My wife fell victim to a Telegram scam in early May (1st–3rd). She found a “work from home” gig on Facebook. At first, she was paid small amounts for rating/review tasks, then pressured to “invest” in their trading app. She lost her savings (~₹50k), borrowed from friends, and eventually started applying for loans. On May 3, most banks rejected her, but a reputed bank’s app-based instant loan approved ₹3 lakh solely on her CIBIL score. She is only a co-applicant on my home loan, has no independent income or property, and the bank never verified her income proof or bank statements. She lost the entire ₹3 lakh to the scammers. When scammers demanded another ₹2.5 lakh, she finally told me. We lodged a cybercrime complaint and blocked her account. I then took this up with the bank. After repeated emails/calls, their nodal team replied on June 19, 2025: Email from the Bank (19 June 2025): Dear Ma'am, This email is in response to your request regarding concerns raised about the due diligence followed during the sanctioning and disbursement of your loan accounts XXXXXX7272, XXXXXX7387, and XXXXXX7388. We sincerely apologize for any inconvenience this may have caused. Please be informed that, upon reinvestigation, our team has confirmed that all necessary checks and validations—aligned with standard banking practices—were duly conducted prior to loan sanction and disbursement. While bureau scores and repayment history are key factors, the bank also considers multiple internal parameters before generating loan offers. The mentioned loan accounts were processed through OTP-based consent, completing the KYC journey digitally. Additionally, as per our policy, a cooling-off period of 3 days from the date of disbursement is provided. During this period, customers may cancel the loan by repaying the full disbursed amount if any discrepancies are observed between the sanctioned and actual terms. We would also like to highlight that the product offers flexible foreclosure options. There is no lock-in period, and customers may foreclose the loan at any time without incurring additional charges. The foreclosure process can be conveniently completed via the bank’s mobile application. Should you require any further assistance or clarification, please feel free to reach out. I escalated to the RBI Ombudsman, but after 2 months, they closed my complaint with this email: Email from RBI Ombudsman: "The grievance raised by you in the complaint is within the commercial judgment/ decision of the regulated entity. The complaint is therefore treated as dealt with and closed. Please note, as per para 14 of RBIOS 2021, the proceedings before ORBIO are summary in nature. In view of the above, we are constrained to classify your complaint as non-maintainable and close it under Clause 16(1)(a)10(1)(a) of the Reserve Bank - Integrated Ombudsman Scheme, 2021 (RB-IOS), which stipulates the following: “No complaint for deficiency in service shall lie under the Scheme in matters involving commercial judgment/decision of a Regulated Entity” Now I’m stuck with this ₹3 lakh app-based instant loan. I already have a home loan and other commitments, and due to health issues I’ve had to reduce freelance work. Repayment looks impossible. My questions: How could a reputed bank approve such an instant loan to a non-earning housewife without verifying income? Who is legally responsible for the loan? What real options do I have now that both the bank and RBI Ombudsman have closed the matter?

