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Personal Loan

What are the Top Advantages of the Personal Loan EMI Calculator?

Looking for higher education in Canada but don’t know where to start? Waiting for years to renovate or improve the house but still unable to manage the money for it? A Personal loan EMI Calculator will help you find the right loan. Considering that you can get solutions to all of your investing-related issues. Read every word on this page very carefully. We will learn about the personal loan EMI calculator and its key benefits in depth. [B-01] What is a Personal Loan EMI calculator? Personal loans can be disbursed quickly and don’t require collateral. They can be put to many uses, such as the growth of an existing firm, the payment of higher education, holidays, emergency expenses, and so on. As a result, unsecured loans like payday loans and car title loans have grown in popularity. The interest rates, your ability to make payments, and the length of time you’ll have the loan are some of the most crucial considerations when taking out a personal loan. Personal loan EMI calculations done by hand can be time-consuming and error-prone. Due to this, the personal loan EMI calculator should be used. When you take out a personal loan, you’ll have to make payments on both the principal and the interest. When you take out a personal loan, you’ll need a tool called an EMI calculator to figure out how much money you’ll have to pay back each month. Before applying for a personal loan, you can find out how much you’ll have to pay back each month by using an EMI calculator. Learn how the personal loan EMIS may affect your spending habits and personal lifestyle. Top Advantages of the Personal Loan EMI Calculator Easy to use: The PL EMI calculator’s ease of use is arguably its greatest strength. It’s simple to use and has clear instructions for doing anything. If the lender cares about the borrower’s ease and understanding, they will go out of their way to explain how to use the personal loan EMI calculator. For further information, you may check out the loan provider online. Next, specify the loan amount, interest rate, and term length for which you are applying. Repayment terms for personal loans typically last between one and five years. To further facilitate the use of the personal loan EMI calculator, several financial institutions also offer a corresponding mobile application. Also, reputable lenders offer help over the phone or in person. They can help applicants figure out their EMIs and get through the rest of the application. Time-saving: The PL EMI calculator’s primary value is that it provides quick, precise results, freeing you valuable time. Instead of making a trip to the bank, waiting in line, and wasting time, you may use an EMI calculator for personal loans right from your computer. The remaining steps of the loan process are then completed. And there’s no need to fax in piles of paperwork or call an agent to figure out your personal loan’s total cost and interest rate. A personal loan EMI calculator is convenient because it can be accessed from anywhere, whether you’re at work, on break, or on vacation halfway around the world. The only thing you need is a safe and reliable internet connection. Accurate results: The precision of the results is a major advantage of the PL EMI calculator. There is always room for error when determining interest using a manual computation approach. There is no need to manually calculate the amount of interest due and possibly make a mistake. There’s also no need to manually try out different permutations of loan terms, interest rates, and the like. A personal loan EMI calculator can provide you with precise and timely results for numerous loan possibilities in a matter of minutes, if not seconds. The system is set up so that you can try out different loan amounts and change the factors that affect your monthly payment (EMI) without hurting your credit score. Easy comparison of personal loan plans: You can check your credit score when using a personal loan EMI calculator to determine the monthly payment amount for different loan terms and loan amounts. Asking gentle questions is simple. In addition, you won’t have to pay any sort of agency premium or middleman commission to perform these evaluations on your behalf. With this method, you can easily try out several kinds of loans. You can calculate a manageable loan amount that will not have a negative impact on your regular bills, essential costs, or quality of life.Keep in mind that the personal loan EMI calculator is just one tool at your disposal; you are under no obligation to choose the first plan it suggests. Simplifies loan planning: Personal loan EMI calculators are made to help you understand how much interest and the principal are payable for a specific loan amount, which simplifies loan planning. Personal loan EMI calculators have quickly replaced manual calculations as the standard method of determining monthly loan payments. The EMI amount is only part of the information that can be obtained from a personal loan EMI calculator. An amortization table or schedule for the entire term of the personal loan is also included. Although the term “amortization schedule” may sound complicated, all it refers to is a table or chart that shows how the total loan amount is divided up throughout the loan’s repayment period. The amortization table details the monthly repayment of principal and interest from the beginning of the loan term to its conclusion. Throughout the term of the loan, the amortization amounts will remain constant. Having this table at your disposal might help you budget for your loan payments in advance and avoid falling behind. It’s useful for figuring out how to balance your loan payments with other expenses and living expenses. If you don’t plan and prepare well, it can be hard to make the monthly loan payment. To conclude: Because of their flexibility and convenience, unsecured personal loans have been rising in popularity over the past few years. Personal loans are popular because they do not require collateral and can be used effectively during times of urgency and financial constraint, although they do have slightly higher interest rates than other loans, such as a loan against property. Borrowers now prefer online EMI calculators over manual calculations when taking out a personal loan. However helpful a personal loan can be, Poonawalla Fincorp is aware that it can also center your life around making payments. We advise that you obtain a personal loan only after carefully considering several criteria, including the size of the loan, your ability to repay it, the interest rate, the length of time the loan is for, and more. If you want to apply for a personal loan with confidence and clarity, use a personal loan EMI calculator. [B-02] Conclusion The purpose of this article is to give a comprehensive examination of the Personal loan EMI Calculator. You should give careful consideration when calculating your personal loan. The Personal loan EMI Calculator A personal loan EMI calculator can help you manage your monthly repayments. You will be able to find the best repayment plan that suits your financial needs and requirements. Before making any decisions, it is critical to consider all possible outcomes. Investment Reliable does not offer financial advice, but we do provide unbiased information and evaluations on trading, investing, and finance. Users ought to always carry out their research. Also visit Piramal Finance for more in-depth, educational, and financial articles.

