Need advice on where to invest 8.75lakh for guaranteed high returns

[the_dark_knight]

Hi,
I just took a personal loan on my Apay ICICI credit card, as it was a pre-approved loan offer on my card.
I didn't really require a loan for any purpose but just took the loan as it was offered at a low interest rate.
Loan amount: 8,75,000
Tenure: 1 year
Flat interest rate: 6.06%
There is no extra processing fee, however gst is applicable.
If you include all extra charges like GST, effectively the simple interest rate is 7% pa

So, need advice where i can park this amount for 1 year so that i can beat and even earn 3-4% extra over the spend interest of 7%.
One option is FD in small finane banks where interest rates are around 7-8% but i am not sure which bank provides the how much highest fd interet rate (1yr or little more tenree)
Kindly suggest any other investemnt product that can provide an almost guaranteed return with low risk in 1 year or so.....at around 9-10% returns

Also, since this loan emi will be billed in my credit card statement obly, so there is an opprtunity to earn 1% cashback extra on bill payment. But the 750 cashback limit on easyshop platinum debit card gets already exhausted per month from my regular cc bill payments. Please suggest any other methods to earn cashback on cc bill payment (around 77k emi billed per month)

 

[D₹V]

Watching 😶‍🌫️ .

 

[gamersgzb]

Hi,
I just took a personal loan on my Apay ICICI credit card, as it was a pre-approved loan offer on my card.
I didn't really require a loan for any purpose but just took the loan as it was offered at a low interest rate.
Loan amount: 8,75,000
Tenure: 1 year
Flat interest rate: 6.06%
There is no extra processing fee, however gst is applicable.
If you include all extra charges like GST, effectively the simple interest rate is 7% pa

So, need advice where i can park this amount for 1 year so that i can beat and even earn 3-4% extra over the spend interest of 7%.
One option is FD in small finane banks where interest rates are around 7-8% but i am not sure which bank provides the how much highest fd interet rate (1yr or little more tenree)
Kindly suggest any other investemnt product that can provide an almost guaranteed return with low risk in 1 year or so.....at around 9-10% returns

Also, since this loan emi will be billed in my credit card statement obly, so there is an opprtunity to earn 1% cashback extra on bill payment. But the 750 cashback limit on easyshop platinum debit card gets already exhausted per month from my regular cc bill payments. Please suggest any other methods to earn cashback on cc bill payment (around 77k emi billed per month)

Usually it's a bad choice to take loan for investment, unless you do have some business where you would have utilised the fund to expand it

 

[the_dark_knight]

Usually it's a bad choice to take loan for investment, unless you do have some business where you would have utilised the fund to expand it

agreed, just took it for time being, since will also have that option to liquidate anytime

 

[gamersgzb]

Hi,
I just took a personal loan on my Apay ICICI credit card, as it was a pre-approved loan offer on my card.
I didn't really require a loan for any purpose but just took the loan as it was offered at a low interest rate.
Loan amount: 8,75,000
Tenure: 1 year
Flat interest rate: 6.06%
There is no extra processing fee, however gst is applicable.
If you include all extra charges like GST, effectively the simple interest rate is 7% pa

So, need advice where i can park this amount for 1 year so that i can beat and even earn 3-4% extra over the spend interest of 7%.
One option is FD in small finane banks where interest rates are around 7-8% but i am not sure which bank provides the how much highest fd interet rate (1yr or little more tenree)
Kindly suggest any other investemnt product that can provide an almost guaranteed return with low risk in 1 year or so.....at around 9-10% returns

Also, since this loan emi will be billed in my credit card statement obly, so there is an opprtunity to earn 1% cashback extra on bill payment. But the 750 cashback limit on easyshop platinum debit card gets already exhausted per month from my regular cc bill payments. Please suggest any other methods to earn cashback on cc bill payment (around 77k emi billed per month)

For cashback you can use HDFC bill pay and get the cashback of 750 for 75k bill payment monthly

 

[the_dark_knight]

For cashback you can use HDFC bill pay and get the cashback of 750 for 75k bill payment monthly

already using that but this capping will get exhaust now, so need some other way for remaining bill payment every month (around 50k)

 

[simplewarrior]

Check out stable money for FD in SFB. You can easily compare rates of FD of all banks, and open FD for some SFB.

