Email OF The Day: 10/26/17

Thursday, 26 October 2017

[www.keralites.net] Before you turn a loan guarantor

Before you turn a loan guarantor understand the financial liabilities you will incur

Has your best friend decided to take a bank loan and asked you to be a guarantor? Before you feel weighed down by obligation and agree to become one, consider the consequences. For, according to a ruling passed by the Supreme Court in May this year, if a debtor defaults, it is the guarantor's responsibility to repay the entire loan. The Supreme Court court ruling was passed on a case filed by one Ganga Kishun of Uttar Pradesh, who had stood guarantor for a loan taken by his friend, Ganga Prasad, who died without clearing the loan. The Supreme Court held Kishun liable to pay Prasad's dues as he had been the guarantor for the loan.

So if you don't want to land in a problem, it is important to doublecheck the borrower's financial record and repayment ability. Here are the other things you should consider before you agree to turn a guarantor.

The responsibility of repaying the debt doesn't automatically fall to the heirs. It's the guarantor's obligation to pay if the debtor defaults or dies. "Before you take the onerous responsibility of being a guarantor, you must check the credit score of the borrower and ensure that he is creditworthy," says Suresh Surana, founder, RSM Astute Consulting Group. You should also ensure that you have the financial wherewithal to shoulder the additional liability that will come in case the debtor defaults.

The bank will not immediately begin to pester you the first time a borrower is unable to pay an EMI. It will first send him a notice. If the debtor continues to default on three payments, the bank will send him a registered notice. It will send a legal notice to the debtor and the guarantor only after the borrower does not pay the EMI for more than four months. Depending on the terms and conditions of the agreement, the bank may initiate legal proceedings against the debtor and guarantor simultaneously, or independently.

How it impacts you

Many people agree to become loan guarantors believing that their responsibility is limited to ensuring that the debtor pays his EMIs on time. However, a guarantor is not only bound to pay the loan amount if the debtor defaults, but the transaction could impact his credit score and loan eligibility too.

If the borrower defaults, it will negatively affect your credit score. "This is because as a guarantor you are as liable to pay the loan amount as the debtor," says Mohan. A bad credit score could make it difficult for you to borrow when you want to take a loan yourself. This is because the lender will determine your borrowing capacity only after taking into account the loan for which you are a guarantor. "This doesn't mean that you will not be given a loan at all, but banks will definitely be cautious while assessing your repayment capacity," says Madan Mohan, credit counsellor, Disha Counselling Centre.

This is why experts advise that if you do need to be a guarantor, agree for loans with shorter tenures instead of long-term ones such as home loans. Not only will your responsibility end sooner, but the loan value will also be usually lower in a short-term loan than in a long-term one.

The only exception to this rule is if you need to guarantee a home loan. This is because if there is a default, the lender can always recover its dues by selling the asset. However, in cases where there is no asset as in the case of an education loan, the bank will force you as the guarantor to repay the loan in case of a default, and if you are unable to pay the EMI, it is entitled to recover the dues from your estate. This is why banks ask guarantors for a collateral too.

Know your liability

You cannot choose to limit your liability as a guarantor. The sole purpose of getting a guarantor for a loan is to ensure that the bank doesn't lose its money in case of a default by the debtor. In fact, if you are willing to pay the EMI, you won't even be able to ask the lender to tweak it in terms of the interest rate or tenure. So, do not go by the creditworthiness of the debtor alone. Check your own financial capability before signing on the dotted line. Take into account your own financial goals to see if you will require a loan in the future.

One way to lessen your burden is to ask the borrower to get another guarantor. Of course, if a default occurs, you will have to pay, but in this case, the EMI could be split between the two guarantors.

