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Best Online Car Insurance Plans to Choose From

Cars are among the most popular forms of personal transportation today. However, vehicular accidents are not entirely uncommon. If you are a car owner, you must consider any accidents that could happen and damage your vehicle. Both new car insurance policies and car insurance renewals have increased significantly. Are you concerned about picking the best car insurance policy? This blog gives you the details of the insurance plans for your car and explains the types of coverage they offer. Why is Car Insurance Important? The car insurance policy not only safeguards your vehicle but also protects you and your family in case of an accident. For this reason, the Motor Vehicle Act of 1988 demands that all car owners buy car insurance. The following are some of the prime reasons for purchasing car insurance online and making sure to renew it on time: Reduces the liability Covers all kinds of damage Covers hospitalisation costs In the case of death, the family is given compensation You can get coverage at all times by paying to buy a premium. Buying car insurance online is cheaper. What does a Car Insurance Policy Cover? The various types of security are referred to as insurance coverage. It’s critical to understand what types of events are covered by any car insurance policy before purchasing. You can pick from various add-ons to boost the plans’ basic coverage to improve their level of protection. Here are some major types of car insurance coverage available in India. Third-party liability – Every owner of a vehicle needs to get this coverage. This policy covers any harm you may cause to another driver. This coverage covers liabilities resulting from someone’s death and the expense of hospitalisation and treatment for third parties. It also covers the cost of repairs or replacements for their damaged vehicles. Personal Accident Coverage – You can opt for personal accident coverage to protect yourself. In case of injury, this insurance coverage will cover your medical expenses and any damage to you. Theft – If your car is stolen, this car insurance coverage will compensate as per the Insured Declared Value (IDV) of the car. Collision Damage – When you get collision damage car insurance, the expense of fixing your damaged car is covered. The vehicle's age and Insured Declared Value are considered when calculating the cost of collision coverage. Zero Depreciation Cover – Usually, car insurance policies come with this coverage as an add-on. A Zero Depreciation Cover will enable you to receive the full claim amount without considering any cost depreciation. Top 5 Car Insurance Policies For You: You will always want to check and compare various available plans before buying your car insurance online. Here is a list of some of the best car insurance plans currently available for you to choose from. Car Insurance Policy Motor Claim Settlement Ratio Network Garages HDFC ERGO Car Insurance 91.23% 8300+ SBI General Car Insurance 91.75% 16000+ TATA AIG Car Insurance 90.49% 7500+ Reliance General Car Insurance 85.82% 8200+ Bajaj Allianz Car Insurance 88.83% 4000+ HDFC ERGO Car InsuranceThe features of HDFC ERGO Car Insurance are: It has over 8300 cashless garages, so you don’t have to worry no matter where you are in India. The premium plan for HDFC ERGO Car Insurance starts at just ₹2094. You will get 24×7 roadside assistance, ensuring you are not stranded alone. This plan offers 6 add-on covers, including zero depreciation cover. SBI General Car InsuranceThe features of SBI General Car Insurance are: It offers both comprehensive and third-party car insurance. You can get multiple premium add-on covers, like NCB, key replacement, bi-fuel kit, and loss of belongings. It offers compulsory third-party liability with personal accident coverage. It provides quick and efficient cashless claim settlements. TATA AIG Car InsuranceThe features of TATA AIG Car Insurance are: After five years without a claim, you might receive up to 50% discount on your car insurance premiums. By purchasing your car insurance online, you can save up to 75% on the insurance price. Up to 13 add-ons can be included in a comprehensive car insurance policy to safeguard your four-wheeler. You can get a car insurance renewal quickly and easily in 3 simple steps. Reliance General Car InsuranceThe features of Reliance General Car Insurance are: It offers up to 7 add-ons, including nil depreciation, consumables cover, key protection cover, and engine protector cover. Reliance General Car Insurance offers comprehensive and third-party car insurance. Free roadside assistance is available. No claim bonus of up to 50% is available on premium purchases. Bajaj Allianz Car InsuranceThe features of Bajaj Allianz Car Insurance are: Its Drive Smart feature lets you track your driving in real time and receive premium discounts. It provides owner-drivers with personal accident coverage of Rs. 2 lakh. Additionally, the plan provides towing services in the case of a breakdown. Owners, drivers, and passengers may also purchase personal accident coverage. [B-02] The Final Takeaway Making a choice will be much simpler for you now that you know the benefits of different car insurance policies. It is usually a good idea to research and compare several options before selecting the best plan. You can visit the Piramal Finance website to know more about finance and easy financial solutions like insurance, personal loans, credit cards, and more.

