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Posted by sushil on 4th June 2008
Here is 7 great websites for this summer to keep kids busy, they will learn something extra and will have fun at the same time. No complaint from any side, a win-win situation for both.
1. Funbrain
2. A+ Math
3. Cool Math 4 Kids
4. AAA Math
5. Math Forum
6. Study Island
7. Scott Foresman - Take it to the Net
Posted in General, Info | No Comments »
Posted by sushilgirdher on 2nd June 2008
Every qtr they come out with GDP figure which will really tell how the country is doing , For example every day you do you daily income and spendings atleast on the income side you just calculate it at the end , you finally see hiw much you have spent and how much you have saved every month and if the saving gets increased then you will feel like you are growing same way but too complicated logic is involved when it comes to finishing out how a country is doing on the growth side,
What is GDP or Gross domestic product
The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country’s economy. It represents the total money value of all goods and services produced over a specific time period - you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP is up 3%, this is thought to mean that the economy has grown by 3% over the last year.
Posted in Info, Investments | No Comments »
Posted by sushilgirdher on 2nd June 2008
Que: - What is the height of stupidity?
Ans: - 2 sardarjis sitting on a motorcycle & fighting for a
window seat
*********************************************************************
once a sardar calls another sardar on the phone and
says “Hi, Main Bol Raha Hoon”.
The other sardar replies “Kamaal Hain,
Ithe bhi Main Bol Raha Hoon!”
*********************************************************************
A Sardar had called an Englishman for lunch. There was
curd on the table. The guest asked what is this? The
Sardar didn’t know proper English, he said “Milk
sleeping in night, morning becomes tight”
*********************************************************************
Sardar1: - Marte Waqt Aadmi Ko Kya Dena Chahiye?
Sardar2: -Birla cement
Sardar1: -Kyun?
Sardar2: - Kyunki Is Cement Mein Jaan Hain
*********************************************************************
Did you hear about the sardarji who is so rich he has
two swimming pools, one of which is always empty?
It is for people who can’t swim!
*********************************************************************
Santa Singh: Will this bus take me to Jalandhar?
Driver: Which part?
Santa Singh: All of me, of course!
*********************************************************************
Sardarji calls Air India. ‘How long does it take to
fly to Amritsar?’
‘Just a sec,’ says the customer service assistant.
‘Thank you.’ says the Sardarji and hangs up.
*********************************************************************
Santa Singh goes to a TV shop and asks, ‘Aap ke paas
color TV hai kya?’ ‘Haan’ replies shop owner. Santa
Singh says, ‘Ek hara vala dena!’
*********************************************************************
Once Santa Singh was riding a cycle and he suddenly
hit a girl!
So girl shouted, ‘Sala Break nahi maar sakta tha!!!’
And sardarji replied, ‘Poori cycle to maar di ab
break kya alag se maroon??????????????????? ‘
*********************************************************************
Posted in Info | 1 Comment »
Posted by kumar on 2nd June 2008
Doing search on google is an art. There are a large number of facilities on google which can help you to have better search results.Here I am giving a list of tools that will help you to do sharp search, right search on google 
Google - The Search Engine.
Posted in General, Info | 1 Comment »
Posted by sushilgirdher on 1st June 2008
Over 210,000 executives in estimated 240 central public sector undertakings are in for a bonanza with a pay revision committee recommending a massive hike in their annual cost-to-company. The hike ranges between 379 per cent at the highest level and 57 per cent at the lowest across companies and levels.
This is assuming the maximum possible payout an executive can get. The award, if accepted, would mean that government servants, particularly defence personnel, would be paid far less in comparison even if one takes into account the recent hike recommended by the Sixth Pay Commission.
The second PSU pay revision committee, headed by former Supreme Court Justice M Jagannadha Rao, submitted its recommendations on Friday to Minister of Heavy Industries and Public Enterprises Sontosh Mohan Dev.
