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How to Have the Perfect Wedding Day

Your wedding day is considered as the most important day of your life, and planning the event is an overwhelming experience. Though the stress associated with planning a wedding ceremony is huge, you want the event to go as smoothly as possible.

Following are six tips to ensure you and your guests have a fun-filled and memorable day.

1. Plan well in advance

Planning for the big day is no ordinary task. There are numerous aspects that need to be taken into consideration, including the booking of the venue, selection of the caterers, purchase of jewelry and bridal apparel, besides many others. Generally, bookings for the best venues are done well in advance, so you need to plan before. You may borrow a wedding loan to cover all the wedding related expenses.

2. Have a themed wedding

Having a themed wedding adds to the glamour and the excitement of the ceremony. You may pick a theme based on your interests as there the list of themes is endless. This will ensure that you create unique memories of your love marriage that you or your guests will never forget.

Additional Read- 7 Trendy & Creative Ideas to Include in Your Wedding in 2022

3. Spend only how much you are able to afford

Though weddings are probably a once in a lifetime events, it is important to stay mindful of your spending. You may explore the option of borrowing a personal loan to finance your wedding. By availing of such a loan, you do not need to spend your lifetime savings. Besides, such loans have regular installments and hence you may pay back over a period of time, without any strain on your finances. Nowadays, many financial institutes offer affordable personal loan interest rates, along with a host of benefits.

4. Have proper lightning and room temperature

Though this may sound trivial, having proper lighting sets the mood for a wedding. If you want your guests to come on the dance floor, ensure that you have dim lighting. As far as the room temperature is concerned, ensure that the room is neither too hot nor too cold.

5. Ensure that your guests are comfortable

Your families and friends have joined you to celebrate your big day, and hence it becomes your responsibility to make sure they are having a great time. Make sure they are comfortable and are enjoying themselves. Your close friends and family may also help you in this task.

Additional Read- Planning a Wedding Abroad? Check Out the List of Things You Need to Consider

6. Eat, dance and make merry!

Though this need not be told, but the best way to have a memorable wedding is to participate in the celebrations. If you and your partner are dancing and enjoying yourselves, your guests will take cue from you and follow suit. This will create happy, unforgettable memories not only for you, but also for your guests. Whether you are planning your marriage vows or deciding on your guest list, you may take the aforementioned tips into consideration. By doing so, you will begin your journey of togetherness with a great start.

Unexpected Expenses That Arise During a Wedding

Money – it is one of the most important details to take into consideration while planning a wedding ceremony. It is important to budget your finances according to how much you are able to afford.

It may become a cumbersome task to stick to your budget given the numerous hidden costs that arise during a wedding. While the major wedding expenses include venue booking, catering, buying bridal apparel, and photography, there are certain costs that you may tend to overlook. Following is a list of seven unexpected expenses that you may forget about while allocating your wedding finances.

1. Postage

Once you have finalized the design of your wedding invitation cards and written them out, you will need to send them to your family and relatives residing away from your home. While the cost associated with posting a single invitation may not be a huge amount, the cumulative cost of sending out numerous invitations is definitely high. In order to fund such expenses, you may borrow a marriage loan.

2. Beauty treatments

Every bride wishes to look her best on the big day. Though you may have kept aside a certain amount of money for your makeup and professional hair styling for your wedding day, you have to keep in mind the expenses associated with any pre-wedding beauty treatments. This includes getting a manicure, pedicure, massage, or any other beauty treatment.

Additional Read- Hidden Wedding Expenses That You Should Keep in Mind While Taking a Marriage Loan

3. Stationary

You may wonder what stationary is required for a wedding celebration. Well, place cards, menu cards, or save-the-date cards, besides others, may eat into your budget. Though you cannot eliminate this cost, you may allocate a certain part of your budget on such needs.

4. Bachelorette or bachelor’s party

Though your friends are expected to fund your bachelorette or bachelor’s party, you may end up paying, especially if you are the one insisting on having a party. You may borrow a wedding loan and utilize a part of it to fund you bachelorette or bachelor’s party.

