Two wheeler insurance. how to find the best one??

 Our two-wheeler holds a special place in our life; it is convenient to use, affordable, and easy to maintain. For many of us, our two-wheeler is the easiest way to commute on a regular basis. It is only natural that we want to ensure the safety of our vehicle, given its importance. One of the best ways to safeguard our two-wheeler is with the help of insurance.

If you own a two-wheeler and have motor insurance, at some point you might have wondered about the factors that impact the cost of insurance premium. So let’s see the main factors that affect our two-wheeler insurance cost.

 The type of two-wheeler insurance

The price of a two-wheeler varies as per the features, specifications, make, and model. Since insurance covers the cost of the two-wheeler, the insurance premium is directly proportional to the cost of the vehicle. So, the premium of a two-wheeler that costs Rs 60,000 will be lesser than the premium of a vehicle that costs Rs 1,00,000. It also depends on the CC of the two-wheeler and lastly the IDV of the vehicle(Insurance Declared Value) so always keep in mind the higher the IDV the better it is in case of a mishap.

Things to remember while renewing two-wheeler insurance

You can always change your insurer every year, no need to stick with the same if you dont like it

You can carry forward the NCB to a different insurer if you didn't have any claims in the current policy year .

Check out for cashless claim possibilities, some dont have a very good network so have to pay for repairs and submit bills for claims.

Always choose the one with higher IDV

 Things to remember before taking a personal loan

A personal loan is a form of credit usually issued to individuals. It is generally unsecured, which means that there is no collateral or asset offered as security for the loan. Lenders will look at your employment status, income, and CIBIL score before approving you of a  personal loan. Remember to make sure you meet the criteria!

Get access to your funds without risking your assets. 

With instant personal loans, you can borrow money without any collateral, just like an unsecured loan. Whether you need to address your current needs or take care of upcoming ones, they can be quite beneficial. These loans offer various amounts for different purposes and repayment periods that suit everyone's needs. 

Get a high-value sanction.
Understanding that costs of higher education, a wedding, or medical treatment can be quite high. To serve your financial need, reputed lenders in India often provide up to Rs. 25 lakh of instant personal loans, so you can get the important things you need to be done without a financial burden on your family, within a short span of time.

Low-interest loan offers
It's smart to know which lenders have the best seasonal offers on personal loans during the festive season or for other purposes and occasions. It can help you save on interest and choose from different demand-driven offers.  Many lenders have dedicated offers for a particular group of customers, based on net take home salary, company category , loan amount opted for and salary account in the same bank.

Pocket-friendly EMIs
Financial institutions usually offer a convenient repayment period on personal loans for salaried employees. Some people choose to get a tenor of up to 60 months, which gives them plenty of time to ensure their monthly installments fit their budget. You can better plan your finances with a personal loan calculator online. Computation is much easier when you use these calculators, and managing your finances can be done in advance. Also lenders provide low processing fee for selected customer verify before opting for one.

Easy access to loans online & by using an approved offer 
People don't always have the time to go out and queue for a loan anymore. Moreover, people hate spending time going to the bank. There's an easy solution with personal loans available digitally from the convenience of your home. Fill out the form and submit them for instant online approval, with or without having to visit a branch. Now doorstep pickup of documents are available. After this covid crisis now lenders have chosen a total digital approach where in some may ask you to upload documents for approval and during the sanction period may require physical copies of the same.

 

Conclusion 
Aside from a wide variety of repayment options, you're also able to get a personal loan with a nominal interest rate and various benefits, such as application & approval is easy. Give your life the boost it needs; apply for an instant personal loan today. Visit https://tradetekniks.business.site/

Home Loan trap??

What is a home loan trap??

Few people buy a house as an asset and a steady income generator, and the majority buy to create an asset by paying EMI more than the present rent.

The majority think they could shell out extra amount every month so they can stay in their own house,so whats wrong with that thinking??

Lets check whether it is wise to buy a house by taking a loan??

Yes & No

lets check why it is unwise to buy a house by taking a loanThe loan amount and tenure is a deciding factor which change your EMI and drastically change your lifestyle.

lets take an Scenario for the same A person earning 1 Lakh.p/m buys a house for 60 lakhs by taking a loan of 50 lakhs @ rate 7% p/a his EMI would be 38765 p/m for a tenure of 20 years. assuming it as an apartment there would be an extra costs of maintenance of 2000 p/m so total 40k p/m is the cost of Monthly expenditure towards owning the house. so for 20 years if we calculate the total amount spent is 96 lakhs, hoping the property value doubles after 20 years we can check the return on investment in the below calculations

1.2Cr - 96 lakhs = 24 lakhs

so total Return on investment is 25% for a total period of 20 years. which equates to compound interest of 1.12% annually which is very less.

the cost of living in the house which is unfurnished

Wood work + modular kitchen + new furniture + miscellaneous expenses = 10 lakhs

Transportation cost to work location(after eventually wfh ends) 3k per month

now the actual cost of the house is 10 lakhs initial payment + 10 lakhs furnishings + 96 lakhs total emi

= 1.16Cr which is almost equal to double the purchase price of the house. Excluding future minor repairs and repainting.

Lastly interest rates change annually can swing from 6% to 11%

Now lets check for a better solution 

90% of people come from different places and leave their hometown , they tend to invest in the current city they live and fall into debt trap.

Never buy a house if you cant afford the Emi ,Buy assets in your hometown which are safe, Major cities have many fraudulent builders and real estate agents who tend to sell unapproved layouts.

never let your Home loan emi cross over 40% of your  total income

never let your total Emis from all debts cross over 60% of your total income

Invest in multiple Financial instruments like Bonds , NPS, Traditional insurance plans, also keep your 20% funds in highly liquid investment plans

always have a plan to save 30% of your income

Get a house for lease in cities which cost less and will always have an option to change the location

There are many investment plans which provide more than 9% returns per annum invest in them 

Focus on buying a commercial property which can provide higher rent than houses, it may be costlier than buying a house but will be worth more than a house with less maintenance