{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/categories\/manage-your-finance\/financial-planning-for-your-kids-with-indusind-bank-personal-loan\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/categories\/manage-your-finance\/financial-planning-for-your-kids-with-indusind-bank-personal-loan\/","headline":"Financial Planning for your Kids with IndusInd Bank Personal Loan","name":"Financial Planning for your Kids with IndusInd Bank Personal Loan","description":"Parents around the world are concerned about their children’s future and strive to secure it through quality education. Indian parents are no exception, but most of us don\u2019t realize the importance of financial education\/literacy which has a great impact on a child\u2019s future.  Various macro and micro economic uncertainties \u2013 rising inflation, currency depreciation, recession,...","datePublished":"2023-02-10","dateModified":"2023-11-01","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/#Person","name":"IndusInd Bank","url":"https:\/\/www.indusind.com\/iblogs\/author\/indusind\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8169561f34fb61e737060f1a537a86e2?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/financial-planning.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/financial-planning.jpg","height":400,"width":1060},"url":"https:\/\/www.indusind.com\/iblogs\/categories\/manage-your-finance\/financial-planning-for-your-kids-with-indusind-bank-personal-loan\/","about":["Manage your Finance"],"wordCount":957,"keywords":["apply for a personal loan","instant personal loan","personal loan eligibility"],"articleBody":"Parents around the world are concerned about their children’s future and strive to secure it through quality education. Indian parents are no exception, but most of us don\u2019t realize the importance of financial education\/literacy which has a great impact on a child\u2019s future. Various macro and micro economic uncertainties \u2013 rising inflation, currency depreciation,recession, and more – which plague almost every country now and then \u2013 have an impact on our present savings and investments which has made the job of parents harder. Here, we will look at different ways parents can do better financial planning for their children \u2013Start investingEvery drop contributes to the formation of an ocean.! Most of us underestimate the importance of consistency. Just 1000 rupees per month invested into SIPs consistently over 20 years at average returns of 10% can yield INR 7,59,000.So, by the time your child is ready to graduate, you will have a corpus of approximately INR 7.5 L ready to invest in their future!Early investment planning  for your children can provide you with enough time to save and invest at your own pace and diversify your portfolio with better asset allocation to get higher returns. Any delay in investments by parents happens mostly because of time bias. Parents assume they have enough time to realize their financial goals but fail to begin on time or stay consistent over the period.Long and short-term goalsFinancial goals are unique. As a parent, you will need to invest separately for school funds, college funds, or higher studies funds. For instance, a Master\u2019s in literature would be less expensive in India than a Masters in the UK. Therefore, it is important to realize how you need to save and invest to achieve short-term and long-term goals to secure your children\u2019s future. Therefore, you need to focus on fixed deposits for short-term goals and on SIPs, stocks etc. for long-term goals. DiversifyYou must diversify your investment portfolio to get high returns at minimal risks. You can\u2019t put all your eggs in one basket if you want the maximum value for your money. For instance, if your child is just a few months old, you will have to save for his school and tuition fee \u2013 which is a decade-long process. Thus, you need to save consistently to realize this goal. You could also consider buying gold now to use as assets for 15 or 20 years later for their higher studies, wedding expenses etc. Buy insuranceConsider adding your children to your family\u2019s health insurance floater plan. Securing adequate health insurance for your children is part of financial planning for their future. Any critical medical occurrences can put a dent in your life \u2013 emotionally and financially.With so many allocations to make, it sometimes becomes difficult to have the funds you need to execute your financial planning. The most ideal option then is to apply for a personal loan for education. IndusInd Bank provides instant personal loans at interest rates as low as 10.49% with no physical documentation and a 100% paperless end to end digital application process. With a personal loan, you can access immediate funds which you can allocate to various avenues to initiate financial progress in your children\u2019s life. The responsibility to educate your children about financial literacy lies with you. Visit our website to know more about personal loan eligibility and benefits, and jumpstart your children\u2019s financial journey today.Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct\/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.Share This:"}