Additional Read- How Personal Loans for Weddings Can Help Your Investment Goals

5. Goodies

This may not necessarily be required, but you would definitely love to present your guests with welcome bags or goodie bags. You may also provide a personalized touch to these goodies through a handwritten note by both you and your partner, along with other necessities like the schedule of events.

It is imperative to keep the aforementioned expenses in mind while deciding on your budget. You may borrow a personal loan and utilize it to cover any expenses that may arise. By borrowing such a loan, you may obtain the necessary funds to have a fun-filled and memorable wedding. You may borrow an amount based on how much you are able to repay. Many financial institutions offer personal loan at the affordable rates. You may borrow a loan and have the wedding you have always dreamt of.

Tips and Tricks to Have a Memorable Wedding Day

The day you get married is probably the most memorable day in your life. Every couple wishes that the wedding ceremony goes as smoothly as possible. The memories made on this day last a lifetime.

After months of tirelessly planning, the day of celebrating your love marriage is finally approaching. Following are five tips you may keep in mind to enhance the experience for both you and your guests.

1. Have a guestbook

A great way for modern day couples to involve their guests in their marriage ceremony is by asking them to pen down a few lines in a guestbook. This is a great way to look back and remember your friends and family who were a part of your big day. You may add a personalized touch to this idea based on your preference e.g. If you and you partner love to travel, you may keep a globe as a guestbook.

2. Arrange for disposable cameras

Another way to keep the memories of your wedding day fresh is by arranging Polaroid cameras. You may create a photo station with these disposable cameras so that your family and friends may snap some happy pictures. To give this idea a personalized touch, you may provide some pens, so that they may leave a small note just for you! You may meet these expenses by borrowing a wedding loan, and thus have a fun-filled wedding without any financial difficulties.

Additional Read- Popular Wedding Themes to Inspire Your Dream Wedding in 2021

3. Keep the wedding favors ready

Wedding favors are the perfect keepsakes, and are a symbol of gratitude by the couple towards those who have attended the wedding. Deciding on the perfect wedding favor may sometimes be an overwhelming task. You may opt for one based on the theme and the color of the wedding.

4. Show a video of your love story

Every couple has a unique love story. What better way to show the journey of your love than through a video. You may include pictures from your childhood, the day you met, to the vacations you took together, and many others. Taking a trip down the memory lane will certainly bring some happy tears.

Additional Read- 7 Trendy & Creative Ideas to Include in Your Wedding in 2022

5. Give a thank you speech with your partner

All along your journey of life, there have been people who have supported you through your ups and downs. You should take your wedding day as an opportunity to thank those close friends and family members have been your pillars of strength.

If financial constraints are holding you back, you may opt for a personal loan to fund your wedding expenses. Many banks and Non-Banking Financial Companies (NBFCs) offer such loans at attractive terms. A loan has its own benefits, including low personal loan interest rates, which indicates that you will have to repay a lesser amount towards your installments. Meeting your wedding expenses through a personal loan will ensure that you may have your dream wedding without utilizing your lifetime savings and instead pay through regular installments.

Looking to finance a Property? Here is How GST Will Impact Real Estate

Buying a property is a big decision for everyone. And given the high cost of real estate these days, it’s even tougher now to imagine buying a property without taking any home loan.

Interestingly, the government is taking multiple steps to ensure that property prices attain reasonable levels so as to help property buyers. GST is also expected to help in this vision indirectly.

Let’s see how the recent implementation of GST is going to impact Real Estate in future

For under-construction properties, buyers have been paying VAT as well as service tax till now. While VAT was a state levy and its rate differed from one state to other, service tax was a central tax (@15%).

Earlier, the developer had to pay several taxes on the procurement side like Customs duty, Central Sales Tax, excise duty, entry tax, etc. Post GST, these will be rolled into one single GST. This is expected to bring down the actual project costs for the developers. For developers, the actual tax effect will be lower than the existing one mainly due to the input tax credit on raw materials that builders get against payment of taxes on inputs like steel and cement. Consequently, the prices of homes too should ideally come down if the developer decides to pass on the benefits of reduced costs to the buyer.