Ans: Dear Sir
For a comprehensive QPFP level financial planning and retirement assessment we request the following details. These inputs will allow financial planner to prepare an accurate inflation-adjusted roadmap covering risk protection, income stability, investment strategy and long-term financial security.
________________________________________
1. Personal and Family Details
Your age and planned retirement year.
Spouse’s age, working status and future income expectations.
Number of dependents and their financial reliance on you.
Any major medical conditions in the family.
________________________________________
2. Parents’ Health and Financial Dependence
Current health condition of parents.
Do they have their own medical insurance cover.
Sum insured and type of policy.
Any critical illness or pre-existing conditions.
Monthly financial support you provide to them if any.
Expected future medical or caretaker expenses.
________________________________________
3. Income and Cash Flow
Monthly take home income.
Expected increments or bonuses for the next five years.
Monthly household expense structure.
Existing EMIs and financial commitments.
Monthly surplus available for investments.
Any expenses expected to rise due to inflation or lifestyle changes.
________________________________________
4. Home Loan and Liabilities
Sanctioned home loan amount, interest rate and tenure.
Current disbursement status under construction linked plan.
Your plan for EMI servicing and part-prepayment.
Any other loans or financial liabilities.
________________________________________
5. Real Estate Profile
Is this 4 BHK your first home or do you own other properties.
Any rental income from existing properties.
Purpose of the new 4 BHK after retirement for self, parents or children.
Your plan for the parental house. Retain, sell or rent.
Where you plan to settle post retirement.
________________________________________
6. Investment Portfolio
Current mutual fund corpus and category-wise split.
SIP amounts and investment horizon.
PF, EPF, PPF and other retirement scheme balances.
Fixed deposit amounts, maturity periods and ownership structure for DICGC protection.
NPS allocations Tier 1 and Tier 2.
LIC policies with surrender value and maturity year.
Any bonds, NCDs, PMS, private equity or invoice discounting exposure.
________________________________________
7. Emergency Preparedness
Current emergency fund value.
Loan facility available against MF or FD.
Any credit line for medical or sudden expenses.
________________________________________
8. Insurance Protection (Self and Spouse)
Term insurance coverage and policy details.
Health insurance sum assured and insurer.
Top-up or super top-up cover details.
Critical illness and accident cover status.
Adequacy of insurance after accounting for inflation.
________________________________________
9. Children’s Goals and Planning
Are you contributing financially to your children's planning.
Any corpus set aside for their marriage.
Children’s own investment and insurance setup.
Any future goals involving them.
________________________________________
10. Retirement Vision and Income Planning
Expected retirement lifestyle and monthly cost adjusted for inflation.
Your preferred retirement income structure
SWP from mutual funds
Annuity or pension products
PF interest
NPS annuity
Rental income
Plans to monetise or downsize real estate if needed.
Any travel, medical or lifestyle goals post retirement.
________________________________________
11. Estate and Succession Planning
Will availability and last update date.
Nominations across MF, PF, NPS, FD, LIC, demat and bank accounts.
Any instructions for asset distribution.
________________________________________
Next Step
Only Once you share these details, financial planner can prepare a complete five year roadmap covering asset allocation, inflation-adjusted corpus projections, loan strategy, insurance adequacy, medical preparedness, pension and SWP planning, liquidity management and post-retirement income stability.


Disclaimer / Guidance:
The above analysis is generic in nature and based on limited data shared. For accurate projections — including inflation, tax implications, pension structure, and education cost escalation — it is strongly advised to consult a qualified QPFP/CFP or Mutual Fund Distributor (MFD). They can help prepare a comprehensive retirement and goal-based cash flow plan tailored to your unique situation.
Financial planning is not only about returns; it’s about ensuring peace of mind and aligning your money with life goals. A professional planner can help you design a safe, efficient, and realistic roadmap toward your ideal retirement.

Best regards,
Naveenn Kummar, BE, MBA, QPFP
Chief Financial Planner | AMFI Registered MFD
https://members.networkfp.com/member/naveenkumarreddy-vadula-chennai
044-31683550

Ans: You are thinking early. That itself is a smart step. Many parents postpone planning and later struggle with loans. You are not in that situation. So appreciate your approach.

You asked about ideal corpus for higher education. Education cost is rising fast. So planning early avoids financial pressure later.

You have two kids. Your daughter is 12. Your son is 8. You have around six years for your daughter and around ten years for your son. With this time frame, you need a proper structured plan.

» Understanding Future Education Cost

Education inflation in India is high. It is increasing year after year. Even professional courses are becoming costly. College fees, hostel fees, books, digital tools and transportation also add cost.

You need to consider this inflation. Higher education cost will not remain at today’s value. It will grow.

So if today a standard undergraduate program costs around a few lakhs, in six to ten years the cost may go much higher. That is why estimating corpus should consider this future cost.

You don’t need exact numbers today. You need a target range to plan. A comfortable range gives clarity.

» Typical Cost Structure for Higher Education

Higher education cost depends on:

– Private or government institution
– Course type
– City or abroad option
– Duration

For engineering, medical, management or technology courses, cost goes higher. For government colleges the cost is lower but seats are limited. Private colleges are more accessible but expensive.

So planning based only on government college assumption may create funding gaps. Planning based on private college range gives safer margin.

» Suggested Corpus for Both Children

For your daughter, considering next six years gap and inflation, a target range should be higher. For your son, you have more time. So his corpus can grow better because compounding works more with time.

For a comfortable education corpus that covers most course possibilities, many families plan for a higher number. It gives flexibility to choose better college without stress.

