Pune, October 31, 2023: udChalo, a pioneering consumer technology company dedicated to serving the armed forces and their dependents, has unveiled an extensive range of financial planning services tailored to address the unique financial challenges faced by defence personnel. This comprehensive suite of fintech solutions, categorized into ‘Saving’ and ‘Investment,’ is designed to provide integrated financial support, including loans, investments, and tax-saving opportunities, to assist the defence community in making informed financial decisions.
‘Saving’ Solutions by udChalo
In the domain of ‘Saving,’ udChalo offers tax filing services that guide customers on optimizing available exemptions to build savings efficiently. Recognizing the pitfalls of high-interest loans, udChalo has partnered with institutions that offer loans at significantly lower interest rates, enabling defence personnel to save substantial amounts.
‘Investment’ Opportunities by udChalo
For prudent ‘investments,’ udChalo has initiated its offerings with fixed deposits in banks, allowing the defence community to earn an average of 1% more interest than regular banks. This can be achieved without the need to visit a bank branch, and the deposits are insured by the RBI for up to 5 lakhs. Additionally, the company will soon introduce customized Mutual Funds to align with specific life goals, such as financing education, post-service business ventures, or building a robust financial portfolio.
Recognizing the potential benefits of real estate investments, udChalo encourages its customers to explore affordable housing solutions in multiple cities. This strategy not only offers substantial tax exemptions, with benefits of up to 3.5 lakhs, but also provides access to 54F capital gains tax exemptions, which are often missed due to delayed real estate investments.
Mr. Ravi Kumar, Co-Founder and CEO of udChalo, emphasized the importance of strategic financial planning for defence forces, especially considering the possibility of early retirement and their expanding responsibilities. Limited financial awareness and postings in remote, challenging regions can lead to career setbacks for these brave servicemen and women. udChalo’s commitment to simplifying the lives of the armed forces extends to addressing their unique financial needs, ensuring unwavering financial security throughout their service and post-service years. This enables them to make significant contributions to the nation’s economy without the burden of financial stress.
The armed forces often face early retirement, sometimes as early as age 35, while their children are still in school. As part of udChalo’s commitment to simplifying the lives of soldiers, the company has expanded its offerings to encompass travel, mobility, housing, fintech, and more.
