What is Pradhan Mantri Jan Arogya Abhiyaan?

Yesterday India celebrated its 72nd Independence day. The Prime Minister, Narendra Modi unfurled the national flag at Red Fort and addressed the country for the fifth and last time this tenure. He mentioned about how his initiatives on Clean India, Pradhan Mantri Fasal Bima Yojna, Mudra Loans and GST have been successful in moving India forward. Keeping this in mind, his government now has shifted its focus on “Health For All”.  

The Pradhan Mantri Jan Arogya Abhiyan (Ayushman Bharat) is a new large scale health insurance initiative which aims to benefit many rural citizens of India. This scheme will be launched on September 25th, 2018 which also happens to be the birth anniversary of Pandit Deendayal Upadhyay.  With this scheme, coverage of 5 lakhs will be provided per family annually which benefits many of the poor Indians in the rural and semi urban areas. According to the latest Socio-economic caste census data, there are around 50 crore people who will benefit from this scheme.

 Why is this scheme needed?

Our PM rightly mentions that in poor families, when someone falls sick, it hurts the balance of the entire family’s income and savings. Hence this scheme will aim on such families and reduce their burden as much as possible.

What is covered?

According to a study by the Public Health Foundation of India in May 2018, Indians pay more than three fourths of the total healthcare costs all by themselves.  Due to this, many are pushed below the poverty line. Hence more than 1000+ medical and surgical packages which fall under 25 specialties are covered.

These specialties include chemotherapy, neurosurgery, cardiology and many more. Out of the few benefits, fees such as consultation fees, medicines, diagnostic tests, food for patients, basic hospitalization expenses will be covered. This scheme will be implemented by a joint effort of central, state and district level.   

Who has signed up for this?

For the first stage, Manipur, Himachal Pradesh, Nagaland, Andhra Pradesh, Haryana, Daman and Diu, West Bengal, Chattisgarh, Uttarakhand and Chandigarh. This program will be tested on these states and union territories. Slowly, the whole of India shall be covered. If a state wishes to opt out of this, they can do so. Currently only Odisha has opted out of this scheme.

Overall, this scheme which is also referred to as “Modicare” does look promising and if executed well can shape healthcare in India. With access to such quality healthcare, the country will now be able to work on its way of progress.

Launch event of Wonder Home Finance

Wonder Home Finance in India– The Solution to efficient Home Loans

The word “Loan” plays a huge part in more than 60% of a middle-class Indian’s life. A home finance loan in India is one such product.

Whenever you want to opt for a home loan to purchase a new home, renovate the old home, or invest in an under-construction property, the main concern we have is toward the correct lender.

With the best deals in the “Home Finance in India” market being offered by every lender, it is a tough choice for the average customer to make. Hence we must place more emphasis on finding that correct lender which can solve all of your problems.

Wonder Home Finance event unveiling

Hence keeping the needs of the customer as the highest preference, RK Group has ventured into the Home Finance in India business by launching “Wonder Home Finance Ltd.” under a license received from the National Housing Bank.

With this, Wonder Home Finance can now help customers in purchasing their dream homes. They will commence their business by setting up 29 new branches across the state of Rajasthan. Post that, they will begin operations in Gujarat, Maharashtra, and Madhya Pradesh till the end of this financial year 2018-19.

The main panel discussion during the Wonder Home Finance event

RK group has been in the industry for a very long time and hence they will use their name and history to their advantage to gain customers. Their work is in line with the Pradhan MantriAwasYojana where they aim to provide finance to lower and middle-class segments of the society in semi-urban and rural areas.

You can also read: NCPI – Helping India with Digital Payments

The launch was held in Jaipur in a press conference with the media where Shri. Ashok Patni, Chairman of the RK Groupmentioned about their plans to deliver the best services to their customers and give them a good experience.

This home finance group also supports the vision of the government of “Housing for all by 2022”.

The main speakers at the Wonder Home Finance event

Sanjay Singh Rajawat the CEO and Director of WHFL mentioned their aim of maintaining a customer-friendly process. They aim to expand their services in the neighboring states near Rajasthan and soon all over India. They believe that the process of getting your dream home is tough and hence they would be with the customers on each step of the process to make it simple for them.

Raunak Singh Mohnot, CFO, Head – Strategy & Marketing of WHFL in his speech mentioned about the confidence they have with their brand and how soon their customer-centric approach would take them way ahead in this business.

Overall, purchasing a home is not an easy task.

The same can also be said about choosing your lender. WHFL can solve both these problems as they not only have a user-friendly process but also help you every step of the process in order to ensure that you get your dream home quickly.

The whole WHF team at the Wonder Home Finance event

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Home loan in India

Getting a Home Loan with Bad credit score?

Today, in order to avail of any loan whether it is secured or unsecured, you need a good credit score. Maintaining a good credit history is important for everyone. This helps in getting a good interest rate and possible waivers on many fees and penalties from the lender. This also applies in the case of a home loan.

Taking a home loan in India is a long term relationship for the borrower with the lender. If the person has a bad credit score, he/she might either not get a loan or might have to accept the loan at a higher rate of interest. This means there is a possibility of rejection to get a loan or paying higher EMI’s. In order to ensure this doesn’t happen, allow me to explain using 4 simple steps on how you can come out of this situation and get your home loan approved quickly;

Check your credit score – You need to understand your current credit score. Hence apply for a credit report and know your score. This helps you to understand your current condition and help you in planning to improve your score for future benefits.

