsible for the loan repayments if the principal borrower defaults. They will, however, have no rights to the house loan amount and will not be able to take advantage of any tax benefits on the home loan repayments. They won't have any ownership or rights to the property on which they're co-signing, either. Because the loan will be listed in their credit record and have an impact on their CIBIL scores, being a co-signer may reduce future credit approvals and eligibility.

Natural disasters, which may strike without warning and leave you helpless, are one of the most serious threats to your tiny refuge. It is extremely difficult to safeguard our lives and possessions from negative impacts such as floods in India, such as the Uttarakhand floods, Chennai floods, and Mumbai floods, which ravaged the country and damaged millions of homes. Whether you live in a metropolis or in the hills, the risk of flooding and its consequences has always been a concern. Consider a scenario in which the ground water level increases or the rain does not stop for days, putting you in the centre of a flood! India is a tropical country where it rains for four months straight, resulting in flood-like conditions in some areas. Even if you follow all of the building rules and regulations, there are several things that might have a significant impact on your home. The concept is terrifying in and of itself, yet uncertainties are a part of existence. Although it is difficult to forecast the advent of floods and secure your house and its belongings, you can lessen your tension by purchasing a home insurance policy that will assist you in coping with the losses caused by such natural disasters. Risk Reduction The only way to properly deal with major floods is to get a house insurance policy that includes flood coverage. A comprehensive house insurance policy covers both the building and the contents of the property, providing all-around protection. Even if you live in a leased flat, the dangers of losing your valuable belongings are real. It's usually a good idea to insure your home and its belongings so that your safe haven, your cherished home, is always prepared to deal with floods. Home insurance policies are always a lifesaver when it comes to flood damage. What should your home insurance policy cover in the event of a flood? Always examine what is covered before investing in a house insurance coverage. The following features must be included in your FLOOD INSURANCE FOR HOMES policy: Household and structure Contents Long-term period Short-circuit or fire-breakout losses Quick survey and aid with claims assistance

Land tax, often known as property tax, is required to be paid to the government on a yearly or bi-annual basis in India. This is a tax on the ownership of your property's title. Different states have different land taxes that are based on different property attributes and have different rules. It's given to the local government in the area where the property is located. Land tax applies to plots of land, as well as improvements to the land and buildings on the land, whether they are residential or commercial properties. The significance of land tax Land tax is an important source of money for municipal or civic entities seeking to upgrade a town's or city's infrastructure. Property tax money is utilised for a variety of objectives, including maintaining cleanliness and street lighting, as well as maintaining sewage systems, power, and water supply. Land tax calculation The annual value of the property is used to compute the land tax. This figure was calculated using a variety of ways. Each civic body, hamlet, town, and city may have its own set of rules and valuation systems. The tax is determined by factors such as the property's location and size, as well as the amenities it offers. In India, there are three types of valuation procedures that are used to calculate the annual worth of a property that would decide the property tax. The following are the methods: Unit Area Value System: As the name implies, this technique calculates the property tax based on a per-unit pricing. The carpet area or built-up area is used to calculate the per-unit price. The property's use and location are essential factors in determining the returns that can be expected from the property, and the taxes are calculated accordingly. Municipalities in Hyderabad, Patna, Kolkata, Bengaluru, Delhi, and Ahmedabad use this approach to calculate property taxes. Capital Worth-based Method: This system, which was designed for use by the Brihanmumbai Municipal Corporation, is based on the property's capital value (BMC). Under this approach, the local authority would revise the property's market value on a yearly basis. The Bombay High Court, however, invalidated this method in April 2019. Annual Rental Value System: In this system, the annual rental value of a property is utilised to determine the property tax, regardless of whether it is rented out or not. In order to compute the property tax, the current or potential monthly rental value of the property is determined. Property tax must be paid on a proportion of the owner's earnings from this rental value, whether it is rented out or not. In the cities of Hyderabad and Chennai, this strategy is applied. Who is responsible for paying the land tax? Anyone who owns a house, whether it is occupied or vacant, is required to pay land tax. If a plot is vacant, however, it is not required to be paid. The annual tax paid under the income tax regulations for real estate assets is not to be confused with the land tax. Under the Income Tax Act of 1961, the annual tax is classified as "Income from House Property." Land tax exemptions The government grants a variety of land tax rebates based on a variety of variables. If you fit into one of the refund categories, this can help you save a lot of money. The following is a list of them: Age of the owner: Senior folks pay a lesser property tax. Property age: In some municipalities, older properties are taxed less than newer ones. Property taxes are lower in flood-prone locations due to the nature of the place. Owners who fall into the Low Income Group (LIG) or the Economically Weaker Sections (EWS) are eligible for reduced property taxes. Property occupancy: In some municipalities, the longer a person stays in a property, the lower the property taxes are. Property taxes are cheaper when a property is owned by a charitable trust or is intended for public use. Check out Tax Benefits for Self-Constructed Homes. How can I pay my property or land tax? In India nowadays, there are two options for paying your land or property tax. You have the option of paying it offline or online. Offline mode: Go to your municipal office, get a property tax payment form, fill it out, and bring it in with a check for the needed tax amount. Online mode: You can now pay your property or land taxes via the municipal body's website in your area. Some municipalities have a mobile app that you may download and use to pay your taxes. You can make payments using a variety of methods, including internet banking, mobile wallets, and your debit or credit card. You will be given a PIN and a unique ID for your property.

