More articles for you

Your one stop place for everything related to finance and lending

Crytocurrency

Is A Futures Investment worth it? Here’s all you need to know

Futures may not be the first thing that comes to mind when discussing investment. Given time-tested options like shares and mutual funds, you may think futures investments are not worth your time and money. If you think so, think again! Investing in futures contracts offers high profits and liquidity. It also allows for portfolio diversification and quick returns. As a result, futures are becoming a popular investment option worldwide. But beginners may find them tricky and risky. So, this blog will cover the key facts about futures investments to help you make the right choices. Let’s begin! [B-01] What are futures? Futures are financial contracts that obligate the involved parties to buy or sell specified assets at a pre-defined date and price. As a derivative contract, a futures contract derives value from an underlying commodity or financial instrument. Originating in Japan in 1730, futures are used as short-term investments and hedging instruments. They are also used as liquid assets that you can trade at registered futures trading exchanges. How Does A Futures Investment Work? You can buy a futures contract at a standard rate for a specific date to get a corresponding amount of an asset. To do this, you need to sign up for a trading account and send your request through a broker. You can do this at two SEBI-regulated bodies. These are the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Note that the actual amount of the asset is worth much more than the nominal payment for the respective futures contract. This payment is usually 10% of the asset’s value. If the asset has a higher price at the expiration date, you will profit from the difference. However, you will lose money if the price falls on that date. You may also sell futures to others before their expiry date to earn as per the ongoing price. In simple words, a futures investment is a bet on the future price of an asset. So, you can earn big profits by selling futures. But there’s also the risk of a significant loss if things do not go as you expected and the price falls. The Benefits and Drawbacks of Investing in Futures You can choose a futures contract with a defined expiry date and purchase price, which is a small fraction of the underlying asset’s value. So, you can achieve high profits on a low budget if the asset’s price is higher on the expiration or sale date. Moreover, your skills and strategy matter more than the amount of money you invest. If you make the correct price prediction and the right choices at the right times, you make big profits! However, a futures investment has a high risk of loss if your prediction of the asset’s future price is wrong. This loss can be much higher than your investment! However, you can reduce this risk by seeking professional assistance. Key Facts About Futures Investments Are you still unsure if a futures investment is right for you? Here are some key facts about futures investments and trading to help you decide: Futures investments are leveraged Any investor’s dream is to get high returns in a short time, and a futures investment makes this dream come true! Futures leverage from market changes that raise the asset’s price. And this multiplies your returns on encashing them. Futures are versatile and allow easy diversification You can divide futures into many types based on the asset they are derived from. The common types of futures include equity, commodity, index, currency, VIX, and interest rate futures. This variety makes it easy to invest in diverse assets. You just need to buy futures contracts that derive value from the respective assets, and you’re good to go! Futures are ideal for partial hedging The price and expiration date of futures contracts are predetermined. So, they do not vary due to market changes. This makes futures a great hedging tool for sellers, as they don’t need to worry about future price movements after a deal is finalized. Futures markets are very liquid Futures contracts can be traded quickly at registered futures exchanges. Also, they have no lock-in period, and you can hold them for up to 3 months. So, futures trading markets are highly liquid. You can easily trade futures for quick cash whenever the market looks good! In India, you can trade futures contracts smoothly through the NSE and BSE. Futures investments level the playing field Futures markets are a good investment option if you lack a high budget but can take some losses. Why? You can buy futures at a fraction of the price of the assets they represent. This opens up new chances for traders with less money but high knowledge and skills. Futures trading is growing in popularity Futures trading is growing in popularity across the world due to the unique benefits of futures contracts. 29.28 billion futures contracts were traded in 2021 alone! Futures trading is also very popular in India. You can trade 194 SEBI-defined securities through the NSE and BSE! [B-02] Ready To Invest? Futures offer various benefits for investors looking to earn fast through short-term investments. However, you must create an informed strategy before making a futures investment. This is because futures trading and investments are complex and risky. So, you might face problems and losses if you lack the required expertise. Don’t worry if you are not an expert, though. You can still make quick cash from futures with help from trusted investment agencies! So go ahead and contact Piramal. Their experts will help you make wise and timely Futures investments. This will help you unlock the power of futures trading toenjoy high returns! Read more related blogs to explore our financial products and services, especially those on personal loans, credit cards, and financial calculators.
08-11-2023
Read More
Wedding