This will be the first step in getting the best deal on Home loans.

Improve your credit score – After you make a plan, be disciplined and follow it. This will ensure that the credit score is improving within the planned tenure. You can opt for a credit card and a personal loan for help. Pay the bills and EMI’s on time without any default. Over a period of 6-12 months, this will help you increase your credit score.

Check for different lenders – There are many lenders in the market apart from the Banks like NBFC’s that provide you loans with average or bad credit scores. You need to understand that the rate of interest would be higher than other lenders but there is a possibility of getting a loan.

Correct documentation – Once you finalize on a lender and agree with all the terms and conditions mentioned in the loan application, keep all the necessary documents like income, personal details, property documents, etc ready to ensure the loan process goes through in a smooth way.

The importance of maintaining a good financial profile is needed for every person.

This can help you save money and get a loan approved quickly at a lower rate. Please ensure you read the terms and conditions in the loan agreement. Only after understanding them, sign it.


Can I get 100% home loan?

No, you cannot get a 100% home loan since the RBI passed a mandate. But you can get anywhere between 80-90% of the property’s value as the home loan amount. So all you need to do is save up to 20% of the property’s value!

Can I get a mortgage with a poor credit score?

No. If your credit score is below 650 it is difficult to get your loan application approved. If your CIBIL score is low then all you have to do is pay your dues on time and be a responsible citizen. Over time, your credit score will increase.

What kind of credit score do you need to buy a house?

In a country like India, any score above 750 is considered to be good to buy a house. If it’s low, then you might get the home loan at the highest interest rates. A higher credit score (above 800) will give you the lowest interest rates!

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Closing credit card and bank account isn't good

Why closing your old Bank account/Credit card is bad!

Financial knowledge is the need of the hour for all. It’s our duty to check current events in the market. As compared to the past decade, we’ve been pumping more money in the mutual fund market.

People now understand the importance of SIP (Systematic Investment Plan) and its benefits after 3-5 years.

Many want to invest in the stock market for a longer period and many want to invest in real estate. We now understand the importance of life and medical insurance.

Hence the average person today is informed, actively looks for more investment options and ways to strengthen their financial profile. We might consider closing our old accounts and credit cards that are not being used today.

Let me tell you why closing Bank account/credit card is a bad choice.

Your credit score is calculated for a long time and takes time to improve or fall. This credit score includes the history of all the loans you took using old accounts and credit cards. When you plan to close your old account or credit card, you need to understand that your credit score will reduce. Yes, on account closure, your credit history is wiped out. Hence if you had a good score, that will fall and you will have to begin building your score from scratch.

The same applies to your old credit card. If you close your old credit card because the new one has better benefits etc then the credit history attached to that card will be wiped out. Hence it’s very important to use and maintain your old accounts in case you plan to take a new loan/debt. In conclusion, I’d like to tell you that it’s best to think wisely, pay your bills due, pay loan EMI’s without defaulting and that will help you maintain a strong financial profile.

So we hope that after reading all these points, you won’t be closing Bank account/credit card anytime soon.

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Best Credit Score improving tips in 2020

How a Credit Card and Personal Loan can improve your Credit Score

It’s 2018 and everyone here in India is finally showing a lot of interest in the financial markets. Yes, there is a steady rise in investments by domestic investors. Who knew that investing in mutual funds can also give us good returns like fixed and recurring deposits do.

How Informed is today’s investor about credit score?

The average investor today is well informed about the current trends. Gone were the days when we listened to where Mr.Sharma or Mr.Verma were investing and followed them like sheep. Today, a customer knows what his /her financial goals are. They know what a “SIP” stands for and also know the importance of Insurance. “Kitna Deti Hai?” is what a customer today will ask not only to know the mileage of a car but also to understand the returns a mutual fund provides.

Credit score helps you get loans at lowest interest rates

Importance of Credit Score:

There is something else that also needs our immediate attention i.e. CREDIT SCORE. Yes, you must be seeing the term “credit score” almost everywhere online. A credit score helps the Banks and NBFC’s in the market to understand the creditworthiness of a person. The scores range from 300-900. The mantra here is “Higher the better”. In India, any score above 750+ is considered to be a good credit score.

How can you increase your credit score?

Firstly, your credit score takes time to build up and hence a person with at least 6 months of credit history can find out his/her credit rating. You can avail of the services of a credit card or a personal loan.

Using a credit card with a lower utilization ratio and paying off the bills on time completely can increase your credit score with time.

When you take a personal loan and repay the EMI’s on time without defaulting even once, it is considered as disciplined borrowing by the lender.

Improve credit score in 2020 with these tips

It is very important to have a good credit score today as a score above 800 shows that you are a disciplined borrower. The lenders can provide you loans at a lower rate of interest. There is also a possibility that they might waive off certain fees like processing charges and prepayment penalties.

But if your score is lower than 700, it can get tough to get a loan from any Bank/NBFC as you are not credible as per the lender. A low score means that you might default on payments or might not be able to repay off the loan. Hence in these cases, the lender will impose a high rate of interest on your loan.

Hence, be wise and save yourself from this trouble. Use a credit card wisely and pay off your loans on time. This will help you in the present and also in the future.

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