08-11-2023

Best

Find the Best Car Insurance Policy Online by Calculating and Comparing Premiums

A car insurance policy offers coverage to the vehicle owner. A car insurance premium is the money you pay the insurance company. This is for a set period of time. After this, your insurance company will take care of the coverage mentioned in the insurance policy. This is done till the end of the policy period. What are the ways to determine your premium plan? Do you need to call the agent and ask them to do it for you? Or, can you calculate the insurance policy of your car online? This article will teach you simple things to keep in mind before buying car insurance online. It will tell you how simple calculation and comparison are. It is way easier than reaching out to a bank or an agent. [B-01] Types of Insurance Premiums Third-party Liability Insurance This insurance includes the coverage of a third party. Assume a vehicle collides with yours. The other vehicle suffers damage. The insurance company has to pay for damage to the other vehicle. This insurance is mandatory in India, according to the Motor Vehicles Act of 1988. Comprehensive Motor Insurance Policy This policy gives coverage to the insured and third parties. Sometimes, unfortunate events like accidents take place. In that case, the insurance company is liable for the insured and the third party. Both types of insurance are helpful. Consider them if you are planning to buy a new car. If you have not taken a policy for your already existing car, do so now. Essential Factors that determine your Car Insurance Premium Insured Declared Value of the Vehicle (IDV) The IDV is the maximum claim you can ask for damages to the car. The insurance provider will give you the amount after reducing deductibles. The provider will pay you when repair costs exceed 75% of IDV. IDV of the vehicle affects the premium. You pay more premium for a new vehicle. The formula for calculating IDV is: IDV= (Manufacturer’s listed selling price – depreciation) + (Accessories not included in listed selling price – depreciation) excluding registration and insurance costs. Age of the Car Due to wear and tear, the value of a car reduces over time. Insurance providers use the vehicle’s age to decide the car’s market value. New car launches can lower your car’s market value too. Cubic Capacity of an Engine The capacity of an engine is determined by its cubic capacity. The car insurance premium is slightly higher for a new car than for an old one. The premium in third-party insurance is the same for old and new vehicles. Location Geographical zones in India are divided into Zone A and Zone B. These zones are used to calculate the premium for car insurance. Zone A comprises New Delhi, Chennai, Bengaluru, Pune, Ahmedabad, and Hyderabad. Zone B includes the rest of India. There are more accident-prone areas in Zone A. So, the residents of Zone A pay higher premiums than Zone B. The Insurance Regulatory and Development Authority(IRDAI) has changed insurance policies. A policyholder can pay the premium according to usage. Let’s understand this in detail: Pay as you Drive A customer pays a premium according to usage. A vehicle that spends more time on the road is more prone to accidents. Thus, you pay more premium for more use of the car. You pay less premium for less usage of the vehicle on the road. Pay how you drive A customer with a good safety record can pay a lower premium. A driver with rash driving, challans and traffic tickets has to pay a higher premium. Floater Policy You can have a single policy for all your vehicles. The premium will be slightly higher than that of other policies. How to Calculate and Compare Car Insurance Premium Online Nowadays, it is easy to calculate the estimated amount of an insurance policy online. How? Through a car insurance calculator. Key in essential information like your car registration number. You will get the information at once. Enter the IDV and get the best quotes. You can compare the coverage provided by using the online insurance calculator. Visit the website of any insurance provider and get a quote quickly. This will give you a fair idea of your best premium plan. Information required for new cars for premium calculation online Car’s registration details Car model Manufacturing year Owner’s details – name, gender, marital status, contact details Policy commencement date Information required for used cars for premium calculation online Ownership details of the previous car Particulars of the claim of previous policy Current car insurance details Benefits of using Car Insurance Calculator Ease of Comparision Insurance providers offer different types of policies. An insurance calculator allows you to compare insurance policies. This makes it easier and more efficient to find information. By comparing, you can choose the best policy for you. Make a wise choice The insurance calculator gives you the factors that affect your car insurance premium. You can add on or discard additional insurance cover. You can monitor your premium payment with ease. You can make better choices. Know the right IDV of your Car It is essential to know the IDV of your car. This is important to calculate the details of the premium. The calculator helps you arrive at the right amount of IDV. [B-02] Final Thoughts After reading through this article, you must have learnt more about necessary insurance policies. The car insurance policy protects you and the vehicle. The online calculator helps you get a hassle-free car insurance policy quote. You can calculate and compare car insurance policies online using simple steps. If you need more guidance and assistance with selecting the right insurance policy, visit Piramal Finance. This online platform is what you need to learn everything about relevant financial products such as vehicle insurance, personal loans, credit cards, and more.