Latest Pathani Kurta Designs In 2022

If you are an avid follower of the Indian fashion world, then you must have heard the name Pathani kurta. It is known for its rich embroidery, hefty puffs and ruffles. We’re talking about a particular style of kurta that is synonymous with royalty and opulence. The ideal staple for any occasion, this trend has weathered many phases over the years; from its Ottoman origins to its modern variations. We can’t see it going out of fashion any time soon either – as shown by its consistent resurgence in styles and variants. Whether it’s due to its innate elegance or cosmopolitan appeal, this dress is known for its royal look. This explains why designers keep coming up with new renditions of this classic piece of cloth. Such was the craze surrounding it earlier this year that designers were even seen adding waistcoats to their oxford shirts or sportswear in an attempt to cash in on it. Here’s a look at some of the most recent examples of Pathani Kurta Designs in 2022. [B-01] The Evergreen Black Pathani Kurta The Pathani Kurta for Men is available in different colours and sizes. The charm and craze of a black Pathani kurta are different. Stylish and elegant, the black pathani kurta, is suitable for all occasions. You can pair it with black salwar, or team up the same kurta with jeans or a trouser. Pathani Kurta Bollywood Style Many Punjabi kurtas are in trend, thanks to all of Bollywood’s celebrities who have worn them time and again. Around halfway through the shirt collar, there is a button slit. It has two flap pockets on either side that give it a more contemporary appearance. Button tab sleeves will allow you to fold or unfurl the sleeves. It is a medium to short kurta that looks great on men of all body sizes and heights. Festive Wear Pathani Suit A Festive Pathani suit is a piece of clothing that is traditionally worn by men in the Indian subcontinent. This type of suit consists of a jacket and trousers. The jacket usually has a long sleeve or no sleeves shirt over a button-up shirt or coat. The trousers are either pleated or straight. Pathani suit is made from different materials, but festive wear is made from wool, linen, silk, or cotton. Shirt Style Pathani Kurta A Pathani shirt-style kurta is a uniquely styled shirt that falls on the hip. It is a type of kurta that features a colourful, geometric pattern. This style of shirt is worn with a pyjama or pants. A lot of men would pair this design with white pyjamas, churidars, jeans and even trousers. The shirt style makes it the most casual among all styles of Pathani Kurta Designs. Men’s Flat Collar Pathani Suit You may wear a flat-collar Pathani suit on any occasion or festival. Dhoti or pyjamas with the right suave touches can be paired with your kurta in a flat collar style. You can wear aviators and Juttis to rock that cool, Indo-western look. The Asymmetric Pathani Kurta Asymmetric Pathani Kurta for Men is a perfect blend of style and comfort. This kurta is designed to give you a trendy look and ease of movement at the same time. The asymmetric design gives it an edgy look that will make you stand out in any crowd. It is often made from cotton and polyester, making it soft and comfortable to wear. The kurta with a V-neckline or bandhgala adds to its uniqueness. It has a flared bottom hem, which ensures easy movement while sitting or walking. It comes in different colours and prints, so you can get one that suits your personality the best. Linen or Cotton Pathani Kurta Cotton or linen Pathani kurtas are right on trend to pair with pyjamas or pants. These new linen pathani suits are comfortable to wear and stylish. One can wear them at small office functions or daily get-togethers. Pathani Kurta & Jacket The kurta with jacket combination is amazing. If you don’t like bright colours you can also try pastel colours. You will become the centre of attention at any party if you wear this kurta. The bright kurta can be paired with a contrasting jacket colour. It is ideal for weddings and festivities. Flap Collar A flap-collar pathani kurta suit is perfect for casual get-togethers with friends. Flap shirt collars are extremely common in pathani kurtas. Many young people like to wear a flap collar because it gives them an impressive appearance. A classic metal watch with a leather strap looks fantastic with it. The classic flap collar gives the kurta an elegant grace which can make you look decent and elegant. Short Pathani Kurta A short kurta is a fashionable Indo-Western creation. It has a button-down placket that goes from the centre to one of the sides. It has foldable sleeves and it is available in soothing colours. You may get it sewn by your local tailor or purchase it online. [B-02] Conclusion Keep in mind that every single day is an opportunity to reinvent what you wear. Whether you are looking for a new business suit, casual wear, sports wardrobe or wedding apparel, there is a wide array of options available for you to choose from. Do not forget to pick out a pathani kurta! The versatility of this garment is unparalleled, and you can wear it in various ways to give it an all-new look. The best part is that you can keep your pathani kurtas in fashion and style with your accessories and attire. You can team up the same with your favourite pair of shoes, to be the life of any party. Read more related blogs on the Piramal Finance website, or explore our financial products and services, such as personal loans, credit cards, and financial calculators.
08-11-2023
Read More
Personal Loan

