Tips to save IPO listing gains tax!
In the years 2023 and 2024, many IPOs brought huge earnings for the investors. But tax also has to be paid on this! What is the tax rule on booking listing gains from IPO? How can tax liability on listing gains be reduced? How will the tax be calculated on selling IPO shares?
You have your eyes set on a fancy car. But you don’t have enough money to fund it. You may consider taking a car loan. While funding luxury on a debt is not advisable, if you feel a car is needed, you may go for it taking a loan from a bank. Before you apply for the loan, you must figure out the brand and the model of the car that you are interested in. Once you are sure about it, calculate how much down-payment you can set aside. Now comes the most important step — deciding on the loan amount.
Next in line is getting a sense of equated monthly instalment (EMI) that you think you can afford. Depending on ongoing interest rates on car loans and the loan tenure that you are looking at, you can calculate expected EMI. There are a number of EMI calculators available online that can help you with it.
Since car loan is a secured loan backed by the car you have bought, the interest rates are not steep. We have compiled a list of nine banks, in association with the Bankbazaar.com, which are offering the best rates on car loans.
PSBs at the forefront
Punjab & Sind Bank (6.80%), Indian Bank (7.15%), Central Bank (7.25%), Bank of Baroda (7.25%) and Canara Bank (7.30%) are among the top five banks offering lowest rates on car loans.
For example, if you wish to buy manual version of Kia Seltos, you have to have Rs 10 lakh, its ex-showroom price. Assuming you set aside Rs 3 lakh for the down-payment, the loan amount needed will be Rs 7 lakh. Depending on your credit score, the bank will fix an interest rate on the same. If it is 7%, and you wish to repay the loan over the next five years, the EMI needed will come out at Rs 13,860. EMI calculators can help you with different permutations and combinations of EMI and loan tenure.
The loan approval process has become quite simpler with digital banking. By filling up relevant details online, you may get an in-principle approval for the loan digitally. You may also visit a physical bank branch to get a quote from the bank. The relevant documents needed for the same include income proof, age proof, identity proof and address proof. In your excitement, do not forget to enquire about loan pre-payment charges.
The loan disbursal does not take much time. Once approved, the loan amount instantly gets transferred to your bank account.