08-11-2023

Personal Loan

Reasons Why You Should Apply for a Personal Loan

Personal loans are unsecured loans that are given without collateral. They give people a free hand in emergencies and don’t tell them how to spend the money. Many people have turned to personal loans over the past few years instead of borrowing from family and friends. People take out personal loans when they don’t have enough money during a tough time. A personal loan has several other benefits. People don’t have to wait a long time. Also, even though the interest rate on unsecured personal loans is higher than that on secured loans, it is still less than what private moneylenders charge. One of the best things about personal loans is that they can be used for many different things. So, it is very crucial to know why people apply for personal loans and what the eligibility is for these kinds of loans. [B-01] Reasons why people apply for personal loans Debt Consolidation One of the most common reasons to use a personal loan is to pay off other debts. When people apply for a loan, they pay off other debts, like credit card bills. They only need to pay monthly installments. By keeping track of all the debts, anyone can figure out how long it will take to pay them off. Medical Emergencies Lifestyle issues sometimes lower the quality of life. So people need medical treatments. All insurance plans do not cover all diseases and treatments and require out-of-pocket payments. In these cases, an instant personal loan is a blessing for everyone. Anyone can use a personal loan to pay for medical costs or treatments. Funding Holiday The routines of daily life can cause a lot of stress. This is why it’s necessary sometimes to take a break. Going on a trip or vacation can bring great joy and refresh a monotonous life. Sometimes, it can be expensive to plan a vacation. That is why no one can take that break. To get rid of this, anyone can apply for an instant personal loan to pay for their dream vacation. To expand business Many companies provide small company loans as personal loans to assist small and medium firms in growing. For example, if anyone already has a business that brings in at least Rs. 15,000 per month, he can apply for a personal loan to grow it without putting up any collateral. Also, he won’t have to follow any rules about spending money! Home improvements It’s common to get a personal loan when anyone needs to fix something in their house or wants to change its appearance. People can apply for a personal loan without putting up any collateral. They can pay back the amount in small, affordable EMIs instead of paying a large sum all at once. This way, personal loans help everyone with their home improvements. Getting a higher education Traditional education loans have a lot of rules and conditions. Some loans require admission to a specific college. Also, they have strict rules about how to pay them back. It takes years for students to get out of debt. A personal loan is always the best choice because students don’t need to meet any requirements to get one. Wedding In India, it’s common to have a big wedding. People usually don’t worry about spending on their own or their children’s weddings. Often, they even borrow money to pay for their dream wedding. A wedding also has some unplanned costs. So people can take a personal loan without putting up any collateral. Shifting and relocating The costs of moving to a new place are a new burden on the household budget. If anyone is not careful, the shifting costs can leave them without enough money. This is a great time to use a personal loan. Obtaining a personal loan is a simple way to cover all moving expenses.Since there are no rules about how to spend money, the borrower can use it. Personal Loan Eligibility Requirements Before applying for a personal loan, applicants must verify their eligibility. They can find all of this online with just a few clicks. Most loan requirements are based on the borrower’s work history, which can be divided into two main groups. ParticularsSalariedSelf-EmployedAge21 – 60 years21 – 65 yearsMinimum IncomeRs.15,000/monthRs. 5 5 lakh p.a.Loan Tenure12 – 60 months12 – 60 monthsMaximum Loan AmountRs.40 LakhRs.40 LakhCo-applicantNot mandatoryNot mandatoryEmployment TypeEmployees of private companies and government officesSelf-employed personsEmployment Details2 years work details; 1 year with the present companyFor the self-employed, there are not many restrictions, but business owners need to submit their minimum income receipt. CIBIL Score750+750+Residential StatusIndia Documents required to apply for a personal loan To approve a personal loan, lenders need some paperwork. Identity/Age Proof (Any one)Ration cardPAN cardPassportAadhar cardDriving licenceVoter ID cardBirth certificateAddress Proof (Any one)Aadhaar cardPassportRation cardUtility billsDriving licenceIncome Proof (Any one)Last 6 months’ bank statements/salary slipsForm 16Bank passbookCopy of pension payment orderIncome tax returnsPhotographsPassport size photographs How to get a personal loan with low interest rates? Credit scores matter With a credit score of 750 or higher, it’s easier to get a personal loan. To get a personal loan on time, everyone should keep their credit usage below 30% and not apply for credit cards. Repayment History People should always pay their loan payments on time. It makes it easier for lenders to negotiate interest rates. Compare personal loan rates Compare personal loan rates and lenders online based on eligibility and requirements. Lenders offer personal loans with low interest rates during certain times of the year. People get a better deal on their loans. [B-02] Wrapping-Up A personal loan can assist a person in meeting his or her short-term financial needs.They pay for major costs like debt relief, emergency needs, and more. These loans are paid back every month. The borrower’s situation could make it take longer. So, personal loans are one of the easiest ways to get cash quickly because the loan term is shorter, there is no collateral, and there is no paperwork. Best of all, anyone can try to get it. People in India are slowly taking out more personal loans because they are easier to get and because more people are learning about money. If anyone needs to know more about personal loans, they should visit the Piramal Finance website to explore their products and services.

