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FD

Complete Guide On How To Calculate FD Interest Rate?

FD is a type of savings that you can do by putting a fixed amount safe for a particular tenure. The tenure of an FD can be from a few days to up to 10 years. The interest rate of the fixed deposit remains fixed at the time when you are opening it. You can use the FD interest calculator to calculate interest income and maturity amounts. [B-01] What is a Fixed Deposit? A fixed deposit is a term deposit where you invest your money and after a fixed tenure you can take your principal amount back along with the fixed interest rate. When you invest in fixed deposits you get an interest rate better than the other options such as a savings account. If there is an emergency you are allowed to break your FD by paying a certain amount as a penalty, which is not that high. You can choose to have the interest credited to your account at regular intervals or once the deposit gets matured. You will receive the maturity amount at the end of the FD term if you invest money in an FD plan. FD Interest Calculator helps in calculating the exact amount that you will receive once your FD gets mature. Fixed deposits are available in two types. Cumulative Fixed Deposit (FD): A cumulative fixed deposit pays compounded interest annually or quarterly. In general, cumulative fixed deposits pay a greater interest rate. Non-cumulative FD: A non-cumulative fixed deposit pays interest on a monthly, quarterly, half-yearly, or annual basis, depending on the investor’s preference. Non-cumulative FDs have lower interest rates than cumulative FDs. It is suitable for people who desire a consistent income from their investments. What is an FD Monthly Payout? The FD monthly payout means that you opt to take the interest every month on your FD, instead of taking it at the time of maturity. Comparatively the interest rate of the amount taken monthly is less than the ones received through other frequencies. Monthly payouts are preferred by those who want who look for steady and fixed monthly incomes. What is an FD Interest Calculator? An FD is an excellent investment option for people of all ages and provides reasonable rewards with little risk. You can choose a non-cumulative fixed deposit to earn FD interest every month. Furthermore, the interest rates given are competitive. Investment professionals recommend utilizing an FD interest calculator to calculate interest income and maturity amounts. An FD interest calculator is easily accessible online and helps calculate FD interest in only a few clicks. How to use an FD Interest Calculator? You may compute the maturity amount of an FD plan by entering a few basic details. It is vital to remember that the maturity amount changes depending on the type of deposit, interest rate, FD period, deposit amount, and customer type. Choose a customer type. Understanding that each choice will have a different interest rate is vital. Select the fixed deposit type. Enter the amount of your FD and choose the period of your fixed deposit arrangement. The calculating formula is as follows: A = P (1+r/4/100) ^ (4n) (4n) Or, A = P (1 + r/25) 4*n A = the maturity amount in this case. P = Principal or deposited amount n = compounded interest frequency. The FD calculator allows you to arrange your investment with ease. Assume you want to put Rs. 1,00,00 in a five-year fixed deposit at an interest rate of 10%. A is your maturity amount now = 1,00,000 (1+(10/25)= 140000 where P denotes the Principal, n the term, and r the interest rate. The FD interest calculator allows you to plan and assess investment returns in advance. All you need to do is enter your investment amount, duration, and interest rate. An FD calculator can help calculate your earnings before investing in fixed deposits. Advantages of Investing in an FD It provides more stability because it is one of the safest investment tools. There is no risk of principal loss, and the fixed deposit offers guaranteed returns. The market changes do not affect your fixed deposits, giving better security for your investment cash. It has a better interest rate. It provides the best returns for senior citizens. FD and Taxes The interest earned on an FD is taxed. The tax on fixed deposits is deducted at the source and ranges from 0% to 30%. The basis of the TDS deduction is the investor’s income tax bracket. If you earn more than Rs. 10,000 in interest in a year, the bank will deduct around 10% TDS. If you do not provide your PAN number, you can get a deduction on TDS of 20%. You can, however, claim the deducted TDS if your total income is less than the 10% tax slab. If you are not in a tax bracket, you can avoid the tax deduction by submitting Form 15G to your bank. Senior citizens can prevent deductions tax by submitting Form 15H. If you fall into a higher tax category (20-30%), you will be required to pay additional tax on top of the TDS deducted. Factors that affect FD Rates Let’s have a look at the factors that impact the rates of FD: The more the amount invested, the greater the interest given out. In general, you can get more effective interest rates if the deposit is for a more extended period. You can receive a greater interest rate if you choose a cumulative fixed deposit program. Senior citizens get preferential interest rates. If you are considering investing in one of the fixed deposit programs, the FD calculator will be helpful. You can compute the returns on fixed deposits provided by various banks and financial institutions. Based on the results, you can choose the fixed deposit strategy that provides you with the most benefits. [B-02] Conclusion The FD interest calculator assists you in making an informed decision by allowing you to evaluate the returns offered by various fixed deposit programs in India. Also, please remember that before you decide on an investment, ensure you understand the returns and the applicable terms and restrictions. There will be no room for confusion or presumption if you have explicit knowledge. Check the official website of Piramal Finance to understand the process of calculating the FD interest rate. You can also go through many informational blogs posted on their website. Do not forget to explore their products and services.
08-11-2023
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Personal Loan