08-11-2023

General Insurance

Which Bank Provides The Best Term Insurance Policy

Term insurance is one of the most important parts of your personal finance. Life is uncertain. While you focus on living your life to the fullest, you need to be prepared for uncertainties. If you are the sole earning member in your family, then it is a must that you financially protect your family. This is to ensure that they can live their life even in your absence. This is what a term insurance plan ensures. What is term insurance? How can you get one for yourself? Find out here! [B-01] What is Term Insurance? Term insurance is a type of life insurance policy. In it, the insured person pays a premium for a certain period. The term insurance plan provides a life cover to the insured for a period as per the terms of the policy. In case of unfortunate demise, the family of the insured is paid the assured sum amount. How Is Term Insurance Different from Other Life Insurance? Term insurance is a pure form of a life insurance policy. Most life insurance policies provide insurance and investment. In simple words, the premium paid by you not only provides insurance benefits but is also invested by the insurance company. When the policy matures, or the insured event happens, the family of the insured person is paid the sum assured amount as well as investment value. They act as twin instruments of investment and insurance. But in the case of a term insurance plan, you are only provided insurance benefits. There is no investment element in term life insurance. Some policies may allow a refund of the premium after maturity. This is also the reason why its premium is much lower. Lower premiums allow a large section of society to benefit from life insurance. How to Get Term Insurance? Getting term life insurance is very simple. You can buy a term life insurance policy from any insurance company or bank. Many people prefer buying term insurance from a bank. Banks have an insurance arm that provides insurance facilities. Which Banks Provide the Best Term Insurance Plans? If you are looking to buy term plans from a bank, then below is a table of some of the best banks for the same: Name of the BankClaim Settlement RatioICICI Prudential97.84%HDFC Life98.01%TATA AIA98.02%PNB MetLife96.2%SBI Life96.76%Canara HSBC98.12%Kotak Life98.50% Why Term Insurance? When you create your portfolio, insurance is the first thing you start with. Before flying, it is important that you prepare a safety net. Following are some of the most important reasons for having term insurance: Lower premium As stated earlier, term plans have a lower premium than other life insurance policies. This is because it is a pure form of an insurance policy. You just need to pay a small portion of your income to get term insurance. Security for the family Term insurance provides much-needed security to your family. In case of your untimely death, your family will have adequate financial resources to make it through life. This is one of the best gifts you can provide to your family. It is a symbol of how much you care for your family. Flexible Term insurance plans are flexible. You can customise the plans as per your needs. There are multiple options available with respect to tenure, mode of paying a premium, and frequency of paying the premium. You can either pay premiums monthly, quarterly, half-yearly or even annually. Refund of premium There are multiple term plans that offer a refund of the premium. After the policy matures, you will receive a refund of the premium paid over the tenure of the policy. This creates a win-win situation for you. If the insured event occurs, you receive the sum assured. If the insured event does not happen, then you receive a refund of the premium paid by you. Low claim rejection The chances of a claim getting rejected are low in the case of term life insurance. Term life insurance mostly covers all the scenarios in which you receive your sum assured. You can observe the same in the claim settlement ratio table above. Most of the banks have a claim settlement ratio between 96% – 98%. This shows that they approve 96% to 98% of the claims received by them. Riders This is one of the significant benefits of term life insurance. If you feel that the base cover is not enough, you can go for riders. Adding riders allows you to extend your coverage. You can cover exceptional cases through riders as well. You will just have to pay a little extra premium. But it is always beneficial to include riders if you need to. [B-02] Conclusion Banks present some of the best term plans for your portfolio. As per your needs, you can select any one of the plans. You can also secure other members of your family through term life insurance. Further, you can easily get term life insurance from any bank without visiting the same. You just need to visit the bank’s website and go through their plans. Buying your term insurance plan online has its own benefits. It allows you to compare different insurers and insurance policies. This helps in the selection of the best plan for your needs. Further, it is a convenient way of buying insurance. You can select the plan, make the payment, and activate your insurance plan anytime, anywhere. Buying your term insurance online also helps you save a lot on commission costs. Insurance companies pay commissions to the agents if we purchase an insurance plan from them. This commission forms part of the premium that we pay on the plan. For more such useful information, visit Piramal Finance now. This is a one-stop platform for accurate information on financial and banking services. Make sure your financial knowledge is up to date on essential services and products, such as personal loans and insurance coverage, by reading the informative blogs on their website.

