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In India, paying to a business in the form of cash cannot be refused. However there are certain types of transactions or amounts that can’t be done in cash. Accepting cash worth Rs. 2 lakhs or more in total from a single person in a day or for a single occasion will lead to violation of the cash transaction law. Receiving or repaying more than Rs. 20,000 in cash for transfer of immovable property can land you in tax trouble or a penalty.
A cashless business is where financial transactions are not conducted with money in the form of physical banknotes, but are done in the form of electronic payments and online banking. Development in electronic payments has enabled cashless business to flourish. For businesses, managing huge amounts of cash can be cumbersome and unsafe whereas cashless options are because of electronic payments and cashless transactions.
Cashless business transactions are done in the form of electronic payments and online banking. Making such transactions are convenient and quick. There are more benefits of going cashless with your business. Cash can be easily stolen as well as can be used to make illegal transactions as there are no records of such transactions. However, with cashless businesses it’s hard to hide income and evade taxes as there’s record of all the transactions being made.
There are no insurance benefits in the Atal Pension Yojana scheme. This scheme is for workers in the unorganized sector (maids, gardeners, drivers, etc). It helps workers to save money for their old age while they are working and guarantees returns for their retirement. The subscriber would have to make monthly contributions towards the scheme depending
The amount you need to put aside for retirement depends on your retirement corpus. Your retirement corpus is the estimated amount you need that will help you manage your monthly expenses once you are retired. This cannot be planned in a couple of years because the amount you would have to save is huge.
If you are an investor with an appetite for risk and long-term goals like saving for retirement, a child’s education or marriage, equity plus funds can be useful either on a standalone basis or in combination with other investment options. Equity Plus Funds are launched by unit-linked insurance plans, mutual funds, and other investment categories. It generates a return higher than the 10-year government bond by taking on limited risk through equities.
The government, in collaboration with, Small Industries Development Bank of India(SIDBI), has launched a portal through which one can apply for a business loan online. This initiative was started to ease access to credit to individuals and MSMEs. It aims at automation and digitalization of various processes of business loans in such a way that a borrower gets an in-principle approval letter in less than 59 minutes. The borrower will be given the flexibility to choose their own lender.
You can certainly make money from money. However, the option depends on your risk appetite, existing amount and objective. For safe investment options, banks and NBFCs are the best place to park your money and earn moderate returns through RD, FD, government bonds and post office saving schemes. PPF, Sukanya Samriddhi Account, National Pension System, etc., are some of the plans which are ideal for long-term risk-free investments.
Investing in the Atal Pension Yojana, a pension scheme that is aimed at the unorganized sector qualifies you for income tax benefits. So if you are contributing to the Atal Pension Yojana, you are eligible for the same income tax benefits as the National Pension System. Under Section 80CCD(1), investment in Atal Pension Yojana or National Pension System
In the Atal Pension Yojana scheme, once the subscriber dies, his/her spouse will receive the exact pension amount. After the death of the subscriber's spouse, the nominee of this account gets a corpus amount.
Atal Pension Yojana scheme is a pension scheme for people working in the unorganized sector. It is better to check the eligibility criteria before subscribing to the scheme
Loan duration and EMI are the two important factors that determine your debt burden. When you take any loan, these two factors are fixed up front before the approval. Based on your acknowledgement, the loan amount is disbursed after agreeing to the terms and conditions. If the EMI amount is higher, the loan tenure may be lower and if you have low EMI amount, the tenure may be longer depending on the loan amount.
A debt consolidation loan is a loan that helps you pay off all your pending debts: unpaid loans or credit card debt. Multiple debts are combined into one single debt where you get more lenient payoff terms. This debt can be paid off in EMIs through a debt consolidation loan. In the long term, if you pay your EMIs on time, your credit score will eventually increase.
Consolidating all your debt into one loan can be helpful for you to pay off all your debt slowly in one EMI plan. But this can also decrease your credit score as taking up credit will raise a hard inquiry, which will bring down your score by a few points. Having a new credit account is considered as a new risk, and this causes a temporary dip in your credit score.
Following the demonetization, digital payment services have been on a rise in India. The central government has been pushing businesses and individuals to rely on a cash-light economy.
Yes, you can pay your ICICI Bank credit card bill through Google Pay. Following are the steps to be followed.
Car loan defaults happen when a borrower fails to make the agreed payments to their respective lenders. If you are not able to pay your monthly EMIs, it is better to inform your lender and explain the reason for the delay in payment. This is because charges are levied on late payments. And these late payment charges might be an additional load to the unpaid amounts.
Indian Bank provides agriculture jewel loans for farming needs such as the purchase of fertilizers, seeds, pesticides, and equipment required. Only farmers are eligible to get this loan by pledging their jewels.
Debt collection is the process undertaken by lenders to collect loan payments that are still due from the borrower's end. When you avail of a loan or a credit card, you would have to pay back the pending loan amount or your credit card balance on time.
Google is a payment facilitator which can be used to make payments via bank accounts that is connected to the application. For Indian users, as of now, there is no provision to transfer money from credit card to Google Pay or add a debit or credit card to the app to make payments.
Google Pay is a payment application that facilitates payments from one bank account to another. Currently, there is no provision to pay your SBI credit card bills via Google Pay.
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