08-11-2023

Cards

Top 10 Best Credit Cards In India Based On Your Need You Should Know

Everyone needs a unique credit card depending on their financial outlay. The type of credit card depends on your financial needs and specific requirements. Understand all the available options for credit cards in India. A credit card is a useful financial instrument. There are many credit cards available for selection. Depending on your age, profession and earnings, you can get a credit card that suits your needs. Browsing for the available card options based on specific needs will help you select the best credit card. The use of credit cards is more prevalent among the younger generations as compared to the elderly. The concept of ‘buy now and pay later’ is very attractive to them. Also, the option to redeem credit card points makes them a highly desired financial product today. [B-01] Top 10 Credit Cards In India For Every Need HDFC MoneyBack Credit Card This card is most suitable if you are a beginner. It helps you save money and build your credit score. The card gives you benefits like cashback and reward points. Thus, you will save money with every rupee spent. It is among the best credit cards because you get two reward points for every INR 150 that you spend on your card. And if you make a transaction online, you get four points for the same amount. After collecting 2500 points, you can redeem them for air miles or gifts. You can apply for this card if you earn a monthly income of INR 15000 or more. HDFC Diners Club Black Card It is the best card if you are looking for a premium option to redeem credit card points. It is perfect for those who frequently spend through their card. It gives you unlimited global lounge access and other competitive bonuses. You can get a card limit of INR 4 lakh. You will get the lowest foreign currency exchange rates on this card at 2%. You get five reward points for every INR 150 spent on the card. Additionally, you also get six complimentary golf games in a quarter. The card is perfect for you if you desire to travel and seek top-quality lifestyle benefits. IndusInd Bank Pioneer Legacy Card It is a lifetime free credit card. And it offers the best reward points among all the options available. You get 1 point for every INR 100 spent on weekdays. The same expenditure gives you 2 points on weekends. On this card, you also get anniversary bonuses. Additionally, if you spend INR 6 Lakh in a year, you get 6000 points. There is also a sign-up bonus, and you can avail yourself of exclusive gift vouchers. SBI Card Prime This credit card is ideal if you want to make utility bill payments. You will get welcome vouchers and a priority pass for airport lounge visits. Your annual fee is waived if you spend over INR 3 Lakh using this card. It is among the best credit card due to its value for money spent. You get 20 reward points for every INR 100 spent on the card. You can redeem credit card points for lucrative offers. American Express Platinum Travel Credit Card It is the best credit card for frequent travellers. It gives you complimentary lounge access and travel vouchers. You get a welcome gift of 10000 reward points. They can be redeemed online in exchange for merchandise and discounts. This card gives you the best travel experience with added benefits and exclusive travel access. You will get 1 reward point for every INR 50 spent. But you will have to pay an annual fee of INR 5000 plus taxes after the first year. Standard Chartered DigiSmart This card is highly suitable if you are into online shopping. It gives you up to 25% discount on spendings like clothing, travel, food, groceries, and more. You can even get a discount while shopping on various e-commerce platforms. You do not pay any annual fee while using this card. But it costs INR 49 per month. Though, if you spend over INR 5000, this fee is waived. SBI Student Plus Advantage Credit Card This is the best credit card for students who want to manage their expenses. This card is exclusive to those customers who have taken an education loan with SBI. The card can be issued against a fixed deposit. This makes it a secured credit card. You get 2.5% cash back for spending on groceries or other categories. Additionally, you also get attractive cashback for all your international expenses using the SBI Student Card. Kotak Mahindra Essentia Platinum Card This card is the best for availing cashback for grocery shopping. With this card, you get a 10% cashback for every retail or grocery expenditure. With this card, you can get many perks and collect reward points. You can redeem credit card points for attractive gifts like movie tickets. Axis Pride Signature This credit card is great for NRIs. For the first year, you do not need to pay any fee. Subsequently, an annual fee of INR 500 is levied. But it is waived off if you spend more than INR 40000. You get 4 reward points for every INR 100 spent on your card. Name any category, and this card gives you the highest return value in every category. ICICI Business Advantage Black Card This is one of the best business cards out there. Using this card, you get up to 1% cashback on domestic and international expenses. The best part about this card is that the cashback is based on your overall spending. So, the more you spend using this card, the more cashback you receive. Furthermore, you can also avail of cashback while paying bills. [B-02] Conclusion Credit cards as mentioned above are tailor-made for you for a variety of reasons. Depending on your expenditure, choose one that best suits your needs. If you have been looking to redeem credit card points, you know now which option is best. Visit Piramal Finance for the best financial literacy. You can read about the details of these credit cards. Also, you can learn about the various parameters you must consider before getting a credit card for yourself.