“We are giving more authority to the companies. They can earn more profit and can share it with their employees,” he said. The report has been sent to the Prime Minister’s Office and the finance ministry. After it is examined, a final proposal will be put up for Cabinet approval. The process could take three-six months.
Shorn of variable components like risk pay and performance-related pay, the effective pay hike works out to between 25 per cent and 40 per cent, according to SM Dewan, director general, Standing Conference of Public Enterprises. “This is a paradigm shift in the government’s thinking on running a business enterprise. It does not put us on a par with private sector companies, but it is a very good beginning,” he added.
|
PSU GRAVY TRAIN |
||||
|
No of CPSUs |
CMD |
Directors |
E5 |
E0 |
|
E/P |
E/P |
E/P |
E/P |
|
|
CategoryA+ |
10.89/52.20 |
10.35/36.96 |
6.96/15.92 |
3.8/7.66 |
|
Category A |
10.89/41.76 |
10.35/34.21 |
6.96/12.69 |
3.80/6.23 |
|
Category B |
10.35/38.7 |
9.13/29.28 |
6.96/13/48 |
3.8/6.97 |
|
Category C |
9.13/29.28 |
8.36/21.42 |
6.96/12.79 |
3.8/6.35 |
|
Category D |
8.36/24.96 |
8/19.56 |
6.96/12.18 |
3.8/5.98 |
|
Figures in Rs lakh/ annum are the total cost-to-company, inclusive of basic, risk pay, all perks and performance related pay.These amounts are the maximum payable. Figures in bracket are the % increase over existing annual CTC |
||||
The revised salary structure is proposed to come into effect from January 1, 2007.
The proposed pay structure seeks to reduce the disparity between public sector executives and their private sector counterparts and introduce a performance-based compensation culture.
In another far-reaching recommendation, the award calls for complete delinking of public sector and government pay scales. PSU employees are proposed to get much more than government officials.
For instance, the chairman and managing director of a company like ONGC ,NTPC or Bharat Sanchar Nigam Ltd is proposed to be paid Rs 52.20 lakh a year, much more than the annual compensation of Rs 15 lakh (inclusive of all allowances and perks) that a secretary in the central government will get if the Sixth Pay Commission award is implemented in toto.
On a strictly fixed-pay basis, a public sector chairman and director will get Rs 1.25 lakh a month in category A and Rs 65,000 a month in category D companies. In comparison, a government secretary will be paid a fixed Rs 80,000, while the cabinet secretary will be paid Rs 90,000 a month.
The report also recommends that central PSUs be categorised into five (A +, A, B, C, D) based on turnover, manpower and geographical spread.
“We want total delinking of PSUs from the government as we want them to become profitable and strong,” said Board for Reconstruction of Public Sector Enterprises Chairman Nitish Sengupta, who was a member of the committee.
The pay will be split into two components, basic pay and risk pay, with the latter depending on categorisation, profitability and the executive’s grade. Loss-making firms will not be required to shell out risk pay.
Pay panel’s other recommendations
Posted in General, Info, News | No Comments »
Posted by sushil on 29th May 2008
Can an employer give benefit of Sec. 80DD while issuing Form 16? If so, what documents should the employer obtain from the employee? Or should the employee claim this directly while filing his/her ROI?Is actual proof of expenditure required? Or deduction of 50k is granted irrespective?This is with respect to an employee who is claiming this for his sister. Narayan Ramakrishnan , Mumbai
Yes, an employer can give benefit of deduction u/s 80DD . In fact , the employer is supposed to give benefit of deduction claimed by an employee. This is clear from the Circular issued by the Central Board Of Direct Taxes every year for deduction of tax at source in case of salaries. For FY 2007-08 , CBDT issued circular no 8/2007 dated 5/12/2007 . As per this circular , the Drawing & Disbursing Officer should allow deduction claimed by the employee but they are also supposed to satisfy themselves about genuineness of the claim . The exact wording is as under
DDOs to satisfy themselves of the genuineness of claim
(21) The Drawing and Disbursing Officers should satisfy themselves about the actual deposits/subscriptions/payments made by the employees, by calling for such particulars/information as they deem necessary before allowing the aforesaid deductions. In case the DDO is not satisfied about the genuineness of the employees claim regarding any deposit/subscription/payment made by the employee, he should not allow the same, and the employee would be free to claim the deduction/rebate on such amount by filing his return of income and furnishing the necessary proof etc., therewith, to the satisfaction of the Assessing Officer.
