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How the ET Money Mutual Fund & SIP App Transformed My Savings Journey

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ET Money is the wealth management and fintech platform from India. As a subsidiary of Times Internet, the Times of India Group’s digital branch, ET Money was established in November 2016. 750,000 Indians are said to have invested over $1 billion in it since its founding. With a high rating of 4.6/5 on the Google Play Store with more than 1 crore downloads.

ET Money is under its RIA license with SEBI. Anyone can invest in direct mutual fund programs at a minimal cost with ET Money. The app has many functions, such as investments in mutual funds, NPS, FDs, and SIPs; a spending tracker; insurance in health, term, as well as vehicle; credit cards; and loans. You can start your investments in these funds with as low as ₹ 500.

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Founder of ET Money

Mukesh Kalra is an experienced entrepreneur who has made significant contributions to the fintech business. He established ET Money in 2015, drawing on his previous expertise with Moneysights, a fintech firm he founded in 2009. Moneysights received noteworthy notice and support, including backing from former HP and IBM CEO Prasad Duvvuri, as well as investments from Blume Ventures and InMobi’s Naveen Tewari. Kalra’s strategic vision and leadership have been important in influencing the growth and success of these enterprises, establishing him as a key figure in India’s financial technology sector.

Features of ET Money
One of the most unique aspects of the ET Money app is its ability to allow users to invest in direct mutual funds without paying a commission. By enabling commission-free investing and lowering total expense ratio costs, they hope to transform the mutual fund industry for both new and seasoned investors.

  • ET Money Insurance

When it comes to buying insurance policies, ET Insure gives its customers access to the greatest deals from over 20 different companies, enabling them to compare and buy from a range of plans and packages that are certain to satisfy their requirements. The app provides life, health, vehicle, and bike insurance alternatives, as well as term life insurance plans for purchase. These plans are customized to each individual’s needs, so no one has to waste time performing the hard work themselves. The software allows users to select the level of protection they desire and receive a price.

  • Track bills and expenses with ET Money.

The ET Money app also allows users to track their bills and costs, helping them stay on top of all their monthly payments. The automated bill calendar reads data from the user’s reminder SMSes and stores it to help remind the user of payments due before deadlines. ET Money’s Free Spends Tracker and Monthly Saver combine all of the users’ expenditures into one area, allowing them to track where their money is going. Users also receive a weekly or monthly summary of their spending, allowing them to know exactly where to allocate them.

  • The National Pension System (NPS)

Users of the ET Money app can also invest in the NPS, which offers a chance to save on tax payments while also providing financial stability for life after retirement. To open a National Pension System (NPS) account, you have to pay a one-time account opening fee of Rs. 400 + Goods and Services Tax (GST).

  • ET Money Smart Deposit.

Another interesting feature of the ET Money app is the Smart Deposit option. Enabling this feature ensures that a small portion of the user’s monthly income is automatically invested to achieve a consistent return on investment over time. Users who don’t have much time to monitor their finances and frequently find themselves with idle funds in their accounts will find this option especially handy.

  • ET Money Smart Solutions

The smart solution feature suggests investment strategies depending on the users’ financial goals. The ET Money app offers ready-made portfolios based on the user’s investing objectives, such as tax savings, high growth, and so on, to help the user reach his or her goals.

  • LoanPass from ET Money
Feature Details
Loan Amount Range ₹3,000 to ₹5 lakhs
Collateral Requirement No collateral required
Eligibility Criteria Salary above ₹20,000/month, age criteria, credit score above 750
Collaboration ET Money app in collaboration with RBL Bank
Access to Credit Cards Yes, through RBL Bank
Withdrawal Limit Up to ₹2 lakhs per transaction
Multiple Withdrawals Yes, at different intervals according to financial needs
Interest Charges Charged on the amount transferred to the bank, not on the entire amount
Interest Rate Range 13% to 18% per annum
EMI Options Available for repayment periods ranging from 2 to 36 months
  • Gold Deposit

One of the smartest methods to accumulate gold is with an ET Money Gold Deposit. You can purchase as little as 2 grams of 24 karat, 99.5% pure gold at a time, and it is always kept extremely secure, with no storage expenses.