08-11-2023

Personal Loan

Home

Best Centre Table Ideas for Drawing Room In 2025

The living room is the heart and soul of any home. It is the place where we read the morning newspaper, sip hot cups of tea, or simply lounge around to unwind after a hectic day. The special bond that we share with our drawing rooms makes it imperative to model the space in a way that speaks to us. What better way to revamp your drawing room than to opt for a modern centre table? A lot of us do not pay much heed to the drawing room’s centre table, but trust us when we say that it can transform the space and make it much cosier. Do you want to know how a centre table will revitalise the mood, feel, and appeal of your living room? If so, read ahead. [B-01] Things to keep in mind before buying a centre table In today’s day and age, buying any piece of furniture is an investment. Therefore, as a smart consumer, you should put some thought and care into your purchase. As the centre table resides at the heart of your drawing room, it should subtly grab attention. In addition, the best centre table for your drawing room is the one that meets both form and function. In other words, the centre table you choose should fulfil the following requirements: It should be utilitarian. It has to be practical enough to serve as a coffee spot as well as a spot to stack magazines. It should be trendy. It should fit the aesthetics of your home. The optimal centre table will upgrade the look of your living room. Apart from the criteria mentioned above, some of the expert advice you can follow in choosing the right centre table for your living room area is as follows: Tip 1: Size Matters: The ideal centre table anchors the furniture in your living room by filling in the gap while providing enough space for movement around the furniture. The centre table should have a distance of 18 inches from other furniture. The table should be smaller than two-thirds of the largest piece of seating in the room. It should have enough space for the placement of showpieces and other objects like magazines, laptops, etc. For easy access, the table’s height should be the same as or a few inches lower than the sofa. Tip 2: Shape is Important: Your sofa’s shape will determine the shape of your centre table. If you have a rectangular sofa or an L-shaped lounge, go for a rectangular table. For smaller sofas with square seating space, a square or round centre table is optimal. Tip 3: Consider the Aesthetics: The centre table of your drawing room is bound to draw the attention of visitors; therefore, it should have a pleasing aesthetic that matches your room’s vibe. For instance, you can match the centre table with the colours, textures, and patterns in your living room: It is the safest way to get the “aesthetic” right. Now that we know how to choose the right centre table for the drawing room, let us look at a few of the best designs of the season. The best living room centre tables that you can invest in 2022 1. Mirrored Glass Block-Style Centre Table: If your style is minimalistic and simple, then the block-style centre table made of translucent glass will blow your mind. This unique furniture item from All Home Living can substitute for a “piece of art.” Pros Unique design Sleek look Will look good in different living room setups Spacious platform Cons Expensive High maintenance Can be too plain for some 2. Fireplace Design Centre Table: How about combining your drawing room’s centre table with a fireplace? Sounds intriguing, right? Nowadays, centre tables with fireplace features are gaining popularity. They look stunning and are perfect for getting if you want fuzzy, cosy vibes all year around. Pros Unique Design Showstopper quality Great for the winters Optimal for people living in a cold climate Cons It can be impractical Can be hazardous without discretion Restrictive design 3. Sheesham Wood Centre Table with Shelves: If you are someone who loves the feel of luxury, then the Sheesham centre table from Amazon will be your best bet. If you want to add some gravitas to your living room and make it comfortable at the same time, then do not think twice and book this table immediately. Pros Durable Classy design Spacious Low maintenance Cons Expensive Bulky 4. Floral Engraved Metal Centre Table: The stunning and intricate centre table from Wooden Street is optimal if you want to add some jazz to your living room and still keep things sober. If you love antique furniture, then you will love this table. It is the perfect combination of class and modernity. Cons No storage space It can be difficult to maintain Bulky 5. Duochrome Contemporary Centre Table: If you are looking for a centre table for your drawing room that is elegant, modern, and practical, then you have found your match. This contemporary centre table from BLUEWUD is best for new-age living rooms that demand something sophisticated. In addition, there are brown and white duo-chrome shades. Pros Classy design Spacious and practical Versatile Affordable Cons User has to assemble the centre table themselves [B-02] Wrapping It Up So, there we have it, the five best centre tables for the drawing room in 2022! If you want to invest in top-notch furniture but are worried about finance, then Piramal’s personal loan options can help!

08-11-2023

Best

Pick the Best Medical Insurance Plans Online

Good health is needed for well-being. Many people are at risk for diseases in today’s world. A health crisis might strike when people least expect it. If they have health insurance, they are protected. A medical insurance policy is a product offered by health insurance firms. The insurer promises to reimburse the insured for health costs in the event of a crisis under the medical insurance policy. Such costs are reimbursed when the insured becomes sick or, in other cases. [B-01] Why Purchase Health Insurance Online? The ease of purchasing and the access to a broad range of plans are two reasons most people choose to get health plans online. More reasons to get medical insurance may be found in the part below: It is simple to compare many health plans The online method of purchasing a plan has eased the comparing process by decreasing paperwork. A plan calculator makes it simple to compute rates and compare insurance plans. Correct choice One of the finest aspects of online purchasing plans is the freedom to select and purchase the best. An online firm gives people access to all the info they need to compare the best plan, such as plan quotes, perks, and other terms and clauses. Time-saving Unlike old methods of purchasing a plan, in which people had to describe their needs to insurance brokers and go through a time-consuming process, online services save time and allow them to purchase a health plan. They can choose the best medical insurance policy from the options provided on the screen. 24-hour access to data There are no time constraints when purchasing a plan via online sites. As a result, people can compare, choose, and purchase the best plan at their leisure. Discounts Many plans provide discounts for purchasing a medical insurance policy online. As a result, they can get more perks at lower rates. Eligibility for Indian Medical Insurance The following are the main needs for medical insurance plans in India: Entry Age Under a kid plan, the child must be between 16 and 18 to get the perks of medical insurance. Adult plans have entrance ages ranging from 18 to 65 years old. Depending on the plan and insurer, it could be 70 years old or older. Pre-existing Health Conditions After 45, people may undergo many health exams before being accepted for medical insurance. The insured must submit proof outlining any pre-existing problems if they are not requested to undergo health testing. These findings from health exams decide whether an insured may use it. Factors Impacting the Cost of Health Insurance The medical insurance rate is based on a mix of the following factors: Age Youth are far more fit than older people because of their better immune systems, even if health issues are increasing for both groups. Thus, the plan premium will be lower for more young people. Lifestyle Pollution levels and other concerns related to the style of living account for more than 61% of deaths in India. The life choices, such as whether or not they smoke, will thus affect the cost of health plans. Location People’s place where they live will impact the plan since each city has risks and health costs. For instance, the high pollution level in North India makes residents far more prone to lung illnesses. Further Covers One might alter their medical insurance plan based on their needs and health conditions. Thus, the plan increases slightly when they choose extra cover like a Maternity or an AYUSH perk. India’s Top Medical Insurance Plans This section will talk about some best medical insurance plans. HDFC Health Suraksha Gold with Regain This plan is provided by HDFC Ergo Pvt. Ltd., the medical insurance firm. Families may get the cover. The plans cover pre-hospital costs for 60 days. It also covers all costs like health advice, cure, and so on for the first 90 days following hospital. Max Bupa Health Companion Family First This plan is a product of Max Bupa, a health plan provider. This plan’s qualities make it among the top plans. This plan is designed to meet the demands of Indian joint families. When they purchase this insurance, they can cover up to 19 members, with a separate amount for each member. A floater sum is also covered: any family member may utilise that. Senior Citizens Red Carpet Health Plan This plan is from Star Health & Allied Insurance Provider Limited, a medical insurance firm. This plan’s cover is designed for seniors. It covers people over 60 and allows entry up to 75, with cover going on forever. The cover is offered for one year, two, or three years and may be renewed. If the plans cover more than one year, the total insured is calculated each year with no carryover perk. The cover covers pre-hospital health costs incurred for illness or injury suffered up to 30 days before the hospital. [B-02] Conclusion Even the healthiest people may get ill without notice and may need costly health care. Not being prepared to cover the price of needed treatments is not an option in such a case. This is where whole health plans come into the picture to protect the family. A health care plan is a deal between an insurance firm and an insured in which the firm pays for the life insured’s health costs. The firm will either pay them for the health costs or ensure that one is eligible for a cashless cure at one of the health centres for illnesses covered by the plan. A health plan is eligible for a tax deduction. Plans are tax deductible under Section 80D of the Income Tax Act. For more details, one can visit the website of Piramal Finance to learn more about medical insurance plans and other services.