How You Can Use a Personal Loan EMI Calculator

Loans have become quite popular as a money tool. Lenders have seen vital growth in loans in the last few years. This is because a loan gives you a simple and rapid way to earn money during times of monetary crisis. Like any other money choice, a loan should only be accepted after checking each crucial aspect. This covers loan terms, rates, and other factors. A loan is a debt that impacts your lifestyle. As a result, before applying for a loan, you should gain clarity by using a Personal Loan calculator. Personal loans are collateral-free. You must pay higher interest rates than those for secured loans. PL calculators are used to calculate the EMI on your loan. [B-01] What is a Personal Loan EMI Calculator? A personal loan calculator assists you in calculating EMIs to repay your loan. All you need to do is enter the loan amount, tenure, and interest rate into the system, and it will calculate your EMI. What Does EMI Stand For? EMI (Equated Monthly Installment) is the amount you pay every month to the lender to pay back the loan. The loan amount is the original amount plus interest that needs to be paid back. EMI is paid monthly. The total amount (loan plus interest) is divided by tenure. Initial interest is high. It reduces with each payment. The interest rate and tenure of EMIs are fixed. Note that EMI is the same, but the interest rate and principal can vary. A personal loan EMI calculator can be used to find your EMI. How to Use an EMI Calculator? A personal loan calculator is easy to use. It has easy-to-read charts and gives quick results. A PL calculator is used for home loans, car loans, personal loans, education loans, etc. Given below is the data needed to find EMI using a personal loan calculator: The principal amount (in rupees) Term of the loan (in months or years) Interest rate (percentage) Unpaid EMIs or pre-paid EMIs (for car loans only) You can adjust the values using a slider. For exact values, you can simply type them in the space given. The calculator will find the amount of your EMI when you enter the value. Let’s take an example: Principal amount: Rs. 5 lakhs from the bank Rate of interest: 10.5% annually Tenure: 5 years (60 months). Then, the EMI = Rs. 5, 00,000 x 0.00875 * (1 + 0.00875)120 / ((1 + 0.00875)60 – 1) = Rs. 10,869 This means that you need to pay Rs. 10,869 per month for 60 months to repay the entire loan amount. The total amount payable will be Rs. 10,869 x 60, or Rs. 6,52,140, which includes Rs. 1,52,140 as interest toward the loan. Documents Required for a Personal Loan If you are self-employed: Copy of your PAN card Balance sheets Profit & loss account Partnership deed Other documents, etc. If you are a salaried person: Copy of your PAN card Identity proof Bank statements from the past 3 to 6 months Residence proof Salary slips Guarantors with the same set of documents as the applicant Features of a Personal Loan Calculator Aids in choosing offers in terms of cost A personal loan calculator helps you choose between various offers from lenders. Given how simple it is to use an EMI calculator, people can easily compare offers and review the repayment details. You can browse through various loan term options until you find one that fits your needs. Simple to use One of its main features is that it is simple to use and offers guidance at each step. With the help of the PL calculator, you can calculate EMIs easily. The lender may be considerate of the client’s comfort. In that case, lenders will make sure that the borrower knows how to use the PL calculator. Exact outcomes The quality of the results is one of the major perks of using the PL calculator. There is always the chance of getting the wrong data when using a manual system. You can avoid manually testing various rate pairings, desired loan rates, and loan tenures. Time-saving Another useful feature of using the PL Calculator is that it saves time by providing quick and precise answers. It is online, saving you the time and effort of going to the bank, standing in lines, and waiting for your loan EMI to be computed. Removes The Demand For a Manual Sum Getting the sum manually is time-consuming. You need to convert the data to fit the criteria of the formula in use. The EMI calculator is user-friendly and helps you avoid complex sums. To find the EMI amount, just input the desired loan balance, the loan rate, and the loan tenure. This saves you the time and effort of using the EMI formula manually. [B-02] Final Word Personal loans have become popular in recent years as these loans do not need collateral and may be used for several reasons. Despite having higher rates than other loans, such as a loan against property, many people choose personal loans since these do not require assets and function well in times of monetary need. People prefer using a PL calculator to doing a manual sum.We know that no matter how helpful a loan is, it may cause your life to revolve around its repayment. As with any other money choice, it is advised that you take out a loan only after carefully considering issues such as loan amount, repayment ability, rates, loan term, and so on. A PL EMI system is the best way to assure accuracy and clarity when applying for a loan. For more details on calculating EMIs using personal loan calculators, visit Piramal Finance. They have blogs similar to this one. You may also take a look at the products and services they offer.
08-11-2023
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Banking

