To choose a systematic investment plan that works well for you, several factors need to be taken into consideration. It is always best to compare a few options and choose the one that matches your financial goals and risk appetite. Apart from this, it is also recommended to analyse the historical performance of a particular SIP and make a choice accordingly.
SIPs and FDs are two commonly used investment options, and both of them have their own advantages. FDs are ideal for investors with lower risk tolerance but offer limited returns. SIPs, on the other hand, come with moderate to high risk but are known to offer higher returns. If you have a good risk appetite and want to yield better profits, SIPs are undoubtedly a better choice for you.
The tax applicable to a systematic investment plan can vary depending on a number of factors, such as the type of mutual fund scheme, holding period, etc. Usually, short-term gains from an SIP (redeemed within a year) are taxed at a flat rate of 15%. But long-term gains (with a holding period of more than 1 year) that do not exceed INR 1.25 Lakh are tax-free.
SIPs (Systematic Investment Plans) are often considered a better option than LIC policies when it comes to wealth creation. LIC is primarily known for offering insurance benefits and tax advantages. But SIPs, on the other hand, are pure investment options and offer better returns over longer periods of time. Other than this, the flexibility offered by SIPs also makes them a better choice as compared to LICs.
No. Making an investment in a SIP does not have any kind of impact on your CIBIL score. This score is primarily calculated on the basis of your credit history. The transactions you make against your credit card or any ongoing loan can have a positive or negative impact on your credit score, but your investment activities do not affect it.
Yes. If you choose to invest your money in a SIP, you’ll have the option to increase or decrease the monthly instalment as per your financial goals. You can opt for a top-up SIP, where you can increase your SIP amount at regular intervals, such as annually or semi-annually. This allows you to have better control over your investments and grow your wealth faster.
If you skip your SIP for a month due to some reasons, this usually doesn’t cause any major issues like penalties or account closure. You can continue your investment as normal from the next month. However, missing multiple monthly payments consecutively may sometimes lead to the cancellation of your SIP.
Yes. Unlike many other investment options, SIPs don’t come with a lock-in period. This means you can stop them at any time and withdraw the money you’ve invested along with the profits you’ve made. This kind of flexibility offered by SIPs makes them a preferred option among investors.
To be eligible for a car loan, you typically need to be 21-65 years old, have a stable income, maintain a good credit score, have manageable existing debts, and demonstrate employment stability (2-3 years of experience). But, remember the eligibility requirements can vary from lender to lender. At Muthoot Finance, we pride ourselves on offering easy eligibility with minimal documentation requirements, ensuring your dream of owning a car comes true.
The minimum salary required for a car loan can vary from lender to lender. Many lenders generally require a minimum salary between INR 15000-25000 per month for salaried and self-employed individuals. However, it is recommended to check with your lender for the most accurate and up-to-date information on their minimum salary requirements.
