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Personal Loan

Are You Eligible To Apply For Personal Loan For Travel Or Not?

A personal loan is an unsecured loan that helps people take care of significant purchases and expenses. It is an instalment credit — the borrower receives the requested amount in lumpsum in their bank account and pays it back through monthly instalments. A personal loan can be taken for various purposes, including buying a new vehicle or an appliance, renovating a home, managing wedding expenses, funding higher education costs, or planning a vacation. Often, people also take personal medical loans to take care of the urgent medical needs of their families. As most countries are now open to foreign tourists after the COVID-19-related restrictions, many Indians are planning their dream-destination vacations more often. A personal loan for travel helps people fund their travel plans. Interestingly, in the recent past, many young people have opted for personal loans for travel. This indicates that there is a massive demand for personal loans for travel. [B-01] Why Take A Personal Loan For Travel? Going on a holiday can be expensive, even if it is a domestic vacation. Many young adults choose personal loans for travel instead of exhausting their savings on vacations or postponing travel plans due to a lack of funds. Any individual who is eligible for a personal loan can get their loan for travel approved in minutes. Let’s look at the eligibility criteria for a personal travel loan. Eligibility For Personal Loan For Travel The eligibility criteria for a loan for travel is similar to the one for a personal loan. Any working professional can apply for such a loan. The lending criteria may differ from lender to lender. Let us check the applicable eligibility criteria for travel loans. You should be at least 21 years old. You should have completed at least six months at your current job. Your credit score must be satisfactory. Usually, a credit score of 700 and above is favoured by lenders. The lender might impose a minimum earning criteria. Generally, applicants should have a minimum monthly income of Rs 20,000 to qualify for a personal travel loan. For some applicants with an impressive credit history, lending institutions may offer a pre-approved personal loan. Now that the eligibility criteria are clear let’s see which documents need to be submitted for a personal loan for travel. Documents Needed To Obtain A Loan For Travel A travel loan can be quickly approved without much documentation. You can contact your lender to confirm which documents will be required. Generally, you may need a hard and a soft copy of the documents. Some of these documents are as follows. Proof of identity Proof of address Income Proof Latest photographs To get a complete list of the required documents, you must check the lending institution’s official website or contact the customer care department. Things To Consider Before Applying For a Personal Loan For Travel Here are a few things you must remember before taking a personal loan for travel. Always estimate a correct budget before taking the loan. Check and include accommodation, food, ticket, and emergency expenses. Aim for a loan 20% more than the budgeted costs to be on the safe side. Do some research on the best lender in the market. Typically, personal loans carry a higher rate of interest than other loans. So, one should find a lender that offers the best deal. Ensure the EMI adjusts to the monthly budget since this will enable easy loan repayments. Is It Easy To Apply For A Personal Loan For Travel? It is very easy to apply for a loan for travel. Many people apply for personal loans online, and the procedure is fast and facilitates quick disbursal ins some cases. When applying for a loan for travel online or offline, ensure that the required documents are accessible and verified. It will make the application process smoother. You should not hesitate to contact your lender in case of any doubts or apprehensions. [B-02] Conclusion Young adults are no longer waiting for savings to accumulate so that they can go on vacation. A loan for travel is a convenient way to meet the travel expenses for domestic and international holidays. The availability of a personal loan for travel ensures that people leave their savings and investments undisturbed. If you are an applicant with a good record, your personal loan approval is just a few steps away. Moreover, you can easily plan your repayment through post-dated cheques, online transfers or standing instructions to the lending institution. For more information on personal loans, visit Piramal Finance and explore their products and services.