The Union government enhanced the insurance protection for bank deposits from Rs 1 lakh to Rs 5 lakh, ensuring that account holders receive prompt refunds in the event of unforeseen circumstances such as closure or bankruptcy. Even if the Reserve Bank of India imposes a moratorium, banks must now restore the money to the depositors (RBI). The Deposit Insurance and Credit Guarantee Corporation Act has been amended to require banks to restore money to depositors within 90 days. The Deposit Protection and Credit Guarantee Corporation (DICGC), a subsidiary of RBI, provides deposit insurance to depositors. Except for foreign government, interbank, and central and state government deposits, the system includes all forms of bank deposits — savings, fixed, and recurring. Since 1993, when it was raised to Rs 1 lakh from the prior maximum of Rs 30,000 established in 1980, the insured sum has remained unchanged. Prior to the modifications, the deposit insurance legislation did not guarantee a schedule for deposit refunds, and account holders had to wait months or years for a moratorium-hit bank's liquidation and restructuring procedure to be completed. Also read: The RBI has increased the insurance protection on bank deposits to Rs 5 lakh from today. Depositors with more than Rs 5 lakh in their accounts, however, would not receive any legal protection as a result of the action. After a string of bank failures in recent years, depositors have struggled to recover their cash, the decision to increase the insurance limit is expected to restore trust in the banking sector.

You can take use of the Reserve Bank of India's moratorium period - The first thing you can do is take advantage of the Reserve Bank of India's moratorium period. While you will have to pay the money back with interest later, it will not appear on your credit report as a default. Use the severance pay you receive — If you lose your job, the company will pay you an amount equivalent to the salary you earned during your notice period. You can use this money to settle your EMIs and avoid incurring the penalty and additional interest that will be imposed for each default. Use your Provident Fund - The government allows you to withdraw up to 75 percent of your savings or three months' basic salary and dearness allowance (DA) from your PF account, which you can use to pay your EMIs. It will keep you covered till you locate another work. It is an excellent decision because the money will be credited within three days. Borrow from family and friends - Borrowing from family and friends is another possibility. This can save you money because you won't have to pay interest on the money you borrowed. You have till the specified deadline to refund the money. Examine your investments - Fixed deposits and recurrent deposits might be broken apart. You can withdraw the money and use it to pay your bills because lenders give low interest rates on deposits. It will ensure that you do not have to pay a high interest rate if you miss an EMI payment on your home loan. Take out a loan against your insurance policy - You can take out a loan against your life insurance policy. When compared to a personal loan, the interest rate on a loan secured by an insurance policy is significantly lower. Furthermore, because the insurance company already has your information, the loan will be disbursed fast. Liquidate assets - You might liquidate your debt instruments to ensure that you don't default on your EMI payments. You might use gold and jewellery as collateral for a loan because most banks provide gold loans. While these are uncertain times, having backup plans for dealing with unforeseen events is beneficial. Keep calm and be safe.