Most Important Reasons Why You Should Use Net Banking

From minor to major transactions to all types of loans, get all the banking services at your fingertips with net banking. All you need is an internet connection and a simple card login into your official banking website/app. Yes, it is as easy and fast as enjoying your favourite shows/movies on your smartphone. Here are some more reasons why using net banking can save time and effort, and make your life convenient. [B-01] 1. Two-Factor Authentication Every time you complete a transaction through net banking, you will be asked for a two-step verification. In the first step, you will receive a One-Time Password (OTP) on your registered mobile number, in the form of an SMS. This will give your bank a confirmation that it is you who is making the transaction. After completing the transaction, the bank will send you another SMS, informing you that the transaction is complete. The SMS will usually include a phone number that you can contact, in case it is not you who made the transaction. This process is very helpful in securing the identity of the account holder and assures the safety of online transactions. 2. High-End Encryption Banks invest a lot of money to make their websites and online banking applications safe and secure. By using advanced technology, they encrypt every transaction to ensure no data has been compromised. Hence, while using net banking or card login, you can rest assured that your data will not be accessed by any criminals or hackers. 3. Device Authentication Another method banks use to secure digital transactions is known as ‘Device Authentication’. Whenever you log in to your account through a new device, you will get a message on your authenticated device to verify if it is you. You will then need to enter a Personal Identification Number (PIN) to establish your identity. Once the bank has verified the device, you can access your account through net banking or card login. 4. Better Control Over Your Transactions Net banking makes it easy to access your account online and control transactions. Once you log in with your username or card details on the bank’s website, you can: Check your account balance Transfer funds Pay bills View your previous transactions Download a historical statement Check your TDS deduction details Add or manage your beneficiaries You can even request a new chequebook or make a demand draft (DD) through net banking. Moreover, due to restricted access, net banking allows you to detect any unauthorized or suspicious activity at once. 5. Quick and Efficient Money Transfers The best part about net banking is that you can transfer money quickly anywhere anytime. You can do this without leaving the comfort of your home. There are various options to choose from, such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service), depending on your convenience. 6. Pay Bills Automatically Most banks offer the option of setting up automatic bill payments using net banking. You can see this option under the ‘Bill Pay’ section of the portal. All you need to do is enter the payee’s details, and the bank will automatically debit the amount from your bank account on the date specified by you. 7. Make your Investments Online Net banking also allows you to open fixed deposits online and even make premature withdrawals without having to visit your bank branch. You can even register for a Systematic Investment Plan (SIP) and set up your mutual fund house as a biller, to automate your SIP payments. This way, you can make your savings regular and consistent. 8. Apply for a Personal Loan Most banks and fintech startups make it mandatory to register for net banking if you wish to apply for a personal loan. This gives you access to credit whenever required. Also, you can make your loan repayments automatic by setting up standing instructions. 9. Pay Income Tax Online Apart from the above, you can also pay your income tax through net banking. You will have to log into your e-filing account and then verify your Income Tax Return (ITR) online. You no longer need to send the signed copy of your ITR to the Income Tax Department. Safety Tips to Enjoy Net Banking Banks have made it as safe and convenient as possible for you to manage your accounts. However, there are a few things you need to keep in mind, to ensure the safety of online transactions: Always make sure that you type the website URL while visiting your bank’s website. Don’t use any external links to access net banking. You can bookmark the URL in your browser for future use. Look for the internet browser security lock next to the address bar, before logging into your account. This lock might also appear in the bottom right corner of the browser window. This ensures that the data you enter is encrypted. Never provide your username or password by email. Banks will never ask you to email your personal and sensitive information such as credit card number, net banking or card login details, password, or PIN. Any hacker can gain access to your account by hacking into your email account. Change your password regularly. Use combinations of capital and lowercase alphabets, numbers, and special characters to make your password difficult to guess. Choose to receive email or SMS alerts from your bank. This will keep you aware of any suspicious transactions and alert you whenever your balance falls below a certain threshold. [B-02] The Bottom Line Net Banking has made it convenient to access your bank account and send or receive payments, anywhere anytime. As account holders, online banking benefits us in many ways. However, the onus is on you to make your experience, a safe one. Visit the Piramal Finance website for more details on this.
08-11-2023
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Personal Loan

