Frequently Asked Questions

Moneyfy offers a variety of loans like Personal Loans, Business Loans, Housing Loan, Loan Against property and many more.

Generally, credit score of ~700 is ideal to obtain a loan, however few of Moneyfy's partners may provide loans at lower credit score subject to positive indications on other credit criteria. All loans are at the sole discretion of NBFC/Bank where the customer has made the application to.

A CIBIL Score or credit score is issued by the Credit Information Bureau of India Limited and other credit bureaus to every borrower. The score helps understand the credit worthiness of the borrower. The score is determined by various factors such as past loan repayments and credit history, types of credit and number of loan enquiries, credit utilization ratio, overdue loan amount, etc. It is a three-digit number that ranges between 300-900 which is calculated on the basis of the financial history of the applicant.

A CIBIL score is the key factor while applying for loans. If the CIBIL score is at acceptable levels, the chances of loan approval is higher. Though there are multiple other factors that lenders consider while sanctioning a loan, a good credit score greatly increases the probability of sanction.

One may be able to borrow money at low credit score, however the rate of interest may be higher. One can apply for secured loans like a gold loan to obtain loans at comparatively lower rates.

The loan tenure is the total duration of time over which the EMI will be spread out to pay off the entire loan amount. The total interest payment of the loan is directly proportion to tenure of the loan, lower the tenure lower the total interest outgo for the loan.

One may certainly get a loan if one has a credit score of more than 700, steady income, has been on the job/ business for more than 1 year and current monthly expenses by way of fixed obligation is less than 35% of income.

Loan against property is a type of secured loan. A residential or commercial property with clear title can be mortaged in favour of the lender to get this loan. Typically these loans are of higher ticket size and are taken for the purpose of buying new properties / renovation of existing ones/ funding childs education etc for salaried person and for business expansion

Personal loan can be used to meet one's immediate financial needs like repaying costly debt, travelling abroad, purchase of white goods.

A Business loan can be used for purposes like purchase of machinery/ increasing the working capital etc. These loans cannot be used for reinvesting actvities like purchasing mutual fund units, speculation activity in stock markets or purchase of shares in stock market.

As per the agreement entered between the customer and Bank/ NBFC, the customer is required to keep the lender informed about the key changes in financial status, changes in job or any other major impact on financial position.

EMI depends on the loan amount, tenure and interest rate agreed between borrower and lender. This can be calculated very easily with the help of a calculator. Click here to calculate (Link EMI calculator)

Loan approvals are at the sole discretion of the lender to which customer makes the application. Each lender has their own credit criteria for sanctioning loans. Loan rejection is primarily due to low credit score/ area not serviceable/ high existing obligations and low salary

Usually part prepayments may not be allowed in personal Loans, while it may be available for other types of loans like secured business Loans, Loan against property or housing loans. Preclosure is allowed in all types of loans, however lender may charge a fee for closure of loans before the term completion

Across all partners on Moneyfy, the minimum loan amount is ~Rs 1000 and maximum loan amount is ~Rs 25 lakh for Personal loans

Loan Charges like interest rate and processing fee is decided based on the product, however these may vary customer to customer based on the credit profile of each customer. Lenders vary charrges based on the perceived credit risk taken for each customer

At Moneyfy, all personal loans are processed digitally and can be processed online almost immediately. Some of our partners give instant disbursal on sanction as well.

Typically a customer is required to submit KYC documents like PAN, Adhaar, Address proof, Employment proof and Income documents like Salary Slip / Bank statement .
However there may be requirement of additional documents on case to case basis by the lender

Loan repayments have to be done by way of direct debit to the customer bank account. Customer authorises the lender by setting up NACH facility for lender, where lender can withdraw the amount directly from customers bank account based on the agreed EMI at the respective due dates. However one may pay directly to lender through their mobile applications/ websites/ authorised agents. These details shall be communicated by the lenders to its customers

All lenders report each repayment/ non repayment of the customer to all four credit bureaus including CIBIL, CRIF highmark, Experian and Equifax. Non repayment will lead to lowering of credit score instantly, which will adversely impact the individual's ability to take loans in future.

Yes, one loan can be taken to payoff other loans. This is called consilidation and this helps in managing repayments effectively. Also, a loan at cheaper rate can be taken to repay the loan at high interest rate for saving interest costs for the customers. Loan transfers in housing loan are most common owing to large interest outgo and longer tenure

It is recommended that a customer's total fixed obligation to lender should not be more than 50% of total monthly income. However it may be higher for borrowers with higher incomes.

Interest rates are usually higher in short term loans as the amount of these loans are typically much smaller. Therefore, Income received in absolute value is usually quite low per loan. Lenders keep higher charges to take care of their fixed expenses and credit cost

Go to Calculators >Scroll down EMI Calculator

You can calculate EMI for every kind of Loan

To compute the EMI:

Enter the loan amount
Select the rate of interest by sliding through the slider
Lastly select the duration of the loan
You would get the EMI and total amount repaid at the bottom of the screen.

There are a few reasons why this could have happened:

• • Between first payment and next instalment date, there needs to be a minimum period of 30 days .
  Eg. If you create SIP on 15th Dec for regular payment on 5th of every month then your SIP will start getting deducted from 5th of Feb.