08-11-2023

Mutual Funds

Step-Up SIP Calculator: Everything You Need to Know About Its Operation

SIPs are among the most common ways to invest in mutual fund plans. This fame is due to two key factors: rupee cost averaging and commitment. A SIP, or systematic investment plan, simply means investing a certain sum at regular times. Folks may already have invested via SIPs every month. Yet, folks may be unaware of the extent of such investments. Or folks may have money to invest but want to learn how much it may rise to check whether it will satisfy their target need or what they can do with it. There are several distinct forms of SIPs in which investors may grow or reduce their investment at their ease. The step-up SIP is one of many forms of growing SIPs calculator offered to investors. Read on to find out more. [B-01] What exactly is Step-Up SIP? SIPs are monthly investments that are made in a stable way. Step-Up SIP, also called Top-Up SIP, is a monthly investment plan in which folks raise the sum that they contribute each month. Users may raise the sum by a set percentage or in any other way they see fit. Many funds also enable investors to pick when to raise their SIP sum. As a result, as the SIP grows, so will the investment. What Exactly is the Step-Up SIP Calculator? The SIP allows folks to pick how much cash they want to invest each month. Users may raise the sum one month and lower it the next. Users must have great math skills to detect investment trends and calculate the sum. It is also time demanding. Step-Up SIP calculator assists investors by completing the calculations and giving them the results instantly. How Do Folks Use the Step-Up SIP Calculator? To employ a Step-Up SIP calculator, users do not need to be skilled in math or know anything about money. Below are the steps to calculate the returns in a couple of seconds: Step 1: Go to the main site of a mutual fund provider where users want to invest. Step 2: Browse the site for the Step-Up Calculator. Step 3: Enter the monthly sum they want in the mutual fund. Step 4: Input the growth rate or interest rate percentage from the mutual fund. Step 5: Enter the duration of the mutual fund. Step 6: Put the ‘Calculate’ tab. The output of Step-Up SIP Calculator When folks click the “compute” button, the algorithm will figure out the sum of the return based on the data they entered. The Step-Up SIP Calculator will give the following results at the end of a calculation: The first outcome that most SIP calculators provide is the total of all SIPs that people have made all across the mutual fund’s term. The second result is the approximate sum they will get from their SIP investment. The final result gives data on the total returns users will get once the fund has grown. Working on the Step-Up SIP Calculator Step-Up Calculator uses a computer algorithm to estimate investment profits. Every quarter or month, a portion of the sum of users will be computed. Enter all of the data needed for the analysis. Users do not need to submit any formula; just simple data is easily accessible to them. Advantages and Features of the Step-Up SIP Calculator Below are the benefits and features of adopting the Step-Up SIP Calculator: Financial Planning in Advance It aids in financial planning. Folks may enter all of the data before they invest. This will assist users in being prepared ahead of time. From the start of the mutual fund term through the conclusion of the term, users may handle their funds correctly. It is free to use It is a completely free Internet tool. Folks may also use their current bank’s online banking system to create a SIP. With decent internet access, users may use it from their phones. There is no room for error Because the results are generated by a computer program, there is little chance of them being incorrect. Unrestricted Use There aren’t any limits on how many times users may use this tool. Folks may continue to use it until they reach the amount they feel is appropriate for the investment. Constant usage of the Step-Up Calculator may not affect their findings. Time-saving This tool helps people save time. Users do not need to invest much time on the site. The website is fast to load. All of the data that needs to be entered is easily accessible. The estimated value may also be computed. The whole process takes just a few seconds. What is the Step-Up SIP Procedure? Setting up the step-up SIP is identical to starting a standard SIP. Investors should examine the SIPs within their portfolio and pick step-up SIPs for assets that meet their risk profiles, investing aims, and expected returns. Another essential issue in selecting the sum and method of rise in SIP, whether via a fixed sum or based on a percentage, is defining the sum and manner of increase in SIP. This is a critical choice to ensure that the higher SIP doesn’t become a financial burden for the client. Besides that, most funds enable participants to restrict their monthly SIPs. When the specified limit is reached, the SIP is changed to a normal SIP. The decision to start a step-up SIP must be made when starting the SIP, and investors must end the current SIP to stop the SIP. If the investor prefers, a new regular SIP may be established. [B-02] Conclusion SIPs allow users to invest a certain amount each month. Users gain the extra advantage of raising the investment sum with Step-Up SIP calculator. Users might plan it around their pay raise or job bonus. Because SIPs are set up regularly, people may avoid market swings. The interest that users earn throughout the years is compounded. If folks want to generate money, they should choose to Step-Up SIP. Step-Up SIP is among the various forms of SIP that investors may use to invest in mutual funds. SIPs enable the maximum number of investors to have access to mutual fund investments and gradually enhance their wealth. Step-up SIPs add to an investor’s portfolio of investments and help them reach their financial goals faster. One can visit the Piramal Finance website for more information related to SIPs. They can also explore their products and services.

08-11-2023

Cards

What is a Virtual Credit Card and how to apply for it?