So you can aim for a larger goal for both children like this:

– Daughter: Target a strong education fund for next six years
– Son: Target a similar or slightly higher fund for the next ten years because future costs may be higher

You may not need the whole amount if your child chooses a less expensive route. But having extra cushion gives peace.

» Your Savings Ability

You mentioned you can save Rs.50000 monthly. That is a strong saving capacity. But this saving should not go entirely to a single goal. You will also need future retirement planning, emergency fund and other life goals.

Still, a reasonable portion of this amount can be allocated towards education planning. Some families divide savings based on urgency and time horizon. Since daughter’s goal is near, she may need a more stable allocation.

Your son’s goal is long term. So his part can stay in growth asset for longer.

» Choosing the Right Investment Style

A long term goal like your son’s education needs equity exposure. Equity gives better potential for long term growth. It beats inflation better than fixed deposits.

But for your daughter, pure equity can create risk because goal is nearer. Market fluctuations may affect final corpus. So she needs a balanced asset mix.

So investment approach must be different for both.

» Asset Allocation Strategy

For your daughter with six year horizon:

– Higher allocation to a balanced type category
– Some allocation to equity through diversified categories
– Step down equity allocation in final three years

This structure protects capital in later years.

For your son with ten year horizon:

– Higher equity allocation at start
– Continue systematic investing
– Reduce risk allocation gradually closer to goal period

This helps growth and protection.

» Avoiding Wrong Investment Products

Parents often buy traditional insurance plans or children policies for education. These policies give low returns. They lock money and reduce wealth creation potential.

So avoid purely insurance based products for education goals. Insurance is separate. Investment is separate. This separation creates clarity and better growth.

If you already hold any ULIP or investment insurance product, it may not be efficient. Only if you have such policies then you may review and consider if surrender is needed and reinvest in mutual funds. If you don’t have such policies, no need to worry.

» Role of Actively Managed Mutual Funds

For long term goals, actively managed mutual funds offer better flexibility and expert management. They are designed to outperform inflation. A regular plan through a mutual fund distributor with CFP support helps with guidance. They also track your goal and give advice in volatile phases.

Direct funds look cheaper on expense ratio. But they lack advisory support. Long term investors often make emotional mistakes in direct investing. They stop SIPs or switch wrong schemes. So advisory backed investing avoids costly behaviour mistakes.

Index funds look simple and low cost. But they only follow the market. They don’t protect during corrections. There is no strategy or research. Actively managed funds adjust holdings based on market research and valuation. For life goals like education, smoother growth and strategy are needed.

So regular plan with advisory support helps you avoid unnecessary emotional decisions.

» Importance of Systematic Investing

A fixed monthly SIP gives discipline. It also benefits from market volatility. When markets fall, SIP buys more units. In rise phase, the value grows.

A structured SIP helps both goals. For daughter, SIP should shift towards low volatility funds slowly. For son, SIP can run longer in growth-oriented funds before reducing risk.

Your contribution amount may change based on future business income. But start now with whatever comfortable.

» Protecting the Goal With Insurance

Since you both are running business, income stability may fluctuate. So ensuring life security is important. Term insurance is the right option. It is low cost and high coverage.

This ensures child’s education is protected even if income stops.

Medical insurance also matters. A medical emergency should not break education savings.

» Reviewing the Plan Periodically

A fixed plan is good. But markets and life conditions change. So review once every twelve months.

Points to review:

– Are SIPs running on time?
– Is allocation suitable for goal year?
– Any need to shift from equity to safer category?
– Any tax planning advantage needed?

But avoid checking portfolio every week. Frequent checking creates stress.

» Education Goal Withdrawal Plan

As the daughter’s goal comes close:

– Stop SIP in high risk category
– Start shifting profit to debt type fund over systematic transfers
– Keep final year money in safe option like liquid category

Same formula should be applied for your son when his goal approaches.

This protects against last minute market crash.

» Emotional Side of Planning

Education is an emotional goal. Parents feel pressure to provide the best. But planning removes fear.

Saving consistently gives confidence. Having a plan helps avoid panic decisions. It also brings clarity of future expense.

This planning sets financial discipline for your children as well.

» Taxation Factors

When redeeming funds for education, tax rules will apply. For equity fund withdrawals, long term capital gains above exemption are taxed at 12.5% as per current rules. For short term within one year, tax is higher.

For debt investments, gains are taxed as per your tax slab.

So plan the withdrawal timing to reduce tax.