Features of a Loan & Characteristics of a Personal Loan

Personal loans are a great option if you need money to pay for specific purposes. This includes buying a car, home repairs, and an education program. These loans come with unique features. It makes them easier to avail in no time. Personal loans are one of the most common forms of loans in India. This loan is given on a short-term basis with a fixed repayment period. You can check out such loan options at Piramal Finance. We offer loans with low interest rates. Here’s What You Need to Know About Personal Loans [B-01] What is a personal loan? A personal loan is a term used to describe a loan given to an individual for any purpose. It’s a short-term loan, typically issued by a bank or other financial institution. The borrower’s property secures these loans (such as an automobile). Also, it is repayable over a fixed period and has a variable interest rate. You can use these to pay off credit card debts, consolidate existing debts, start a small business venture, or buy a home. Since the government does not guarantee personal loans, borrowers must be careful to ensure they qualify for the loan before taking out the money. Taking out a personal loan is important only if you can repay it in full and on time each month. A personal loan should also not be used to pay for emergencies. Usually, these situations are covered by other forms of credit, such as credit cards and utility bills. Features of a Personal Loan A personal loan can help meet a variety of financial needs. It can cover short-term expenses, such as paying for school fees and replacing lost or stolen equipment, or emergency expenses, such as medical costs, car repairs, and home repairs. Personal loans can also be used to pay off high-interest debt, such as credit card balances or mortgages. There are two main types of personal loans: unsecured and secured. Unsecured loans do not need collateral to obtain the money. To obtain a secured loan, some form of collateral (such as a car) is required. Secured personal loans are more likely to be approved than unsecured ones because of their higher risk. But your chances of getting a secured personal loan depend on things like your credit score and how much money you make overall. Personal loans can come in different forms and have different interest rates and repayment terms. The most common personal loans include short-term time-based loans and long-term installment-type loans. Personal loan interest rates vary quite a bit depending on your loan type. Generally speaking, high-risk borrowers will see higher interest rates than low-risk borrowers. One way to lower your risk is by choosing. What is the eligibility to get a personal loan? One of the most important factors to consider when deciding whether to take out a personal loan is your ability to repay it. While loans are not generally considered an investment, some types of personal loans may offer better returns than other types of investments. If you have poor credit or low income, you may find it more difficult to get approved for a personal loan than for other types (such as credit cards). If this is the case, you may consider another loan with lower interest rates and fees. To apply for a personal loan, you must qualify for some factors, which are To get a loan, you must be a salaried person. Entrepreneurs and self-employed people are not eligible for this loan. Your place of work can be a government office, a private or public company, a multinational corporation (MNC) or a company that works with MNCs, a partnership, or a sole proprietorship. Your minimum age at the time of application must be 21, and your maximum age must be below 60 at the time of the loan’s maturity. You must be earning at least Rs. 25000 per month. You must have worked in your current organization for at least six months. What are the pre-payment and foreclosure charges? These charges are usually added to the principal amount of your loan, and they are meant to cover costs associated with your loan. For example, pre-payment fees are used to pay the principal balance before it’s due. They can also cover costs related to loan modifications or short sales. The type of fee you will most likely have is either a pre-payment charge or a foreclosure fee. These fees are both charged when you refinance or pay off your loan early. Pre-payment fees are typically higher than foreclosure fees because they require more work from the lender. While you may be able to avoid them by refinancing or paying off your loan early, it’s always best to know exactly what you’re signing up for. At Piramal Finance, you can get a personal loan with zero prepayment and foreclosure charges. Minimum and maximum loan amount The minimum personal loan amount is the smallest amount that you can borrow. The minimum personal loan amount sets a baseline for what a lender will consider when assessing your ability to repay a loan. This is typically the amount needed to obtain a copy of your credit report and pay the application fee. Yet, you can get a personal loan of at least Rs 1 lakh at Piramal Finance. The maximum personal loan amount is the largest amount you can borrow under a single loan. You can get a personal loan for a maximum of Rs. 10 lakh. As long as you’ve got a good enough credit score, the maximum personal loan amount is usually pretty easy to hit. Documents Needed A PAN Card An identity proof, i.e., a passport, a driving license, an Aadhar Card, or the voter’s identity card. Any address proof like a registered leave or lease agreement, passport, driving license, Aadhar card, voter’s identity card, and utility bills like Telephone Bill /Electricity Bill, etc. (not more than three months old) An income proof that should either include your latest month’s salary slips or your bank statements from the previous three months A Co-applicant, If clubbing of income you need for higher loan eligibility, then a co-applicant is mandatory. You can only make your spouse a co-applicant. Also, the co-applicant will ask for all the above documents at the time of the loan application. [B-02] Conclusion On the surface, personal loans may appear to be a good option for those who need money quickly. However, several factors must be considered before applying for a personal loan, including how long you plan to repay the loan, the amount you can borrow, and whether you can do this successfully with another type of loan. Piramal Finance provides a limited number of personal loans to qualified applicants. Apply Now!
08-11-2023
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Personal Loan