Annuities & Life Insurance You'll need two different programmes to deal with both of these scenarios: life insurance and annuities. Both are long-term financial plans, but there are some distinctions. If you die, life insurance protects your family financially, whereas an annuity protects you from outliving your assets. The following are some of the commonalities between the two plans: 1. Long-term investment and insurance strategies 2. Can provide inflation-adjusted and tax-adjusted growth 3. Long-term investments that are the safest 4. An annuity can be created from a life insurance policy. 5. Annuity schemes frequently include a life insurance component. The purpose of annuity is to provide for one's own needs. When you acquire an annuity plan, you're investing for your financial security, especially if you don't have a steady source of income like a job. When you get a life insurance policy, on the other hand, you are investing in a better future for your loved ones. The finest annuity plans are ones that can ensure your financial security once you retire. As a result, annuity provides you with financial security. The goal of a life insurance policy, on the other hand, is to secure the financial security of your dependents in the event of your death. Save enough money for your child's education and marriage plans. Ascertain that the child will receive the planned financial support even if you die young. As a result, life insurance is the ideal financial investment to secure your dependent's aspirations and life. Annuity can be postponed The time you get the plan benefit is another difference between life insurance and an annuity plan. The life insurance benefit is simple to understand and use, and it is available right now. A life insurance benefit, for example, ensures that your beneficiary receives the lump sum amount in the event of your death (or regular payment starts). This benefit is available as soon as the life insurance accepts your premium. Annuity plans, on the other hand, allow you to pick whether you want monthly or quarterly regular payments right away or a few years later. It means you can put money into an annuity now and defer the regular payments for a few years. Assume you have a retirement fund of Rs. 50 lakhs set aside at the age of 55, but you won't require a regular income till you're 60. You can put the money into the Pension4Life plan and choose to start receiving a regular income when you turn 60, which will be five years from now. In addition, if your annuity plan has a life insurance component, the coverage will begin immediately after purchase. Annuity Is Beneficial Throughout Your Life Life insurance products are designed to help you in the event of your death, injury, or disease. An annuity, on the other hand, operates while you are still alive. When you purchase an annuity, you have the option of continuing the annuity for a set period of time or until your natural death. In either scenario, the annuity plans will only last as long as you (or your spouse in the event of a combined life annuity) live. Life insurance policies such as term insurance, on the other hand, only work after your death. Annuity Plans With Life Insurance An annuity is more than just a way to guarantee a steady income after retirement. If you wish to combine the benefits of life insurance and health insurance in one plan, you can do so. Life insurance assures that your spouse or nominee will continue to be financially secure after you pass away. Almost all life insurers' annuity plans include life insurance coverage. The payment of an annuity is taxable In the financial year in which you receive the annuity payment, it is taxable as salary income. After the age of 60, if you get more than Rs. 2.5 lakhs (Rs. 3 lakhs under the previous regime) in a financial year, the excess money will be taxable. However, any sum you get from a life insurance policy after the lock-in period, whether at maturity or before, is tax-free unless: Your annual investment in the plan was greater than 10% of the plan's base life cover. You have invested more than Rs 2.5 lakhs in ULIP plans in a single year (bought after 1st Feb 2021) Annuity is a great way to leave a legacy When you buy a lifetime annuity, you're also buying a legacy plan. A lifetime annuity, such as the Pension4Life plan, ensures annuity income until your death. Following your death, the remaining funds are distributed to your nominees as a lump sum payout. In the case of joint life insurance plans, the pension may be paid until your surviving spouse passes away. Even in this instance, the annuity plan will reimburse your nominees for the remaining sum. As a result, it is evident that life insurance and annuity programmes are not the same thing. To maximise the advantage and safety for your family and yourself, you should combine the two when planning your financial journey. Canara HSBC Oriental Bank of Commerce Life Insurance annuity products have features that ensure you may confidently accomplish your final financial goals.