Calculate And Compare Your Loan with Online Calculator

A loan is a sum of money that is borrowed and can be used for a variety of things, including schooling, automobile purchases, debt relief, unanticipated bills, and even property purchases. Because of improved public awareness, financial organizations like banks now provide their clients with a variety of loans. These include auto loans, personal loans, and so on. You must use an online loan calculator to compare your loan to other available loans to get the best lending choice for you. The purpose of these types of loans is to ease the borrower’s financial burden to fulfil and achieve their life goals. [B-01] How does Loan work? After you get approval for the loan, the funds are deposited in your bank account in a lump sum. And thus, depending on the lender, the transfer gets done within 24 hours. And once transferred, you will need to start making monthly payments in the form of EMIs after the loan is disbursed. Most loans have fixed interest rates that you have to pay every month. Personal Loan It’s a kind of loan that doesn’t require security or collateral, and you can use the fund you get from this loan for any of your personal needs. One of the best parts about a personal loan is that it is unsecured; you don’t have to put in any collateral. All you need is a good credit score which is 750 or above. It has a flexible tenure option ranging from 1 to 5 years. Personal Loan Calculator – A personal loan calculator helps you quickly calculate the amount of your personal loan EMI. With this tool, you can easily plan your finances and set your budget for future spending accordingly. It is designed to help you balance the inflow and outflow of money so that you can seamlessly navigate through your finances without any financial setbacks. How does a Personal Loan Calculator Work? To calculate your Personal Loan EMI amount, you can use the following formula: EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are variables. This means that the result will also change anytime you change these three values. Here P is the principal amount R stands for rate of interest N is the number of years meant to repay the loan Here’s an example of the same. Let’s say you took a personal loan worth INR 8,00,000 at an interest rate of 15% for two years; this is what you will need to pay as EMI. EMI = [8,00,000 x 15/100/12 x (1+15/100/12)^24]/ [(1+15/100/12)^24-1] EMI = Rs 38,789 Car Loan You can accrue your car loan from a bank to buy your dream car. Today, you can quickly get car loans at affordable rates, provided your past credit score is in a good condition. Without much hassle, you can choose your monthly EMIs. The car loan EMI is a fixed amount you can pay in monthly instalments. Car Loan EMI Calculator- A car loan EMI calculator helps you calculate the car loan instalments you will need to repay to the lender at the applicable interest rate. All you need to do is fill in the loan amount, tenure, and interest rate. How Does it Work? You can easily calculate the Car Loan EMI Amount using a mathematical formula: EMI Amount = [P X R X (1+R)^N]/[(1+R)^N-1], where P, R, and N are the variables. Every time you change these values, the result will also change. P means Principal Amount R means Rate of interest N is the number of years for the repayment of the loan Term Insurance Fundamentally, it is life insurance that provides financial protection in case of unforeseen events. It gives you a substantial amount of coverage at meagre premium rates. Under this, the amount of the insurance is paid out to the nominee in case of the demise of the person insured. Term Insurance Calculator: How does it work?- It is pretty easy for a user to use a term insurance calculator. All you need to do is enter a few details to get an estimated premium against your mandatory insurance coverage. Plus, you also need to provide your annual income along with the anticipated personal expenses and an increase in yearly revenue. Along with all these factors, your age, gender, and birth are also considered. Mutual Fund A mutual fund is a vast fund managed by an asset management company that acts as a mediator for retail investors. Mutual Fund Calculator: How Does it Work? – A mutual fund calculator uses the concept of future value. This concept helps in figuring out the maturity value of your investment. For example, you invest INR 1 lakh in a mutual fund scheme for ten years. With this, you have an estimated rate of return of 8% annually. Here is how you can calculate your future value using this formula: Future Value = Present Value (1 + r/100)^n Present Value (PV) = Rs 1,00,000 r = Estimated rate of return at 8% ie 8/100 = 0.08 n = Duration of the investment ie 10 years. Or after ten years. FV = 1,00,000 (1+8/100)^10 FV = Rs 2,15,892.5. This amount is the future value of your corpus after ten years. Other than this, you can also go for a SIP to invest in a mutual fund. [B-02] Planning for your future is a wise step that everyone should take. If managed correctly, loans, investments, and insurance plans can help you achieve your goals and dreams. The article above aimed to raise awareness among people aspiring for financial freedom in their lives and wanting to achieve their goals.
08-11-2023
Read More
Other