We love when we have money to spend. A credit card is often seen as an extended line of credit. Many people use credit cards often. There is a good reason for it. Credit cards offer rewards and cashback. They are safe to use and also help improve a person’s credit score. However, there is always a fear of losing the physical card. This is why virtual credit cards have become an upcoming trend. This article will help you understand virtual credit cards and how you can apply for them. [B-01] What is a virtual credit card? As the name suggests, a virtual credit card is not a physical card that you can hold. In fact, it is safer than the traditional credit card. A virtual card is available online. Its uniqueness lies in the fact that its number is generated randomly online. This means that every time you use your virtual credit card to make a transaction, its number will change. How does a virtual credit card work? A virtual credit card works like a chip credit card. On chip credit cards, the single-use number changes every time the card is used. Virtual credit cards work on the same principle. Are Virtual credit cards actually safe? Yes. As the number of a virtual credit card is randomly generated and changes every time you use it, a virtual credit card is quite safe. Let’s assume that a scammer got your account number from a chip card and attempted to duplicate it. But the scammer’s efforts would be useless because the unique number changes with every use. Similarly, a virtual credit card uses temporary account numbers that scammers and hackers can’t trace. This makes virtual credit cards highly safe to use. How can you use a virtual credit card? A virtual credit card functions just like a traditional credit card. It has a unique card number, CVV, and date of validity. Virtual credit cards can be used for all sorts of transactions. The only difference is that a virtual credit card is on your smartphone. Therefore, to make the transaction, you’ll have to use your smartphone. What is the validity of each virtual credit card use? When a number is generated for a virtual credit card, it is only meant for one-time use. The number cannot be used for multiple transactions. It stays active for 48 hours only. You will need to send a new request to generate a new number if you want to make another transaction. Who can apply for a virtual credit card? A virtual credit card is only issued to the primary credit card holder. No other individual or secondary person can use the virtual credit card. There are some institutions that provide virtual credit cards to those who do not have credit cards. However, the virtual credit card given to those people would be linked to their debit cards or bank accounts. How can you use a virtual credit card? A virtual credit card can only be used for online transactions, and there is no need to swipe the card physically. Here are the steps you need to follow while using a virtual credit card: Add the card number. Enter the validity of the card. At this point, you will receive an OTP on your registered mobile number. Enter the OTP and confirm. Complete the transaction. Assume you’ve decided to use virtual credit cards. However, you don’t have one yet. Let’s take a look at what you can do in this case. What can you do if you want to apply for a virtual credit card? Make sure that your credit card provider also provides virtual credit cards. If the card provider issues a virtual credit card to its users, only then will your credit card provider will issue you a virtual credit card. But you must remember that virtual credit cards are only issued to those who hold a credit card, as the virtual credit card is linked to your pre-existing credit card service. These days, many banks and NBFCs give virtual credit cards to their customers for free. How do I apply for a virtual credit card? Here are the steps you need to follow when you apply for a virtual credit card: The first step is to check if your credit card provider has issued virtual credit cards. If the bank, or whoever your credit card provider is, gives virtual credit cards to its users, you will be asked to submit your account and card details. Once the request is processed, you will receive your virtual credit card. But what if your credit card provider doesn’t issue virtual credit cards? Don’t worry. In that case, you can simply put in a request with any bank that offers virtual credit cards to its users. [B-02] Conclusion A virtual credit card is a boon for many people. It is safe and easy to use. However, one must be aware of a challenge that can arise when using virtual credit cards. Returning items that you bought online can be a hassle. While you may get a gift card, you won’t receive cashback in your account. But all in all, a virtual credit card has many benefits, with safety being its most salient feature. And the application process is equally simple. To learn more about virtual credit cards and where you can apply for one, visit the Piramal Finance website.

