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Financial Strength Score
Financial Strength Score
Can I have a higher monthly spend than income?
Temporarily yes, but not on an ongoing basis unless you have supplemental income that you haven't counted in as income.
Do I need to enter details on Monthly Income, Expenses, Savings, EMIs and insurance covers to get a Financial Strength score?
Yes, all required details are to be properly entered to get the correct Financial Strength score.
What is the Financial Strength score and how is it calculated?
Financial Strength (FIST) Score provides a holistic view of one's financial profile. The score is dervied after analyzing the following 5 aspects of one's financial profile : Income, Expenses, Savings, Debt & Insurance cover (Health & Term Life Cover).
How much emergency fund is recommended?
Research suggests to have 6 times your monthly spending in an emergency fund to take care of any contingencies. Please include any EMIs, loan repayments, insurance premium repaymts etc to arrive at the average monthly spend amount. Excluding these out will provide an inaccurate e...
How do I account for tax? Should I take my gross or net salary for the income field?
Please consider your in-hand salary i.e. after all applicable tax deducted for filling in the income field on screen 1. However, for all expenses please take post tax figures, i.e. do not exclude GST amounts while calculating your expenses.
What is the suggested amount for Health insurance cover?
Research suggests to have a health cover equal to 15 times your monthly income
Should I include the EMIs I pay towards my PL or vehicle loan or education loan in monthly spends?
Please do not include any type of EMI as part of the Monthly spends field in screen 1. Include EMIs for all types of credits availed in response to the EMI question in screen 2
Can I retake the assessment?
Yes, you may retake the assessment after the score is generated
What is the Financial Strength score range?
The Financial Strength score range is 0-500
What is the suggested amount for term insurance cover?
Research suggests to have a term insurance cover with sum assured equal to 15 times your annual income