Tax planning near goal year is very important.

» What You Can Do Next

– Start separate investments for each child
– Use SIP for disciplined investing
– Choose growth-oriented asset for son
– Choose balanced and phased investment approach for daughter
– Review allocation yearly
– Protect the goal with insurance cover

Following these steps helps achieve the target corpus smoothly.

» Finally

You are already thinking in the right direction. You have time for both goals. You also have a good saving frequency. So you can build a strong education fund without stress.

Your children’s future will be secure if you continue with a structured and disciplined plan.

Stay consistent with your savings. Make investment choices carefully. Review and adjust calmly over time.

This journey will help you reach your ideal corpus for both children.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

Ans: You have asked the right question at the right time. Many investors panic only after damage happens. You are thinking ahead. That is a strong habit.

You also have clarity about your goal, time horizon and expected returns. This mindset will help you handle market noise better.

» Current Market Sentiment and Global Events
The global economy is seeing stress. There are trade decisions, tariff announcements, and geopolitical issues. Foreign institutional investors are selling. News flow looks negative.
These events can cause short term volatility. Midcaps and small caps usually react faster during these phases. Even large caps show some stress.
But markets have seen many crises in the past. Elections, governments, conflicts, pandemics, financial crashes and tariff wars are not new events. Markets always recover over time.
Short term movements are unpredictable. Long term wealth creation depends more on patience and asset allocation.

» Your Time Horizon Matters More Than Market Noise
You have been investing for 4 years. You plan to invest for the next 10 years. That means your remaining maturity is long term.
For a 10 year goal, equity is suitable. Midcap and large and midcap funds are designed for long term investors. They are not meant for short periods.
If your time horizon is short, it is valid to worry about downside risk. But with 10 more years ahead, temporary volatility is normal and expected.
Short term fear should not drive long term decisions.

» Should You Switch to Conservative or Large Cap Now?
Switching based on panic or temporary news is not ideal. When you switch now, you lock the current lower value permanently. You also miss the recovery phase.
Large cap and flexi cap funds offer stability. But they also deliver lower growth potential during bull runs compared to midcaps.
Midcaps usually fall deeper when markets drop. But they also recover faster and often outperform in the next cycle.
Switching now may protect emotions but may reduce long term wealth creation.

» Target Return of 10% to 11% is Reasonable
Aiming for 10%-11% return with a 10 year investment horizon is realistic.
Fixed deposits now offer around 6.5% to 7.5%. After tax, the return becomes lower.
Equity funds have potential to generate better returns compared to FD over a long tenure. Midcap allocation contributes to this return potential.
So moving fully to conservative funds may reduce your ability to beat inflation comfortably.

» Impact of FII Selling
FII selling creates pressure on the market. But domestic investors including SIP flows are strong today. India is seeing strong structural growth.
Retail investors, mutual funds and systematic flows act as stabilizers.
FII selling is temporary and cyclical. It is not a permanent trend.

» Economic Slowdowns Create Opportunities
Corrections make valuations reasonable. This can benefit long term SIP investors.
During downturns, your SIP buys more units. During recovery, these units grow.
This mechanism works best in volatile categories like midcaps.
Stopping SIP or switching during dips blocks this benefit.

» Midcap Cycles Are Natural
Midcap funds move in cycles. They have phases of strong growth followed by correction. The correction phase is painful but temporary.
Every cycle contributes to future upside. Staying invested during all phases is important.
Many investors exit during downturns and enter again after markets rise. This behaviour produces lower returns than the mutual fund performance.

» Role of Portfolio Balance
Instead of exiting fully, review your asset allocation. You can hold a mix of:
– Large cap
– Flexi cap
– Midcap
– Large and midcap
This gives stability and growth potential.
Midcap should not be more than a suitable percentage for your age and risk tolerance. Since you are 36, some meaningful midcap exposure is fine.
If midcap exposure is very high, you can reduce slightly and move that portion to flexi cap or large cap funds slowly through a systematic transfer. Do not do a lump sum shift during panic.

» Behavioural Discipline Matters More Than Fund Selection
Market cycles test investor patience. Consistency in SIP and holding through declines builds wealth.
Most investors do not fail due to bad funds. They fail due to fear-based decisions.
Your approach should be systematic, not emotional.