Medical Loans: Apply for Personal Loans for Medical Emergencies

Emergencies can happen anytime, anywhere, and without warning. And when it is a medical emergency, one wants to make every effort to get things under control. But with rocketing healthcare costs, one might find themselves short on funds. This is where the medical emergency loan comes in. These are personal loans to use for medical emergencies. They don’t need collateral, and the disbursals are instant. Medical emergency loans can be used to pay hospitalization bills, surgery costs, medicine expenses, and other treatments. [B-01] Features of Medical Emergency Loans Instead of digging into your savings, simply opt for a loan in difficult times. There are many reasons to take out a personal loan for a medical emergency. Let’s have a detailed look at it. No Collateral One of the top features of loans for medical treatment is that they don’t require any collateral. The loan is given based on your income, repayment capability, and credit score. So, these loans come in handy in times of medical emergencies. Flexible Repayment Tenure The medical emergency loan comes with flexible tenure. There is no pressure to repay the amount immediately. Generally, the tenure is 12 to 60 months. One can choose easy EMI options according to their suitability. Quick Approvals and Disbursals Medical emergencies come without warning. At that time, one looks for funds as quickly as possible. Loans for medical treatment are popular because of their quick approval and disbursals. The loan usually gets approved in less than a week after applying, depending on the credit history. Many lenders do the whole process online. And based on their credit profiles, some lenders even give their customers loans that have already been approved. Minimal Documentation Amidst a medical emergency, the last thing a person wants is a pile of paperwork. The best part about medical emergency loans is that they require minimal documentation. Generally, the only documents a lender asks for are basic identity and address proof, along with income statements or job or business details. Many lenders have a completely online process, which saves a lot of time. Minimal documentation lets one focus solely on the medical emergency. Quality Healthcare The costs of healthcare are always on the rise. Sometimes medical insurance coverage is not enough. A personal loan for medical treatment allows people to receive the best medical care possible.These are additional funds that let you access the hospitals of your choice. Eligibility Criteria for a Medical Emergency Loan Lenders understand that a medical emergency is a difficult time. One might need quick financing during these times. Hence, medical emergency loans come with very basic eligibility requirements. Applicants should have a salaried job or be self-employed. Some lenders require the applicants to have been employed for at least 2 years, with a minimum of 1 year with their current employer. The minimum work experience required can vary from lender to lender. Age bracket of 21 to 65 years. The age bracket may vary a little, depending on the lender. Applicants with a credit score of 750 or higher can get a medical emergency loan easily. However, even with a low credit score, one can get a loan, but with higher interest rates. Required Documents for a Personal Loan for a Medical Emergency The best part about medical emergency loans is that they require minimal paperwork. Some lenders might ask for some additional documents, like a Form 16 or an ITR with income computation for two years. Otherwise, the generally required documents are listed below. Identity proof (Aadhar card, PAN card, driving license, passport, voter ID) Address proof (Aadhar card, PAN card, passport, voter ID, electricity bill, telephone bill, driving license) Proof of income (tax returns, salary slips, bank statements, etc.) Proof of employment Conclusion Health is not something to take lightly. So when it comes to healthcare, one wants the best for themselves and their family. Even if there is medical coverage, sometimes that is not enough. Healthcare prices are soaring, and sometimes one can find themselves short of funds. This is exactly why taking a personal loan for medical emergencies is a smart move. It gives the applicant the additional funds they need to get the best treatment available. The process is simple, and disbursals are instant. Not much paperwork is required. Hence, it allows them to solely focus on the emergency. Head over to Piramal Finance for more such helpful blogs and other finance-related queries. [B-02] FAQs What is the process for applying for a medical loan? One can easily apply for a loan online. Provide the lender with all the basic details and required documents. If the documents are satisfactory, the loan is approved and disbursed in less than a week. The required documents are already mentioned above. Visit Piramal Finance if you have any additional loan questions. What is the maximum amount of a medical emergency loan? The loan amount differs from lender to lender. It can range anywhere from Rs. 25,000 to Rs. 10 lakh and more. A healthy credit profile can help one secure a larger loan at a low interest rate.
08-11-2023
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GST

GST Calculator: How to calculate your GST online in India?

What is Indian GST? Starting July 1, 2017, India implemented a Goods and Services Tax (GST). This new nationwide tax system replaced numerous state and central taxes, including the Value-Added Tax (VAT), Service tax, Excise duty, Customs duty, and other indirect taxes. The GST is levied on the supply of goods and services at a national level and is governed by the GST Council. Under the GST regime, all businesses must register for GST if their annual turnover exceeds Rs 20 lakh. Businesses with a turnover below Rs 20 lakh are not required to register for GST but can do so voluntarily. Registered businesses must file monthly or quarterly GST returns, depending on their turnover. Indian taxpayers can use a GST calculator to determine their liabilities under the GST regime. The calculator takes into account various factors such as the type of goods or services supplied, the place of supply, the applicable GST rate, and any eligible exemptions or deductions. [B-01] The Goods And Services Tax in India The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state-specific taxes; multistage because it is levied at each stage of the supply chain from manufacture to final consumption, and destination-based because it is collected from the point of consumption and not from the point of origin. The GST is governed by the GST Council which is comprised of the Union finance minister and his state counterparts. The council decides on various matters related to GST such as rates, exemptions, threshold limits, etc. The rates for goods and services are split into four different slabs – 5%, 12%, 18%, and 28%. Some items are exempted from GST altogether such as crude oil, natural gas, petroleum products, etc. To file your GST returns, you need to have a valid GST registration number. You can obtain this number by applying for it through the concerned authorities. Once you have received your registration number, you can start using a GST calculator to calculate your tax liability. What to keep in mind when using an online GST calculator in India? First and foremost, you need to input the correct turnover figures for your business. This turnover figure includes both taxable and exempt supplies. Next, you need to input the applicable GST rate for your business. For Foreigners working in India: The first thing that any foreigner working in India needs to know is that the Goods and Services Tax (GST) is now a reality. This means that all prices for goods and services will now have a GST component added to them. To make sure that you are not paying more than you should be, it is important to use a GST calculator. There are a few things that you need to keep in mind when using a GST calculator online in India. The first is that the base price of the good or service will not include the GST. This means that you will need to add the GST amount to the base price to get the final price. For example, if the base price of a good is Rs 100 and the GST rate is 18%, then the final price of the good would be Rs 118. Another thing to keep in mind is that some items may be exempted from GST. This means that they will not have any GST added to their base price. However, it is still important to check with a tax professional or use a GST calculator to make sure that an item is truly exempted from GST. Finally, it is essential to remember that prices may vary depending on where you purchase something in India. This means that it is possible to get a better deal on an item if you purchase it outside of your home state. How is GST Calculated? To calculate GST, you need to know the GST rate that applies to the purchase being made. The GST rate is a percentage of the purchase price and is added to the cost of the good or service. For example, if the GST rate is 5% and you’re buying a book for ₹100, the GST would be ₹5 and the total cost of the book would be ₹105. Are you using the GST Calculator online in India? Does it answer all your queries? If you are using the GST calculator in India, there are certain things that you need to keep in mind. First and foremost, the GST calculator is a tax tool and not a financial one. That means, it cannot be used to calculate your total tax liability. It can only be used to calculate the GST that is payable on a supply of goods or services. Secondly, the GST calculator will not work if you do not have all the required information. That includes the value of the supply, the GST rate applicable, and whether the Input Tax Credit (ITC) can be availed or not. Lastly, even though the GST calculator is designed to simplify things, it is always advisable to seek professional help if you are unsure about anything. [B-02] Conclusion If you’re using a GST calculator online in India, there are a few things you need to keep in mind. First of all, make sure that the calculator you’re using is updated with the latest GST rates. Secondly, input all the relevant information correctly so that you get an accurate estimate of the GST payable on your purchase. And finally, remember to take into account any applicable Discounts or exemptions when calculating the GST. With these tips in mind, you can be sure that you’ll get accurate and helpful results from its GST calculator. To learn more about personal finances you can visit the website of Piramal Finance.
08-11-2023
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Personal Loan