08-11-2023

Other

Everything You Need To Know About Recurring Deposit

Despite being around for a while, recurring deposit (RD) accounts have still managed to remain popular. People of all ages are willing to place their trust in an RD account. Why are recurring deposit accounts so popular? Let’s look into it. [B-01] What is an RD account? A regular deposit is known as a recurring deposit. This service, which is provided by many banks, enables clients to deposit funds regularly and earn decent returns. A depositor deposits a particular amount each month for a specified amount of time (typically ranging from 1 year to 5 years) into an RD account, which is defined as “a banking or postal service account”. This arrangement is for people who want to set aside a certain amount each month with the hope of earning a return in a few years. The procedure of generating tiny monthly deposits under the recurring deposit plan enables the consumer to accumulate an alluring amount at maturity, which can be determined using an RD calculator. The interest rates for recurring deposits are computed on a quarterly compounded basis. Features of an RD account A recurring deposit account has the following essential characteristics: Fixed-income securities A fixed-income investment has recurring payments. When it matures, it provides a definite return. The interest rate is known before the money is invested. Furthermore, the interest rates remain the same for the term of the deposit. Minimum investment Opening an RD account just requires a monthly investment of Rs. 100. Recurring deposits are perfect for you if you have a sizeable amount of extra money, like Rs 1,000 per month, that you can invest. High-interest rate The interest rates offered for recurrent contributions are higher than those offered by a traditional savings account. Banks normally compound interest once every 3 months. Early withdrawal Customers are allowed to withdraw money prematurely under a recurring deposit; however, there will be a cost incurred. Recurring Deposit: Eligibility Criteria The eligibility criteria for recurring deposits are as follows: Any individual. Any minor who is older than 10 years old and can prove their identity is entitled to open the account. Any minor under the care of a natural or legal guardian who is younger than or equivalent to 10 years old. Any corporation, business, sole proprietorship, or commercial entity. Any agency of the government. Recurring Deposit: Documents Required The documents required to open a recurring deposit are as follows: Form that must be completed and sent to the bank you choose to start your recurring deposit account with. Passport-size photos of the applicant. Proof of the applicant’s identity and proof of residence are required in order to start a recurring deposit account. If the bank asks for them, KYC documentation. Procedure to open an RD account By filling out the form at any bank or post office, you can open an RD account. The first month’s payment must then be made to the bank or post office along with extra formal documentation, such as a PAN card and proof of address. The shortest term for a recurring deposit account is 6 months and the longest term is 10 years. Multiples of 3 months can also be opened. Recurring deposit interest rates are comparable to fixed deposit interest rates. Similar to India Post, you will receive a senior citizen discount of 0.5 per cent on your interest rate, and certain banks will also grant you a 5-day buffer time. You can open an RD account online with some institutions. You can use mobile banking to quickly and easily open an RD account. To open your recurring deposit account online, enter the bare minimum of information, including your name, email address, and mobile number. Benefits of investing in a recurring deposit Money put into a recurring deposit account is a wise investment because the principal is practically certain to yield a return. It also offers an appealing rate of return. The recurring deposit is, therefore, a wise investment choice. Other advantages of putting money in a recurring deposit account include the following: A straightforward financial asset to invest in One of the easiest financial instruments to invest in is a recurring deposit. The idea of investing money in it is rather straightforward. Experts always recommend that anyone who is new to the world of financial investments invest their money in a recurring deposit account. Guaranteed returns Recurring deposits, as opposed to equity and mutual funds, guarantee returns on the principal amount deposited in the short term, which can be determined with the help of an RD calculator. Anytime withdrawal Additionally, recurring deposit accounts allow for account withdrawals at any time. Even though the bank may charge a nominal fee for it, it is still a beneficial option for the depositor to have in the event that they urgently require both the deposited funds and their return. Loan against deposit Additionally, banks offer the option of loans secured by recurrent deposits. Depending on the bank, a depositor may be eligible for a loan equal to 90–95% of the entire amount deposited in the recurring deposit account. RD Calculator Before determining the maturity amount that will be recovered by the depositor at the conclusion of the term period, an RD calculator takes the following factors into consideration. Principal amount deposited when the recurring deposit account was opened. Date that the account for recurring deposits was first opened. Interest rate in effect for the user-selected term length. Whether the user is a senior, because most banks offer senior people a higher rate of return for recurring deposit accounts. [B-02] Wrapping up Recurring deposits are a great way to establish a dependable saving and investment habit. Numerous advantages come with recurring deposits. You can invest on a regular basis in little sums. Compared to savings accounts, the rate of return will be higher. Recurring deposits enable you to effortlessly achieve your short-term objectives. Learn more about deposit interest rates and open a recurring deposit account to take control of your investing habits. At Piramal Finance, you will also come across more information on recurring deposit calculators, also known as RD calculators.