• • Your E-Nach mandate has been approved just 7 working days before your SIP due date.

• • You have stopped the SIP.

• • Your SIP-day falls on a weekend/holiday in that case it will get deducted on next working day.

• • Your autopay through E-Nach mandate has not been registered.

It usually takes 3-5 working days for the E-Nach mandate to get approved.

It takes around 7 working days to delink SIP from your account. So, if there is a gap of less than 7 working days between SIP cancellation request date and next SIP payment date, auto debit will happen for that month. However, it shouldn't happen from the next month.

To start SIP auto debit from other than your primary bank account:

• • Add the new bank account. 

• • Create an E-Nach Mandate from that bank account. 

• • Once Mandate is approved, stop ongoing SIP and start a new SIP with new bank account/mandate.

Auto Pay is a one-time registration process where you authorize Moneyfy to automate your payments on the platform. 

Your Auto Pay is sent for verification and registration with your Bank. Post approval from your bank, you can start making investments via Auto Pay. For SIPs, Auto Pay allows seamless and effortless investments by automating debit of your SIP amount as per the frequency set by you. 

We highly recommend setting up Auto Pay for a seamless investing experience.

The day of SIP is the date of every month on which your SIP instalments will be deducted. The amount gets auto-debited from your account if you have set up the E-nach mandate.

No, you need to stop the existing one and start a new SIP.

Yes, you can start multiple SIPs in the same mutual fund.

To start an SIP:

Step 1: Log on to the app using MPIN

Step 2: Complete your KYC

Step 3: Select desired fund

Step 4: Click on the fund and set up the SIP investment by choosing an amount and Date of SIP. The amount is ‘how’ much will be invested every month.

Step 5: Sit back and watch your money grow!

To stop your Mutual Fund SIP, follow the below steps - 

• • Go to Hamburger Menu.

• • Click on Manage Investment.

• • Click on the three dots against your existing SIP

• • Select Stop SIP.

You can only select monthly SIP on Moneyfy.

There are a few reasons why this could have happened:

• • We keep a 30-day difference between first payment and next instalment date.
  Eg. If you create SIP on 15th Dec for regular payment on 5th of every month then your SIP will start getting deducted from 5th of Feb.

• • Your E-Nach mandate has been approved just 7 working days before your SIP due date.

• • You have stopped the SIP.

• • Your SIP-day falls on a weekend/holiday in that case it will get deducted on next working day.

• • Your autopay through E-Nach mandate has not been registered.

To pay for missed SIP:

• • Go to My Portfolio  

• • Click on invest more on the fund 

• • Complete a one-time transaction for the said amount.

In this case your transaction will not be processed. Please note that some banks may levy charges if OTM transaction fails due to low balance. So please maintain sufficient balance in your bank account to avoid any penalties from your bank.

Moneyfy doesn’t levy any charges, however being a distributor we get a commission for distributing fund from various AMCs. To know about commission rate, click on below link https://www.tatacapital.com/content/dam/tata-capital/pdf/mutual-fund-disclosure/Disclosure%20%20Trail%201st%20Jun%2720%20TSL.pdf .

Transaction failure can happen at two different levels-

a) At the platform level, if our transaction execution partner BSE Star MF is unable to process the transaction. In such a case, the refund will be initiated within 24-48 hrs. 

b) At AMC level, where the AMC rejects the application. In such a case, the turnaround time for the AMC is subjective.

For any business day, if the funds are credited to the bank account of the AMC within the cut off time, refer the table below.

As investment is done on a weekend or a Bank Holiday, NAV of next business day will be applicable for your purchase.

You can filter funds on the basis of following criteria-

• • Fund Category

• • Fund Type

• • Minimum Investment

• • Rated By

• • Rating

To use compare fund feature:

• • Search Fund you want to compare

• • Click on Fund 

• • Click on Compare Icon available on bottom left corner

• • Add 2nd Fund you want to compare.

Comparison for funds will be available across the following attributes-

• • Basic comparison- Category, Sub-Category, Investment Horizon, Suitable for, Fund risk grade, Quality, Ratings, Return and Investment details.

• • Detailed comparison- Asset Allocation, Withdrawals, Scheme details, Scheme portfolio and Top sector holdings.

Post initiating the redemption, below is the timeline for specific categories of funds -
 

There could be some issue with the KYC of the folio, please reach out to us or the AMC to resolve the issue.

Your redemption request may have failed due to following reason:

• • Units may have been pledged or units are not saleable 

• • Redemption is tried in closed ended fund

• • The investment might have a lock-in

• • There could be some issue with the KYC of the folio.

For assistance, please write to us at moneyfycare@tatacapital.com  from your registered email id. Please also mention fund details for which redemption request has been placed.

It's specific to the fund. For eg. all ELSS mutual funds have lock in period of 3 years. Most of the other open ended mutual funds do not have any lock-in period.

Moneyfy doesn't levy any charges for withdrawal. However, AMCs (fund houses) levy exit loads. 

Exit load is a fee or an amount charged to an investor by AMC for exiting or leaving a scheme as an investor before a certain time period which can be between 7 days to 3 years.

Exit loads applicable on different fund categories are:

• • Equity funds - generally 0.25% to 1%

• • Debt funds - generally 0.5% to 3%

• • Liquid funds – up to 7 days

• • Hybrid funds- generally 0.25% to 1%

Money will be credited to the primary bank account updated with the AMC.