  • Mutual fund recommendations by category.

For more advanced users, the ET MONEY app offers the option of categorizing mutual funds as leading firms, top-rated funds, SIPs starting at $500 per month, etc. These categories are handy for people who know where they want to invest and want to explore additional choices within those categories.

ETMoney Direct Investing in Mutual Funds

Feature Details
Direct Investing in Mutual Funds Zero-commission investing with paperless and rapid KYC procedure
Commission Savings Up to 1% higher returns compared to commission-driven plans
Long-term Savings Potential Potential savings of up to Rs. 25 lakhs over 25 years by avoiding commission payments
Investment Ideas Top Tax Saver (ELSS) Funds, Best Index Funds, Mutual Fund for Beginners, Value Investing like Warren Buffet, Best SIP Funds
Lock-in period for investment There is a 3-year lock-in for ELSS funds.
Detailed Fund Analysis Provides detailed information about Mutual Funds, including historical returns, comparison to index, and analysis of similar funds within the category
Investment Options Offers both SIP (Systematic Investment Plan) and Lump Sum investment options
Investment Tracking Allows tracking of investments made through ETMoney app as well as investments made outside of ETMoney

Key details of ETMoney Personal Loan

Loan amount Rs.6 lakh – Rs.20 lakh
Repayment tenure 2 years – 5 years
Interest rate 11.99% onwards


Other Charges and Fees

Charges Fees applicable
Processing fee 3% + GST for loan amount up to Rs.1 lakh

2% + GST for loan amount above Rs.1 lakh

EMI bounce charges Rs. 30
Swap charges for change of bank details Rs. 500
Overdue interest 0.75% per month on the outstanding principal loan amount
Loan cancellation charges (before EMI) Rs.1,000


Eligibility criteria:

  • You must be a resident of India.
  • The minimum age of eligibility is 25 years, while the maximum is 58 years.
  • You must be a salaried individual with a minimum monthly salary of Rs. 20,000.
  • You must live in one of the 700 cities in India where ETMoney operates.

Pros of ET money

  • Offers a one-stop shop for a variety of financial investments, including mutual funds, gold, insurance, and more.
  • The interface is clean and simple to use, making it suited for both new and seasoned investors.
  • Displays clear details about mutual funds, including as ratings, value research ratings, and ET Money ratings, to help with investing decisions.
  • Allows users to create Capital Gains Statements, which are useful for tax calculations and tracking investment performance.
  • Some users reported great customer service experiences, including effective problem resolution and help.

Cons of ET money

  • Some customers were dissatisfied with the free version’s limited features, such as the lack of SWP (Systematic Withdrawal Plan) or SWP features.
  • Several users reported technical issues such as the app not working after updates, server errors, and trouble signing in or using features.
  • Some users reported difficulties in receiving quick responses from customer service or addressing issues with purchases, subscriptions, or app functionality.
  • Users expressed problems about rebalancing in paid subscriptions, difficulties in canceling subscriptions, and billing anomalies.

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Conclusion

ET Money, a wealth management and fintech platform based in India under the Times of India Group’s digital arm, has gained significant traction since its inception in November 2016. It has over 750 000 Indian investors who have contributed more than $1 billion and currently holds a high Google Play Score of 4.6 out of over one crore downloads making it an important name in the investment platform market. Its main features include zero-commission investing into direct mutual funds, complete range of investment options like mutual funds, NPS, FDs and SIPs as well as insurance, credit cards, loans and expense tracking capabilities. The company was created by Mukesh Kalra who is the founder of many other successful start-ups in the FinTech industry that are well known for having user-friendly interfaces with detailed information on investments among other things but also good customer service departments; hence this makes it unique among others companies within its sector. Nonetheless, some users have noted limitations within the free version and technical glitches that need to be fixed to better enhance its operations. Thus, it offers a solid financial management platform catering for all kinds of investment needs by Indian clients across the board.


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