08-11-2023

Personal Loan

Home Renovation Loan: Apply for Personal Loan For Home Improvement Online

One must be familiar with the saying- “Change is the only constant in life.” And to be honest, who doesn’t want a change for the better? Most of us have dreamt of living in a lavish and beautiful home at some point in our lives. A beautifully curated home gives a vibe of positivity for sure. Needless to say, it packs in a great deal of joy and prosperity. But what comes between us and our dreams is money. Harsh truth! Let’s face it, arranging funds for renovating a home is not a piece of cake. Moreover, home renovation is pretty expensive nowadays. It can easily drain our entire life savings. This is where a home renovation loan comes into play. So, the desire to live in your dream home can now be fulfilled without busting the bank. Yes, you read that right. Keep scrolling to know more… [B-01] What is a Home Renovation Loan? It is made available if anyone wants to renovate or improve their home. A renovation loan helps with new flooring, painting, tiling, modernising, renovating, fixing problems, and even expanding the property. They are a popular type of personal loan. It can be offered by banks, NBFCs, and HFCs. Moreover, a home renovation loan has no end-use restrictions. One may either choose to renovate, improve, or extend house as per their requirements. Personal Loan for Home Improvement As we already know, this aids in financing costs related to home renovation. The interest rate of a personal loan for home renovation generally starts at 10.49% annually. However, few PSU banks can provide with loans with even less interest rates. One can also find lenders offering longer terms than 5 years. The key benefit of personal loans for a home renovation is quick approval and easy disbursal. These are typically processed and disbursed within 2 to 7 business days. A personal loan’s greatest benefit is its flexibility. One can literally use it to do anything to their home. One can even opt for applying for a personal loan before you begin renovating the house. On the other hand, applying for a renovation loan is also possible once the work has already started. Furthermore, personal loans have competitive interest rates. Numerous lenders also provide pre-approved rapid loans to selected clients depending on their credit histories. Personal loans are pre-approved. So, they can be disbursed shortly after applying for credit. Benefits of Home Improvement Loans Now taking a personal loan for home improvement has a ton of benefits: Flexibility of usage A personal loan is a very flexible option. It has no restrictions, unlike a vehicle or mortgage loan. Also, it can be used for any purpose. A personal loan is a quick option to escape a current financial crisis one is experiencing as a result of the house improvement. Quick Disbursal – Pre-approval is often quick. To receive a personal loan quickly, one must meet the qualifying requirements. A strong credit score is unquestionably advantageous. Disbursal typically takes 24 to 72 hours, depending on the bank or lender, although it might take longer. It is therefore the best option when it comes to a home renovation. If one is already a client of the bank they are applying loan for, immediate online approval is also possible. No Security or Collateral Necessary One can obtain a personal loan without having to put up any security, such as a house or car. Based on creditworthiness, which is determined by factors like credit score, income, payback history, and employer reputation, will determine if the loan is sanctioned. Flexible tenure Personal loans often have flexible terms between 12 to 60 months. Minimum documentation It is possible to apply for a personal loan offline or online with minimum documents. The important documents that are needed include proof of identity, proof of income, and proof of address. Eligibility for Personal Loan for Home Renovation To qualify for a loan, a few requirements are needed to be met. Let’s have a look at the eligibility criteria for obtaining a personal loan for house improvements: One must be at least 21 years of age. Borrower have to be an Indian Resident to apply for a personal loan. He/she should work for an MNC, a private firm, or a publicly traded corporation. Use a personal loan eligibility calculator to determine the loan amount needed to make home improvements. It will display the total amount you are allowed to borrow. This will further aid to apply for the correct amount without having your loan request denied. Home Improvement Loans Interest Rates & Charges One should always consider the interest rates and fees associated with the loan when applying for a home improvement loan. Personal loans often have interest rates between 10% and 15% per year. Processing fees also range between 2 and 3 percent of the loan amount. Loan Amount Loan Amount for larger loans, banks often provide lower interest rates. Salary One’s ability to repay the loan is significantly influenced by the monthly salary. Loans are made available to people with greater salaries at reduced interest rates. Relationship with the Bank A good relationship with the bank can provide attractive interest rates, offers, and fees. Repayment Capacity Lenders evaluate the credit history before approving a loan. They make sure that one can afford to pay it back. [B-02] End Note If anyone wants to renovate their home, getting a personal loan is the best bet. Due to the escalating costs of both labour and the materials needed for remodelling, home improvement is going to be expensive. So, be wise in comparing the best rates to get the best deal! If you are looking for personal loans online for a home renovation feel free to check Piramal Finance for the lowest interest rates and quick approval.

08-11-2023

What Is the Post Office FD Calculator, and How Does It Work?