Amount of deduction?
In my opinion, the deduction u/s 80DD up to Rs 50,000 is claimable if the assessee proves that he incurs some kind of expenditure of the treatment and maintenance of relatives. For more on this , read here.
Posted in Info, Personal Finance | 2 Comments »
Posted by sushilgirdher on 28th May 2008
Ever since unit-linked insurance plans (ULIPs) made their debut, they have become a subject of much discussion and debate. On the one hand, they were a trifle too complicated for individuals not yet exposed to the stock markets; on the other hand, they were much-maligned because of the ‘unusually high’ costs.
As ULIPs made their presence felt, insurers were more open to discussing the costs and how they evened out over the long term. This and the flexibility that ULIPs offer became important points that made individuals consider adding them to their portfolios.
Today, more individuals are open to using the ULIP-way to create wealth over the long term. Here we outline exactly how ULIPs can help you fulfill that responsibility.
If you are between 25 and 35 years of age
You are young, probably married and even have kids. If you are the sole breadwinner in the family, then you have quite a few responsibilities to fulfill right from planning for your child’s education/marriage to planning for your own retirement to providing for the family in your absence.
The last responsibility is the most critical and ironically it is the easiest and cheapest one of the lot to fulfill. At Personalfn, we have always been votaries of term insurance — the cheapest way to get a life cover for yourself.
Term insurance is also insurance in its ‘purest’ form, in other words there is no savings element in it, which ensures your premiums are very low. There is no better product to provide for your family in case of an eventuality and all individuals must consider taking a term plan.
Term insurance of course takes a huge burden off your chest as also your wallet. But it still leaves you with a problem. If term insurance is only going to take care of the ‘risk’ element, who is going to take care of the ’savings’ part.
This is where ULIPs come in. Of course, that is not to say that ULIPs do not have an insurance element, they do, but it is limited largely to the earlier years and after a point they don the mantle of an investment product.
So how can ULIPs help you save for child’s education/marriage, planning for retirement and other investment-related objectives? ULIPs can do all this and more because they come with a lot of variety.
Consider this; except for term insurance (because it does not make sense), just about every life insurance product has a ULIP option. So you have endowment ULIP, child plan ULIPs and pension ULIPs. As a matter of fact, there are some life insurance companies that only have ULIP products; they don’t have traditional endowment, pension and child plans at all!
What that tells you is that if you are willing to take on some risk, a ULIP can help you meet a lot of your financial objectives.
If you are looking to set aside some money for your child’s education, the 5%-6% return on an endowment plan may not even take care of inflation, let alone provide for a medical or MBA degree. The return you earn on a child plan should not just counter inflation, it should be enough to cover the cost of education.
And the way cost of education is spiralling, your insurance plan must work very hard. Given their equity component, ULIPs are ideally placed to fulfill this role.
As we mentioned before, ULIPs are flexible; there are various options within a ULIP with the equity component varying right from 0% to 100%. This ensures that you are able to select an option that best suits your risk profile. Let us understand how ULIPs can be tailor-made to serve your financial planning needs.
You are in the 25-35 years age bracket. Your most pressing financial objectives are providing for your child’s future and your own retirement. ULIPs can help you achieve both. Although you can take a single endowment ULIP to achieve both objectives, we think it is more prudent to make a demarcation between the needs and take separate ULIPs dedicated to each objective.