Online Recurring Deposit Calculator In India

If you want to lead a secure life, you must save. This golden rule ensures all your future money-related needs are taken care of. But when you save, you must invest to make your money grow. If you do not invest your savings, inflation will lower their value over time and affect your future. One of the well-known options to invest your money is a recurring deposit, also known as RD. Before you decide to invest your money in RDs, it is vital to use an RD calculator. This free tool will help you carefully choose whether or not to invest in RD. But what is a recurring deposit calculator? How do you use it? Read on to learn more about using an RD interest calculator. [B-01] What is an RD Calculator? Before using an RD interest calculator, you must know what an RD is. A recurring deposit is a savings scheme where you deposit a fixed amount every month in the RD account. You can create an RD account and link it to your bank account. The money will be debited from your account and added to the RD account without you having to do anything. You can start an RD for at least 6 months and go up to10 years. The interest you earn will be added to the RD account, helping you earn interest on interest, i.e., compounding. It will be hard for you to do all these calculations on your own as there can be some errors. Thus, you must use an RD interest calculator to help you with this task. It is a tool that will help you complete all RD-related calculations. Hence, there are no chances of errors, and you can get details of your RD investment in a few seconds. Thus, you will be able to make an informed decision. You only need to put some basic details in this tool and no personal details, so this tool is very safe. Benefits of Using an RD Calculator When you use a recurring deposit calculator, you take away the pain from the entire process. There is no need to use complex formulae and calculators to better know about the amount you must invest or how much you can earn on the money you plan to invest. Some of the key benefits of using an RD interest calculator are: – Accuracy: – There are no chances of errors when you use an online RD calculator. This is an automatic tool that is widely used for RD calculations. When you have more accurate results, it will be easier to decide. Also, you will get a true picture of how much you can make from your investments. Quick: – If you plan to complete RD calculations for up to 10 years, doing it manually is not an option. It will take too much time and effort. With an RD calculator, you can get the results quickly. So, you can make your decision quickly. Planning: – If you want to plan for a future need, you must know how much money you will need and when you can save that amount. With the help of this tool, you will be able to plan for your money-related needs in a better way and enjoy a safer future. Convenience: – It does not matter if you have a manual calculator. You can access this tool from any computer or mobile phone and get the result quickly. Many free mobile apps also offer this benefit. How to Use an RD Interest Calculator? An online RD calculator is crucial before investing money in this scheme. The steps to use this free tool can vary when using a computer or phone. Here are the steps you must follow to use the recurring deposit calculator in the right way: – With a Computer Open your internet browser and type ‘RD interest calculator’ in the search option. From the results, select the best option for the RD calculator. On this page, you will see the tool open on your screen. Now, you must enter details like the money you want to invest every month, the rate of interest, and the period. As the interest rate can vary across banks, you must first check the rate with the bank. The rate of interest for seniors is higher than others. Press the calculate button, and you will see the result on your screen. The result will include details like the original amount, interest earned, and maturity amount. Many websites also show these details in a graph format for your needs. With a Phone You can use any bank app or particular RD app for this purpose. So, download and install the app first and then open it. Select the option for RD interest calculator. Enter details like the money you want to invest, the interest rate, and the period. Hit the calculate button, and the result will be on your screen. You will see details like money invested, interest earned, and amount on maturity. You can change the details to arrive at the best option for you. [B-02] Conclusion When you invest your money, you must do a lot of research. RD is a risk-free option, as you know at the start how much you will get on maturity. You can always use an RD interest calculator to check how much you must invest to get a given amount at maturity. This simple and easy tool can surely help you with making the decision. You can use it every time you plan to start a new RD for informed decision-making. To know more about RD and other finance-related topics, do visit the official website of Piramal Finance.
08-11-2023
Read More
Other

Understand Futures And Options Trading

Options and Futures are two key forms of stock derivatives whose trading is carried out in a stock market. In simple terms, they are a contract between two parties who want to trade in a stock asset at a specified date for an agreed price. Options and Futures (F&O) are used by investors who want to be safe from stock market risks. As the price for these contracts is agreed upon in advance, the parties can reduce the chances of losses due to price changes in the derivatives market. In derivates trading, options and futures are contracts whose value comes from an underlying asset. This asset can be commodities, equity shares, ETFs, etc. F&O offers both parties, buyer and seller, a chance to reduce the future risk of their investment. As the price, in this case, is decided in advance, the risk is low. Though it is not easy to predict price changes in the future, any mistakes can lead to huge losses in the derivatives market. This is why only those parties with deep knowledge of the derivatives market choose to trade in Options and Futures. [B-01] What are the Options? Options are derivatives linked to the value of an underlying asset, like stocks or commodities. With this contract, you can sell or buy the asset at a given price. This derivatives trading can take place only when the contract is valid. While you have the right, you also have the choice not to use the options on the given date. The price of the option is known as the “premium.” In the derivatives market, you cannot own the underlying asset or obtain shareholder rights unless you exercise the option on a specific date. This derivative contract gives the buyer the right to buy or sell the asset at the given strike price. This right, however, must be exercised before the contract expires. There are two options for derivatives trading in India: put options and call options. You can sell the stock at a given price with the put option. With the call option, you get the right to purchase the asset at the strike price. What are Futures? In derivatives trading, futures refer to a contract that makes it your duty to sell or buy an asset at a given price on a specific date. They are regarded as a true hedge investment. Here, the buyer wants to lock in a price to be safe against any price rises, and the seller wants to lock in a price to be safe against any price falls. These contracts protect sellers and buyers from wide price swings in the derivatives market. Many retail investors also engage in futures trading to make profits from any changes in asset prices. In most cases, investors do not want to get the asset and settle the contract. Instead, they prefer to sell their position much before the due date. Difference between Options and Futures Options and futures might sound similar, but there are some differences between these derivative contracts. Here are some of the main differences: – Nature: In the case of futures, the trade must be completed on the given date per the commitment. Though options give you the right to complete the trade, there is no obligation. Date: In the case of futures, the trade for the underlying asset must occur on the given date. Though, in the case of options, you have the right to complete the trade until the contract is valid. In India, there are some variations in the rules. Here, a stock option can be completed until the last date of the contract, while an index options trade can be finalized only on the last date. Risk: In the case of options, you can choose not to enforce the trade in the derivatives market if there is a major price drop. For futures, you do not have this option, and the trade will take place regardless of the price, as the price has no bearing on your duty to complete the transaction. Payment: You do not need to make any advance payment for a futures contract under derivatives trading. The payment must be made on the specified date when the trade is to be completed. In the case of futures, you will need to pay a premium while placing an order. This will give you leverage, which can greatly impact your profits or losses. The premium will go to the seller if you do not complete the options trade. Investing in Options and Future There is no need for a Demat account for derivates trading options and futures. A simple brokerage account is all that you need. A registered broker can help you open this account. Here are some key facts related to trading in the derivatives market. Stock Market: In India, the BSE and NSE offer the facility of trading options and futures. Here, futures move more quickly than options due to the leverage available. The futures contract here is valid for three months. For most F&O transactions, you do not need to pay the full value of the asset. You need to pay the difference between the market price and the agreed price in the contract. Commodities: Commodities exchanges like MCX and NCDEX offer the facility of options and futures. These markets see rapid price changes, which are suitable for derivatives trading. Here, options and futures allow you to hedge against the risk of a price fall. This derivatives market is meant for seasoned investors, as new traders might find it difficult to analyze. [B-02] Conclusion Options and futures are popular derivatives in India. Many investors trade in these contracts to make profits. But you should first gather all the details on derivatives trading before investing. Are you looking for similar finance blogs? Visit the Piramal Finance website and equip yourself with the knowledge of wide-ranging financial products and services, especially stock market trading, credit cards, and personal loans.
08-11-2023
Read More
Other