08-11-2023

Personal Loan

Complete Guide On a Car Loan EMI Calculator in India

Are you planning to buy a car on EMIs and wondering how much to pay? If you are looking for a hassle-free online tool that can help you decide if a particular loan option is suitable for your finances, a vehicle loan EMI calculator will help you to calculate your loan payments. This article examines a vehicle loan EMI calculator and a car loan interest rate calculator to estimate how much you will spend on your car loan. [B-01] Car Loan EMI Calculator The vehicle loan EMI calculator is a useful tool to estimate monthly loan payment obligations. For this, you need to enter the necessary data into the tool. There are three pieces of information necessary to arrive at the result: The sum of money you are hoping to borrow (loan principal). The timeframe you want for making payments (loan tenure) The interest rate When you enter these numbers into the EMI calculator, it will tell you how much you need to pay each month to pay off the car loan in full. Formula For Calculating Car Loan EMIs The following is the formula for the car loan interest rate calculator: EMI = P R (1+R)n [(1+R)n]-1 P = Principal loan amount R = Rate of interest calculated on a monthly basis i.e. R = annual rate of interest/12/100) For instance, if R = 10.75% per annum, then R= 10.75/12/100 = 0.0089 and N = the number of monthly instalments. How To Use a Vehicle Loan EMI Calculator Instantaneously, this vehicle loan EMI calculator will let you know if you can afford the monthly payments. You need to enter: The sum borrowed for car financing The interest rate on car loans (percentage) The period of the car loans (in months or years) The vehicle loan EMI calculator will recalculate and update the result as you make changes to the data entered. The monthly payment (EMI) and total interest (paid over the life of the loan) are both calculated by the vehicle loan EMI calculator. The entire amount of principal and interest that you are responsible for paying can be calculated with the help of a vehicle loan EMI calculator. This will help you visualise the full extent of your potential financial commitment before you decide on a car loan. A reasonable EMI-to-income ratio would be around 40% of annual household income. It is advisable to check what your monthly payments will be with a vehicle loan EMI calculator before you commit to a loan. Features of Auto Loans and Monthly Payments Car loan monthly payments are determined by three key variables: car loan principal car loan interest rate car loan tenure To calculate your loan EMIs accurately, you need to first have a firm grasp on how each of these factors plays a role in your monthly payments. Doing so can help you select the right lender with confidence. These are the three key variables in detail: Car Loan Principal The monthly payments you will have to make on your car loan depend on how much you borrow. The EMIs will be higher if you borrow Rs. 6,00,000 for 2 years as opposed to Rs. 4,00,000 for the same period. Consequently, you might choose to get a smaller loan amount if you wish to considerably reduce your EMIs. You may need to come up with the difference between that amount and the car’s asking price. Car Loan Interest Rate In general, interest rates differ from one lender to the next. The interest you pay on a loan is always going to be a significant portion of the total cost of the loan, so naturally, a lower rate is preferred regardless of the loan’s size or length of term. The interest rate your lender gives you will depend on your qualifications and credit history, among other things. Car Loan Tenure The length of your auto loan is measured by the total number of monthly payments, or EMIs. In some cases, stretching out loan payments over a longer period of time can reduce monthly payments, but will ultimately cost you more in interest. Similarly, the overall cost of the loan can be kept in check even if you want to pay it off in a shorter time frame by paying a larger monthly instalment fee. A vehicle loan emi calculator allows you to play around with different loan amounts and loan terms to see what works best for you. Benefits of Car Loan EMI Calculator For many people, our auto loan EMI calculator is an invaluable resource. Some of these are not: Convenience: As was previously shown, EMI calculations performed by hand can be extremely time-consuming and error-prone. When computing the outcome, it’s not uncommon to make a mistake. On the other hand, the EMI calculator’s user interface is cleaner and more straightforward. Accurate Results: When dealing with such large sums, any mistake can have a devastating impact. When you try to figure out your auto loan EMIs without a calculator, you greatly increase the likelihood of making a mistake like this. Consequently, make use of the less difficult choice so as to save unnecessary effort. Faster calculations: It is another advantage of car loan EMI calculators over the manual method, which has the drawback of taking several minutes longer to reach the conclusion. You may get the same information nearly instantly from an auto loan EMI calculator if you enter the necessary information. Amortisation schedule: You can see how much of each EMI goes toward paying down principal and how much goes toward interest by looking at your loan’s amortisation table, also known as its amortisation schedule. When you plug your auto loan details into an EMI calculator, you get a table like this as a result. There’s no denying the fact that a car loan When trying to get a loan to buy your ideal car, an EMI calculator is virtually a necessity. [B-02] Summing-up In this essay, we’ll take a deep dive into car loan emi calculators in India so you can make an informed decision. Consider carefully whether getting a car loan is the best option for you or not. It’s crucial to consider the flip side of the debt repayment coin before making progress. Before applying for a car loan, talk to your bank and get the advice of those who have done it before. Using an EMI auto loan calculator, you may determine how much you can afford to borrow and still afford to make your monthly payments comfortably. Investment Reliable does not offer financial advice, but we do provide unbiased information and evaluations on trading, investing, and finance. Users ought to always carry out their own research. Also visit, Piramal Finance has more in-depth, educational, financial-related articles.

08-11-2023

Personal Loan

What is an Education Loan Calculator and How does it Work?