No, money can only be credited to the bank account registered with the AMC at the time of the investments. In case you want to change the Bank Account with the AMC please log in to MF central – www.mfcentral.com

Withdrawal and closure of SIP are two different things. Withdrawal of investments is when you withdraw your accumulated investment to stop auto debit of your SIP, you need to close the SIP.

To stop your Mutual Fund SIP, follow the steps mentioned below:- 

• • Go to Hamburger Menu.

• • Click on Manage Investment.

• • Click on the three dots against your existing SIP

• • Select Stop SIP.

As the Net Asset Value (NAV) for each day is announced post the closing of the day’s trade, the time of the day when you request for redemption is crucial. However, the NAV of the day is applicable only for redemption requests that come by 3pm in a day, or else the next day’s NAV is applicable.
 

For all redemption requests received on a non-business day or on public holidays, NAV of the next working day would be considered for your redemption request and the redemption proceeds will be credited to your account within 2-4 business days depending on the type of scheme.

In case of an error in updating mobile no./email ID, go to www.mfcentral.com or respective AMC website and log in using your PAN to update the correct contact details. In case you are not able to log in, kindly visit your nearest AMC branch office.

It usually takes 5-7 days to update your contact details with Moneyfy post updating with RTA/AMC.

Yes, you can start multiple SIPs in the same mutual fund.

To invest more:

• • Visit “Portfolio section” 

• • Check existing investment 

• • Visit particular scheme

• • Click on invest more

Mutual Fund investments depend upon individual risk profile and is based on investment experience. To check your risk profile, you may visit “Risk profile” page under “Profile Section” post which, the list of funds suitable to the user will automatically get published.

You can invest through following ways:

• • Investment Choices

• • Goals

• • Theme based options, or

• • Search a fund through our search feature.

All major open-ended funds are available on Moneyfy.

To start an STP:

• • Go to Hamburger Menu 

• • Click on Manage Investment

• • Go to SIP optionClick on the desired fund

• • Select STP tab.

To start an SWP:

• • Go to Hamburger Menu

• • Click on Manage Investment

• • Go to SIP optio

• • Click on the desired fund

• • Select SWP tab.

External investments can be tracked on Moneyfy by visiting the portfolio section and clicking on track external investments. All your investments shall get updated.

All external investments based linked with your given PAN and mobile numbers are extracted from MF central. In case you are unable to see all your investments, please write to us at moneyfycare@tatacapital.com

It usually takes 7-10 days post NFO closing date, to update the portfolio. We request you to wait until that and your portfolio shall then be updated with all your NFO investments.

There are a few reasons why this could have happened:

1. 1) Between first payment and next instalment date there needs to be a minimum period of 30 days .
   Eg. if you create SIP on 15th Dec for regular payment on 5th of every month then your SIP will start getting deducted from 5th of Feb.

2. 2) Your E-Nach mandate has been approved just 7 working days before your SIP due date.

3. 3) You have stopped the SIP.

4. 4) Your SIP day falls on a weekend/holiday in that case it will get deducted on next working day.

5. 5) Your autopay through E-Nach mandate has not been registered.

It takes around 7 working days to delink SIP from your account. So if there is a gap of less than 7 working days between SIP cancellation request date and next SIP payment date, auto debit will happen for that month. However, it shouldn't happen from the next month.

To start SIP auto debit from other than your primary bank account:

• • Add the new bank account. 

• • Create an E-Nach Mandate from that bank account. 

• • Once Mandate is approved, please stop ongoing SIP and start a new SIP with new bank account/mandate.

Auto Pay is a one-time registration process where you authorize Moneyfy to automate your payments on the platform. 

Your Auto Pay is sent for verification and registration with your Bank. Post approval from your bank, you can start making investments via Auto Pay. For SIPs, Auto Pay allows seamless and effortless investments by automating debit of your SIP amount as per the frequency set by you. 

We highly recommend setting up Auto Pay for a seamless investing experience.

You can go to My Portfolio and click on invest more on the fund and complete a one-time transaction for the said amount.

In this case your transaction will not be processed. But please note that some banks may levy charges if OTM transaction fails due to low balance. So please maintain sufficient balance in your bank account to avoid any penalties from your bank.

To start SIP auto debit from other than your primary bank account:

• • Add the new bank account. 

• • Create an E-Nach Mandate from that bank account. 

• • Once Mandate is approved, please stop ongoing SIP and start a new SIP with new bank account/mandate.

You can add a maximum of five bank accounts.

If you do not have net banking as an option, you could use UPI payments to complete your payment.

For E-Nach Mandates, please refer the link below for the list of banks supported by Moneyfy.

https://www.npci.org.in/PDF/nach/live-members-e-mandates/Live-Banks-in-API-E-Mandate.pdf

Please refer to the below link  for the list of banks accepting  UPI Payments - https://www.npci.org.in/what-we-do/upi/live-members

Following pre-defined Goals are available on Moneyfy:

• • Education

• • Home

• • Car

• • Wedding

• • Wealth Creation

• • Vacation

• • Retirement

You can also add a custom goal, as per your choice

Goal risk helps you check the asset allocation for your investments. The longer the goal duration, higher the goal risk appetite you can manage.