The Post Office FD Calculator will allow you to estimate the maturity amount for a fixed deposit in the Post Office Bank. By using the Post Office FD Calculator, you can get an estimate of the amount you will receive at maturity. If you wish to calculate the post-FD returns, you will need to enter the amount of the investment, the tenure, and the period of compounding at the Post Office. Fixed Deposits (POFDs) and Post Office Time Deposits (POTDs) are two of the oldest and most popular investment options offered by the Indian Postal Services. India’s government backs them, so they are generally considered safe. Therefore, it has been one of the most popular investment avenues. [B-01] Post Office FD Features and Benefits Requirements and Tenure: Postal fixed deposits last 1–5 years. Post offices offer fixed deposits. Funding can be done with cash or checks. When a check is cashed, the date it was opened is considered. NRIs cannot access Post Office FDs. A parent or legal guardian can create a Post Office FD account in the minor’s name. Ten-year-olds and older are eligible to open and manage the accounts. Minors must convert their accounts after reaching adulthood. Investment Minimum: One deposit per account for Post Office Fixed Deposits. POFDs have a minimum investment of 200 INR and an unlimited maximum investment. An investment must be made in multiples of 200 INR. Any post office allows investors to open multiple accounts. An individual can open a joint account, and a single account can be converted into a joint account. Rate of Interest: The interest rate for a five-year deposit is announced each year before April 1. Typically, it is aligned with G-sec rates of similar maturity with a spread of 0.25 percent. Interest is payable every quarter, but is computed annually. This scheme is offered by the government; therefore, it does not require credit. Post Office FD provides attractive interest rates that are often higher than bank rates. Integration with the post office savings account: The account holder may direct interest earned from the savings account to their post office savings account. The rate of return remains the same. Recurring Deposits with the Post Office: Upon the investor’s request, the earned interest is redirected to a %-yearr post office recurring deposit. It is also necessary for both accounts to be located at the same post office. Only the Head of Departmental Sub-offices has permission to view information. Regarding taxation: It is impossible to deduct interest on fixed deposits that have a tenure of fewer than five years. In contrast to this, a 5-year Post Office Fixed Deposit is eligible for tax exemption under Section 80C. The interest that is earned is included in the taxable income of the investor and is taxed at the applicable rate. TDS is a tax that is applied to interest that is paid by the post office. Unless TDS is deducted from your income, you are required to file a return of income. The maturity period: You may extend your investments at maturity. A form can be filled out, or, if the post office is equipped with a CBS system, automatic renewal can be arranged. Withdrawal Prematurely: You are not permitted to withdraw before six months. You are only entitled to earn interest on withdrawals between six months and one year, just as if you were withdrawing funds from a savings account. There is a penalty of 1% for all withdrawals made after one year. Post Office FD Scheme Tax The savings on Post Office Fixed Deposits for 5 years may be deducted from your taxable income. The investment in a 5-year Post Office FD is tax deductible up to a limitation of Rs. 1,50,000 under Section 80C. With an average inflation rate of around 4.09%, Post Office FD is an excellent option for saving money on parking. Post offices provide ETE (Exempt-Tax-Exempt) time deposits. Investments and lump-sum payments are tax-free, but taxable interest is earned. For interest earned over 40,000 INR, 10% TDS is deducted (if PAN details are provided, otherwise 20%). INR 50,000 is the maximum tax deduction available to seniors. Those who are entitled to be tax-free should file Form 15G/H. If no TDS is deducted, that amount must be disclosed on the taxpayer’s tax return. Tax benefits are not available for Post Office Fixed Deposits held by children under the age of five. Interest on a Post Office Fixed Deposit is compounded quarterly. Taxes are due on the interest earned. It is taxed at the current rate and added to the investor’s income that is subject to tax. Conclusion It is the same concept as bank deposits in that Post Office FDs are deposited for a certain period at a fixed interest rate that is guaranteed for the duration of the deposit. As a general rule, the longer the term of the investment, the higher the interest rate is likely to be. You can earn a guaranteed return on your investment if you invest the right way. A Post Office FD is available for a period of 1, 2, 3, and 5 years. Interest rates vary from country to country. There is a quarterly calculation, but the payment is due once a year. There is a tax deducted from the interest received from postal services. Post Office FD allows tax benefits under Section 80C of the Income Tax Act. [B-02] Piramal Finance Post Office FD calculator can be accessed to calculate the same. This calculator will be able to save time when used while calculating. The Post Office FD Calculator allows you to enter a value for the FD. A variety of compounding options are offered to the investor, including regular, semi-annual, annual, and annual compounding. The investor may adjust the rate of interest and the duration of the investment by adjusting the sliders for interest rate and tenure, as appropriate. With all of these details entered, the Post Office FD Calculator displays a graphic and numerical representation of the amount invested, wealth gained, and maturity value. By using the Post Office FD Calculator investors can perform calculations in a matter of seconds, allowing them to devote more time to more important activities.