» Do Not Compare with FD Frequently
FD gives predictable return. Equity gives volatile but higher potential return.
Comparing FD returns every time the market falls leads to wrong decisions.
FD is for safety. Equity is for growth. They serve different purposes.
Your retirement plan and SWP plan depends on growth. Only equity can provide that growth.

» Should You Change Strategy Because Retirement is 10 Years Away?
Now is not the time to exit growth segments. You are still in accumulation phase.
When you reach the last 3 years before retirement, then reducing equity exposure step by step is required.
At that stage, a glide path helps preserve gains. That time has not yet come.
So continue building wealth now.

» Market Timings and Shifts Rarely Work
Many investors try to predict markets. Most of them fail.
Switching based on news looks logical. But news and market timing rarely align.
Staying consistent with your asset allocation gives better results than frequent changes.

» Portfolio Review Approach
You can follow these steps:
– Continue SIPs in all categories
– Avoid stopping based on short term fears
– If midcap allocation is above comfort level, shift only small portion gradually
– Review allocation once in a year, not every month
This structured approach prevents emotional decisions.

» Tax Rules Matter When Switching
Switching between equity funds involves tax impact.
Short term capital gains tax is higher.
Long term capital gains above the exemption limit are taxed at 12.5%.
Switching without purpose can create avoidable tax leakage.
This reduces your compounding.

» When to Worry?
You need to reconsider only if:
– Your goal horizon becomes short
– Your risk appetite changes
– Your allocation becomes unbalanced
Not because of headlines or temporary corrections.

» Your Retirement SWP Plan
Once your accumulation phase is completed, you can shift to:
– Conservative hybrid
– Flexi cap
– Balanced allocation
This will support a smoother SWP.
But this transition should happen only closer to the retirement start date. Not now.

» SIP is Designed for Turbulent Years
SIP works best when markets are volatile. The hardest years for emotions are the most powerful for compounding.
Your long term discipline is your strategy.
Do not interrupt it.

» What You Should Do Now
– Stay invested
– Continue SIP
– Avoid panic selling
– Review allocation once a year
– Use a steady plan, not reactions
This will help you reach your target return range.

» Finally
You are on the right path. The current volatility is temporary. Your 10 year horizon gives enough time for recovery and growth.
Switching right now based on fear may reduce your future returns. Staying invested and continuing SIPs is the sensible approach.
Your goal of better return than FD is realistic. Equity can deliver that with patience.
Stay calm and systematic.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: No, this minor “Mr./Mrs.” prefix discrepancy will not result in the rejection of your eligibility for counselling. Submit separate affidavits for each parent along with your Class 10 certificate, Aadhaar card, parents’ ID proofs, and the JEE application printout during JoSAA verification to prevent queries. Stay worry-free and concentrate only on the upcoming JEE Examination. Forget about the mistake you made with prefixes. You have ample time to correct it and to prepare affidavits. Time is more important to you. If possible, make the corrections in the 2nd attempt of JEE, if they permit you to do so. For 1st session of JEE, only a few days are remaining. Devote your full time to the preparation only. Best of luck to you.

Good luck.
Follow me if you receive this reply.
Radheshyam

Ans: If you studied in PCB and now need Maths, you must appear for the Maths exam as a private candidate through your state board or NIOS. Recommending to contact the school/college administration for more and accurate help.

Good luck.
Follow me if you receive this reply.
Radheshyam

Ans: Mannan, Your admission will NOT be rejected for this minor discrepancy. Prefix additions (Mr./Mrs.) are considered minor name discrepancies. JOSAA accepts affidavits clarifying such issues.?

Submit affidavits alongside:? (a) Class 10 marksheet/Aadhaar card (proof of correct names) (b) Class 12 marksheet (c) JEE Main admit card. Important: Affidavits must clarify the prefix discrepancy exists in registration only, not in original documents. Respond promptly to any JOSAA verification queries; non-response causes disqualification. Many candidates resolve similar discrepancies annually without admission issues. All the BEST for Your JEE-2026!

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Ans: Hi
Don't worry. This won't get your application rejected.

Ans: I recommend appearing for all 5 subjects through NIOS

Ans: Hello
IITs are the top institutions wherein you can take Applied Maths. Apart from that Indian Statistical Institute, Chennai Mathematical Institute, IISc Bangalore, Tata Institute of Fundamental Research, IISERs are the other good options in our country.