Opt for a ULIP child plan to provide for your child’s higher education, marriage and seed capital for business to name a few needs. One way to handle this multi-faceted objective is to take a ULIP money-back plan. This way you get monies at regular intervals to address multiple needs.
The other important plan that individuals must consider taking earlier on their lives is a pension plan. Building a corpus to face the rigours of retirement should be given the priority it deserves.
Again, a long-term investment objective like retirement planning could do with an equity ‘push’. Here is where a ULIP pension plan can add value to your retirement portfolio. Likewise a ULIP endowment plan can help you meet investment objectives like buying property or setting up a business for instance.
If you are between 35 and 45 years of age
By the time you reach the 35-45 age bracket, some of your existing ULIPs are probably nearing maturity. For instance, if you had taken a ULIP child plan earlier on, it is likely to mature in this age bracket to coincide with the need (higher education/marriage) you had in mind at the time of taking the ULIP.
However, if you married late or did not begin planning your finances at an early stage in your life, now is the time. If you haven’t insured yourself as yet, go for a term insurance plan.
The advantage of taking a term plan at a slightly advanced age is that you have a better idea of how your lifestyle is likely to pan out going forward. In terms of costs, term plans remain your cheapest option no matter when you take one.
You can opt for some of the ULIPs we mentioned for individuals in the 25-35 years age bracket depending on your needs. Remember, unlike endowment, which gets really expensive at an advanced age, ULIPs because of the way they are structured, do not turn out that expensive.
If you are over 45 years of age
In this age bracket, it is likely that you are insured. However, you still need to review your insurance cover taking into consideration the changes in your lifestyle, income, needs and financial commitments. Beef up your insurance cover through a term plan.
By this time, your ULIP pension plan will have matured. You can then opt for an annuity, immediate or deferred, depending on your requirements.
6 points to note
Since ULIPs offer a lot of flexibility, you need to keep some points in mind to optimise the benefits associated with them.
Posted in Equity, Info, Investments, Mutual Funds, Personal Finance | No Comments »
Posted by sushil on 27th May 2008
Airways
Indian Airlines - 1800 180 1407
Jet Airways - 1800 22 5522
SpiceJet - 1800 180 3333
Automobiles
Mahindra Scorpio - 1800 22 6006
Maruti - 1800 111 515
Tata Motors - 1800 22 5552
Windshield Experts - 1800 11 3636
Banks
ABN AMRO - 1800 11 2224
Canara Bank - 1800 44 6000
Citibank - 1800 44 2265
Corporatin Bank - 1800 443 555
Development Credit Bank - 1800 22 5769
HDFC Bank - 1800 227 227
ICICI Bank - 1800 333 499
ICICI Bank NRI - 1800 22 4848
IDBI Bank - 1800 11 6999
Indian Bank - 1800 425 1400
ING Vysya - 1800 44 9900
Kotak Mahindra Bank - 1800 22 6022
Lord Krishna Bank - 1800 11 2300
Punjab National Bank - 1800 1802222
State Bank of India - 1800 44 1955
Syndicate Bank - 1800 44 6655
Cell Phones
BenQ - 1800 22 08 08
Bird CellPhones - 1800 11 7700
Motorola MotoAssist - 1800 11 1211
Nokia - 3030 3838
Sony Ericsson - 3901 1111
Computers/IT
Adrenalin - 1800 444 445
AMD - 1800 425 6664
Apple Computers - 1800 444 683
Canon - 1800 333 366
Cisco Systems - 1800 221 777