Complete guide on how to generate ATM PIN on your own

Some of you must be familiar with the concept that you were given a debit card when you opened a bank account. It came inside a letter with a four-digit number. Those random numbers were to be your ATM PIN. Although banks now let their customers generate their PINs, ATM PIN generation is an easy process. The bank gives you a debit card, and you must create the PIN on your own. [B-01] ATM PIN (Personal Identification Number) An ATM PIN is essential for both online and offline transactions. It is a four-digit code that must be kept safely. No transaction will be considered valid until you enter the correct code. It is just like a password. According to research, India is one of the countries with the highest number of debit card users. However, to some, ‘how to generate an ATM PIN?’ might be a tricky question. Before you begin, make sure you have a bank account and are a customer of the bank. It would help if you also had your phone number registered with them. PIN generation at an ATM As you visit the ATM, the card needs to be inserted into the teller machine. Multiple options will be available on the screen, but you need to choose the one that says “generate ATM PIN.” The next screen shows two options, “generate OTP” and “available OTP.” Select “generate OTP.” You will receive a 6-digit, one-time password within a few minutes. You need to insert the ATM card again and repeat the above process. Except for this time, choose “available OTP.” After this, you will be asked for a PIN. Now enter a desired 4-digit number. Re-enter the number when asked to do so. Select “Submit,” which is how to generate an ATM PIN quickly. PIN generation using SMS Type the message for the new PIN generation. Your bank must have a format and send that message to the number at which it provides SMS service. You will be given a temporary OTP for ATM PIN generation. It will remain valid for a few hours. Next, you need to go to an ATM. You need to insert the ATM card into the machine. Select the “generate ATM PIN” option. Enter the OTP that was previously sent to you. After this, you will be asked for a PIN. Now enter a desired 4-digit number. Re-enter the number when asked to do so. Select “Submit,” which is how to generate an ATM PIN quickly. How to generate ATM PINs using customer care Call the customer service number of your bank. Request them for an OTP against your ATM card. The bank will ask for a few details to verify your identity. Once they are satisfied, your OTP will be sent to you for ATM PIN generation. It remains valid for a few hours. Visit a nearby ATM. You need to insert the ATM card into the machine. Select the “generate ATM PIN” option. Enter the OTP that was previously sent to you. After this, you will be asked for a PIN. Now enter a desired 4-digit number. Re-enter the number when asked to do so. Select “Submit,” and that is how to generate an ATM PIN easily. Changing ATM PIN online Visit the bank’s app or website. You must be logged in to your account. Select “card service.” You will get this option under “Service.” Choose the ATM PIN generation option. Select your account and then verify the OTP sent to you. Select continue. Now enter your old PIN. Click submit. Enter your new, desired 4-digit PIN. Now select “submit.” And that is how to generate an ATM PIN in case you want to change it. How to change your PIN by visiting an ATM Go to an ATM. Insert your card into the teller machine. Select the option for ATM PIN generation. Now your bank account number needs to be entered. Select confirm. Enter the mobile number that you have registered. Select confirm. You will receive an OTP now. Cancel the process and re-enter your card in the machine. Select a language. Select banking services Enter the OTP you received and then click on “Enter.” Choose the option to change the PIN. Enter the new desired 4-digit number. Re-enter it when asked to do so. Select submit. That is how to generate an ATM PIN if you want to change it. Advantages of generating ATM PINs by yourself The cardholder gets to generate the ATM PIN at their convenience. They do not need to rush down to the bank to collect it. The bank employees will also not have to deal with keeping custody of these PINs, as it might get risky. This process saves time on both ends, i.e., the bank’s and the customer’s. This is also cost-effective; the bank will now not have to spend a tonne of money couriering these documents to their customers. This can also help reduce carbon footprints for both public and private banks. [B-02] Conclusion The internet has made everything so easy for us. Bank work used to be tedious, but now we can do everything online or at our convenience. Things like loan taking, money transfers, ATM PIN generation, etc. This process is more secure, as you get to generate your PIN. There are fewer chances of it being leaked. Having an ATM PIN is a must because you cannot operate your card without it. It is advised not to share your PIN with anyone, not even your spouse. It would help if you went to generate your PIN yourself, as you might understand that it is a security issue. This code needs to be kept safe. If you need help with finances, you can always take the help of a financial expert like Piramal Finance. They will suggest what’s best for you and help take care of your personal loan requirements, if any.
08-11-2023
Read More
Other

