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Ramalingam

Ramalingam Kalirajan  |7159 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 15, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Khushboo Question by Khushboo on Jul 05, 2024Hindi
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I need money for 2 months 35000

Ans: If you need Rs 35,000 for a short-term period of 2 months, here are a few options to consider:

1. Emergency Fund
If you have an emergency fund set aside, this would be the ideal use for it. It’s designed for unexpected expenses like this, ensuring you don’t disrupt your long-term investments.

2. Personal Loan
Consider a personal loan from a bank or a reputable financial institution. Personal loans typically offer quick disbursal and can be repaid over a short period, such as 2 months. Compare interest rates and terms to find the best option.

3. Credit Card
If you have a credit card with sufficient limit, you could use it for the amount needed. However, ensure you can repay the balance in full within the interest-free period to avoid high interest charges.

4. Withdrawal from Investments
If you have investments in liquid assets like certain mutual funds or fixed deposits, you might consider withdrawing the required amount. Be mindful of any withdrawal penalties or tax implications.

5. Borrowing from Friends or Family
If feasible and comfortable, borrowing from friends or family might be an option. Ensure you have a clear agreement on repayment terms to avoid misunderstandings.

6. Salary Advance
If you're employed, you might inquire about a salary advance from your employer. This allows you to access a portion of your salary in advance, which can be repaid through deductions from future paychecks.

Final Considerations
Evaluate these options based on your personal financial situation and choose the one that aligns best with your needs and ability to repay within the specified timeframe.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7159 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 24, 2024

Asked by Anonymous - May 23, 2024Hindi
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I need 30k for 2months I return 35k after 2 months some one help me please
Ans: Seeking Financial Assistance: Strategies and Solutions
Your situation requires a short-term loan of Rs. 30,000 with a promise to repay Rs. 35,000 in two months. Let’s explore viable options to achieve this.

Understanding Your Financial Need
You need Rs. 30,000 urgently and can repay Rs. 35,000 after two months.

This indicates a willingness to pay Rs. 5,000 as interest or service fee.

Your commitment to repayment shows financial responsibility.

Exploring Short-Term Loan Options
Personal Loans
Personal loans from banks or financial institutions are a reliable option.

They usually require a credit check and some paperwork.

Interest rates vary, so compare options to find the best rate.

Peer-to-Peer Lending
Peer-to-peer (P2P) lending platforms connect borrowers with individual lenders.

These platforms offer competitive interest rates and quick approvals.

Ensure the platform is reputable and understand all terms and conditions.

Salary Advances
Check if your employer offers salary advances.

This is a convenient option with minimal paperwork.

Repayment can be deducted directly from your salary.

Friends and Family
Borrowing from friends or family can be a quick solution.

Ensure clear terms of repayment to avoid misunderstandings.

Be transparent about your financial need and repayment plan.

Considering Non-Traditional Options
Credit Cards
If you have a credit card, you can use it to withdraw cash.

Be aware of high interest rates and fees associated with cash advances.

Ensure you can repay the amount quickly to avoid high interest costs.

Payday Loans
Payday loans are short-term loans with very high interest rates.

These should be a last resort due to their high cost.

Understand all terms and conditions before proceeding.

Microfinance Institutions
Microfinance institutions offer small loans with reasonable interest rates.

They cater to individuals who may not qualify for traditional loans.

Check for reputable microfinance institutions in your area.

Evaluating the Cost of Borrowing
Interest Rates and Fees
Compare interest rates and additional fees for different loan options.

Choose the option with the lowest overall cost.

Repayment Terms
Ensure the repayment terms align with your financial capacity.

Avoid loans with high penalties for late payments.

Building a Repayment Plan
Budgeting
Create a detailed budget to ensure you can repay Rs. 35,000 in two months.

Identify areas where you can cut expenses temporarily.

Setting Up a Repayment Schedule
Set up a clear repayment schedule to stay on track.

Automate payments if possible to avoid missing deadlines.

Maintaining Financial Health
Emergency Fund
Consider building an emergency fund to avoid similar situations in the future.

Aim for 3-6 months of living expenses as a buffer.

Credit Score
Ensure timely repayment to maintain a good credit score.

A good credit score will help in securing loans at better terms in the future.

