Need 7lakhs in next year Nov
- Thread starter Sayan_D
- Start date
zacobite
KF Mentor
personal loan
gold loan
top up home loan
*25k p.m. in market in stable / safe fund or RD in. SFB for next 15 months - rest can be loan - BEST OPTION DIFFICULT BUT MOST PREFFERED*
Loan against PF
Loan against securities or MFs
last and most risky expensive option if u default - loan on credit card
@ShavirB @nikhilchauhan how do we mark Solutions??
Last edited:
Hmmmmm thank you for all the suggestionspersonal loan
gold loan
top up home loan
*25k p.m. in market in stable / safe fund or RD in. SFB for next 15 months - rest can be loan - BEST OPTION DIFFICULT BUT MOST PREFFERED*
Loan against PF
Loan against securities or MFs
last and most risky expensive option if u default - loan on credit card
@ShavirB @nikhilchauhan how do we mark Solutions??
Thinking about buying gold with cheap making charges as we need gold in marriage so we can give the required gold just the making charge is to be given and rest gold we can liquidate…
zacobite
KF Mentor
so you already have the money to buy gold? then i don't understand your Q
if you already have the moneyNo noso you already have the money to buy gold? then i don't understand your Q
you got me wrong, i am saying monthly buying gold as the price is little low now
zacobite
KF Mentor
Not a great option.. Pls plan hw much gold u will need and buy only that much. rest stay out of gold.. buying and liquidation u lose lots of money and gold price will go up over nxt 6 months... its already up not downNo no
Okay thanks brotherNot a great option.. Pls plan hw much gold u will need and buy only that much. rest stay out of gold.. buying and liquidation u lose lots of money and gold price will go up over nxt 6 months... its already up not down
zacobite
KF Mentor
best of luck for the marriage..all. will be well...Okay thanks brother
_rohitsoni
KF Expert
Hey, As you need funds in 14 months, you have to use FD and RDs to get to that amount. Don't invest in markets, its not for the short term gain. Make your mind to save as much as possible because of low duration the interest portion will not be very much.
Considering a term of 31st August 2024 to 31st October 2025 (14 months), RD of 30k in any reputable bank (IndusInd is giving 7.75% for 12 months and Kotak @7.10%) will give 3.75 lakhs approx. for 12 months and adding the same contribution for 13th and 14th month you will have 4.35L.
Commit to RD the max amount which you can invest even in your bad months (when expenses are more). Then at the end of each month, if there's any surplus just create a FD for the appropriate duration.
Dedicate your full bonus or any salary increment to this also.
You might have to take a loan of ~2L at the end if you didn't get any bonus/salary increment or you couldn't save more than Rs. 49,000 per month (highly unlikely if you live separately from family or have other commitments.
Best Case Scenario - 49k RD for 12 months + 49k each for last 2 months -> 7.10L
Second Choice - 30k RD for 12 months + 30k each for last 2 months + 70k bonus -> 5.05L
Pro tips - If you have any elders in the house, open an account on their name and get 0.5% extra return for Senior Citizens. Second, if you have any non-earning members in family, open these FD/RD on their name to save full tax on interest income.
Considering a term of 31st August 2024 to 31st October 2025 (14 months), RD of 30k in any reputable bank (IndusInd is giving 7.75% for 12 months and Kotak @7.10%) will give 3.75 lakhs approx. for 12 months and adding the same contribution for 13th and 14th month you will have 4.35L.
Commit to RD the max amount which you can invest even in your bad months (when expenses are more). Then at the end of each month, if there's any surplus just create a FD for the appropriate duration.
Dedicate your full bonus or any salary increment to this also.
You might have to take a loan of ~2L at the end if you didn't get any bonus/salary increment or you couldn't save more than Rs. 49,000 per month (highly unlikely if you live separately from family or have other commitments.
Best Case Scenario - 49k RD for 12 months + 49k each for last 2 months -> 7.10L
Second Choice - 30k RD for 12 months + 30k each for last 2 months + 70k bonus -> 5.05L
Pro tips - If you have any elders in the house, open an account on their name and get 0.5% extra return for Senior Citizens. Second, if you have any non-earning members in family, open these FD/RD on their name to save full tax on interest income.
zacobite
KF Mentor
nicely done!!
arvindfinloan
KF Rookie
a personal loan
Thank you so much!!
arvindfinloan
KF Rookie
and after FD/ RD gets matured then take a personal loan which is probably 15lac (in case of maximum loan amount)+ acco. to ur salary at that time may vary higher amount, then total amount will have been abt (7L + 15L = 22L approx )