EMI Calculator: Calculate EMI Online for a Home, Business, or Personal Loan

Is one thinking about taking out a loan? Use the EMI calculator to determine the monthly payment. Simply enter the loan amount, time, and rates, and the tool will calculate the loan’s Equated Monthly instalment (EMI). There are many EMI calculators, like personal loan calculators, home loan calculators, and business loan calculators. They assess the EMI of many types of loans. Read on to learn more about the EMI calculator. [B-01] What is EMI? Equated Monthly Installment (EMI) is paid to the bank or other firm each month until the debt is fully paid off. It includes loan rates and a portion of the principal amount to be returned. The sum of the principal and interest is divided by the loan’s term, or the number of months it must be repaid. This sum must be paid each month. The interest part of the EMI will be higher at the beginning and decrease with each payment. The rate assesses the precise part allocated to the principal payment. While the monthly EMI payment will remain constant, the principal and interest will alter over time. One will pay more of the principal and less towards the interest with each payment. What is an EMI Calculator? One may use the EMI calculator to figure out their monthly loan payments. They have to input loan factors such as the principal amount, term, and rate, and the EMI is calculated with ease. One can calculate the EMI of many types of loans. For instance, to calculate the EMI of a business loan, a business loan calculator is simple to use. One can learn their EMI in seconds. Many business loan calculators are free and can be used 24/7. One may calculate or compare the EMIs of multiple loans as often as one wants. Types of EMI Calculators Home Loan Calculator The home loan calculator is designed to compute the EMIs one must pay on a home loan. While purchasing a house is a vital choice, obtaining a home loan requires vast planning and study, given the loan’s extended life span and large principal amount. Home loan calculators are easy to use and allow users to calculate home loan EMIs easily. Home loans are approved based on the cost of the home and the person’s ability to repay. They are long-term loans that may be repaid for up to 30 years. One may calculate the home loan EMI with a home loan calculator by entering the loan amount, time, and rate based on their needs. EMI Calculator for Car Loan A vehicle loan EMI calculator calculates the EMIs based on the loan sum, term, and rate. Lenders provide many plans for purchasing new and used cars. Purchasing the ideal car needs a lot of money, which may be fulfilled with a car loan. Keep in mind that the auto loan amount obtained must be returned with interest within 5 years. The lender may take the car and auction it to recoup the outstanding sum if one cannot repay the amount owing. As a result, it is always good to use a car loan EMI calculator to know what EMI amount one is comfortable paying back without putting themselves in panic mode. Personal Loan Calculator Personal loans are “all-purpose loans.” This means one may use them for anything, such as supporting trips or medical costs. As they are unsecured, the rate is high and the payback time is shorter. A personal loan calculator is a tool for assessing the payback capacity and knowing what loan amount one can afford. The personal loan calculator uses exact details like the loan amount, loan time, and rate to calculate the EMI. How Do EMI Calculators Function? The EMI calculator is a helpful tool that computes the monthly amount owed to the lender using the method below. [P x R x (1+R)N] /[(1+R)N-1] = EMI P, R, and N are variables, implying that the EMI value would vary if any of those three were changed. Let’s go through these three factors in depth. The letter ‘P’ stands for ‘Principal Amount.’ This is the initial amount borrowed from the bank or lender. The loan balance will be determined by the needs and the intent of the loan. The bigger the loan sum, the more EMI one would have to pay. ‘R’ stands for ‘Rate.’ This is the rate imposed on the main loan amount. The rate will vary depending on the loan and the lender one borrows from. As the rate impacts the EMI amount, comparing rates before applying is vital. ‘N’ denotes the number of years in which the loan was obtained. This is referred to as tenure. A loan’s term refers to the time allotted for repaying the loan. Since the payments are made monthly, the tenure is measured in months rather than years. So, a two-year term is the same as 24 months, etc. What is the Use of an EMI Calculator? With an EMI calculator, one can know the following: The amount of the EMI The total amount of interest owed on the loan The whole amount owed, i.e.., the total cost of the loan One may alter the loan term or balance to get an EMI that one can afford. How to Use an Online EMI Calculator Step 1: Go to any reliable website. Step 2: Click on the “Calculator” tab to access the EMI calculator page. Step 3: Decide the type of loan needed, such as a house loan, a personal loan, a vehicle loan, and so on. Step 4: The individual must now provide the necessary information. This includes the loan amount, principle, rate, and loan time. Step 5: After entering the information, the EMI calculator will show the payable EMI amount. Step 6: The person may try other combinations to find the best fit EMI amount. [B-02] Conclusion Loans are now a vital part of many people’s lives. They assist in reaching vital life goals like purchasing a vehicle or a house or funding children’s studies. The most important term to keep in mind when it comes to loans is EMI. There are many EMI calculators that users can use. This includes personal loan calculators, home loan calculators, and business loan calculators. They may be used to calculate the EMI of various types of loans. When one enters the needed data into an EMI calculator, it makes calculations based on the EMI calculation formula. The EMI that must be paid monthly is then displayed in seconds. Visit Piramal Finance to calculate loan EMIs and explore their different products and services.
08-11-2023
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Personal Loan