08-11-2023

Calculate FD Returns Online In 2022

Did you make a fixed deposit (FD) but don’t know how to calculate the interest rate? Want to find the yearly, quarterly, or monthly interest using an FD return calculator? Well, this is the right place for you to get all your doubts cleared regarding FD and how to calculate returns. In this article, we will shed light on an FD calculator, how to use a fixed deposit interest calculator, and the FD formula to calculate interest. [B-01] What is a fixed deposit and what are its different types? An FD is a scheme offered by your banks where you invest money to get a higher rate of interest. Your money increases over time at a given interest rate. You get the total amount at the end of your maturity period. It is a very safe option where interest rates are consistent with no market-related risks. The interest rate is not affected by any clashes in the market, and you get your guaranteed returns at maturity. There are four broad kinds of fixed deposits: Cumulative fixed deposit In this type of fixed deposit, when you invest your money, your interest gets compounded. You can use an FD return calculator to calculate and analyse your maturity amount. Non-cumulative fixed deposit In this type of fixed deposit, when you invest your money, you get a return based on a fixed interest rate, and you can withdraw that money on a monthly, quarterly, half-yearly, or yearly basis. This can be called your monthly interest, quarterly interest, half-yearly interest, or yearly interest. Standard fixed deposit This is the basic form of FD, where you invest money for a period of 7 to 10 years at a fixed interest rate. Corporate fixed deposit The money you deposit to the non-banking financial companies or the NBFCs is called a corporate FD. You should check the company’s credit rating and take expert advice to make sure your deposits are secure. What are the benefits of investing your money in fixed deposits? You get assured returns even if there are market fluctuations or any crisis. You get good interest rates, which is a big advantage. You get additional tax benefits by making a fixed deposit. In terms of safety and security, you will be assured that your money is in a safe place. In most cases, it acts as a security fund if you ever want to go for a loan. What is an FD return calculator? An FD return calculator is a handy, easy-to-use online software that helps you find the return on the money you deposit. It assists you in calculating the maturity amount that you are going to receive if you invest money at a given interest rate for a set period of time. It also helps you in deciding which bank you should prefer, according to different interest rates, how much money you should invest and the tenure. What are the advantages of using an FD calculator? Some of the exclusive advantages of using an FD return calculator are: Accurate results: FD calculator is an AI-generated software, so the results it provides are accurate and specific. Error-free outcomes: FD calculators, unlike manual calculations, have no chance of making any kind of mistake while calculating your figures. Saves a lot of time: Since it is software, it does the calculations in less than a second, which saves a lot of your valuable time. How to use an FD calculator? Here is a step-by-step guide to let you know the correct way to use an FD calculator. To calculate yearly, half-yearly, quarterly, or monthly interest rates, you have to: Select the amount you want to invest in the FD scheme. Select the tenure (monthly, quarterly, half-yearly, or yearly) according to your preference. Select the interest rate that you have decided on for your fixed deposit. Click on the “Calculate” option, and you will have your results in seconds! You can recalculate to make sure that everything is correct and that you haven’t mistakenly input incorrect values. How is fixed deposit interest calculated? To calculate fixed deposit interest, there are two methods that are widely used: Simple interest This is not a flexible method to estimate your interest rate. The interest rate is always pre-fixed for a fixed period of time. The formula for simple interest is: SI = P×R×T/100 Where P is your principal amount, R is your rate of interest, and T is your time period. For example, if you invest Rs 5000 at an interest rate of 10 per cent for a period of 5 years, then your interest is equal to Rs 2500 and the total amount is Rs 7500. This method is mostly not preferable as it does not give you any handsome returns. Compound interest This is the most widely used method and, in fact, the formula used here is also considered the universal FD formula. A = P (1+r/n) ^ (n * t) Where A is the maturity amount, P is the principal amount, R is the rate of interest, n is the number of compounding frequencies, and t is the time period. For example, if you invest Rs 5,000 rupees at an interest rate of 10 per cent for a period of 10 years, then your total interest would be Rs 7968.71 rupees and your maturity amount would be Rs 12,968.71. [B-02] Conclusion An FD return calculator is a very useful tool to help you in figuring out the right amount of money you should be investing. Different banks and NBFCs provide variable interest rates. Make sure you talk to the bank officials, your advisors, and the people who have been investing in FD and then make an informed decision. Piramal Finance has some highly engaging blogs and articles regarding fixed deposits. Make sure you visit their website to get some valuable content.

08-11-2023

Other

Why and How To Use The PPF Calculator in 2022?

Public Provident Fund or PPF is a profitable scheme that helps you invest money and get valuable returns. Of late, people are finding ways to invest their money risk-free and PPF is one such option. But it might get difficult for you to calculate your interest money regularly without any help. In this case, a PPF interest calculator will help you. Do you know how to use a PPF calculator? If not, then don’t worry because, in this article, we will be discussing everything about a PPF account calculator. You will know about PPF, the PPF calculator, its features and benefits, and how to use it like a pro. [B-01] What is PPF and what are its features? PPF is a small savings scheme which gives you returns once you start investing your money in it. It is a government-assured scheme that came into being in 1968. It is one of the most favourable savings options for people who want to invest without any risks. You can make little savings from your monthly or yearly expenses and invest it here. To calculate your interest regularly, you need to use a PPF interest calculator. Though the returns are not very high, you will still make good profits from it. Features of PPF The tenure of a PPF account is about 15 years, though you can prematurely break it if you are in urgent need of money. The minimum amount you can invest in a PPF account is Rs 500 and the maximum amount is Rs 1.5 lakh. You can only open one PPF account if you are an investor. In some cases, you can open another on behalf of a minor, but as an individual, one person can open only one account. You can open a PPF account if you are a non-resident Indian (NRI) or you belong to a Hindu Undivided Family (HUF). You at least have to make one investment in 15 years to keep your PPF account alive. What are the benefits of a PPF account? There are many benefits, such as: It is a risk-free option which means your principal and the investments you make are safe and secure. The interest you earn from a PPF account is exempted from tax and the principal you deposit is tax-free as well. You can withdraw your money by the end of the 6th year of opening an account, although the lock-in period is 15 years. It is supported by the government, so you don’t have to worry about anything. It allows you to make investments even if you don’t have a lump-sum amount of money. To have a perfect idea about how much money you should invest and how much interest you get in return, you can use a PPF account calculator. This will help you make an informed decision regarding your investment. What is a PPF calculator? The PPF calculator is an online tool that helps you calculate your PPF interest out of the money you invest in your PPF account. The PPF interest calculator is a very easy-to-use, handy, and user-friendly option to look for. You only need your principal money, an interest rate, and a time period to calculate it. How to use a PPF calculator? There is a standard formula to calculate your PPF interest amount and it goes as follows: F = P[({(1+i)^n}-1)/i] Where F is your maturity amount, P is your annual instalments, n is your number of years, and i stands for rate of interest. However, if you manually use this formula to derive your interest amount, it could be difficult to calculate. Therefore, you should use a PPF calculator instead. Since a PPF calculator is already programmed to provide you with your interest money, all you need is to put in your investment details. Here are some steps: Enter your principal money, which should be at least Rs 500 INR but must not be more than Rs 1.5 lakh. The interest rate is already set in some PPF interest calculators as the interest rate is not fixed. For this financial year, the interest rate is 7.1%, which keeps on changing every year. In the tenure bar, put the number of years for which you want to invest. It is 15 years as such, but in case you want to prematurely break your account, you can cut it short. After entering all the details, click on “Calculate” and there you go. You have your interest amount in front of you. Why should you use a PPF interest calculator? Here are some reasons for you to use a PPF calculator: It will help you understand how the account and the interest rate work. It gives you a sketch of how much interest rate you should expect out of the principal you invest. Since interest rates keep on changing, you can use a PPF account calculator frequently to be aware of the recent updates regarding your interest money. It is a time-saving affair, free from errors, which will provide you with precise results. It is free of cost and AI-generated and that means it is dependable. [B-02] Conclusion Investing in PPF is a very safe option and it comes under the “exempt-exempt-exempt” category, which means all your money is free from tax. A PPF account calculator will help you to understand how the whole game works. Do you want to keep reading more on a PPF interest calculator? Well, then visit the official page of Piramal Finance. They have many engaging articles and blogs about all types of investments.

