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Finance Minister Nirmala Sitharaman announced the NPS ‘Vatsalya’ scheme in the budget. The NPS contribution limit for employers in the private sector has also been increased from 10% to 14% of the employee’s basic salary. Apart from this, the limit of Mudra loan has been increased to Rs 20 lakh.
1. NPS ‘Vatsalya’ scheme, parents can arrange pension for their children
NPS Vatsalya is designed to help families ensure financial security of their children as they grow up. Parents will be able to invest in this scheme on behalf of their children. On attaining adulthood, the account will be converted into regular NPS.
This scheme can also be converted into a non-NPS scheme when the child turns 18. The regular NPS scheme helps in building a retirement fund. For higher returns, NPS contributions are invested in market-linked instruments like stocks and bonds.
63 lakh fund in 15 years on SIP of Rs 10,000
Suppose your child is 3 years old. If you do a SIP of Rs 10,000 in this scheme, then a fund of about Rs 63 lakh can be accumulated when the child turns 18…
NPS was started in 2004, it provides regular income on retirement
- NPS was launched in 2004 to provide retirement income to all citizens of India. NPS is regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
- Subscribers can choose the fund allocation as per their choice between equity, corporate bonds and government bonds. Subscribers also have the option to choose auto-choice lifecycle funds.
- On retirement, a portion of the corpus is used to purchase an annuity. NPS also offers deduction benefits under Income Tax Act 80C and 80CCD(1B).
You can get two types of NPS accounts from the bank
There are two types of accounts available in NPS. There is a restriction on withdrawal in Tier I account and the minimum investment is Rs 500. While liquidity facility is available in Tier II account. Its minimum contribution is Rs 1,000. It can be taken through the bank.
Employers contribution limit in NPS increased from 10% to 14%
- The NPS contribution limit for employers in the private sector has been increased from 10% to 14% of the employee’s basic salary. The new limit is for both private and public sector employees.
- Employer’s contribution to NPS is optional. However, many companies nowadays offer NPS facility so that they can avail tax benefits as per section 36 (i) (IV) of the Income Tax Act, 1961.
2. Mudra loan limit doubled, MSME can now get loan up to 20 lakhs instead of 10 lakhs
In the budget, the limit of Mudra loan has been doubled. Earlier, under this scheme, MSMEs used to get a loan of up to Rs 10 lakh, which has now been increased to Rs 20 lakh. However, its benefit will be available only to those people who have already taken a loan under this scheme and have repaid it.
At present, loans are given in 3 categories under this scheme
Under the Mudra scheme, people who are just starting their business are given loans in three categories. The first category is Shishu. Under this, people get a loan of Rs 50,000. The second category is Kishor under which loans ranging from Rs 50,000 to Rs 5 lakh are given. The third category is Tarun under which loans ranging from Rs 5 lakh to Rs 10 lakh are given.
No guarantee is required to avail the loan
The aim of this scheme, which was started in 2015, is to provide loans to everyone from street vendors to small businessmen without any guarantee. Any person who wants to start his own business can take a loan under this scheme. Along with this, if someone wants to expand his existing business, he can also get a loan through this scheme.
You will have to tell your business plan to get a loan
First of all, the applicant has to prepare a business plan. Along with this, all the necessary documents for the loan will also have to be prepared. Along with the general documents, the bank will also ask you for your business plan, project report, documents related to future income estimates. So that it has the information you need, and it can also estimate how you will benefit or how the profit will increase.
Loan at an annual interest rate of 10 to 12%
The special thing about Mudra loan is that there is no fixed interest rate in it. Different banks can charge different interest rates on the loan. The interest rate is determined on the basis of the nature of the business and the risk associated with it. Generally, the interest rate is 10 to 12% per annum.
Process to apply for Mudra loan in 4 steps
- First of all, decide from which bank/financial institution you want to take a loan. The applicant can select more than one bank. The loan application form has to be filled and submitted along with the documents to the bank.
- For Mudra Loan, you have to submit the application form along with the business plan or project report, photo copy of identity documents like PAN card, Aadhar card, voter ID card etc.
- For a Mudra loan, you will have to apply to a government or any other bank or financial institution that provides Mudra loans. For the application, you will have to submit complete information/plan of your business along with other necessary documents.
- If the application is found correct, the bank or financial institution will pass the Mudra loan and the applicant will be provided with a Mudra card (debit card). You can spend it as per your convenience. Click here for more information about the scheme
Also read other news related to budget
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