wealthymatters

Free Credit Scores In India

October 26, 2015 2 Comments

Before a bank/other financial institute extends a loan to a potential borrower, it needs to take a decision on whether the person would be able to repay the interest and principal or default and how much risk is involved in lending money to this person. Banks and other financial institutions rely on many factors to take this decision on credit-worthiness – including the person’s income and household income , the person’s other loans and EMIs, the person’s previous repayment history and defaults if any, etc.

In the past, the banks had to collect all this information from a potential borrower before analyzing it. But now, they make use of credit reports and credit scores. A few years ago, the only credit reports and credit scores available were from CIBIL. At the time, I wrote about interpreting the CIBIL CIR and improving the Credit Score and How a Good Credit Score improves one’s chances of securing a loan on better terms. Link. Link.Link. Read more of this post

Filed under Tool Kit Tagged with CIBIL, credit, credit bureau, credit history, credit report, credit risk, credit score, credit-worthiness, Equifax, Experian, free credit score, free credit score in India, freescoreindia, Highmark, how to get free credit report in India, how to get free credit score in India, postaday

It’s Glorious To Be Rich

October 18, 2015 Leave a comment

wealthymatters The richest 1% of Indians own 53% of the country’s wealth, according to the latest data on global wealth from Credit Suisse. The richest 5% own 68.6% of the country’s wealth, while the top 10% have 76.3%.

India’s richest 1% owned just 36.8% of the country’s wealth in 2000, while the share of the top 10% was 65.9%. Since then the richest have managed to steadily increase their share of the pie, as the chart shows. This happened during the years of the National Democratic Alliance (NDA) government from 2000-04, during the first United Progressive Alliance (UPA) government backed by the Left, during the second UPA tenure and now in the first year of the Modi government; the share of the top 1% has now crossed 50%. The colour of the government has been no impediment to the steady rise in the riches of the wealthy. Read more of this post

Filed under Theory, Tidbits Tagged with India's richest, India's top 1%, India's top 10%, postaday, the richest, the top 1%, the top 10%, the wealthiest

#ITforParivahan : Ride-Safe @nitin_gadkari , @MORTHIndia , @vinit_goenka , @TVMohandasPai

October 15, 2015 5 Comments

#ITforParivahan wealthymatters #ITforParivahan is a government initiative to crowd source ideas for use of IT in transportation.

Ride-Safe, is my idea for ensuring the safety of women in public transport. It is a comprehensive, personalized, modernized and extended take on the emergency safety chains found in all Indian train compartments. Should you have ideas for improving my idea, please be sure to comment them below. Ride-Safe is my submission to #ITforParivahan.

Ride-Safe calls for: 1)A physical SOS button on cell phones,2)An electronic number plate on all vehicles used in public transport And 3)A remotely operated vehicle slow-down unit in all vehicles used in public transport. Read more of this post

Filed under Tidbits Tagged with #ITforParivahan, @MORTHIndia, @nitin_gadkari, @TVMohandasPai, @vinit_goenka, Nirbhaya, Nirbhaya Fund, Nirbhaya Rape, Ride-Safe, Safety of women, women's safety

Effects Of Smoking On Health Insurance Premium

October 7, 2015 Leave a comment

wealthymatters

The visibility percentage of the omnipresent warning on all cigarette boxes — “Smoking is injurious to health” — has been increased from 40% to 85% in India, with effect from April 1, 2015. This stringent measure by the government is indicative of the rise in the percentage of major diseases due to smoking. Apart from being the root-cause of 30% of all cancer deaths, smoking has other serious perils — causative factor of 80% of Chronic Obstructive Pulmonary Disease (COPD), 16-times higher risk of heart-attack, impotency or reduced fertility in men and decreased chances of conception, or eventual miscarriage among women. These are only a few of the many ailments triggered and enhanced by smoking.

If you think smoking only severely affects your health, well, the shocker is, it affects your pocket even worse! The material damage caused by smoking is to make you pay higher premiums for your health insurance. The rate of premium for smokers is 56% more than the non-smokers! Non-smokers even receive discounts or incentives from health insurance companies as against smokers who have to pay higher premiums due to raised health risks and shorter life expectancy.

Food For Thought

October 6, 2015 3 Comments

wealthymatters Since 2000, over 61,000 high net worth individuals – all dollar millionaires – have relocated outside India. The millionaires who left India vastly outnumber the number of people declaring incomes above Rs 1 crore annually – just about 43,000.