Found 19 Articles for Personal Finance

Introduction An important element of financial planning is wealth management. It involves handling finances to accomplish long-term goals. Investment management, financial planning, and estate planning are all included in wealth management. The ultimate purpose of this financial service is to assist individuals and families in maintaining and growing their wealth while minimizing risks and tax liabilities. Meaning of Wealth Management Wealth management is a detailed approach to financial management. It includes various services such as investment management, financial planning, and estate planning. Wealth Management Explained Wealth management covers many services meant for controlling an individual's finances. Investment management manages one's ... Read More

Introduction Underbanked individuals/households have minimum access to basic banking services like loans, credit cards, and savings accounts. This could be due to a lack of credit history, a poor salary, or living in places where banks or financial services are less or unavailable. Being underbanked can majorly affect a person/household's financial well- being. It will reduce their ability to save, invest, and grow wealth. Meaning of Underbanked Being underbanked involves having limited access to common banking institutions' financial services and their products. Some of the examples include checking and savings accounts, credit cards, and loans. These financial products help people ... Read More

Introduction Individuals and businesses depend on outward remittances as it is important to international trade and commerce to send money from India to other nations for various needs. It is essential to understand the rules and regulations governing remittances abroad to guarantee smooth transactions and avoid legal problems. Outward Remittance in India An outward remittance refers to sending money from India to a foreign country. It could be for various purposes, such as education, medical expenses, investment, or family maintenance. Individuals and businesses use various transfer modes, including wire transfers, credit card payments, or online money transfer services. Significance ... Read More

Introduction Buying a home is a significant investment that requires considerable money. Most people usually apply for a mortgage to finance their home purchases. However, traditional mortgages can be expensive and take a long time. An offset mortgage is an alternative option to help you reduce your mortgage interest and pay it off faster. Define Offset Mortgage An offset mortgage is a home loan that enables borrowers to link their savings and current accounts to their mortgage. The interest payable on the mortgage is calculated based on the outstanding balance minus the savings in the linked accounts. The borrower ... Read More

Introduction Loans are a common financial tool used to finance various ventures, including personal expenses, business ventures, and investments. However, lending comes with risks, and lenders must protect their investments. That's where a loan agreement comes in. It is a legal contract that has terms and conditions for the loan. It includes payment terms, interest rates, and any collateral required. What is a Loan Agreement? A loan agreement is a bond signed between a lender and a borrower with certain rules that must be followed. It is a legally binding document specifying both parties' obligations, including the repayment schedule, ... Read More

Introduction People commonly use mortgages to purchase a home. Borrowers are often quoted interest rates based on basis points when obtaining a mortgage. Define Basis Points A basis point is a measure commonly used in finance to describe interest rate changes, bond yield, and other financial instruments. One basis point equals one-hundredth of a percentage point or 0.01%. Basis Points in Mortgage Explained Mortgage interest rates are typically expressed in terms of basis points. If a borrower takes a loan on a 30-year fixed-rate mortgage, then the interest rate may be 4.25% plus 50 basis points. This means the total ... Read More

Introduction Prepaid travel cards, commonly called forex cards, are a common and practical method of paying for foreign travel. These cards let users load different currencies onto a single card and use it to make purchases at foreign shops or withdraw cash from ATMs. Forex Cards in India The number of forex cardholders in India has increased due to the utility benefits offered and ease and convenience. These cards can be loaded with currencies based on the user's travel plans and issued by banks and other financial institutions. Fixed exchange rates are another advantage of forex cards. This helps users ... Read More

Introduction The idea of zero-based budgeting and how it is used in financial management will be discussed in this tutorial. We will go through its purpose, traits, and main distinctions from conventional budgeting methods. We will also look at zero-based budgeting's advantages and disadvantages, emphasizing both of its strengths and weaknesses. Finally, examples will be given to show how zero-based budgeting might be used in real- world situations. Organizations can improve resource allocation and make better financial decisions by comprehending zero-based budgeting, increasing efficiency and effectiveness. Let us learn about zero-based budgeting, its benefits, challenges, and real-world examples in ... Read More

Introduction A VA loan is a remarkable welfare of military service for eligible veterans, service members and surviving spouses. It empowers you to qualify for a low cost debt when purchasing or refinancing a home even if your credit is not perfect. If you are presently serving in the military or are a veteran, you may be entitling for a VA loan. If you are an impaired veteran, you will be eligible for more benefits. What is VA Loan? A VA loan is a type of government loan that is supported by the Department of Veterans Affairs (VA) of ... Read More

Introduction When you apply for a credit card or financing or a mortgage the first thing a lender checks is your credit score. In this process what the lender does is called an inquiry. Now when it's an inquiry by a lender it is a hard inquiry or often called hard pull. However, when a person or a company does an inquiry it is called a soft inquiry. There is a major difference between the two. Let us understand what a soft credit inquiry is and how it's different from a hard inquiry. Soft Credit Inquiry: Definition A soft credit ... Read More