To invest in an instant redemption fund:

• • Go to Home Page 

• • Click on Investments

• • Click on Invest in Instant redemption funds

• • Select Fund to invest in

• • Click on Invest Now

To withdraw from an instant redemption fund: 

• • Go to Home Page

• • Click on Portfolio

• • Select the Instant redemption fund

• • Click on Redeem

Tracking return on investments made in mutual fund schemes and instant redemption schemes is separate on Moneyfy. While Mutual funds are for long term wealth creation, instant redemption fund are used for parking idle money instead of in saving bank accounts and to avail benefits of better returns and instant redemption when required.
Hence,instant redemption funds are kept different from other investments as they may present an incorrect picture of  growth or returns on your long term investments in mutual funds.

Risk Profile classifies the investor in  one of the following categories: 

1. 1. Conservative

2. 2. Moderate

3. 3. Aggressive

4. 4. Super - Aggressive

Investors make investments to achieve certain financial goals. Risk profiling helps investors understand how much risk they are able and willing to take and thereby helps them make appropriate investments that match their risk profile.

You can complete your risk profile by answering a set of simple questions. Click on risk profile under “profile section” to help us determine your risk profile.

You can retake the risk profile assessment to update your risk profile whenever you like.

We request you to please check if you have completed all the steps of the MF KYC Journey.

 If you are a first-time investor in Mutual funds your last step would be verifying your AADHAR basis the otp sent on your registered mobile number. And if you are an existing Mutual Fund Investor your last step would be to upload your signature.

• • For first time investor in MF – it usually takes 3 – 5 working days for your KYC to get verified.

• • For existing investor in MF – It usually takes 15 minutes – 1 Hour for your KYC to get verified and start investing.

If you still face an issue, please write to us from your registered email id at moneyfycare@tatacapital.com.

If you are KYC compliant, then you don’t need to do full KYC but must submit the following information-

a. Personal Details

b. Financial Details

c. Bank Details.

d. Signature upload.

Follow below mentioned process to complete your KYC:

1. 1. Click on “Make your account ready for investment” on Home page.

2. 2. Enter PAN Details and Date of Birth.

3. 3. Click on start process.

1. a. If KYC is done before

• • Provide Personal details, Address details, Bank Details and Financial details 

• • Requires cancelled cheque in case unable to verify bank account

• • Upload image of signature/ Sign on screen.

• • Click on submit KYC details  

• • It usually takes 15 minutes – 1 Hour for your KYC to get verified and get your investment account ready.

1. b. If KYC is not done before :

• • Provide Personal details, Address details, Bank Details and Financial details 

• • Requires cancelled cheque in case unable to verify bank account

• • Fetch your Proof of Identity {PAN Card} & Proof of Address {AADHAR} through Digilocker.

• • Incase you are not able to fetch your details through digilocker, please upload the documents manually.

• • To verify your identity, click a selfie.

• • Upload image of signature/ Sign on screen. If you are to upload your signature image, please ensure to sign on a blank white sheet of paper [Without Lines].

• • Complete your E-Sign using your AADHAR OTP process. 

Post completing the KYC Journey it would take 3-5 days to get you Mutual Fund investment ready.

• • Delay in bank verification – The bank details provided are incorrect and you may require adding another bank account. You could also upload an image of your cheque for bank verification.

• • E-sign pending – Please ensure that the last step to e-sign using AADHAR OTP is completed

• • Signature submitted by you does not match the signature on your PAN card

Yes! you can re-apply with valid documents.

Your PAN is not valid as per Government Records. Please enter a valid PAN Card number.

Sorry, we require a valid PAN Card for investments through Moneyfy. We request you to obtain a PAN Card and then proceed.

• • Date of birth needs to be as per the PAN Card. Kindly share an image of your PAN Card to verify your date of birth.

• • Date of birth updated in the KRA [ KYC Registration Agency] records is incorrect. To correct your date of birth please write to your respective KRA.

CVL - cvlhelpdesk@cdslindia.com

Your signature is required to process your Moneyfy account opening form digitally.

If you are unable to reproduce your exact signature on the phone screen, we advise you to sign on a blank white paper and upload photo of your signature.

Nominee Registration facilitates easy transfer of funds in the event of demise of an investor. Your nominee can be a family member or any other person you trust. 

As per the regulations by SEBI it is mandatory to provide a nominee, in case you want to opt out from providing the nominee details you could do so by opt out OTP process as provided in the KYC journey flow. 

If you have already begun investing and have not updated your nominee details, please update your nominee details by logging in to www.mfcentral.com with your PAN number.

Yes, it is! DigiLocker is an Indian digitization online service provided by Ministry of Electronics and Information Technology (MeitY), Government of India under its Digital India initiative, targeted at the idea of paperless governance.

To share documents via DigiLocker your Aadhaar number needs to be linked to your mobile number.
You need to verify the mobile number linked with your Aadhaar number, your KYC documents will be uploaded to open your Moneyfy Account.

There might be mismatch of PAN to the one linked to your Aadhaar number or you have not linked your PAN to Aadhaar number.

You can still become KYC compliant to invest by manually uploading your documents, when faced with this issue.