Are you looking for something that finds the best loans and interest rates for education? Do you need a tool to calculate EMIs based on loan amount and term? Do you want a tool that calculates the final amount and interest? The Education Loan Calculator is the answer to all of these questions. It helps you find the right loan. The calculator includes tuition, interest rates, and monthly payments. You can get solutions to all of your loan-related issues here. In this article, we are going to cover the following topics. What is an Education Loan Calculator? How does it calculate? How to use the Education Loan Calculator? Benefits of an Education Loan Calculator in detail. [B-01] Education Loan Calculator An education loan is made available to people to complete their education. You can use it whether you are applying to an Indian university or a foreign university. It can be used to pay for any degree. An education loan can be used in any field. Borrowed funds may be used for tuition and other mandatory charges such as room, books, and fees. It can also be used for any incidental fees. To apply for a student loan in India, you have to fulfil these criteria. You should be an Indian citizen. You should have been accepted to a school that is approved by an appropriate body, either in India or overseas. You should have finished your higher secondary schooling. Some loan providers loan money to a student before the student is accepted to a school. The banking authority states that there is no maximum age requirement. But, some lenders might have a maximum age policy. How do I use an EMI Calculator? The ClearTax Education Loan EMI Calculator can be used to determine the regular payment. You can determine the EMI that applies to your loan amount with the help of the following. The principal amount (P). The time duration (N). The interest rate (R). By adjusting the sliders for P, N, and R, you can determine the monthly EMI. To figure out your monthly EMI payment, do the following. Adjust the loan amount using the slider provided. Decide how many months your loan will last. Set the desired interest rate by dragging the slider. Modify the input sliders at any moment to recalculate your EMI. The EMI will update instantly as you adjust the sliders. Amounts such as EMI, interest, and principal due can all be calculated with this tool. How do Education Loan EMI Calculators work? You can determine your monthly payment for your student loan by using the following formula. The monthly payment is calculated as follows. EMI = [P x R x (1+R)N]/[(1+R)N-1]. P, R, and N are independent variables. Because of this, the EMI amount will fluctuate if any of the three factors is altered. Interest is computed on the principal loan amount (P) that the bank extended to you. The bank’s interest rate is denoted by R. This loan has a repayment period of N years, where N is the number of years you have to pay it back. The number of months is used to determine the time frame, as EMIs are paid monthly. Consider the following example. Rs 10 million education loan is taken at a standard interest rate of 12%. The repayment time is two years. The EMI for this loan would be as follows. P = Rs 10,000,000; R = 12/100/12 (convert to months); N = 2 years; or 24 payments. EMI = [10,00,000 x 12/100/12 x (1+12/100/12)24] / [(1+12/100/12)24-1] EMI = Rs 47,073. Benefits of Online Education Loan Calculator Using a monthly payment calculator to plan for your student loans can help you in many ways. Take a look at some of them here. Swift and Simple Mentally calculating your EMI can be a complex process. The monthly payment calculator for student loans is simple and easy to use. The student debt calculator provides quick and precise answers. Know the right amount you have to pay A student loan calculator can help determine the EMIs that will be due each month. You can adjust your loan’s repayment period or the principal if you find your EMI too expensive. With this information, you will be able to pick the option that best suits your academic requirements. Try different figures You can check the loan amount, interest rate, and repayment period to see what works for you. You are free to play around with the numbers until you discover the one that suits you. Customize your student loan interest calculator You can easily modify the education loan EMI calculator. Enter the necessary information into the appropriate fields. Then, you can complete the form as needed. By doing so, you can learn about your options and pick the one that suits you the best. Accurate results A student loan EMI calculator quickly and precisely determines the monthly payment amount. Applying formulas and computing them would be a complex process. It could also have errors. Using a student loan calculator saves you a tonne of time and the hassle of figuring out complex formulas. [B-02] Conclusion Education Loan Calculator makes it easier for you to calculate your EMIs. You should consider this carefully before applying for master’s, Ph.D., and other educational loans. The Education Loan Calculator finds the best loans and interest rates. Input your student loan details to determine your monthly repayment, total interest, and total amount paid. We provide unbiased information and evaluations on trading, investing, and finance. Visit Piramal Finance for more in-depth, educational, and financial articles.

08-11-2023

Home Loan

Discover How to Use a Home Loan Eligibility Calculator

Building a new house or buying one is a big deal and must be an informed decision. Applying for a home loan is preferable, but it often requires proper planning, knowledge of the dos and don’ts, and paperwork. You should also use a home loan interest rate calculator to find out how much interest you will be charged. But don’t worry; all you have to do is read this article to learn about home loans, eligibility criteria, and how to calculate them. In this article, you are going to learn about a home loan, the eligibility you should have to apply for it, and how to use a home loan eligibility calculator. What really is a home loan? A home loan, as the name implies, is financial help you take from a bank to purchase, extend, or renovate your house with the promise of returning the money with some extra returns. It has a fixed interest rate, which you will be charged when you take the money from the bank. However, this house or property for which you have taken the loan remains a mortgage, which means the bank can take it away from you if you fail to repay the money. A home loan is a very profitable option for people who have been dreaming of buying their own house. But, with all that said, you need a home loan interest calculator to help you manage your interest rates and EMIs (equitable monthly instalments). What are the benefits of a home loan? A home loan has a lot of benefits: Helps in reducing taxes: To encourage more and more people to buy their own house, banks provide a tax reduction on the principal amount and the interest rate. Easily payable: Banks often charge low EMIs if you take out a home loan. The amount won’t hurt you, and you can easily repay your loan. In case you feel like tracking down your interests, you can use a home loan interest calculator to keep track of the exact numbers. Saves you from paying rent: Living in a rented house sometimes gets tough, and paying high rent every month is not easy. A home loan helps you build your own home and saves you from rent. The repayment period is long: Often, the repayment period is long and manageable at the same time. So you don’t have to worry about paying a large amount at a time. You can gradually pay off your debts without compromising your expenses. No prepayment penalties: If you pay the installments ahead of time, you will not be charged any additional fees. If you have extra money and are worried about spending it, you can pay it in installments. Besides these, home loans are safe and secure, and you don’t have to worry about any risks. What is the minimum eligibility to apply for a home loan? There aren’t any exact numbers, but the values given below for age group, salary, etc. are nearly common. Age limit: If you are a salaried individual, you must be at least 21 years old and less than 65 years old to apply for a home loan. This might be slightly different for self-employed people, but it is mostly the same. Minimum Salary: If you are a salaried individual, your monthly salary should be at least 10 thousand rupees per month to qualify for a home loan. If you are a business person, you should at least generate 2 lakh rupees per annum to apply for a home loan. Loan term: The maximum loan term is around 30 years, which means that if you apply for a home loan in 2022, the term lasts until 2052. Credit history: Though not always requested, a good credit history is always a plus if you are looking for a home loan. What is a home loan eligibility calculator? A home loan eligibility calculator is a simple, user-friendly online tool that helps you estimate your EMI from your borrowed loan. A home loan calculator calculates the interest you will pay to the bank in return for the debt. The interest is determined by your age, credit history, financial status, etc. How do I use a home loan interest calculator? Using a home loan calculator to determine your estimated EMI is simple. Here are some steps: Put your monthly income in the bar, and if you are an NRI, then you have to put your yearly income in the bar. Next, put the loan time period in the second bar of the home loan interest calculator. Now, enter the interest rate on the home loan that the bank has charged you. Different banks charge different rates, and this varies in almost every case. If you have other loans, put their EMIs in the last bar of the home loan eligibility calculator. This is an optional case. You can leave the space blank if you don't have a previous loan. Now click on “CALCULATE,” and your interest amount will appear on your screen. [B-02] Summing-up A home loan calculator is of great use to estimate your interest, and you should use it quite often to map your current loan status. To keep yourself updated from time to time, you should use a home loan interest calculator. Since the risk is almost nil and the installments are low, a home loan is preferable to get your dream house.