08-11-2023

Business Loan

How to Use Business Loan EMI Calculator in 2022?

Maintaining a company is neither easy nor cheap. It is going to take a lot of time and money. But, the latter is not something you need to worry about if you take a loan. You can use this financing choice for everything related to the growth of your firm, from building an infrastructure to launching a marketing campaign. However, debt is a trap that can harm a company’s finances as well as its personnel and growth. Interest rates on business loans are high as they are unsecured loans. Thus, it may be tough for some firms to make the required EMIs toward the loan’s principal and interest. Use an EMI calculator for business loans to avoid this kind of scenario. If you are looking for low-interest rates for your small business or start-up, you can opt for MSME business loans. Read on to find out all that you must know about a business loan EMI calculator and MSME business loans. [B-01] What do you mean by Business Loan Calculator? A business loan calculator helps you simplify your business loan information. It helps you understand the components of your loan, such as your interest rate, your principal amount, and your loan period. The whole cost of borrowing the money is segregated into a Business Loan calculator. To make it easier to keep track of the amount you need to pay each month, it breaks down your principal and interest into a single number. For an EMI calculator, you need to know three things: the loan amount (how much money you will be borrowing), the interest rate of your loan (you can guess this or contact your lender to know this), and the time over which you will pay off the loan. Benefits of Business Loan Calculators The following are a few of the main perks of using a business loan calculator: Gives precise and reliable calculations You can manually calculate the monthly repayment amount. You can compute your monthly payment amount with a business loan calculator. If you alter the loan balance or the repayment period, you can also know the difference in this sum. You can not afford a mistake; thus, this sum needs to be correct. You can end up in a bad situation if you obtain a loan that you can’t afford to pay back. The simplest way to avoid the issue is to use a calculator that has been created to cater to this need. Aids in determining the need for business loans If you are unsure if you fit the needs for a business loan, applying for one can be a time-consuming process that ends with either approval or rejection. You can check your eligibility by using a calculator rather than waiting for the loan processing officer to decide if you fulfill the needs for a business loan and then tell you. You can be sure that you qualify for the loan if you notice a monthly loan payment that your firm can afford. It is simple and quick. Manually calculating the repayment amount can take a lot of time. Even if you are a math prodigy, you will need to spend at least an hour checking your calculations to ensure that they are right. But if you use a calculator, you can get the answer quickly, and it is as exact as possible. Since you only need to enter a few pieces of information, including the loan amount, the loan term, and the interest rate, using the calculator is very easy. The rest is up to the calculator. It supports mobile devices For a business loan calculator, you can use your cell phone as an EMI calculator. Even opening your tablet or laptop is needed. On the screen of your mobile device, you may quickly see the monthly payment. You only need to quickly type a few numbers, like the loan amount and the loan term. Even if you use your phone to do it, it’s very easy. Things to keep in mind while applying for an MSME business loan. MSME refers to any micro, small, or medium enterprise or start-up. Most financial institutions provide low-interest and collateral-free loans to start-ups and small businesses. You can opt for an MSME business loan if you are looking for some working capital or are in need of a cash boost. However, you need to keep a few things in mind before applying for an MSME business loan. Some of these are: 1. Your credit score: Your credit score is an important factor when it comes to borrowing. A good credit score will get you a low-interest loan with better repayment terms. For businesses, banks look for a Company Credit Report (CCR) which is equivalent to the CIBIL score of an individual. 2. Your financial records: Whether your business is an established one or a start-up, having your financial records neatly organized can be quite an advantage. Most banks will instantly approve your MSME business loan if you have your previous financial records, such as GST and audit reports, in hand. 3. Your business registrations: When you are seeking a business loan, it is essential to have your business registered according to state rules and regulations. If your business is GST registered, your loan application has a better chance of approval. [B-02] The Bottom Line Getting a business loan can be the best thing for your firm. But, deciding to seek this kind of aid should not be done hastily. Business loan interest rates are higher than secured loan interest rates, regardless of the borrower’s credit history or the company’s financial standing (home loans, gold loans, and more). The EMI calculator for businesses can help you figure out how much you can afford to borrow without affecting your firm. A Business Loan calculator is a great way to check if an MSME Business Loan is right for your business. You will know if a loan is viable and if it will help you reach your business goal. The current technology means you don’t have to do the math yourself. Visit the official website of Piramal Finance to read about the different types of business loans. Find real, personalized information about a wide range of financial products and services, such as personal loans and different financial calculators, here.