Download Moneyfy and complete the entire KYC process digitally in just five minutes and start investing. Here are the steps to do so:

Provide your mobile number and verify it by providing the OTP received

Sign up for an account with an email address

Provide your PAN and Date of Birth in the next step

Provide Personal Details such as Father’s Name, Gender, etc. and Financial in the next few steps

Provide bank details and get it instantly validated 

Verify your email id provided by entering the OTP received 

Enter your UIDAI/Adhar Number to start your Digilocker journey. This will be verified by an OTP after which you will have to allow Moneyfy the access to the documents

After this a Selfie will be taken using your mobile camera. Ensure it is in a brightly lit location.

Penultimate step is to provide your signature followed by e-signing the document using your UIDAI

Your account will be opened within 3-5 days!

Due to an Act in the US called the Foreign Account Tax Compliance Act (FATCA), all financial institutions need to report financial transactions of US persons to relevant tax authorities. Moneyfy requires a FATCA Declaration from its users to prevent tax evasion through offshore investments that some US residents may have.

Mutual Fund Investments for non-Indian citizens is currently not enabled on Moneyfy.

No, you cannot invest on Moneyfy if you are not an Indian Tax Resident.

Politically Exposed Persons are defined as individuals who are or have been entrusted with prominent public functions e.g., Heads of States or of Governments, senior politicians, senior Government/judicial/military officers, senior executives of state owned corporations, important political party officials etc.

Currently, we support only individual accounts.

Currently, we support only domestic individual accounts.

This should not happen, however, if you find that your investment details are incorrect please write to us at moneyfycare@tatacapital.com with your PAN details. Our support team will get this resolved.

Units are allocated by next working day, once investment is completed from your side within cut-off time. Post cut off time, it would get allocated on the second working day. 

It further takes around 1-2 working days for units to get reflected in your portfolio.

You can track your portfolio by going to “Portfolio” section on Moneyfy.

If there are discrepancies in the statement you received, please share a brief description of the discrepancy along with the statement type, folio number & investment transaction id for such issue at moneyfycare@tatacapital.com.

Usually statements are sent instantly to your registered email address. We suggest you check your SPAM folder just in case. If it has been more than 72 hours from the time you requested, please write to us at moneyfycare@tatacapital.com.

This should not happen, however, if you find that your investment details are incorrect please write to us at moneyfycare@tatacapital.com with your PAN details. Our support team will get this resolved.

Kindly write to us at moneyfycare@tatacapital.com with more details about the activity or transaction.

Your information is secure with Moneyfy. We value your privacy and your information is safe with us. We will not share with, or make available, your personal information to any third party without your authorization, except if we are specifically directed or mandated to do so under any applicable law, regulation, legal proceeding or directive from government authorities.

Here are few ways to do that: 

- Never share your login credentials 

- Beware of website & social media pages that propagate fake offers 

- Change your password regularly 

- Never entertain calls asking for Moneyfy credentials or any bank related details 

- Set a finger Print & PIN under in-app security settings.

Please contact us at moneyfycare@tatacapital.com with more details about the transaction.

We will not share with, or make available, your personal information to any third party without your authorization, except if we are specifically directed or mandated to do so under any applicable law, regulation, legal proceeding or directive from government authorities.

No, Moneyfy does not have this level of access, we cannot view, manage, or edit anything in your email.

For your safety and security, Moneyfy may temporarily block your account upon noticing any suspicious transactions or activity, or if your transactions are not as per the Terms and Conditions listed on our website. If your account has been locked, please contact us at moneyfycare@tatacapital.com.

Yes, we have an option called Set Finger Print & MPIN under Security &Settings under My Profile. Once you enable this, even if someone has access to your unlocked phone, they will still require Finger print & MPIN to access your details inside Moneyfy.

No, all your confidential details like payment methods, card details, CVV number and passwords are not known to anyone at Moneyfy. Your information is safe and secure.

Kindly write to us at moneyfycare@tatacapital.com with the link you found inappropriate.

Kindly write to us at moneyfycare@tatacapital.com with more details about the activity immediately.

One of the major factors impacting the premium amount is age. And life insurance premiums, once fixed, doesn’t change for the rest of the life. Thus, if the "lock in" of life insurance premium is done early on at a low amount, a lot of money can be saved in future premiums!

Under section 80C,
- Premiums paid towards a life insurance policy qualify for a deduction of up to Rs 1.5 lakh
- Tax exemption is given for premiums paid on insurance policies taken for self, spouse, dependent children, and in some cases dependent parents.

Under section 80CC,
- An individual can get an exemption for any amount paid in annuity plan of Life Insurance Corporation of India or any other insurance company to secure a pension. The maximum deduction under this section is also up to ₹1.5 lakhs

Under Section 10(10D),
- The amount you receive from the insurance company is fully exempt from income tax, subject to some conditions. The exemption applies to the receipt of sum assured, bonus, maturity value, surrender value and the death benefit.

Term plans provide financial security to the family in the policy holder's absence, whereas, traditional plans are investment plans that gives returns along with cover (i.e. cash back).
In comparison to traditional plans, term plans gives a large sum assured at affordable rates.

Yes, insurers provide several options for premium payment. There are options to choose monthly, quarterly, semi-annually, or annual payment. Some policies are available with a one-time premium.