08-11-2023

Mutual Funds

How Can a SIP Calculator Help You in 2025?

Do you want to invest in mutual funds but don’t know where to begin? Want to know more about SIP, market trends, and the best way to calculate your SIP? Do you want to learn how to use a mutual fund SIP calculator and how it could benefit you in 2025? Well, this is the article you need to get your doubts cleared. In this article, you will learn about SIP, how it works, and what its pros are. You will also know why you should use a SIP calculator online instead of using a manual option. [B-01] What is SIP and why should you use it? SIP, also called Systematic Investment Plan, is a popular way of investing in mutual funds. It is an easy way to invest a fixed amount of money at regular intervals and get a good profit. Some people think SIP is a different investment scheme from mutual funds, but in reality, it is a plan to invest in mutual funds. It helps you develop discipline in monetary matters and grows your wealth over time. To know how much you will be gaining from mutual funds by using SIP, you should use a mutual fund SIP calculator. You should follow this path because it allows you to enter the stock market world without entering the high-risk zone. Here are some reasons why you should start looking for SIP: Monetary discipline SIP instills monetary discipline in you, thus preventing you from making bad financial choices. It forces you to make wise choices with the money you have and curbs your extra expenses. Decreases the level of risk It decreases the amount of risk while investing as it is properly structured as per market trends. Now, you can invest in mutual funds without worrying about any sort of risk. High flexibility You can increase or even decrease the amount of money you invest without worrying much about it. This helps you maintain flexibility in your investments and keeps you hassle-free. Experiencing a compounding effect You begin to know the true power of the compounding effect. Suppose, you invest Rs 500 every month for 20 years, you will have Rs. 3.82 lakhs at the end of the 20 years, and this is the compounding effect. Helps in planning Once you know how the market works and how you can bring about significant change through small investments, you can plan your future investments accordingly. This gives you a vision of how much you should expect while investing. To better plan your investments, you should use a SIP calculator online to calculate your mutual fund returns. What is a SIP calculator? A SIP calculator is a tool that helps you calculate your returns from your mutual fund investments. A SIP calculator online also helps you get a clear picture of how much return you should expect after investing a particular amount of money for a fixed period of time. Investment experts suggest that one should keep using a mutual fund SIP calculator now and then. This will help the person keep up with investment updates and market trends. How to use a SIP calculator? A SIP calculator uses a standard formula: F=P x {[(1 + r)n – 1] ÷ r} x (1 + r) Where F is the money you will be getting at the end of your maturity period, P is your principal money, which you invest through the SIP, r stands for your compounded rate of return, and n is your number of years. For instance, if you invest Rs 8,000 every month at an interest rate of 10 percent for the next 10 years, then your total money will be around Rs 16,52,416 using the above formula. To use a SIP calculator online, you need to follow some simple steps: First, enter the weekly or monthly investment amount in the requisite bar. Now, enter the interest rate in the SIP calculator online, that you will be getting from the funds. Enter the number of years/months for which you should be investing your money. Click on “Calculate”, and you will have your mutual fund return amount right in front of your screen. Why should you use a SIP calculator? You can plan your investment more effectively now because you can try different investment amounts and interest rates. You can estimate the correct values of the returns on your investment, ensuring better outcomes. Using a SIP calculator online is a very time-saving option as you get the results in less than a second. It is very handy, effective, easy to use, and user-friendly, which means you won’t have to worry about anything while calculating your mutual fund returns. The results that a mutual fund SIP calculator shows you are 100 percent accurate as it is generated by an AI. [B-02] Conclusion A SIP system improves the quality of your investment and increases your rate of return. It saves time and money for you by incorporating financial discipline. A mutual fund SIP calculator gives you all types of scenarios with your investment options and helps you estimate your interest. Are you looking forward to reading such articles and gaining more knowledge about SIPs, mutual funds, personal loans, and other investment portfolios?