Compaq - HP - 1800 444 999
Data One Broadband - 1800 424 1800
Dell - 1800 444 026
Epson - 1800 44 0011
eSys - 3970 0011
Genesis Tally Academy - 1800 444 888
HCL - 1800 180 8080
IBM - 1800 443 333
Lexmark - 1800 22 4477
Marshal’s Point - 1800 33 4488
Microsoft - 1800 111 100
Microsoft Virus Update - 1901 333 334
Seagate - 1800 180 1104
Symantec - 1800 44 5533
TVS Electronics - 1800 444 566
WeP Peripherals - 1800 44 6446
Wipro - 1800 333 312
xerox - 1800 180 1225
Zenith - 1800 222 004
Couriers/Packers & Movers
ABT Courier - 1800 44 8585
AFL Wizz - 1800 22 9696
Agarwal Packers & Movers - 1800 11 4321
Associated Packers P Ltd - 1800 21 4560
DHL - 1800 111 345
FedEx - 1800 22 6161
Goel Packers & Movers - 1800 11 3456
UPS - 1800 22 7171
Education
Edu Plus - 1800 444 000
Hindustan College - 1800 33 4438
NCERT - 1800 11 1265
Vellore Institute of Technology - 1800 441 555
Healthcare
Best on Health - 1800 11 8899
Dr Batras - 1800 11 6767
GlaxoSmithKline - 1800 22 8797
Johnson & Johnson - 1800 22 8111
Kaya Skin Clinic - 1800 22 5292
LifeCell - 1800 44 5323
Manmar Technologies - 1800 33 4420
Pfizer - 1800 442 442
Roche Accu-Chek - 1800 11 45 46
Rudraksha - 1800 21 4708
Varilux Lenses - 1800 44 8383
VLCC - 1800 33 1262
Home Appliances
Aiwa/Sony - 1800 11 1188
Anchor Switches - 1800 22 7979
Blue Star - 1800 22 2200
Bose Audio - 1800 11 2673
Bru Coffee Vending Machines - 1800 44 7171
Daikin Air Conditioners - 1800 444 222
DishTV - 1800 12 3474
Faber Chimneys - 1800 21 4595
Godrej - 1800 22 5511
Grundfos Pumps - 1800 33 4555
LG - 1901 180 9999
Philips - 1800 22 4422
Samsung - 1800 113 444
Sanyo - 1800 11 0101
Voltas - 1800 33 4546
WorldSpace Satellite Radio - 1800 44 5432
Hotel Reservations
GRT Grand - 1800 44 5500
InterContinental Hotels Group - 1800 111 000
Marriott - 1800 22 0044
Sarovar Park Plaza - 1800 111 222
Taj Holidays - 1800 111 825
Insurance
AMP Sanmar - 1800 44 2200
Aviva - 1800 33 2244
Bajaj Allianz - 1800 22 5858
Chola MS General Insurance - 1800 44 5544
HDFC Standard Life - 1800 227 227
LIC - 1800 33 4433
Max New York Life - 1800 33 5577
Royal Sundaram - 1800 33 8899
SBI Life Insurance - 1800 22 9090
Mattresses
Kurl-on - 1800 44 0404
Sleepwell - 1800 11 2266
Investments/ Finance
CAMS - 1800 44 2267
Chola Mutual Fund - 1800 22 2300
Easy IPO’s - 3030 5757
Fidelity Investments - 1800 180 8000
Franklin Templeton Fund - 1800 425 4255
J M Morgan Stanley - 1800 22 0004
Kotak Mutual Fund - 1800 222 626
LIC Housing Finance - 1800 44 0005
SBI Mutual Fund - 1800 22 3040
Sharekhan - 1800 22 7500
Tata Mutual Fund - 1800 22 0101
Paints
Asian Paints Home Solutions - 1800 22 5678
Berger Paints Home Decor - 1800 33 8800
Teleshopping
Asian Sky Shop - 1800 22 1800
Jaipan Teleshoppe - 1800 11 5225
Tele Brands - 1800 11 8000
VMI Teleshopping - 1800 447 777
WWS Teleshopping - 1800 220 777
Travel
Club Mahindra Holidays - 1800 33 4539
Cox & Kings - 1800 22 1235
God TV Tours - 1800 442 777
Kerala Tourism - 1800 444 747
Kumarakom Lake Resort - 1800 44 5030
Raj Travels & Tours - 1800 22 9900
Sita Tours - 1800 111 911
SOTC Tours - 1800 22 3344
UPS
APC - 1800 44 4272
Numeric - 1800 44 3266
Others
Consumer Helpline - 1800 11 4000
L’Oreal, GARNIeR - 1800 223 000
KONE Elevator - 1800 444 666
Indane - 1800 44 51 15
Aavin - 1800 44 3300
Pedigree - 1800 11 2121
Kodak India - 1800 22 8877
Domino’s Pizza - 1800 111 123
World Vision India - 1800 444 550
Telecom Monitoring Cell - 1800 110 420
——————————–
I hope you will like this blog, post your comments at the blog, or email to blog@quick-serve.com .