 

[the_dark_knight]

Check out stable money for FD in SFB. You can easily compare rates of FD of all banks, and open FD for some SFB.

Link please .

 

[thanix]

Please factor in your tax slab for return calculation

 

[thanix]

FD interest is added to income and taxed at slab rates. If you are in 30% bracket, you will get less returns than your loan

 

[CCFan12]

Everyday you learn something new..

 

[gamersgzb]

Please factor in your tax slab for return calculation

@the_dark_knight factor in tax on interest of saving account as well

 

[the_dark_knight]

FD interest is added to income and taxed at slab rates. If you are in 30% bracket, you will get less returns than your loan

yes falling in 30% income tax bracket.
so you mean as long as i am earning <10% return on my investment it is effectively reducing to <7% after considering tax?
Is the interest on loan paid exempt under any section?
And any way to skip reporting my fd interest to IT dept, like on what conditions bank report fd interests to itd?

 

[the_dark_knight]

@the_dark_knight factor in tax on interest of saving account as well

that is 10k exempt, and anyway i would be moving it from savings immediately ofc, not a fool to put in my savings, unless i need to keep it for a week to convert my axis account to burgundy

 

[sxchzy]

Hi,
I just took a personal loan on my Apay ICICI credit card, as it was a pre-approved loan offer on my card.
I didn't really require a loan for any purpose but just took the loan as it was offered at a low interest rate.
Loan amount: 8,75,000
Tenure: 1 year
Flat interest rate: 6.06%
There is no extra processing fee, however gst is applicable.
If you include all extra charges like GST, effectively the simple interest rate is 7% pa

So, need advice where i can park this amount for 1 year so that i can beat and even earn 3-4% extra over the spend interest of 7%.
One option is FD in small finane banks where interest rates are around 7-8% but i am not sure which bank provides the how much highest fd interet rate (1yr or little more tenree)
Kindly suggest any other investemnt product that can provide an almost guaranteed return with low risk in 1 year or so.....at around 9-10% returns

Also, since this loan emi will be billed in my credit card statement obly, so there is an opprtunity to earn 1% cashback extra on bill payment. But the 750 cashback limit on easyshop platinum debit card gets already exhausted per month from my regular cc bill payments. Please suggest any other methods to earn cashback on cc bill payment (around 77k emi billed per month)

utkarsh small finance bank
create a fd in your mom/dads name and get 9.1% interest
create a fd of 5 Lakhs if you want peace of mind

 

[sxchzy]

if you are a risk taking guy go for mobikwik 12% p2p lending

 

[the_dark_knight]

utkarsh small finance bank
create a fd in your mom/dads name and get 9.1% interest
create a fd of 5 Lakhs if you want peace of mind

thats the plan , one investment of 5lakh in guaranteed fd at highest return possible with insurance of 5lkh already by rbi. The remaining i am planning to invest in some low risk but some other investment product like mf,stocks,any fund etc

 

[the_dark_knight]

if you are a risk taking guy go for mobikwik 12% p2p lending

never heard of this will have to explore

 

[sxchzy]

dm me for refferal if you decide to invest in it
i have invested 25 lakhs so far so good

never heard of this will have to explore

 

[sxchzy]

thats the plan , one investment of 5lakh in guaranteed fd at highest return possible with insurance of 5lkh already by rbi. The remaining i am planning to invest in some low risk but some other investment product like mf,stocks,any fund etc

avoid mf as expense ratio exit load will be a burden for you
prefer direct stock investment that too via a discount broker to save on brokerage