08-11-2023

Personal Loan

Complete Guide to Loan Prepayment Calculator in India

Looking to make a partial prepayment against your Home loan? Does your Home Loan consume a big chunk of your salary? Home Loan Prepayment Calculator will help you to understand the viability of the loan prepayment options. It will give you clarity on what is going to be your revised EMIs after making the partial payment. Calculating the amount manually can be a tedious job, whereas the Home Loan Prepayment Calculator can make the calculations easy. Let’s understand in detail how home loan repayment works, what is Home Loan Eligibility Calculator and how to use it. We will also check the advantages of the Home Loan Prepayment Calculator, and things to consider before making a home loan prepayment in India. [B-01] What is Home Loan Prepayment? “Prepayment of home loan” means paying off a mortgage loan before its agreed-upon term. Prepayment might lighten your financial stress. Prepayment of a loan reduces the EMI or shortens the loan term. It reduces interest and saves money. The total interest amount increases as the loan term increases, partially prepaying the amount can reduce your debt load. Prepayment can cut interest rates and shorten repayment durations. Your monthly loan payments will be substantially lower. If you’re considering a prepayment, a prepayment calculator can help. Check the following points to understand what the home loan prepayment calculator requires: Principal Amount: The principal amount is the sum of money you borrowed from the lender. Outstanding loan amount: It is the balance you have with the lender. Balance Tenure: The balance tenure is the total number of outstanding EMIs. Part Payment Amount: The part payment amount is the portion of the outstanding loan balance that you want to pay. Three times the EMI is the required minimum part payment amount. How Does a Home Loan Prepayment Calculator Work? A prepayment calculator will help you figure out how much you can save by paying off your loan early. A home loan prepayment calculator is a useful online tool for calculating the impact of prepaying your loan. Keep these four key things in mind, when you decide to prepay the loan. Most online calculators will help you with all four of them. The share or total sum of EMIs put away Amount of the next EMI payment due Total recalculated EMI Term of Loan Revisions Through this method, you can calculate your new EMI and your potential for savings. To do the calculations, you need to fill in your loan information, which consists of – Existing Loan Balance Repayment Terms Inflationary Interest Rate How to Use the Prepayment Calculator for Home Loans? Let’s now examine how this tool functions. To demonstrate this, let’s use the following integers as an example: Rs. 20 lakh is the loan amount (principal). Duration: 20 years The interest rate is 9% annually. You may check that your EMI without any advance is Rs. 17,995 by using an EMI calculator. Let’s assume that you prepay Rs. 1 lakh now. Your current EMI is Rs. 17,095. This is a monthly savings of 5% on the EMI of Rs. 900. You can also decide to shorten your tenure while keeping your EMIs at Rs. 17,995. You can learn how to pay off your loan much more quickly by using this calculator. Things to Consider Before Prepaying Your Loan Do keep the following factors in mind, before planning to prepay a loan: Required funds in the future Before making a prepayment, you should also think about your future financial needs. Your funds will be gone once you pay off your loan in advance, which is typically the extra money. Before you decide, be certain that you are aware of your financial need. Tax reductions You cannot receive income tax advantages if you pay back your loan. Currently, Section 80C allows you to claim a tax exemption of up to Rs 1.5 lakh per year on principal amount repayment. Additionally, you may seek an exemption from Section 24 interest payments of up to Rs 2 lakh (b). Additionally, In the Union Budget for 2021–22, the Finance Minister also increased the benefits of Section 80 EEA, allowing an additional deduction of Rs. 1.5 lakh on interest. (more than the Rs 2 lakh permitted under 24b). Check savings after paying If you can save enough on your interest amount then only you should think about prepaying your loan. You could avoid prepaying your loan if you are not saving a sizable sum. For example, the interest component of your EMI is significantly lower in the later years of a home loan than it is in the early years. Therefore, you won’t save much if you prepay the debt during the last years of the loan. Possibilities for investment The savings you’ll get from prepaying the loan should be compared to the profits on any other investment possibilities you may have. It is preferable to invest your money if the returns are higher than to use it to pay off your loan early. Advantages of Home Loan Prepayment Calculators To make sure you are making an informed choice, use a home loan prepayment calculator. It can help you manage your finances effectively and determine your affordability. If the prepayment is within your means, it might lessen your financial burden by decreasing your overall debt, EMIs, and even the total amount of interest accrued. Eligibility for Prepayment of a Loan As long as the lender accepts it, anyone can make a full or partial payback on their outstanding debt. Some lenders forbid prepayment since it could result in losses for them. Checking the prepayment clause before you sign your home loan agreement is crucial. You can also use the Home Loan Eligibility Calculator to check your eligibility. Do check if your bank charges any fees for early loan payback. [B-02] Conclusion Home Loan Prepayment Calculator is an online tool that calculates monthly EMI for your loan and helps to check if the repayments that you make every month can help you shorten the loan tenure. It will help to know how much you will save by paying off the home loan early. Whether prepaying the loan is the best choice for you or not should be determined carefully by yourself. Visit the official website of Piramal Finance to get in-depth knowledge of prepayment calculators. Do check their informational financial articles along with other products and services they deal in.