Posted in General, Info | No Comments »
Posted by ish on 26th May 2008
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Posted by sushilgirdher on 23rd May 2008
Chandigarh, May 22 (IANS) Heavy voter turnout was recorded in by-elections for three assembly seats in Haryana Thursday with over 75 percent of the electorate exercising their franchise. The by-elections were held for the Adampur (Hissar district), Gohana (Rohtak district)and Indri (Karnal district) seats. While Adampur and Indri recorded nearly 80 percent polling, the voting in Gohana was over 70 percent.
(Source : www.theindian.com
There were over 392,000 voters in the three constituencies.
The polling largely passed off peacefully but for a few minor incidents.
In Telanwali polling station in Adampur, the voting process was held up for some time after two groups clashed. A re-poll has been ordered in this polling station and will take place Saturday.
A 3-year-old girl Aastha was killed when she was crushed under the vehicle of Independent candidate Balwan Singh. The vehicle driver fled from the spot.
In Adampur, the election was being seen as a popularity test for Haryana stalwart and former chief minister Bhajan Lal and his new Haryana Janhit Congress (HJC) party. They are opposed to the ruling Congress government led by Bhupinder Singh Hooda.
Voting for by-elections to the Hamirpur Lok Sabha seat in Himachal Pradesh and the Amritsar-south assembly seat in Punjab was also held Thursday.
Counting for these seats will take place May 25.
Voters trickled in slowly in most polling stations in all constituencies. The morning drizzle over most areas in Indri seat initially kept people away.
Thursday’s voting is being watched keenly in political circles of Himachal and Haryana as the fate of Himachal Pradesh chief minister Prem Kumar Dhumal’s son, Anurag Thakur, will be decided in the Hamirpur Lok Sabha seat while Haryana stalwart Bhajan Lal slogs it out to retain his Adampur assembly seat.
Thakur’s victory against his main opponent O.P. Rattan of the Congress is already being seen as a foregone conclusion in Himachal.
The Hamirpur seat - that is witnessing the third election in four years - fell vacant after Dhumal vacated it January this year after becoming the hill state’s chief minister.
In Haryana, the three assembly seats fell vacant after Bhajan Lal and his two supporters - legislators Dharampal Malik (Gohana) and Rakesh Kamboj (Indri) - were disqualified under the Anti-Defection Act for joining a newly floated Haryana Janhit Congress (HJC).
All three were in the fray again in the by-election.
For the Amritsar seat, which saw a direct contest between the ruling Akali Dal and the Congress, over 55 per cent voting was reported by state election officials.
Minor scuffles were reported between Akali and Congress workers.
There was a straight contest in Amritsar between Inderbir Singh Bolaria of the ruling Akali Dal and Navdeep Singh Goldy of the Congress. The Akalis, being in power in the state and also because they had won the seat in the Feb 2007 elections, enjoy an upper hand in the poll.
The seat fell vacant following the death of the sitting Akali Dal legislator Raminder Singh Bolaria.
Posted in General, Info | No Comments »
Posted by sushilgirdher on 15th May 2008
Should the implications of what you sign be any different from what you think they are, you could land yourself in hot water.