Seeking Professional Advice
Certified Financial Planner (CFP)
Consult a CFP for personalized financial advice.

They can help you create a comprehensive financial plan.

Financial Literacy
Educate yourself on financial management and planning.

Knowledge of financial products and strategies will empower you to make better decisions.

Conclusion
Your need for Rs. 30,000 with a repayment of Rs. 35,000 in two months is achievable.

Explore personal loans, P2P lending, salary advances, and support from friends or family.

Compare options, understand terms, and ensure a clear repayment plan.

Your proactive approach and commitment to repayment are commendable.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Milind

Milind Vadjikar  |702 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 26, 2024

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Hi Experts, I seek your guidance on my mutual fund portfolio. Below are the details: Total Portfolio Details: - Total Invested Amount: ?15,76,159 - Current Value: ?19,35,234 - Total Returns: ?3,59,075 (+22.78%) - XIRR: 20.75% Monthly SIP Contribution: ?1,18,000 Breakdown of monthly SIP contributions across funds: 1. Parag Parikh Flexi Cap Fund Direct Growth – ?30,000 2. SBI Large & Midcap Fund Direct Plan Growth – ?15,000 3. SBI Magnum Mid Cap Fund Direct Plan Growth – ?20,000 4. Nippon India Large Cap Fund Direct Growth – ?30,000 5. Nippon India Small Cap Fund Direct Growth – ?7,500 6. ICICI Prudential Technology Direct Plan Growth – ?10,000 7. Quant Small Cap Fund Direct Plan Growth – ?7,500 8. HSBC Small Cap Fund Direct Growth – ?5,000 9. Edelweiss US Technology Equity Fund of Funds Direct Growth – ?5,000 Can you suggest if I am on track to create 5 CR corpus in 10 years I have ?25 lakh invested in a Fixed Deposit (FD) in my mother’s account, earning an interest rate of 7.75%, to generate tax-free returns. Additionally, I’m planning to purchase a plot worth ?30–50 lakh in the next 1–2 years. Is it a good idea to keep the money in FD for now, or are there better short-term investment options I should consider to maximize returns while keeping the funds accessible for my future purchase? Looking forward to your suggestions! Thank you!
Ans: Hello;

Your monthly sip value adds upto 1.3 L however you have claimed it to be 1.18 L. (Maybe a typo).

Existing corpus(19.35 L) and monthly sip (1.3 L) won't reach 5 Cr in 10 years.

You have two options to make it happen:

1. Increase monthly sip amount to 1.9 L.

2. Top-up current monthly SIP of 1.3 L by minimum 10% each year for 10 years.

Both ways will lead you to a corpus of 5 Cr over 10 years.

You may consider money market mutual funds for parking your funds for a 1 year horizon. Returns may be comparable to FD returns but with flexibility to withdraw anytime. They typically have low to moderate risk.

Happy Investing;
X: @mars_invest

...Read more

Nayagam P

Nayagam P P  |3928 Answers  |Ask -

Career Counsellor - Answered on Nov 26, 2024

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Is doing BBA + Law (Honors) from BITS Law is worth
Ans: Anju, prior to addressing the question, I would like to draw your attention to a recent article in 'The Times of India' which indicates that a majority of law graduates tend to favor employment in corporate settings over practicing in courts. Now, coming to your question, please note, BITS Law School's BBA + LLB (Hons) program is a 5-year program that combines business administration with legal studies. The program focuses on areas such as corporate law, intellectual property, business laws, and dispute resolution. The program offers a strong multidisciplinary approach, preparing students for careers in corporate law, legal consultancy, and management. Its strengths include a business + legal acumen curriculum, industry-driven curriculum, and a reputation for excellence in education and placement opportunities. However, it lacks the legacy and alumni network of top-tier law schools and can be expensive. Career opportunities include corporate and business law, management roles, consulting, entrepreneurship, academia/research, international arbitration, cyber and technology law, corporate governance, and intellectual property rights. The program is worth considering if you aim for a corporate or business law career, are comfortable with the cost and value of the BITS brand, and have excellent industry connections and internships. Build your profile well by the time you complete your BBA+LLB & improve your all other skills required. All the BEST for Your Prosperous Future.

To know more on ‘ Careers | Education | Jobs’, ask / follow Us here in RediffGURUS.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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