The Ultimate Guide to Getting a Personal Loan for Travel

Millennials don’t stop themselves from visiting places of their imagination because they don’t have enough money. You can see that this generation’s social media is full of pictures from faraway places. Discovering different places and trying new foods are at the top of everyone’s list of things to do right now. Because travel loans are so easy to get, this trend is not going away soon. Fintech companies offer vacation loans with low-interest rates and flexible ways to pay them back so that people will choose their products. Let’s learn about personal loans for travel in India. [B-01] What Is a Personal Loan for Travel? A personal loan is usually unsecured, meaning you don’t need collateral or a guarantor to get it. A personal loan is one that an individual takes out to pay for their own unique needs, such as those associated with a wedding, house improvement, or lavish vacation. Many people want to go to places they’ve never been before and mark the places they haven’t seen yet. Some people travel to learn about other cultures, while others just want to escape their everyday lives for a while. When you travel, you can get away from the routine of everyday life and get a fresh start. But do you have the money you need to go on a trip? You need money to travel. If you don’t have enough money to travel, one way to make your goal a reality could be to get a personal loan to pay for your trip. Many banks and NBFCs provide travel loans to cover travel expenses. When Should You Get a Loan to Pay for a Trip? Exploring new places is a passion for many people. Some people may use it as an excuse to spend more time with their family. Many people can’t take a vacation because they don’t have enough money. Many people also spend their savings to make their dreams come true. Let’s look at how travel loans can help you save money and go on vacation when you need to. Trips with the Family A big budget is needed to plan a trip for the whole family to a faraway place. You won’t be able to enjoy your trip because you’ll be thinking about money the whole time. When things like this happen, travel loans come in handy. It makes your finances easier and lets you enjoy your trip without worrying about how much money you have. Impulsive Travel Sometimes you and your travel companions (friends or family) decide to go somewhere on the spur of the moment rather than making extensive preparations. Family or friends will sometimes plan a surprise wedding or get-together. Most of the time, people aren’t ready for these trips and have to use their savings to pay for them. At this time, vacation loans would be a great choice. Business Combining business trips with vacations to see new places is a great idea. Turning a business trip overseas into a quick family vacation is possible by staying a few days longer than planned. Vacation loans can help you pay for the extra costs of a trip with your family. Honeymoon Young people today are crazy about going to other countries. Vacation loans could help pay for your honeymoon if you’ve already spent a lot on your wedding. Since this is a once-in-a-lifetime trip, you should give it your full attention and often feel the urge to splurge. How to Figure Out How Much Your Travel Loan Will be? You should make a detailed budget before deciding how much of a travel loan to apply for. To do that, do the following: Find out about your destination It’s a good idea to familiarize yourself with the destinations you’re considering by reading a travel guide or visiting a travel website. Make a list of the things you want to do there and how much they might cost. Make a trip budget Do the math to figure out how much it will cost you per day and overall for your trip. Or, you can ask a travel agent for a quote on a package tour, or a tour made just for you. To figure out how much the trip will cost, add 20–30% to the estimated budget. Look at how much money you have and how much you can raise. You should review your bank statements and think about the money that is projected to come in, such as a yearly bonus or dividends on assets. How to Apply for a Travel Loan? To apply for a personal loan, go to the nearest bank. Provide the necessary documents, such as your tax return or pay stubs, proof of your address, proof of your identity, and bank statements. Your eligibility will depend on how well you know the bank and what documents you have. You can also check here to see if you qualify. Plan out how you will book. First, book your return tickets, then your hotel stays, then travel within the country and tours of sights. Essential Aspects of a Travel Loan The money can be sent out within 24 to 36 hours if you have all the necessary paperwork. It has an easy way to pay it back. The applicant only pays the interest for the first three months. The rest of the money is paid back in monthly installments for the rest of the loan’s term. You don’t have to worry about how to pay back your Flexi loan, and the low-interest rate lets you enjoy your vacation. The length of a travel loan is generally one year. After paying the loan on time for 6 months, you can pay it off early or let it go into foreclosure. Travel loans cover all kinds of costs, whether they are at home or abroad. There are no limits on the expenses you can pay with the loan money. [B-02] Conclusion Your mind and body feel better after you travel and see new things. It has a lot of good effects on your mental and emotional well-being. It’s good to take a break from work and stress. Getting a personal loan for travel is a great way to make happy memories. Piramal Finance is here for all your queries on vacation loans. Visit us now to learn more!
08-11-2023
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Personal Loan

