Top 3 personal finance instruments to watch out for in 2022

Here are the top three personal finance instruments that you should know of.

Innovation in personal finance makes our lives easier and allows us better choices regarding investments, spending, and savings. Personal finance is rapidly changing with time. In the past few years, we have witnessed the growth of UPI, e-wallets, Sovereign Gold Bond, and many more personal finance instruments in India.

Here are the top three personal finance instruments that you should know of.

Buy Now Pay Later (BNPL)

To offer easy access to a credit facility, lending institutions now offer a loan called Buy Now Pay Later (BNPL). Most leading online shopping apps and portals now offer BNPLs as a payment option to their customers. BNPL adoption has exploded in the pandemic, and it is expected to continue to grow at a rapid rate.

Currently, it is typically used for a limited number of online shopping experiences, but it is likely to expand to more online and offline experiences. Customers need to be aware of the charges—interest rate and penalties—while availing BNPLs and always ensure timely payment to keep costs at bay and their credit score strong. 

Cryptocurrency

In the 2022 Union Budget, Finance Minister Nirmala Sitharaman introduced a 30 percent tax on digital assets. With this move, the government has cleared fears about cryptocurrency being banned by the country. Cryptocurrency has seen surging adoption rates in India despite apprehensions such as lack of…

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