Bangalore, October 26, 2023: udChalo, the leading consumer technology company dedicated to serving the armed forces and their dependents, has introduced a comprehensive suite of financial planning services aimed at addressing the unique financial challenges faced by defence personnel. The company has come up with two broad categories of fintech solutions- ‘Saving’ and ‘Investment’- that will provide wholesome and integrated financial support to them. Ranging from loans, to investments to tax savings, etc. udChalo’s solution will enable them in undertaking wise financial decisions.
In the realm of ‘Saving’, udChalo offers tax filing services and guides its customers on maximizing available exemptions to build savings efficiently. Recognizing the pitfalls of excessive loans, udChalo has also partnered with institutions that provide loans at significantly lower interest rates, helping them save substantial amounts. For prudent ‘investments’, udChalo has started with fixed deposits in banks where the defence community can earn an average of 1% more than regular banks, all without the hassle of visiting a bank branch, insured by RBI for FD up to 5 lacs. Additionally, the company will soon introduce Mutual Funds, customized to align with their life goals, which will facilitate financing their own or their children’s education, starting a post-service business, or simply building a robust financial portfolio.
Furthermore, understanding the potential of investing in real estate, the company has been encouraging its customers to seize the opportunity and assisting by offering affordable housing solutions in multiple cities. This allows them to take advantage of the highest tax exemptions across all exemptions of up to 3.5 lacs and, in the long run, avail benefit from the 54F capital gains tax exemptions that they might otherwise miss out on due to delayed real estate investments.
Says Mr. Ravi Kumar, Co- Founder and CEO udChalo, “Strategic financial planning is an imperative for our defense forces, particularly in light of the prospect of early retirement and their ever-expanding responsibilities. Our valiant servicemen and women often face career setbacks due to limited financial awareness and postings in remote, challenging regions. In the absence of sound financial guidance, their hard-earned earnings are often put in jeopardy. At udChalo, our commitment to simplifying the lives of our armed forces knows no bounds. This commitment extends to addressing their unique financial needs. Our overarching objective is to ensure that our soldiers enjoy unwavering financial security throughout their service and well into their post-service years. By doing so, we empower them to make significant contributions to our nation’s economy without the burden of financial stress.”
Often, the army men reach retirement quite early i.e. as early as age 35, while their children are still in school. In its commitment to simplifying the lives of soldiers, udChalo has expanded its offerings to include travel, mobility, housing, fintech and beyond.