Another way to protect yourself is to insist that if the borrower has taken a long-term loan, he should take a loan payment insurance. So, if the borrower dies, the insurance could be used to pay the loan

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[www.keralites.net] 10 Benefits of Drinking Water from a copper vessel

10 benefits of drinking water from a copper vessel
Pavitra Sampath

Copper vesselMost of us must have heard our grandparents tell us that drinking water stored in a copper vessel is beneficial to our health. So much so that some people have glasses and jugs made of copper that they use exclusively to store and drink water. So, does this belief really have any scientific backing? Or is it simply a myth? Well, we found out for you and here are 12 reasons to drink water from a copper vessel.
Why is it good for you?
According to Ayurveda water stored in a copper vessel has the ability to balance all the three doshas in your body, (vata, kapha and pitta) and it does so by positively charging the water. The water stored in a copper vessel is known as 'tamara jal' and is supposed to be consumed after storing the water in a copper vessel for at least eight hours.
When water is stored in a copper vessel the copper gently leeches into the water and lends it all its positive properties. The best part about this water is that it never becomes stale and can be stored this way for long periods of time.
Here are the health benefits:
Can kill bacteria: Copper is known to be oligodynamic in nature (the sterilizing effect of metals on bacteria), and can destroy bacteria very effectively. It is especially effective against E.coli and S.aureus – two bacteria that are commonly found in our environment and are known to cause severe illnesses in the human body. Known to help prevent common water borne diseases like diarrhoea, dysentery and jaundice, copper has been touted as the cheapest solution to cleaning water in countries that do not have a good sanitation system.
So, if you fear that your water may be contaminated, store it in a copper vessel before your drink it and rest assured you will be drinking healthy and clean water. Read more about diarrhoea.
Stimulates your brain: Our brain works by transmitting impulses (or orders) from one neuron to another through an area known as the synapses. These neurons are covered by a sheath called the myelin sheath that acts like a sort of conductive agent – helping the flow of impulses. How does copper figure here you ask? Well, copper actually helps in the synthesis of phospholipids that are essential for the formation of these myelin sheaths. Thereby, making your brain work much faster and more efficiently. Apart from that copper is known to have brain stimulant and anti convulsive properties (prevents seizures), that do a world of good for your brain.
Regulates the working of the thyroid gland: Experts say that one commonality amongst people with thyroid diseases is that they usually have low levels of copper in their body. While this is most commonly seen in people with hyperthyroidism (excessive thyroid hormone), those with hypothyroidism (low levels of thyroid hormone) may also suffer from this deficiency. Copper is one of the most important trace minerals the thyroid gland needs to function optimally. A lack in copper can send the functioning of the gland out of sync. So when you drink water from a copper vessel it makes up for this possible deficiency and regulates the functioning of the thyroid gland. Read more about thyroid disease.
Beats arthritis and inflamed joints: Copper has very potent anti-inflammatory properties. This asset is especially great to relieve aches and pains caused due to inflamed joints – like in the case of arthritis and rheumatoid arthritis. Apart from that, copper also has bone and immune system strengthening properties, making it the perfect remedy for arthritis and rheumatoid arthritis. This is where drinking water infused with copper is a great way to find relief from the aches and pains of these diseases. Read more about arthritis and rheumatoid arthritis.
Skin health and melanin production: Have acne or blemish on your skin? Drink water stored in a copper vessel. That is because, copper is the main component in the production of melanin (a pigment that mitigates the colour of your eyes, hair and skin) in our bodies. Apart from that copper also aids in the production of new cells that help replenish the top most layers of your skin. While melanin helps the body stay safe from sun damage, speeds up wound healing and covers up scars, the production of new cells is a boon for smooth, blemish free and clear skin. Ayurveda experts say that drinking this water on a regular basis, especially early in the morning can be the difference between acne and clear skin.
Slows down ageing: If you are worried about the appearance of fine lines copper is your natural remedy. Packed with very strong anti-oxidant and cell forming properties, copper fights off free radicals – one of the main reasons for the formation of fine lines – and helps in the production of new and healthy skin cells, that replace old dying ones. Both these properties make copper a sure-fire way to beat fine lines. Read more about quick remedies for fine lines.
