Choti Choti Magar Moti Batein

Thanks to Deep Bhaiya for sharing nice tips over twitter regarding finances :) This post contain some great tips given by Deep on twitter. Here the great tips by Deep Bhaiya goes :-

  1. If you have to take loan for any reason. Take from the nationalized or co-op banks.Not from any person or private banks or organizations.
  2. If you need money for short time on regular basis. Use cash credit or overdraft facility from the banks.
  3. Also stay away from installments or part payment to Credit Card companies. Their interest rates are always around 40%.
  4. Personal loan from private banks should cost you at around 20-22% interest.Nationalized bank should cost you around 15%.Even less many times
  5. Also when you take loan ask if there is any fine if you pay early. Get it from the banks which doesn’t have any fine.
  6. Also never get scared of paperwork. Nationalized banks need lot of forms and paper signed but it’s fine. Interest rate is low.
  7. When you invest in tax saving mutual funds. Specially SIP. Make sure you know how repayment is gonna be after the maturity period. Most of the SIP funds do not return everything at one shot. You get your funds on monthly basis. (if paid monthly)
  8. When you get a credit card. Don’t get lured by points earning explained by marketing guys. Get free cards to start with.
  9. Also in credit cards. Silver, Gold or Platinum. All are same. Each one boosts your ego to a different level. That’s it.
  10. If you are a frequent traveller, look for paid travel credit cards which give u miles on spending.(e.g. Amex kingfisher, DB platinum travel)