So here are some everyday documents that you must read before you sign.
Watch Out for Building Circulars
Make sure to read those building circulars that come around before you sign them. If you don’t you might just miss an Annual General Body Meeting. Or worse, your neighbour who doesn’t own a car has proposed an increase in the parking charges and you have blindly agreed to it by signing the circular.
Swipe, Read, and then Sign
When you swipe your debit or credit card at a supermarket and the cashier hands you the merchant’s copy to sign, make sure to check the amount he has swiped your card for. Remember, once you sign the slip, that amount will be debited from your account.
Are You a Nominee?
If your husband is investing in shares, mutual funds or even insurance and is making you a nominee, don’t just sign the papers without reading through everything first. It might take you half an hour but at least you will know what you have signed up for.
To Err is Human
But you really don’t want to pay for someone else’s mistake. So if you have asked someone to draft a letter for you, go through the letter before you sign it. The absence or presence of the word ‘not’ in the letter could change its entire meaning.
Don’t Let the Doc Off Scott Free
In case your husband, child or parent has to go in for a major surgery where success is not absolutely guaranteed the hospital might ask you to sign certain documents. Go through them carefully to see that the hospital hasn’t completely washed their hands off in case of failure
Baby Check
When getting an ultrasound you will be required to sign a declaration stating that you will not determine of sex of the child. Though there is usually no issue with the declaration, you could go through it.
Kiddie Matters
Even little things like signing remarks your kids get in school, circulars for donations and sponsorship and declaration forms too matter. Always read the document you are signing on. You don’t want to be eligible to pay Rs.5000/- all of a sudden as school donation.
On the Witness Stand
Being a witness to someone’s will isn’t as simple as it sounds. There are often multiple copies of the will and you will need to sign them all. But you better make sure that they all read the same because if there is any discrepancy, you could land yourself in a legal wrangle. Also, if you are the benificery of the will , you cannot be a witness.
Backing a Loan?
If you are becoming a guarantor for your son’s home loan, make sure to read the application thoroughly to find out your liability in case of non-payment or late payment.
Posted in General, Info | No Comments »
Posted by sushilgirdher on 14th May 2008
Step 1: Rate of interest
Smart tip: Other options like putting in more of your own money or adding a co-applicant to the loan, also, make a difference.
Step 2: Initial fees and charges
Many banks offer an attractive interest rate but fleece you by charging high fees! Bhuvan asked for the lowest possible initial fees and charges.
Smart tip: You can ask for lower fees and charges, also. But the final figures depend on your income.
Step 3: Post-disbursement fee
A bank imposes various charges like processing fees, pre-closure fees, etc. Bhuvan compared his vendor’s charges with those of other banks. He negotiated using the lowest parameter.
Smart tip: The processing fee is usually a percentage of the loan amount. Negotiate with the bank to either lower the percentage or even ask them to fix an amount about post-disbursement fees, and the terms and conditions.
Step 4: The loan amount
Bhuvan was buying a two bedroom-hall-kitchen apartment, closer to his workplace. The property cost him Rs 25 lakh. The bank agreed to lend him 80% of the amount, ie, Rs 20 lakh. But Bhuvan thought it would curtail his budget if he were to shell out 20%. So, he negotiated a higher loan amount citing his repaying capacity.
Smart tip: You can also do this, depending on your salary.
Step 5: Extra service
Check if the bank offers post-disbursement service, which is essentially customer service, which includes answering your queries on various aspects, relating to your loan. The bank calls you. You don’t need to chase them.
Smart tip: Banks offering this service are usually reputed and have a good infrastructure and processes, and it’s a good idea to opt for a loan from them.
Happy negotiation!!!
Posted in Info, Personal Finance | 1 Comment »
Posted by sushilgirdher on 11th May 2008
Posted in General, Info | 1 Comment »
Posted by admin on 9th May 2008
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