08-11-2023

Business Loan

Easy Way To Calculate Business Loan EMI with a Business Loan EMI Calculator

Thinking about starting a business? If you answered yes to that question, you must know that running any business takes a lot of resources. It needs manpower, raw material, commercial space, licenses, and many other things. But the one thing it needs more than anything else is capital or monetary funding. There are many ways in which you can get this funding. One of the most popular ways to get money is through business loans. You can go to the bank of your choice and ask them to fund your business. This loan can then be repaid in EMIs. An EMI is nothing but an Equated Monthly Installment. It means that you can pay off your loan by breaking it down into small parts which you pay every month. This makes the whole process of paying off your loans easy, but if you miss an EMI payment, it can lead to some problems. Not paying your EMI on time can affect your credit score. It can also result in a fine which isn’t ideal. Thus, you must know exactly how much EMI premium you have to pay every month. It can help you better plan out your expenses and other aspects of your business. In this article, we will be taking a look at everything you need to know to calculate your EMI for your business loan. [B-01] How Are EMIs for Business Loans Calculated? We can’t talk about calculations without getting into formulas, can we? There’s a simple formula that can be used to calculate the EMI for your business loan. It goes like this: EMI = P x r x (1+r) n / (1+r) n-1 Now, this may look a bit intimidating so let us break it down and understand what this formula represents. The EMI you pay on your bank loan depends on various factors – the principal loan amount, business loan interest rate, and the general period of the loan. The above-mentioned mathematical formula is to simplify the calculations. The formula has three main terms. These are as follows: P – The P in the formula stands for the principal loan amount. This is the total amount of money you are borrowing from the bank. It is also the base sum you agree to repay. R – The business loan rate of interest. A percentage often denotes this. The business loan interest rate is the amount that the bank charges you for borrowing the money. Business loan interest rates vary based on the bank, type of loan, period of the loan, and many other factors. N – The period of the loan. Also known as loan tenure, this is the total time for which you are taking the loan. For instance, if the loan tenure is ten years, it means that you are willing to pay off your loan in ten years. For these ten years, you have to pay the EMI. All three of these factors, together, are put into the above mathematical formula. On solving it, you will get your monthly EMI amount. But let’s be honest, everyone isn’t a maths wiz. Calculating the EMI for your business loan, all by yourself can be a bit challenging and may also be prone to errors. This is why, to make the process easy, you can use an online Business Loan EMI Calculator. What is a Business Loan EMI Calculator? A business loan EMI calculator is a simple tool that is available online. With the help of this calculator, you can calculate the approximate EMI you will have to pay every month. These Business Loan EMI calculators are easy to use and you can find them with one quick search. Most major banks and financial websites offer the tool for free. To use the business loan EMI calculator, you will need to know three things. These are the principal loan amount, the business loan interest rate, and the loan tenure. After you put in these values, the calculator provides an EMI estimate you will be paying. Use the following steps to use a Business loan EMI calculator: Step 1 – Open any online loan EMI calculator. You can open it on any search engine on your web browser. Step 2 – Use the slider or the input box to enter your principal loan amount (P). Step 3 – Add the business loan interest rate (R) similarly. The interest rate depends on the terms of your loan and the loan provider. Step 4 – Enter your estimated loan tenure period (N) – this is the total amount of time you need to pay back your loan along with the interest. Step 5 – Double check all the values you have entered and hit the calculate button. The online calculator will take care of all the work and display the estimated EMI amount. Using an online business loan EMI calculator makes the whole process easy. Once you understand the approximate EMI amount, you can plan out other aspects. It can help you keep better track of things. Please note that most online calculators can only provide you with an approximation. The actual EMI that you will have to pay may vary. Once you have decided upon the loan terms, your bank or the loan provider will share the exact EMI amount. This article informs readers about business loan EMIs and how they can use a business loan EMI calculator. [B-02] Closing Thoughts Calculating and understanding your EMI before taking a loan is an important step. We recommend using the online business loan EMI calculator tools. These are better and quicker than manual ones. On-time payment of your EMI is a very crucial thing. If you are unable to pay off your EMI on time, it can lead to many unwanted problems. Always make sure that the loan terms suit you and your repayment capabilities. At Piramal Finance, you will find authentic and personalized information on financial products and services, including personal loans and financial calculators. Check out our other articles to learn more about various loans, insurance, investments, etc.