So as you see, there is a reasonable chance that implementation of GST would help your case. The property prices are expected to fall a little (if developers pass on the benefits) or stay stable (if not). Suppose earlier you were getting a flat for Rs 70 lac, it’s possible that it might now be available at Rs 65-67 lacs. Assuming you take a loan of 80% on this, your total savings on interest paid (in addition to upfront savings of Rs 3-5 lac on reduced cost) would be about Rs 3-4 lacs). So GST has actually come like a blessing in disguise for property buyers like you should not wait to make the purchase with the help of home loan soon.

Impact of GST on Mutual Funds, Insurances, Stocks and Loans

The country switched to GST on 1st July 2017. And in the financial space, this is currently the single biggest topic of discussion today.

GST is replacing several taxes. But it will continue to have an effect in our daily lives. So let’s see how GST impact various financial products.

Broadly speaking, the service tax rate on almost all banking, insurance and capital market transactions has increased to 18% from the earlier 15%.

Impact on Mutual Funds

As there is a rise in tax rate, the total expense ratio of the mutual fund would go up slightly. Expense ratio is the annual fee that mutual fund companies collect from investors and its expressed as a percentage of assets and deducted each fiscal year (for costs that include but at not limited to fund management fees, administrative fees, operating costs, etc.)

But the total expense ratio will remain within the prudential expense limits specified by SEBI.

Impact on Stock Trading

When you buy stocks, you need to pay brokerage. Now the taxes on brokerage will go up after GST implementation. But since the brokerage component itself is a very small portion of the overall transaction value, it won’t hurt the retail investors much.

Impact on Insurance Premiums

The overall premiums for all kinds of insurances would go up as tax rates have increased from 15% to 18% after GST.

Impact on Loans

When you borrow money in form of personal loan, housing loan or business loans from the lenders, there is a loan processing fees. Generally around 1-2% of the loan amount plus taxes. Since taxes have gone up, the processing fee (inclusive of revised taxes) would go up too.

So let’s say you took a loan of Rs 10 lac for which the processing fee was 1%, i.e. Rs 10,000. Now this processing fee earlier would have attracted a tax of 15%, i.e. Rs 1500. But now, this has gone up to 18%, i.e. Rs 1800. As you can see, the impact of GST for retail customers is marginal at best. So slight increase in tax rates shouldn’t be a deciding factor for your financial decisions.

How to Save Lakhs After Financing Your Property After GST Implementation?

Sometime back, India witnessed the historic implementation of GST. It is expected to be one of the game changer steps for the Indian economy in the long run.

Though a lot of people are confused about its pros and cons, it is also true that it has come like a blessing for many people, especially property buyers.

Additional Read: All You Need to Know About Tax Deduction Under Section 80C

Property prices are expected to cool off a bit after GST implementation. Earlier, the builders had to pay several taxes like Customs duty, Central Sales Tax, excise duty, entry tax, etc. Under GST regime, all these will be rolled into one single tax. The actual tax effect is also expected to be much lower than mainly due to the input tax credit on raw materials that builders get against payment of taxes on inputs like steel and cement.

So there is a clear possibility that property prices might cool off at several locations by 3% to even 10%. Now lets see the kind of savings that you can make due to this.

Lets assume that you were planning to purchase a house before-GST for Rs 75 lakh. Now after GST, the prices have come down by about 5-6% to about Rs 70 lakh. So that is a straight saving of Rs 5 lac.

Additional Read: All You Need To Know About Tax Benefits on Home Loan

Now you would be taking a home loan for this purchase. So assuming you bring in 20% down payment, the loan now would be of Rs 56 lac. On a 9.5% rate for a 20-year tenure, the total interest paid by you will be Rs 70 lac. Compare this with a loan of Rs 60 lakh, which you would have to take if it was for a pre-GST priced house. In that case, the total interest to be paid would be about Rs 75 lac. So that is again a saving of Rs 4 lac.

On a total basis, you have saved about Rs 9 lac (Rs 5 lac + Rs 4 lac).

So if you have been waiting to buy a house till now, it just might be the best time to do it with the help of a home loan. You will save several lakhs over the course of loan.

Growth Opportunities & Impact of GST on Small Businesses

There is no doubt that small businesses have been the unsung heroes of the Indian economy. From being a massive job creator to being the primary growth driver of the economy – that is what small businesses have been doing for decades.