Helps the digestive system perform better: One of the most common problems encountered these days is indigestion. Acidity, gas or simply the inability to digest certain foods are common and here is where copper comes to your rescue. Copper has properties that stimulates peristalsis (the rhythmic contraction and relaxation of the stomach that helps food get digested and move along the digestive tract), kills harmful bacteria and reduces inflammation within the stomach– making it a great remedy for ulcers, indigestion and infections. Apart from that copper also helps cleanse and detox your stomach, regulates the working of your liver and kidneys, aids in the proper elimination of waste and ensures the absorption of nutrients from food.
According to Ayurveda, if you want to help detox your stomach, drink a large glass of water that has been stored in a copper vessel, early in the morning on an empty stomach. Read more about indigestion.
Aids in weight loss: If your diet just doesn't seem to be helping you lose weight, try drinking water stored in a copper vessel on a regular basis. Apart from fine tuning your digestive system to perform better, copper also helps your body break down fat and eliminate it more efficiently. Thereby helping your body keep only what it will use and throw out the rest. Read more about easy tips for weightloss.
Beats anaemia: The most amazing fact about copper is that it is required in most processes that occur in our body. Right from cell formation to aiding in the absorption of iron, copper is an essential mineral for the functioning of your body. This is one of the reasons that it also helps in keeping anaemia at bay. An essential component in the entire process of absorbing and using iron present in the body, copper helps keep the levels of haeme (iron) up and regulates its flow in your blood vessels. Find out more about anaemia.
Helps heal wounds faster: Known for its immense anti-bacterial, anti-viral and anti-inflammatory properties, it is no wonder that copper is a great way to heal wounds quickly. Apart from that, copper is also known to strengthen your immune system and aid in the production on new cells. But its healing properties don't cease with helping the body externally; copper is also know to help wounds within the body, especially the stomach. All this put together makes copper a very effective healing agent.
Helps maintain cardiovascular health and beats hypertension: Heart disease is one of the most common ailments that most people suffer from, and copper helps minimize your risk of developing the disease. According to the American Cancer Society, copper has been found to help regulate blood pressure, heart rate and lowers one's cholesterol and triglyceride levels. It also helps to prevent the accumulation of plaque and has the documented effect of dilating blood vessels to allow for the better flow of blood to the heart. It also helps lower one's triglyceride levels and So, if heart disease is your bane, try drinking copper infused water for great results. Read more about heart disease.
Read more about causes, symptoms, diagnosis and treatment of heart disease.
Can fight off cancer: Another disease that is quickly becoming extremely common, cancers can be debilitating for both the patient and their family. How does copper help? Well, copper has very strong antioxidant properties that helps fight off free radicals and negate their ill effects – one of the main reasons for the development of cancer. According to the American Cancer Society the exact mechanism of how copper helps prevent the onset of cancer is still not known but some studies have shown that copper complexes have a considerable anti cancer effect. Read more about everything you need to know about cancer.
How to buy a copper vessel:
If all its benefits have convinced you to try storing and drinking water from a copper vessel, here is a guide to buying the right kind of vessel.
It is important to buy vessels that are made of pure copper. Do not buy ones that have other metals mixed in it. Some of the commonest vessels made with copper are copper water jugs or a kalash. If buying a jug or kalash is too expensive for you, you can invest in a copper glass.
Once you have bought it, rinse it out with water and pour water into the vessel and cover it. You can use a steel or glass dish for this.
One very easy way to distinguish between pure copper and an adulterated version is to know that copper is a very soft metal and pure copper is difficult to mould into intricate shapes. So if the design of your copper vessel is very intricate, it is most probably not made with pure copper.
Washing instructions:
Do not use a coarse scrub to wash the inside of the vessel as it will tend to scrape away copper from the vessel.
Instead, use one half of a lemon (you can squeeze out the juice) and rub it on the inside of the vessel. Allow it to stand for a few minutes and then wash off with plain water. Alternatively you could also try using baking soda with water. Use this mixture to coat the inside of the vessel and allow it to stand for a few minutes and then rinse away the excess baking soda.
Warning:
Copper is not innately utilized by our body. That is why too much of the metal can be detrimental. According to the FDA about 12mg/day is more than sufficient for the body to use without causing any harm. So, do not overdo the entire exercise. Drinking water twice or thrice in a day from a copper vessel is more than enough to reap its benefits.
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