08-11-2023

Cards

Know The Difference Between Credit Card And Debit Card

You must be using credit and debit cards daily and frequent discussions over what is more advantageous are common. But how do these differences affect a cardholder personally? They are, of course, rectangular pieces of plastic. Credit cards and debit cards appear the same, yet they function differently. Cashless transactions have become extremely popular with the introduction of debit and credit cards. All you need to do is swipe once to complete the payment process. Although both cards are used in the same way, they function differently. Let’s look at how debit and credit cards differ from one another. [B-01] Credit Card A credit card is a small card similar to a debit card. Currently, banks and other financial organisations are issuing credit cards. The face of the credit card has the cardholder’s name, credit card number, chip and expiry date. On the back, you’ll find the CVV, signature and magnetic stripe. The method of payment is the main distinction between credit and debit cards. The amount of payment is not taken from your savings account when you use a credit card to make a purchase. You may make a purchase using a credit card. The bank or financial organisation that issued the credit card makes the payment. The credit amount owed to the bank by the credit card user is due at a later time. Payment delays, however, result in penalties. There is a pre-approved credit limit on each credit card. In other words, you can make several transactions till you reach the maximum amount set by the issuer. When you do not have cash on hand but want to make a big purchase, credit cards might be helpful. Debit Card The bank where the person has a savings account issues a debit card. Debit cards are also given to corporate entities. These cards are connected to a current account. A debit card is also a plastic card. Cards with magnetic stripes were formerly available. Now, EMV cards are used that have a security chip instead of magnetic stripes. These cards are safer and more encrypted compared to the previous cards. A debit card’s face has the following information: a 16-digit unique card number, validity and expiry dates and the creditor’s logo, such as Visa, Mastercard and RuPay. The reverse side of the card includes the CVV, signature stripe containing the cardholder’s signature and customer service numbers. A debit card is a tool for making cash transactions that may be used to purchase products and services. Your bank account gets debited when you swipe your debit card to withdraw money. The beneficiary’s account then receives the payments. Numerous transactions may be completed with a debit card. You may transfer money from your account to another account and pay your utility bills and do online and offline shopping. You can also swipe your debit card at an ATM to get cash out of your account. Difference between credit card and debit card Credit CardDebit CardDefinitionA credit card involves borrowing money from the bank. It is basically a loan that you will be returning at the end of the billing cycle.Debit cards allow you to access your own money.Card FeeYou will be charged the same costs to use your credit card as before, but you may additionally be charged late payment fees, prepayment penalties and foreclosure fines.You must pay an annual maintenance charge and a joining and processing fee to continue using your debit card.SecurityIf a charge on your credit card is incorrect, you have time to dispute it or block the card when stolen or when misplaced.When you use a debit card, money leaves your account right away, without allowing you to get your money back.Restricted UseThe credit card can be used up to the predetermined limit. Debit cards, rarely, have daily use restrictions that apply to a certain amount.SafeguardsWhen compared to a debit card, a credit card performs better at protecting the interests and privacy of cardholders. The issuing businesses offer protection that can cover fraudulent usage for up to the previous 7 days from the time of reporting the loss in any event of theft and misuse of a credit card.A debit card does not cover these problems.IssuerA bank can issue you a credit card even if you don’t create an account.Your savings or current account is connected to your debit card. Only banks where you have such an account can issue debit cards.Payable InterestThere are penalties for paying credit card bills late.When using a debit card, the money is deducted instantly. Therefore, no interest needs to be paid.RepaymentThe cardholder must repay the outstanding balance through revolving credit, which means paying the minimum due amount or paying more than the minimum due amount but less than the whole amount owed. The cardholder may also pay off the whole balance before the deadline.Since you cannot use your debit card to make purchases on credit, no repayment is required. Monthly StatementsA statement or bill is delivered each month. Due to the transaction amount being granted on credit, this is necessary.A debit card does not generate monthly statements. Your account statement will allow you to review all of your debits in a month.PrivilegesA credit card provides a lot of privileges. You can accumulate cashback, air miles and reward points by using a credit card.Debit cards often do not have any such rights or privileges. [B-02] Conclusion It is relatively simple to mix up a debit card with a credit card. They look alike, after all. However, it is crucial to understand the distinction between a debit card and a credit card. Credit cards are the best payment method because they come with advantages and anti-fraud features. However, credit cannot be made available to everyone. It could be wiser to continue with a debit card until you can learn to manage credit responsibly, especially if you are a spendthrift. Debit cards prevent overdrafts and encourage you to spend responsibly. Thus, both are good options. The difference comes in where your convenience lies. You can choose wisely if you know the differences between debit and credit cards. Piramal Finance is an online platform allowing you to learn everything you need to know about debit and credit cards, and other useful financial products. For other facts about personal loans, credit cards, and financial management, check out more blogs on their website!