Benefits Of Using An EMI Calculator

Generally, people consider loans a quick solution to urgent financial needs. Due to today’s technology, one needs a few hours to apply for loans. It’s now a paperless, digital process. But before applying, consider a few factors first. It helps you to get cheap deals too. First, check interest rates and repayment procedures. Use a personal loan EMI calculator to know the approx amount you can afford. This tool helps you make the best borrowing decisions. Let’s read more to understand how a personal loan EMI calculator can be useful. [B-01] Concept of EMI Equated Monthly Instalments or EMI is a type of loan repayment process. It includes both interest and principal. There are three factors in it. These are loan amount, loan interest rate and tenure. The EMI calculator helps you figure out the monthly amount you need to pay. The EMI calculator is easy to use to find out the total instalment budget. This is great for financial planning. You need to enter values in the three fields. It will calculate the monthly instalment in a moment. The EMI calculator calculates quickly for you in no time. The precision helps to avoid any errors, unlike manual calculations. The formula used for arriving at the EMI is:EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]Here, P= Principal loan amount, R= Rate of interest, and n= Number of monthly instalments. Benefits of using a personal loan EMI calculator No Technical Knowledge Is Required A personal loan EMI calculator is simple to use. It’s user-friendly and efficient. It’s okay if you do not have technical knowledge about finances. You don’t need them at all. The EMI calculator would do the job for you. You need to input three data in the blanks. That’s all. This free digital tool is accessible even on a smartphone. Calculating EMI has never been this easy. Saves You from Performing Complex Calculations A personal loan EMI calculator gives you results in seconds. This is one of the key components to consider. Manual calculations are messy and time-consuming. Often people find the calculations tough and cause a lot of errors. So, a specialised personal loan EMI calculator solves everything in seconds. It does the calculations and gives you error-free results in an instant. Save your valuable time with EMI calculators. Provides Nothing but Accurate Results Another advantage of using a personal loan EMI calculator is its accuracy. The chances of errors are almost negligible. Even a small calculation error can result in inaccurate EMI calculations. This ultimately results in higher payments. With a loan EMI calculator, say goodbye to such errors. You need to enter the correct values. That’s it! Helps you Maintain your Credit Score An EMI Calculator saves your credit score. The calculator helps you estimate the total amount of money you need. It helps you think if the amount is affordable or not. Remember, late EMI payments affect your credit score. So, calculate your EMI and mull over it for a moment. Do this before you apply for a personal loan. You need to prepare yourself to pay the EMI on time. A late EMI affects your credit score. So, an EMI calculator indirectly saves your Credit Score. Always try to maintain a strong credit profile. It is important for your future financial purposes. Poor scores prevent easy access to credits. Make Decisions by Modifying Components of EMI Your EMI is based on your loan amount, monthly interest rate, and tenure. The loan amount and interest rate are directly proportional to the EMI. It is also inversely proportional to the loan’s term. If you want to lessen your instalment amount, increase the tenure. Use an EMI calculator to tweak these values. It helps you find out the most affordable loan terms for your profile. Choose a loan amount as per the EMI without affecting your daily life. Loan-specific EMI Calculators at Your Disposal The essential requirements for any loan may be the same. But sometimes, you need to use lender-specific EMI calculators. A loan-specific calculator can better estimate the EMIs that you need to pay. Piramal Finance offers you a unique Home Loan EMI Calculator and Personal Loan EMI Calculator. You can also get Bike Loan EMI Calculator, Car Loan Calculator, etc. Now, plan your finances effectively without much hassle. [B-02] Conclusion Always aim to reduce your chances of default on loan repayment. This needs careful planning of your personal loan EMIs. The ideal way to start is to study your finance books. Use an EMI calculator or alike functions. Plan thoroughly and estimate your EMI in advance. A simple free EMI calculator can save you thousands of bucks. Piramal Financial is the ideal platform for amazing loan plans. This includes bike loans, personal loans, home loans, etc. You get a finance partner who helps you fulfil the basic requirements. We offer an easy-to-use personal loan EMI calculator. This helps you budget your payments. The service is free and simple to use. Forget about errors with Piramal Finance! Other highlights of service provided by Piramal Finance include customisable loan tenure and reasonable loan interest rates. There are no hidden fees or additional costs. We uphold complete transparency in all loan transactions.
08-11-2023
Read More
Personal Loan

How to calculate Two-Wheeler Loan EMI?