Why Should You Use Personal Loan To Finance Your Vacation?

Travel opens up your mind. It gets you out of your comfort zone and lets you experience the world in a new way. As the saying goes, investing in travel is like investing in yourself. But some hurdles might delay your travel plans. These could be a busy schedule, health issues, or a lack of funds. If the reason is the last one, then worry no more. What you need is a personal loan for a vacation. It lets you take that long-overdue trip without digging into your savings or maxing out your credit card. First things first, make a plan, considering all your travel expenses, from flight tickets to shopping and accommodations. If it is a family trip, the budget will increase depending on the family size. Calculate all the expenses, and then you can easily apply for a vacation loan online. Let’s have a more detailed look at why a loan for a holiday trip can be a good idea. [B-01] Things to consider before taking a personal loan for vacation A few things you should keep in mind before opting for a vacation loan. Plan your trip. Make a list of all the expenses that might occur. This will help you from overspending and give you an idea of where you can save money. Keep a 10% margin for contingency expenses as well. Borrow based on your repayment capability. Cut down on unnecessary or luxury expenditures. This will save you from defaulting at the time of repayment. In the future, you might need more funds for other things. Hence, try to keep the tenure as short as possible. This will also cut down on the interest amount you will have to pay on the vacation loan. Check all the part and full prepayment clauses before you apply. Some banks and financial institutions set a minimum number of EMI payments limit. Some banks allow prepayment after 6 EMIs while some after 12. So, it is best to check all the clauses and repayment schedules before signing up for a loan for a holiday trip. Reasons for choosing a personal loan for vacation You can use it for any purpose Vacation loans can be spent on various expenses that a trip demands. From booking flight tickets to hotel stays, sightseeing, shopping, eating and all the other activities that come along the way. A personal loan for vacations can also be used for medical emergencies that occur while travelling. There are no restrictions on its end use and you can spend it as you like. Easy EMIs A personal loan can be repaid in Equated Monthly Instalments (EMI). EMI can be calculated before taking the loan. This will give you an idea of the monthly instalments you would have to pay. You can easily plan how you are going to repay the loan amount in the future. This saves you from breaking your savings and keeps the trip free of burdens. The EMI amount depends on a few factors like loan amount, tenure, interest rates, etc. After a certain number of EMIs have been paid, you have the option to foreclose the personal loan by paying the remaining amount. No collateral Personal loans are unsecured. Meaning, they don’t require collateral. You can get personal loans without any security or a guarantor. This means you can obtain a loan for your holiday trip without putting any money or asset at stake. The lender will check a few parameters before sanctioning the loan. These parameters usually include a healthy credit score, employment status, work experience, etc. Flexible tenure According to your repayment capability, you can select your loan tenure. Generally, they range between 12 and 60 months. If you choose a longer tenure, the EMI amount will be less. However, this also means you will be paying higher interest on the loan amount. Whereas a shorter tenure means more EMI. But, the loan will be paid off quickly, which means less interest. You need to find the right balance between the two based on your financial health. 5. Easy Application Process, Less Documentation, Instant Approvals While planning a trip, the last thing you want is a tedious loan application process. The good news is personal loan applications require minimal paperwork. You need to check personal loan eligibility and apply for the loan, which takes only a few minutes. If all the parameters are aptly met, the loan will be approved instantly. Some institutions provide pre-approved instant loans. You need a healthy credit score to qualify for that. Once approved, the money is usually dispersed in less than 2 or 3 days. Personal loan documentation includes: Filled loan application form Identity and address proof Income proof [B-02] Conclusion A personal loan for vacation is the easiest way to finance your travel. It’s quick and hassle-free. The main things you need to consider before applying are interest rates, tenure and loan amount. Make sure you have a plan for all the expenses before you take a vacation loan. This will keep the overspending in check. For more finance-related blogs and other queries, you can visit us at Piramal Finance.
08-11-2023
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