08-11-2023

Mutual Funds

What is Growing SIP and How to Calculate It?

Systematic Investment Plans (SIP) Mutual fund SIPs are a well-researched, methodical, and scientific way to build wealth over the long term. The concept is not brand-new. Brokers and distributors of mutual funds have been actively promoting them for more than 20 years. But SIPs have gone through some changes recently. Equity mutual funds have had continuous outflows since 2008, when the market slump first started. Midway through 2014, the pattern altered, and it has persisted ever since. But, a growing proportion of mutual fund inflows are going to equity funds. A growing proportion of those inflows are going to come via retail SIPs. [B-01] Why should you invest in an SIP? SIP encourages regular saving habits and instills a sense of discipline in your financial decisions. An SIP is based on the principle of small, frequent savings. SIP makes it possible for the investor to accumulate wealth over time. An SIP also has a lot of other advantages. The most significant ones are listed below. Rupee Cost Averaging SIPs can help with cost-return ratio averaging. Due to the volatility of the equity market, an investor can buy more units when the price of shares is low. They buy fewer units when the share price is higher. Regular investors have a better chance of obtaining more shares at low prices than those who make a significant one-time investment. It is all thanks to SIPs. Power of Compounding Any modest sum of money, when invested for a longer period, can compound and earn you large returns. This is based on the compound interest principle. By making small, frequent investments, the investor will be able to build up a sizable corpus. Thus, they can meet long-term financial objectives. Automated Payments Even if you are someone who consistently makes investments, you could occasionally forget to make the payments. An SIP eliminates this by automating the payments. A predetermined sum is automatically debited from your bank account each month. Therefore, there is no chance of forgetting to make the payments. Funds can be used for emergencies With a single click, you can withdraw entire amounts from an SIP at any moment. This fund can cover any unplanned event, like losing your job, getting hurt, getting sick, etc. How to achieve more with SIP? Make sure you perform the following to get the most out of an SIP. Make a list of your objectives and figure out how much savings you will need to achieve them. To achieve your goals, decide how much you want to invest monthly or quarterly through an SIP. Find out which mutual funds have performed successfully in the past by researching the market. Once you have completed that, you can choose which plan to invest in using an SIP. Investors must complete the KYC verification process for all mutual fund investments. They also need to complete other formalities, including submitting checks and paperwork. Finish the procedure and begin investing. Choose a long-term plan if you want to get good returns on your investments. To diversify your holdings and maximize results, you can invest in a number of SIPs. How to Calculate SIP SIP calculations are an essential but slightly complex component of investing. The SIP investments are carefully planned investments that occur on a regular basis. You receive units that are prefixed according to the NAV value of the chosen scheme at the time of investment. As time passes, a large number of these units amass. This makes it challenging to calculate the precise amount of money one has acquired during this time period. This is because each installment will have developed differently. To simplify matters, all you need is your computer. You need a basic understanding of the excellNSE-2.16% application. Figure out the returns on each investment you have made. XIRR is a formula that can be used to calculate the returns on your assets. STEP 1 Open the Excel document and enter each SIP date in a separate column. STEP 2 The amount you have invested in the SIP should be entered in the field below Step 1. Now, enter the amount with a (-) minus sign in front of it, assuming you are putting INR 1000 into it every month. This indication is crucial because it will specify the cash flow. STEP 3 After completing these steps, enter the total market value of all the units you hold. Input the date for which you want to check the returns, together with the market value of each unit in the scheme, in the appropriate fields. These must be entered in the same scheme where the SIP amount and date were previously entered. By logging into your SIP account and looking through your statement, you can determine the market value of the units. The market value of the units should not be preceded by a minus symbol (-). This represents a cash inflow rather than an outflow of funds. STEP 4 It is now time to use the XIRR function. It may be accessed by moving the mouse to the empty cell next to the current one and then selecting XIRR. The dates, values, and other options listed below must be filled out. To input a value in the value field, choose the cell that contains the SIP amount and the market value. You must choose the cells containing the return date and SIP dates in order to fill out the date choice. Select the “guess” option, and then click OK. STEP 5 The final step is to simply multiply the decimal value available by 100. The outcome would display the return amount earned for the specified SIP investment on the desired date. There are many ways to figure out your returns by hand, but this is one of the easiest. [B-02] Conclusion A sensible, hassle-free way to invest a set amount in a mutual fund scheme is through an SIP. It enables you to buy units on a specific day each month in order to carry out a savings strategy. A specific, predetermined quantity can be invested at predetermined, regular intervals. It can be quarterly, monthly, weekly, etc. Visit Piramal Finance to learn more about such topics!

08-11-2023