One of the best ways to manage finances when you fall short of funds is getting a bike loan or two-wheeler loan. It is one of the most popular financing options nowadays to buy a dream bike or any other two-wheeler of your choice. The two-wheeler loan options are available at an affordable interest rate for a tenure range from 1 to 5 years. You can use a 100% loan to buy a bike or two-wheeler. It offers flexible repayment tenure options. You can experiment with different combinations of the principal amount and tenure with the two-wheeler loan EMI calculator. The calculator provides an opportunity to change the tenure and loan amount accordingly. You can use this calculator as much as you want. [B-01] The Two-Wheeler Loan Eligibility The minimum age to get a two-wheeler loan is 18 years, and the maximum is 65 years. Must have a stable job Must be living at the same address for at least a year Must have a good credit score of 750 or above. Must have a valid KYC document. The Documents Required to Get a Two-Wheeler or Bike Loan Identity Proof– PAN Card, Aadhaar Card, Driving License, or Voter ID card Address Proof– Electricity Bill, property documents, Latest Phone Bill or water bill Additional Documents are required for self-employed and Salaried Salaried: Offer Letter Last two months’ salary slips The latest six months’ bank statement record and ITR returns Self-Employed: ITR filing of the last three years TDS certificate Details of the sales tax Company details Steps to Calculate Two-Wheeler Loan EMI The two-wheeler loan EMI calculator is a must-use financial tool when planning to apply for a two-wheeler loan. This tool helps you choose the right loan offer, including the interest rate and tenure. The two-wheeler loan EMI calculator in 3 minutes shares with you the monthly EMIs you will have to pay. But to make the best use of the 2 wheeler loan EMI calculator, you must be aware of its main components. Principal Amount- The amount of money you are willing to apply for, from an NBFC or bank. If your principal amount is higher, automatically, the interest incurred will also be higher. So, always borrow what you can repay quickly. Interest rate- Apart from the Principal amount, another factor borrower needs to check is the interest rate. It is the rate at which your financial institution offers you a two-wheeler loan. The higher the rate of interest, the higher the loan cost. A borrower has no control over the interest rate. Tenure– It is the loan repayment tenure. As mentioned above, the loan’s maximum term ranges from 1 to 5 years. You can choose the tenure as per your affordability. But always keep one thing in mind, the higher the tenure chosen, the higher will be the interest rate. The formula for a Two-wheeler loan EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1] Wherein: P = Loan principal R = Rate of interest/100 N = Loan tenure in months Suppose you are planning to purchase a bike for Rs 10 Lakh on a 100% loan at a rate of 12%. You have EMI = Rs. [1000000 x 0.12 x (1+0.12) ^60]/ [(1+0.12) ^60-1] EMI = Rs.22,244.45 But overall, calculating manual EMI will be a time-consuming process. You may end up making errors too. A bike loan EMI calculator is just the right tool to minimize the chances of error and result in the wrong loan offer. How Does an Online Two-Wheeler Loan EMI Calculator Work? It’s the best way to plan your two-wheeler loan EMIs. The bike loan EMI calculator works only for three factors: principal amount, interest rate, and tenure. Once you put the required information, the two-wheeler loan EMI will display your instalment amount, which you need to pay monthly, along amortization schedule, and interest payable. Saves both time and effort for the borrower. Steps to use Log in to the lender’s website and click on the two-wheeler loan EMI calculator. Enter the interest rate, loan amount, and tenure. Once all the details are filled in, click on submit. The two-wheeler loan EMI calculator will automatically display the monthly EMI amount. Benefits of Two-Wheeler Loan EMI Calculator Get to know your EMI Value The first and foremost benefit of the two-wheeler loan EMI calculator is planning your monthly EMIs; you must pay the chosen loan amount value accurately and quickly. Helps in selecting the suitable tenure After deciding on the EMI value, you can also select the suitable tenure with the help of an EMI calculator. The term of a two-wheeler loan ranges from 1 to 5 years. You can try various assignments in the EMI calculator and choose the one that fits well with your financial goals. Loan Comparison The 2 wheeler loan EMI calculator works well for loan comparisons. You can make the cost comparisons of loan offers available to you and choose the best loan offer and the lender. Cost Break up The two-wheeler loan EMI calculator not only shares the monthly EMIs, but also gives you the detailed break-up cost of your loans like interest rate, processing fee, and other charges. Here you get the exact loan distribution, which will be the principal amount, and how much will be the interest amount. Minimizes the Default Chances Through the Two-wheeler loan EMI calculator, a borrower is aware of advance-only monthly EMIs, and accordingly, the borrower can budget finances. This tool saves a borrower from paying high-interest rates. When you plan your finances well before applying for a loan, the chances of making a loan default are also gets minimized. [B-02] Bottom line You can access the amortization table using the two wheeler loan EMI calculator. It shares the details regarding the exact loan amount and interest that will be incurred on the loan amount. You will be able to see the bifurcations of your loan payment. After understanding all the loan aspects, it becomes easier to plan two-wheeler loan repayment strategies and manage liabilities smoothly.
08-11-2023
Read More
Home Loan

