Coco Neobank - DIY finances for everybody.
We help you buy the right product. No Bullshit. No confusing product combinations. No Marketing gimmicks. No nudge theory. No Opt ins. No check boxes( Both which are clicked by default those which aren’t)
We believe managing your finances should be easy and something which you can do yourself. Contrary to what many experts claim. We just ask you to stick to two principles:
Always compare and buy.
Use a method of elimination to arrive at the product you want to buy.
We detail our philosophy product wise below:
Credit card is a good product, but only if you do not actually need it. :-)
You can take one or more credit cards if:
You are a gamer at heart and love the rewards points game, go ahead and take one.
You are in it for the flash sales at e commerce providers.
You should NOT take it if:
You plan to use it for buying the next flashy mobile phone, or even your dinner because you don't have money this month in your salary account.
In case you are struck with a credit card debt, we advise you to stop using it anymore. Open up an excel and make a time based plan of how soon you can repay your outstanding.
Generally speaking, even if you have a credit card, do not get addicted to postponing your payments by paying the minimum amount due because the Annual interest rates on these can be as high as 38%.
We do not offer credit cards currently.
Do you understand the MF nomenclature. Like why does its name have so many confusing words? And when you want to go ahead and make investments, you realise there are more than 900 in the market. How do you even go about finding the right one for you.
We believe in Index based investments.
The MF we display meets three simple criteria:
They are all direct plans. You don't have to pay the distributor anything.
They are all Index plans. Meaning, they just track an index like BSE, Nifty 50 or Nifty Next 50.
The expense ratio of the MF we curate is less than 0.3%. We believe MF above this Expense ratio only indicate greed from the Fund Managers.
For a salaried customer, these MF are good enough. But please be aware of the downside risk in the Index funds. It is around 50 - 60 %. The same as stocks. Be aware of this at all times. Don’t let the market euphoria make you forget what are you buying into and at what risk.
Also try making monthly SIP's rather than one time investments.
Because while nobody can really time the 50% downside, it will eventually come. And if you are very unlucky and you have done one time investment, it may come just after your investment.
It will scare you and turn you away from MF or equity for ever. So try to avoid it.
Using the method of elimination we remove - debt funds, Fund of Funds, Contrarian Funds from our list.
Our criteria is very simple - we offer personal loans where the interest rate is less than 18%. The interest rates from a lot of Fin tech start ups is around 25%. We do not agree with that.
Insurance is the most tricky one and unfortunately in India the most complicated one. Our criteria is to eliminate all the below to arrive at what you should buy:
No bundled products
No Return on premium
The simplest variant that there is. We will recommend you only that. Currently, we do not provide information on Life Insurance but we plan to.
These are the products that a retail investor needs during her lifetime. And we provide the information on these products currently.
We always welcome feedback and want to know how was your experience using this app. Please write to us at email@example.com and share your views.