08-11-2023

GST

GST Calculator: How to Calculate GST Amount Online?

Want to know more about GST and the ways to calculate it? Want to find ways to calculate the GST amount online? Interested in knowing how to use a GST calculator online? Well, then this article will help you skim through it. In this article, you are going to learn about GST, the formula to calculate it, and how to use a GST calculator. [B-01] What is GST and What are its Broad Types? GST, or Goods and Services Tax, is a form of indirect tax that you pay while buying goods and services. This tax is included in the goods and services you purchase. A GST calculator online can help you calculate the GST amount. The GST Act was passed and approved by the Indian Parliament on March 29th, 2017. It was introduced to bring all the indirect forms of taxes under one roof. This made it easier for the government to administer the total tax fund. It put a full stop to black marketing and hoarding. It helped bring uniformity to the country’s taxation system. Furthermore, it reduced taxes on certain goods and services, which benefited the general public. It reduced the logistics costs by abolishing all the border taxes. Let us discuss the various types of GST (Goods and Services Tax) Types of GST In total, there are four types of GST collected by the government, and they are: CGST / Centre GST: This GST is charged by the central government of India on all the goods and services you purchase. SGST / State GST: This GST is charged by the state government on all the goods and services you purchase. UTGST / Union Territory GST: This GST is charged by the union territory government on all the goods and services you purchase if you belong to any of the union territories. IGST / Integrated or Combined GST: This GST is charged by both the central government and the state government on all the goods and services you purchase. What is a GST Calculator? A GST calculator is a tool that helps you calculate the price of gross or net products. It is an online calculator that is already programmed to compute the GST amount. Manufacturers, wholesalers, retailers, and users can use this online, AI-generated software to calculate the tax amount. What Are the Benefits of Using a GST Calculator Online? There are many advantages to using a GST calculator, and these are some of them. Easy to use: GST calculators are very user-friendly and easy to use. The calculators that are available online do not require any effort, you just have to enter the figures to calculate the final amount. Time-saving: All the GST calculators online save your time to a great extent. You don’t even have to wait a second to get the results. They show the tax numbers in no time. Free from human error: Precision is another huge advantage of using a GST calculator online. Unlike manual calculations that turn out to be tedious at times and can give wrong results, these online calculators give you accurate results. Bifurcated values: The GST calculator online gives you bifurcated values, which means it gives you a separate value for CGST and SGST, respectively. What is the Standardised Formula to Calculate Goods and Services Tax? According to the GST Act of 2017, there are two formulas for two different situations. The first situation is for the GST inclusive amount. Here, the GST inclusive amount is the sum of the original price of the product or service and the GST. The second situation is for the GST exclusive amount. Here, the GST exclusive amount is obtained by not adding the GST amount to the original price of the product or service. For the goods and services where GST is included: GST = cost of the goods or services × GST%/100 It is the cost of goods or services multiplied by the GST percentage divided by 100. So, net price = Cost of the goods or services + GST amount. For example, if the original price of a good or service is 5000 rupees and the GST rate is 5%, then by using the above formula, the GST is equal to 250 rupees, and the total amount including GST becomes 5250 rupees. For the goods and services where GST is excluded: GST = Original cost – [Original Cost × 100/100+GST%] For instance, if the original price of a good or service is 5000 rupees and the GST rate is 5%, then by using the above formula, the GST amount is equal to 238.10 rupees, and the total amount excluding GST equals 4761.90 rupees. So, net price = Cost of the goods or services – GST amount How to Use a GST Calculator Online to Calculate Goods and Services Tax? There are two simpler steps to follow to calculate the GST online. The first step is to enter the original price of the goods and services. The second step is to enter the product or service’s GST percentage. After entering these two numbers, you just have to click on the “calculate” button. The GST calculator shows you the GST amount in no time. [B-02] Conclusion A GST calculator is a very handy and easy-to-use device that will help you get the GST value of the products and services you are buying. The GST percentage values are fixed at 0.25%, 3%, 5%, 12%, 18%, and 28%. Another thing to notice is that in the case of reverse charging, 18% GST is charged, but the GST calculation method remains unchanged. You should be aware of the category (GST inclusive amount or GST exclusive amount) while using a GST calculator to calculate the GST amount. Visit the official website of Piramal Finance to understand how to calculate the GST online. Read their well-researched blogs, and do not forget to explore their products and services.

08-11-2023