Rhea is saving money to buy an iphone
She had to take a personal loan of Rs. 3 lakhs for a family emergency
She is also investing money from her salary in tax saver funds
She is doing all of this just by using the Sqrrl App!
One of the best money management apps for android, Sqrrl helps you fulfill your money needs all at once. You can save, invest, or even take a personal loan from the Sqrrl app itself.
The best thing about using the Sqrrl app? It is simple to use and easy to understand. Read this blog to understand how each feature of the Sqrrl app can help you with your money needs at any given point of time.
Table of Content
- 1 Saving money with the Sqrrl App: Just Sqrrl Away 😇
- 2 How it works?
- 3 What happens with my daily savings at Sqrrl away?
- 4 Why is Sqrrl away investing my money in liquid funds?
- 5 Can I take back my money from Sqrrl Away whenever I want?
- 6 How long does it take to set-up Sqrrl Away?
- 7 Confused about how to start investing money? Use Sqrrl to explore all options 😎
- 8 Goal- Based Investing
- 9 Investing Money to Save Tax
- 10 Systematic Investment Plan
- 11 Lumpsum Investment
- 12 Search and Invest
- 13 Personal Loans with the Sqrrl App
Saving money with the Sqrrl App: Just Sqrrl Away 😇
With the unique Sqrrl Away feature, you can set-up automatic savings every time you make a payment online. Basically, while you spend your money, sqrrl away works hard simultaneously to create a savings pool for you. It is a one of its kind features in all the apps to earn money fast.
How it works?
Sqrrl Away Savings = Nearest Round-Up Amount – Expense Amount
Let’s take an example of a typical day in a millennials life:
|Expense Type||Expense Amount||Nearest round-up amount||Sqrrl Away savings|
|Morning Uber ride (paid via Paytm)||168||200||32|
|Chai Break at work (paid via GPay)||22||30||8|
(Paid via debit card)
Total Sqrrl savings of the day: 83 INR
What happens with my daily savings at Sqrrl away?
At the end of the day/week, your saved amount is invested in low-risk liquid funds which give upto 6-7% returns on your savings.
Why is Sqrrl away investing my money in liquid funds?
Essentially, liquid funds are short-term, low- risk debt funds which invest in market instruments such as treasury bills and government securities. Putting your savings in liquid funds keep you away from market-risks and also offer high interest rates upto 6-7%. Moreover, liquid funds do not come with a lock-in period. This allows you to have access to your savings, anywhere anytime.
Can I take back my money from Sqrrl Away whenever I want?
Yes, absolutely. You can take back your money whenever you need it. However, in order to discourage very short withdrawal cycles, there is a small ‘exit load’ fee if you take back the money in 7 days or less.
How long does it take to set-up Sqrrl Away?
Not long at all. All you have to do is download and register on the Sqrrl app. The registration/account setup process is fully automated.
Confused about how to start investing money? Use Sqrrl to explore all options 😎
Let’s tackle the difference between saving and investing money first. When you save money, you do it without any expectations of returns on it. Basically, you just save it to set aside funds for emergencies. On the other hand, when you invest money, you do it to earn returns on it.
Now, let’s begin with understanding the different types of investing money options available in the Sqrrl app.
Goal- Based Investing
This is one of the most- millennial ways of investing money! You can tell the Sqrrl app why you want to invest money and then create an investment portfolio best suited for those needs.
Worried that you are not sure of your investment goals yet?
Well, your goals can be as simple as buying a new bike to going on a trip to the Himalayas. Sqrrl app is smart enough to understand your personal goals and offer the best investment portfolio based on the same.
The best part?
You don’t have to worry about losing your money. While setting up your goal-based investment portfolio, Sqrrl also takes care of your risk appetite. Based on whether you are a conservative, practical, or adventurous saver, the app decided the most suitable investment portfolio for your goals.
Investing Money to Save Tax
The Sqrrl app has an Axe Tax option which helps you invest money in tax saver funds. However, most of us do not even know how much money we need to save maximum tax. This is why the Sqrrl app also helps you calculate how much we need to invest to save on tax!
Not only this, the Sqrrl app intelligently curates a list of top-performing ELSS (tax saver) funds which promise the highest returns on investment. These tax saver funds also have a lock-in period of just 3 years unlike other deposits such as PPF.
Moreover, the Axe Tax feature at Sqrrl is also the most hassle-free ways of doing investments. There is no TDS deduction on your funds and you get instant statements for proof purposes.
Think this is too much gyan? Watch our walkthrough video to understand more:
Systematic Investment Plan
You must have heard the phrase ‘mutual fund sahi hai’ many many times!
With the Sqrrl app, ‘mutual funds easy hai’.
All you have to do is decide on your risk appetite, decide on a monthly investment amount, set an end-date and you are good to go! Every month, the Sqrrl app will make your investments in high return portfolios.
Well, another easy feature made for our users who may not have fixed salaried income. What this means is, if you get money in bouts and sometimes, you are left with a little extra, you can use this lump sum feature and invest your money at once. The good part is that there is very low lock-in period on this money. You can get high returns and also access this money when you need it!
Search and Invest
This feature is created for our more experienced users who prefer to do their own research and invest their money in their own style. And, we love that! Go ahead and register on the app using this link to start investing now:
Personal Loans with the Sqrrl App
We recently launched our personal feature in the Sqrrl app. We realized that to give a complete money experience to our users, we should be able to help them in the times that they need some additional money.
The most important thing here is that our loan feature offers unsecured loans. We trust our users and we offer upto 25 lacs in loans without any collateral. All you have to do is our KYC and we will check your documents against your credit score to offer the best loan.
To get a personal loan now, use this link:
Are you convinced that the Sqrrl app can be used for all your money management needs? If no, you can ask your questions at: firstname.lastname@example.org