When the policy matures the policy holder will receive an accumulated amount (in lumpsum or regular payments, basis the option chosen). This amount will include the total of all the premiums paid, plus bonuses (if any). The amount received shall be substantial because the premiums paid accumulate and grow every year until the maturity of your policy. Please check the policy document for more details.

You can calculate your life insurance cover by using our Insurance calculator. Just fill in the required details like age, annual income & existing cover. Ideally life cover should be 10 to 15 times of your annual income.

Life cover is useful to ensure the financial stability of the family in case the policy holder is unable to earn due to an accident or illness. The policy also pays the benefits to the beneficiaries in case of an uncertain event. Procuring such coverage ensures that the family can meet their expenses and sustain their lifestyles even in the policy holder's absence.

Term insurance is what will serve as a financial safety net for family dependants in the unfortunate circumstance of policy holder's death.
Term insurance pays out a fairly big sum of money compared to the premiums paid. Also, you can get optional coverage for critical illnesses or accidental death. It covers the policy holder & insured for a long duration, while the premiums are affordable.

A money back plan is a form of insurance policy in which the policy holder or insured gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.

Child Insurance Policy plan is an investment cum insurance provided by life insurance companies.
These offer financial security to the child's dreams and goals. A child insurance plan can be used to invest in the child's life goals such as higher education or marriage.

The full form of ULIP is Unit Linked Insurance Plan. A ULIP is an insurance plan that offers the dual benefit of investment - to fulfil your long-term goals and a life cover - to financially protect the family of policy holder in case of an unfortunate event.

Under Section 10(10D) of the Income Tax Act, 1961, an individual can avail tax exemption on the sum assured and accrued bonus (if any) received through their life insurance policy claim (maturity or death benefit). This exemption is also applicable for the returns earned from a ULIP and available on all forms of life insurance policy claims.

Under Section 80C, an individual can claim maximum deduction of up to Rs 1.5 lakh from the taxable income on account of premium paid towards life insurance for self, spouse or children.

The need of a life insurance plan should be evaluated by considering how many dependants a person currently has and is expected to have going forward.
A life insurance plan starts making sense if the person has at least 1 dependant but exponentially increases in value with each additional dependant. Moreover, life policies offer several benefits and is a flexible instrument. Some of these include the flexibility of adding riders for greater coverage or withdrawing part of the accumulated corpus to meet expenses such as children’s education or wedding.

The maturity benefits primarily depend on the premium paid during the policy term. This amount depends on several factors such as lifestyle, spending habits, income, expenses, and debt obligations. It is recommended to have coverage which is at least eight to ten times of an individual's annual income.

A grace period of up to 30 days is available from the premium due date. If the payment is not done within this period, the policy becomes defunct and all benefits are lost. Once the policy is frozen, the policy holder will need to pay the revival premium in order to restart the coverage.

The policy term offered by most life insurers ranges from 5 years to 40 years. One should always opt for a policy term depending on their retirement age. In India, 60 years is the general age of retirement. If a term insurance policy is bought till 60 years, by that age the financial liabilities and responsibilities will be cleared. An individual can also opt for life cover for up to 99 years age, if they have many dependents and would like to cover them for a complete life span.

It is always advisable to have a separate health insurance policy apart from the cover provided by the employer. There could be change in jobs or the new employer may not provide with the same benefits, or the health insurance cover provided by the employer might not be sufficient. An individual plan ensures you are sufficiently insured even when you are in and out of jobs, or decide to take a break from working.

Health insurance offers tax benefits on the premium amount paid. The health insurance premium is tax-deductible under various sections of the Indian Income Tax Act. That means, the amount paid as a premium for an individual's health insurance coverage can be deducted from the taxable income (subject to certain limits). Refer to the below table,

Under Section 80D, an individual can get tax benefits on premiums paid in any mode, other than cash, towards health insurance policies taken for self, your spouse, dependent children and parents. The maximum tax benefits under Section 80D are as follows:
- Tax benefit on premium paid up to Rs. 25,000 for self, spouse or dependent children (Limit is Rs. 50,000 if the age of insured is 60 years old or more)
- There is an additional tax benefit on health insurance premium paid up to Rs. 25,000 for covering parents (Limit is Rs. 50,000 if the age of insured is 60 years or more).

Several insurance companies might offer health insurance plans that cover pre-existing diseases but may come with a waiting period. Please note that this benefit can vary between insurance companies. It is prudent to read the terms and conditions carefully before finalising the plan.

Cashless claim in health insurance is a mode of claim settlement where the policy holder does not have to pay cash for treatment and the settlement of the bills is taken care of directly between the hospital and the insurance company.

Tax deduction under Section 80DD of the Income Tax Act can be claimed by individuals who are residents of India and HUFs for the medical treatment of a dependant with disability(ies) or differently abled. The deduction amount will also cover insurance premium paid towards specific insurance plans designed for a disabled dependant.