08-11-2023

Cards

How to Get Lifetime Free Credit Card with No Annual Fee

With so many credit cards in the market, choosing one that meets the needs, provides perks, and is great value for money can be challenging. Many cards which do offer perks have high joining and yearly fees. Although many banks or card issuers provide a lifetime free credit card, which gives the perks of both worlds: no joining or yearly fees while providing perks. This article will help to make choosing a card easy. [B-01] Features and Perks of a Lifetime Free Credit Card Like every other credit card, a lifetime free credit card offers its own set of perks. Following are some examples of standard perks of a credit line without a monthly fee: No Regular Charge One of the top perks of a lifetime free credit card is that there is no annual charge for using it. Highly Affordable There is no joining cost for lifetime free bank cards, these cards are within budget. You can use them without any fear of extra charges. Bonus for New Clients Some of the top lifetime free credit and debit cards provide a nice reward when people get the card membership. These welcome bonuses might be extra reward points, cashback perks to many sites, or anything else. Easy Approval It is easy to get credit cards in India approved. The income standards for free lifetime credit cards are low. Though the cards with annual fees have more benefits than the ones which do not have any fees. Cashback and Reward Almost all top free credit card options give cashback and rewards when you use them. Depending on the credit card you have chosen, the credits can be redeemed for items or turned into cash. How to Apply for a Credit Card with No Annual Fee Online? When applying for a no annual charge credit card online, go to the website of the bank. Go to the individual bank’s website Read their eligibility criteria and proceed if you meet the same Add your registered mobile number and date of birth Choose the card, confirm the details Click “Submit” once you have filled in all the details You will be given an ‘Application ID’ after you submit the request and will be required to upload all necessary papers. Track your application using this ID. Criteria to Enroll for a Lifetime Free Credit Card The standards for applying for credit cards in India with no yearly fees vary from bank to bank. Yet, some basic qualifying needs must be met. These are some examples: Employment: One must be salaried/self-employed Age: One must be between the ages of 21 and 60 Note: In most instances, users must show proof of income. Although, depending on the bank’s rules, these qualifying terms may differ. Documents Required If the above terms are met, the documents listed below can be submitted to initiate the rest of the process: Proof of Address: Driving licence, passport, PAN card, Aadhaar card, electricity bill, etc. Income Proof: ITR papers, recent salary slips, bank records, etc. Identity Proof: Aadhaar card, a legal ID document card, PAN card, etc. Credit Cards with no Annual Fee Check the list of credit cards that can be availed without paying any annual fee: HSBC Visa Platinum: It has an interest rate of 3.3% per month. Offers attractive rewards and discounts when you spend. IDFC First Wealth: It gives four free cards with an interest rate of 0.75 to 3.5% per month. It offers air accident cover of 1 crore rupees and insurance and travel benefits. Amazon Pay ICICI Bank: It has an interest rate of 3.5 to 3.8% per month. It is a good card if you are a member of Amazon Prime. Kotak 811 #DREAMDifferent: It has an interest rate of 3.5% per month. Offers joining benefit has an attractive reward plan. ICICI Bank Platinum Chip: It offers good discounts and reward points and has an interest rate of 3.4% per month. Some more credit cards are listed below: Dhanlaxmi Bank Platinum Bank of Baroda Prime IDBI First Select Axis Bank Select (Burgundy) IDBI Aspire Platinum How to Get Lifetime Credit Cards with No Income Requirement? Almost all card issuers verify your income when you apply for a credit card. They want to ensure people have an income source that can be used to pay off their credit card bills. If you don’t have a steady source of income, it may be tough to get a credit card. Although, there are several credit cards In India that you can apply for even if you don’t have income proof or a credit rating. Because secured credit cards in India are provided against a set deposit, they can be granted without the need for proof of income. You must open an FD with the bank, which the bank will take as security if you fail to pay the credit card bills on time. [B-02] Conclusion Whether you are a first-time applicant or a longtime credit card user, a zero annual fee credit card is always helpful. A lifetime free card may be the best option for you if you are using credit cards for the first time. It offers perks with lower fees. Free credit cards offer fewer perks than premium cards with annual fees. Still, most valid free lifetime credit cards come with more perks that outclass the aspects of some premium cards with annual fees. So, keep an eye out for such credit and use them without worry. You may need to begin the credit trip with a secured card if you have no credit file or income, and then upgrade the card once you have a decent credit score. Visit Piramal Finance for valuable insights on your credit score or easy and customised credit card and personal loan solutions.

08-11-2023