Are you looking to purchase a new vehicle but been denied loans? Do not be discouraged! Read through these five probable rejection reasons to identify any errors you may have made. Top 5 Reasons for Rejection of Your Car Loan Application Bear in mind that you may apply for a car loan swiftly after addressing the following application deficiencies. An unfavourable credit score Having a low credit score, or CIBIL score, is one of the key reasons for that rejection letter. Your CIBIL score provides lenders with information about your creditworthiness. Banks operate on the fundamental premise that the greater the borrower's CIBIL score, the less likely they are to default on their EMIs. Obviously, the converse is also true. Thus, if your CIBIL score is less than 600, your chances of being approved for a car loan decrease. Between 600 and 750, your credit score may qualify you for a car loan, but at a somewhat higher interest rate. A credit score of 750 or above, on the other hand, is regarded good, and a borrower with this score will almost surely qualify for an attractive interest rate on a vehicle loan. As a result, verify your credit score before to applying for a car loan. How Can You Boost Your Credit Score? Increase your credit score by making on-time payments on all your debts. Defaulting on credit card and other EMI payments might have a negative influence on your CIBIL rating. Additionally, avoid making repeated loan inquiries or applying for loans with different lenders at the same time. Instability in the economy or insufficient income A lender determines the amount of loan you may obtain and repay based on your monthly income and employment stability. Frequently, a lender will reject a borrower's application simply because the loan amount exceeds the borrower's repayment capabilities. How to Address the Issue Assure a secure income by working for a reputable employer. If you are self-employed or a freelancer, present documentation such as income tax returns, balance sheets, or other evidence of a consistent income. Finally, avoid borrowing more than you can afford. Incomplete Documentation Even though some banks have eased their auto loan qualifying standards and paperwork requirements in recent years, you must still compile them to increase your chances of acceptance. As a result, speak with your lender and create a checklist of all the papers you'll require. How to Ensure Complete Documentation? Incomplete or erroneous paperwork is another reason your vehicle loan application may be refused. When completing the paperwork, it is prudent to get assistance from friends or family members who have recently taken out a car loan. Additionally, consult the bank's website to ensure that you understand the documentation that you will need to give throughout the loan approval procedure. Current Loans A automobile loan is often in the lakhs, which is why you should avoid asking for concurrent high-value loans. How Can This Issue Be Addressed? Consolidate and pay off your debts before to applying for a vehicle loan. As a result, you may take sensible risks and prepare forward for a more prosperous future. Ratio of Credit Card Use A high credit card use rate might have a detrimental effect on your acceptance prospects and credit score. When you are not applying for a vehicle loan, it is perfectly OK to exceed your credit limit. However, if you intend to obtain vehicle financing, ensure that you maintain a good credit card usage ratio for several months prior to applying for the loan. How to Maintain a Low Credit Card Use Ratio? Create a budget to eliminate needless purchases, increase your credit limit, and ensure timely repayments.

The Universal Account Number, or UAN, has become an important feature of the Employee Provident Fund (EPF) services, and account holders may simply access it online. The UAN is a 12-digit account number given to every employee by the Employee Provident Fund Organisation (EPFO) where EPF deposits are made. The UAN makes it considerably easier for account users to access PF account services such as obtaining PF loans, withdrawing funds, and monitoring their EPF balance. Account holders must first activate their UAN before they may check their EPF balance. Here's how to have your Universal Account Number activated (UAN) On the EPFO website: Go to https://unifiedportal-mem.epfindia.gov.in/memberinterface/ to access the EPF member portal. Now, in the bottom-right corner of the page, click 'Activate UAN.' Your UAN, name, date of birth, cellphone number, and the proper captcha text must all be entered. Your UAN, name, date of birth, cellphone number, and the proper captcha text must all be entered. Then select 'Get Authorization Pin' from the drop-down menu. Then select 'Get Authorization Pin' from the drop-down menu. You will get a one-time password (OTP) on your cellphone number at this point. Copy the proper OTP. Check all of the information on the page and click the 'I Agree' checkbox. Enter the OTP that was sent to your phone. Activate UAN by clicking on 'Validate OTP.' The activation procedure will begin after this step, and the password will be given to your cell phone. You may have to wait up to six hours to access the EPFO portal to check your PF balance. The PF balance may be checked six hours after the UAN is turned on. Account holders can alter their registered mobile numbers using the UAN member site in the meantime: Here's How To Change Your EPF Account's Registered Mobile Number.