Section 80DDB provides if an individual or an HUF has incurred medical expenses for treatment of specified disease or ailment. Such expense is allowed as deduction, subject to such conditions and capped at an amount as specified, under Section 80DDB of Income Tax Act.
Section 80DDB specifies the following medical ailments and diseases for which tax deductions can be availed:

Diseases that are neurological in nature such as:
Ataxia
Dementia
Aphasia
Dystonia Musculo rum Deformans
Hemiballismus
Parkinson's Disease
Chorea
Motor Neuron Disease
Chronic Renal Failure
Malignant Cancers
Hematological Disorders such as:
Thalassemia
Hemophilia
Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)

Health insurance will either pay an individual's hospital bills directly if opted for the cashless facility or it will reimburse any payment made by the individual towards medical expenses incurred due to an illness or injury.

While the eligibility age for health insurance policies differs, the general eligibility age for adults ranges between 18 years up to 65 years. The eligibility age for children lies between 90 days up to 18 years.

Yes. An individual can gain coverage for self, spouse, children, dependent parents, and multiple other relationships such as parents-in-law, siblings, and others if the plan allows.

An individual can buy Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, Personal Accident Insurance Plan, Top-up, Super Top up.

Health insurance benefits differ from policy to policy. However, basic health insurance benefits include cover for an inpatient hospitalization, pre & post hospitalization, daycare procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses, and more.

A pre-existing disease is an ailment, injury, or disease that the insured individual is already affected with, when purchasing a health insurance policy. Conditions like depression, anxiety, sleep apnea, diabetes, etc. are considered as pre-existing diseases in health insurance.

Yes, the Insurance Regulatory and Development Authority of India (IRDAI) had issued a circular in which the insurance companies were directed to allow the insured to transfer one health insurance plan to another or one insurance company to another without making the insured lose on any accumulated benefits like renewal credits for pre-existing diseases. This can be due to better quotes with another insurance company, better services, coverage for more healthcare expenses with a different insurer, etc.

All insurance policies have a free-look period. The insured will be allowed a period of 15 days (or 30 days) from the date of the policy issued to review the terms and condition of the policy and return if not accepted. If the insured has not made any claim during the free look period, then he shall be entitled to a refund of the premium paid less any expenses incurred by the insurer on medical examination of the insured persons and the stamp duty charges.

The "Insured" is the person who is covered/ protected by a type of insurance. A person who contracts for an insurance policy that indemnifies him against loss of property or life or health etc.

A person who receives the benefit in case of death of the insured person is called a nominee. The insured person chooses or nominates his/her nominee at the time of buying the life insurance policy. Nominee is usually the spouse, children or parents. The insured person can nominate one or more person as his/her nominee.

An individual can claim tax benefits for a Pension Plan under Section 80CCC if he has paid premiums. They will receive a pension from a fund referred to in Section 10(23AAB). A deduction of up to Rs. 1,00,000 on the total annual income is applicable.

As per section 10(10A), any commuted pension, i.e., accumulated pension in lieu of monthly pension received by a government employee, is fully exempt from tax. Exemption is available only in respect of commuted pension and not in respect of un-commuted, i.e., monthly pension.

Smallcases are the easiest way to buy & manage multiple portfolios of stocks/ETFs. Here are a few reason why you can opt to invest in smallcases through Moneyfy: 

• • Simple & versatile: smallcases are based on relatable ideas and strategies which are easy to understand.

• • Diversified: Investing in multiple stocks protects you against volatility in a specific stock, making smallcases less riskier. With ETFs, you can also diversify your investment between different asset classes.

Managed by experts: smallcases are created and managed by SEBI registered professionals.

• • No Lock-Ins & Full Control: You have full ownership on your smallcases. There are no lock-ins. Also, you can add/remove stocks anytime.

Here are a few reasons that make smallcases unique:

1. 1. Easy to use:

• • Buy/sell multiple stocks in 1 click — Place orders for up to 50 stocks in a single click and save time.

• • Easy tracking & managing — Track your investment's performance with a simple index value, inclusive of corp. actions & dividends.

• • No lock-in period — Exit a smallcase anytime. Similar to stocks, smallcases are transacted in real-time. No more waiting for your own money.

1. 2. Easy to understand

• • Unique relatable ideas — You don’t need to be an expert to invest in smallcases. Each smallcase is based on a simple theme, strategy or objective.

• • Transparent — Invest in what you believe and see where your money is invested at all times. No hidden charges or movement.

• • Backed by research — smallcases are well-researched portfolios, created and managed by India’s leading SEBI-registered professionals.

1. 3. Complete Control

• • Ownership — You enjoy complete ownership of underlying stocks that are held in your Demat account, just like individual stocks.

• • Dividends & Other corporate actions — Get dividends directly in your bank account. As a shareholder, you enjoy all benefits from the company’s actions.

A Debit Card allows one to withdraw money directly from the Bank 
account deposits.
A Credit Card, on the other hand, is similar to a short-term loan from the card issuer that allows one to make payments orwithdraw cash. 
Rather than repaying this short-term loan on a regular basis,the total credit card spending is combined into a single bill at the end of the billing cycle

Credit cards can be broadly divided into two categories:
Standard Credit Cards – Plain credit cards with basic features and no annual fees.
Specialized Credit Cards – Credit cards that are designed especially to cater specific needs of the cardholder. These cards offer various privileges on dining, fuel, lifestyle, travel, etc.

No, credit card offerings are brought to you by third party entities at their sole discretion. Moneyfy acts only as a referer by displaying features and the card provider has the final say in the approval of the application

Eligibility for a credit card is as per the internal policy of the credit card provider. User is required to fill the application form with details required by the credit card provider to ascertain the eligibility.