But with GST, there are a lot of apprehensions about its impact on these small businesses. GST is already being hailed as a game changer for the economy and is expected to widen the taxpayer base and simplify taxation. Small businesses are expected to witness a complete transformation of the taxation system with the advent of GST.

Nevertheless, the whole idea of GST is to bring more and more small businesses to the mainstream. This of course has its own burden of compliance and associated costs to them. But in the long run, it will turn these small businesses more competitive and allow a level playing field between large organization and them.

Earlier small businesses used to face trouble with credit access, as lenders were not very willing to lend to those which were part of the unorganized sector. But with GST ensuring that even small businesses join the organized tax regime, it will improve lenders’ ability to assess customers’ creditworthiness due to wide availability of centralized data. This in turn will help lenders to extend business loans to these small business and fuel their growth plans.

But it is very important to understand here that all small businesses might not be able to make the switch to GST. Those who join the mainstream and utilize GST to its full potential will see their businesses grow by leaps and bounds. There will be value migration from the informal to the formal sector and the informal players will be losing out to the better prepared players of the formal sector. But this is where the growth opportunities lie for those small businesses which are ready to accept the change and partner with it.

Budget Tips for Your Wedding

If you have set your wedding date, chances are that you have also been planning every detail of your wedding. You may be hoping for an extravagant wedding with the most beautiful flowers, your dream venue, delicious food, and gorgeous decorations.

But, all of this becomes very expensive. So, you may avail a personal loan to fund all these expenses. To cut down on the cost of the wedding, use the budget tips given below:

1. Reduce expense on flowers

Flowers add beauty to any venue but are usually very expensive. To save money on flowers, you may opt to repurpose the flowers and floral arrangements for the different ceremonies that will form a part of your wedding. This will help you save a lot of money instead of ordering fresh flowers for every ceremony. Another way to save on the cost of flowers is to reduce the quantity. You may replace some flowers in the centerpiece with tea candles. This will make the ambiance more romantic and also reduce costs.

2. Hire young talent

Professional photographers cost a lot. To save on this expense, you may hire a young photographer. Now beware, check their previous work and have clear communication about what you expect the pictures to look like so that there is no confusion. This will reduce your wedding expense and the result would be cute and candid photos instead of stiff and forced shots.

Additional readPlanning a Wedding Abroad? Check Out the List of Things You Need to Consider

3. Off-peak wedding date

A huge portion of wedding budget goes in paying for the venue. You may have borrowed a marriage loan to meet this cost. However, you can considerably save on the venue if you choose an off-season date. Apart from this, Saturday night ceremonies are usually the most expensive. By opting for another time and day, you will save a lot of money.

4. Research standard prices

It often happens that quotes for the same service vary a lot. So it is best to educate yourself about the standard prices in the market by asking friends and relative who got married recently. It is also recommended that you ask at least three vendors before making a final decision.

5. Buy online

Now some important dresses like your wedding dress should be bought from a professional shop. However, you will save a lot of money by buying dresses and saris that are to be gifted, online. You may also look online for imitation jewelry to save a considerable amount of money.

Additional readWedding under 5 Lakhs: Tips for Planning a Wedding on a Budget

6. Don’t mention the ‘w’ word

As soon as anyone comes to know that you are purchasing things for a wedding, the price quoted may increase. So try to avoid telling the shopkeepers and vendors that you are buying for a wedding. Instead, stick to saying it is a normal celebration or party.

Your wedding is a joyous occasion and should be celebrated. To have your dream wedding you may avail of a personal loan to meet all the expenses. The memories that you will make will be cherished by you and your loved ones forever, so make the most of this magical day.

Negative Impact of GST

The Goods and Services Tax (GST) was rolled out on 1st July 2017. The transition from the previous tax regime has proceeded smoothly without any major impediments.

The GST has been launched to achieve a goal of “one nation one tax”. However, there have been some hurdles. Here are five negative impacts of GST after its implementation.