Easily Plan Your Home Loan with an Online EMI Calculator

Purchasing your own house is not a far-fetched dream today, thanks to the facility of home loans. Using an online home loan calculator, you can also get a prior estimate of your EMIs and interest payments in the planning stage. Usually, before applying for a home loan, you must assemble all the crucial documents a bank might require. Documents like Aadhar card or PAN card, income tax statements, salary slips, address proof, photo identification and property documents. But before moving forward, let us understand what a home loan is. [B-01] What is a Home Loan? A home loan or a house loan is the amount you borrow from a bank to purchase a house. A home loan equated monthly instalment (EMI) pays that borrowed bank amount with interest rates within a fixed period. For example, if you are buying a home loan for a property of ₹50 lakhs at an interest rate of 2% within the tenure of 5 years, then you will have to pay an EMI of ₹87,639 every month. You can use an online house loan calculator to calculate the above figures. You get the EMI estimate and the total amount of interest you pay monthly, yearly, and throughout the tenure. How to Pay a Home Loan EMI? Home loan EMIs have made it possible to buy your desired house without altogether paying for it in a single day. You can live in your dream house and still pay for it in regular intervals, which is consecutive months in a year or years according to what you choose as the tenure to pay the amount with a particular interest rate the bank offers. Remember that the more the tenure, the more the total interest payment will be. More interest is because it keeps mounting every month. A home loan EMI, though, gives you the freedom to pay in months. But, it has its own cost. A bank usually offers loans for a maximum tenure of 30 years. Though a bank might ideally allow you to apply for 50% of your monthly income, many do not prefer to exceed 33% of their monthly income to cover their EMI. How to Calculate Home Loan EMI? A manual house loan calculator will work in the following way: Segregate the principal amount, interest rate and the tenure you will pay the EMI in. Now calculate your house loan EMI by using this formula: P x R x (1+R)^N / [(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the tenure. For example, suppose the principal amount is ₹8,00,00,00, the monthly interest rate is 5%, and the monthly loan tenure is ten years, i.e., 120 months, then your house loan EMI according to this manual home loan EMI calculator, will be: 80,000,00 x 0.004 x (1+0.004)^120 / [(1+0.04)^120-1] = 84,852 Here, we calculate the value of ‘R’ on an annual rate; hence it is derived by: 5/(12×100) = 0.004 This method can be tricky, and you might end up scratching your head most of the time. Achieving accuracy by applying this method is a matter of practice. Considering all the above factors, you can calculate the correct amount of home loan EMI online. Then, in a fraction of a second, you can find out your next month’s instalment, the amount of money you will pay in the particular tenure and the total interest amount. The online house loan calculator tool keeps track of your future instalments and prepares you mentally to manage your expenses. Benefits of Online Home Loan EMI Calculator The following are the benefits of using an online home loan EMI calculator: It Saves Your Time With accurate results, the online home loan calculator gives results within a fraction of a second. The Online Tool Is Free Of Cost It is not a paid tool but a free online tool. Just type a few words on Google, and you can use the tool within a few clicks. Mentally Prepares You To Manage Your Expenses By keeping track of your coming instalments, the home loan EMI calculator helps you prepare mentally to save yourself from any penalty directly resulting from not paying the monthly instalments. It also allows you to curb your other expenses. Helps You Make The Right Decision Before Buying A Loan You can increase and decrease the tenure of your instalments. You can decide whether you want to pay a lot of money by increasing the term or if you want to spend more money within a few months, paying the lower total interest rate. No Need to Call or Visit Your Bank The home loan calculator holds the preciseness to tell you your exact total interest rate and monthly instalments so that you do not have to visit your bank or call the bank officials to keep track of your EMI. Helps You Take Decisions Regarding Prepayment You can also ask your bank to prepay your loan if you have sufficient funds. You may do so only if you are aware of your remaining instalments, which is possible with the help of the online tool. You Can Compare Loan Offers from Different Banks Not every bank gives you the same interest rate. So, calculate what different banks offer and arrive at the correct conclusion. This way, you can buy the best home loan that suits your budget. [B-02] On a Final Note Do not confuse a home loan with a mortgage loan. You take a home loan to buy a new property and a mortgage against an existing property. The only purpose of a home loan is to buy a new property. However, you can use the money you get with a mortgage loan as per your will for any investment. So the home loan EMI calculator proves to be a small yet significant step to help you make a one-time decision to buy your favourite property.
08-11-2023
Read More