Timeline may vary for different card provider's and it can range between 10 to 30 days from the application date to receiving the card, if approved.

This process is different for different card providers.

Step 1 : Login to Moneyfy App

Step 2 : Click on Loans and Cards

Step 3: Go to Cards 

Step 4: Select the card you want to apply for

Step 5: Proceed with the application based on the instructions on the screen

Step 6: Complete your details

Step 7: You will be assisted by the card provider on the further process

Account Balance is one's total amount due as of the statement date, which includes any unpaid balances, new purchases, cash advances apart from other charges such as fees and charges.
Minimum Amount due is the minimum one must pay and the date by which it needs to be paid, to keep your account current. Payments must always be received by the card company on or before the due date to ensure a good credit history. It is a good idea to always try and pay back the full amount before the due date to avoid interest and other charges. One should refer to their credit card provider's terms and conditions.

APR stands for Annual Percentage Rate. It is essentially the interest rate charged on a credit card balance expressed as a yearly rate. (To determine what one will be charged in a given month, divide APR by 12.) This rate is applicable only when an outstanding balance is present.

When a credit card bill is not paid in full, or if any cash were drawn from the card account, it would attract charges including interest calculated from the date of the transaction until the date of settlement. One must refer the card provider's terms and conditions for the exact details.

Annual fees are common among credit cards and depends on the type of card. However, there are plenty of credit cards, including rewards credit cards, that may not charge an annual fee.

If one uses their credit card responsibly, they can help establish a solid payment history and improve credit profile. To build a good credit score, one should ensure to pay all your monthly bills on-time and, whenever possible, in full.

The grace period is the number of days one has to pay the bill in full without being charged any interest. For example, the credit card company may say that you have "25 days from the statement date, provided you paid your previous balance in full by the due date." 

A credit report is based on your credit history. It depends on factors like whether or not you have paid your loan EMI or credit card bills on time. This information, gathered from banks and other creditors, includes monthly Credit Card and loan repayment information. A credit score helps predict how creditworthy one is - how likely it is that one would repay a loan and make payments when due.

One can apply for most credit cards online. Generally, one will be asked to furnish the following information as part of the application:

Name

Address

PAN number

Telephone number

Employment status

Employer name

Annual income

Applicants may learn if they’ve been approved for the credit card shortly after they submit the information 

Note: Most credit card applications will generate a hard inquiry on one's credit report and too many credit card applications  in a short period of time  can lead to multiple inquiries that inturn can temporarily lower one's credit score.

• Higher returns – Enjoy higher returns than Bank FDs through Corporate FDs
• Flexibility – Choose Corporate FDs as per preference from a variety of tenures and interest pay out options such as monthly, quarterly, half-yearly, yearly and cumulative!
• Liquidity – Enjoy better liquidity with Corporate FDs with options for premature withdrawal with a minor cut in returns.
• Premature Withdrawals – Opting for premature withdrawal in FD means depositors can withdraw their amount and close the account before the term ends.
• Safety – Company deposits are carefully inspected by credit rating agencies. These agencies check whether such FDs are safe and stable.

• Credit Rating: Opt for higher-rated corporate FDs based on its credit rating which indicates the underlying risk of the company.
• Company Background: Assess a company’s business viability by referring to its Financial Statements, Management Discussion, and Analysis (MD & A).
• Repayment History: Companies’ repayment history helps to determine the company’s credit score, credibility, and stability.
• Risk profile: Make sure that the company chosen for investing is financially healthy and helps rule out any default risk during the fixed deposit period.
• Terms of FD: A cumulative scheme could be better than a regular income option as the interest earned gets invested in other avenues. At the end of the day, you will have a lump-sum amount in your hands. But not if you’re looking for a regular income from the FD.

• Cumulative scheme deposit: The interest is reinvested every year until maturity. This option gives an individual the benefit of compound interest for wealth creation.
• Non-cumulative scheme deposit: An individual can opt for a monthly, quarterly, half -yearly or yearly interest pay-out. The scheme will be convenient for pensioners or anyone who require a periodical interest payment.

• Yes. A deposit in the name of minor can be made, provided such minor is represented by his natural or legal guardian and the application form for the deposit is signed by the natural/legal guardian, on behalf of the minor. All communication in relation to the deposit shall be addressed to the guardian.

Cumulative as well as non-cumulative schemes are available for deposits.

• Yes. A copy of the Power of Attorney is to be obtained and filled by the depositor.

• Yes, most corporate FDs offer senior citizens higher rate of interest on their fixed deposit accounts.
• Senior citizens are liable to get this benefit even if they open a fixed deposit account with a co-applicant who is not a senior citizen.

• TDS (Tax Deduction at Source) is not applicable to the interest earned up to Rs. 5,000 to 10,000 (depending on the financial institution).
• If the investor’s total income is lower than the taxable limit, they can furnish Form 15G/15H at the time of opening a FD account to avoid tax deduction.

• Yes. Keeping the unforeseen circumstances in mind, the banks and other financial institutions offer nomination facility to the depositor.
• If the depositor dies, the nominee can lay claim to the fixed deposit amount on maturity. This can, however, vary on the basis of mode of holding.