1. Movement of heavy vehicles

The new tax regime is causing some confusion and has resulted in the decline in the number of trucks moving from one state to another. However, in most states, octroi, sales tax, and other check posts have been removed after the roll out of GST. This has reduced the logistics and transportation costs for companies, thus providing excellent growth opportunities. Several companies now opt for a business loan to expand their operations to different states under the single tax regime.

2. Tax on sanitary napkins

One of the biggest criticisms against GST is the 18% tax that will now be levied on sanitary napkins. A huge impact of this tax would be on the majority of the female population of India.

3. Real estate prices

The implementation of GST may significantly affect the real estate market. Buyers will now have to pay an 18% tax on real estate services. As a result, the market for real estate is estimated to decrease after GST.

4. Service tax sector to become costlier

Before, GST was implemented service tax was levied at the rate of 15%. However, the new applicable rate has increased to 18%. This would increase the costs for financial facilities, such as business loans, home loans, and others. Furthermore, the insurance premiums and investments would also become costlier due to higher GST rate.

5. Air ticket prices to increase

Non-economy class tax levy on air tickets was 9% before GST. In the new tax regime, the rate would increase to 18%. This would directly increase the air ticket prices by 9% to 12%. This price hike would have to be paid by the consumers, making luxury travel more expensive.

6. Higher prices for luxury products

Branded jewelry and clothes, and telecom services would become expensive in the GST regime. This is because the GST rate for luxury products is higher than the applicable rates in the pre-GST era.

Although there may be certain transition issues, most experts have welcomed the implementation of GST. The new tax era would replace a large number of indirect taxes. This would make the tax structure simpler and ensure greater compliance with the regulations. As a result, the economy is expected to become globally competitive opening up several opportunities for companies. The financial institutions expect to see an increase in the number of commercial loan borrowers as they take advantage of new opportunities in the GST regime.

Positive Impact of GST

The implementation of the Goods and Services Tax (GST) may seem like another change in the tax structure. However, the new GST regime is expected to have a multifaceted impact on all sectors across the nation.

GST is not simply a modification of the present tax structure. It is a huge change and will impact businesses significantly. At the outset, the new tax regime will affect logistics, pricing, supply change, taxation, finance and accounts, procurement, and other elements of any business.

Here are three positive impacts GST is expected to have on the nation.

1. Promotion of organized trade

The different taxes levied by different states make the entire procedure complex and cumbersome. Since the existing tax structure is skewed where the Central Sales Tax (CST) credit is not available, the burden is directly passed on to the recipients. This results in price wars due to the intense competition resulting in lower profit margins. GST will eliminate CST ensuring seamless credit flow between states. Furthermore, the IGST tax credit will be nationally available providing equal opportunities to businesses across the country. The new opportunities will impact business loans as demand for institutional funding increases to meet these growth possibilities.

In the present tax structure, traders often indulge in unorganized trades to avoid CST levy on their transactions. However, after the implementation of GST, traders would not be able to avail IGST tax credit without valid invoices. As a result, organized trades will see a positive growth in the new era.

2. Warehouse re-engineering and supply chain restructuring

Most goods pass through multiple layers of value chains between the manufacturers and end users. The typical value chain includes the manufacturer, wholesaler, retailer, and the consumer. Within this chain, warehousing initiates branch transfer among states to avoid the CST levy.

The input tax credit availability eliminates the need for companies to maintain warehouses in different states to avoid tax liabilities. Large organizations have the option of consolidating smaller warehouses in different states to more strategically located facilities.

3. Improved productivity and efficiency

GST implementation will eliminate state border checkpoints that increase the transit times of trucks. The new indirect tax regime is expected to unify the entire Indian market through the seamless flow of goods within the nation. Although all checkpoints may not be eliminated, the lesser compliance requirements will reduce transit times. As businesses gear up for improved efficiencies and greater opportunities, commercial loan providers also expect to witness a growth in the demand for funding. Such loans help businesses to acquire funds to expand their operations and meet working capital requirements. Borrowers may opt for flexi installment schedules based on the expected cash flows of their operations. Such flexibility ensures companies face no difficulties in servicing the business loan amount. The entire procedure is hassle free and is completed within a few days. All businesses will be able to advantage of the opportunities offered by GST.