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Personal Loan

Important Aspects of a Personal Loan Calculator You Should Know

If you need an urgent personal loan, you can easily find the best financing options for your financial situation. Urgent personal loans are the best way to instantly get access to funds that will help you with your financial needs. You do not need any collateral for personal loans. Because of this, the time it takes to process the loan is shorter. Payments can also be made almost instantly. These advantages make many people apply for urgent personal loans. But, it is important to plan carefully before you apply for a personal loan. A loan calculator for personal loans can help you with loan planning, which can make the entire process simple and hassle-free. [B-01] Why Use a Personal Loan Calculator? A loan calculator for personal loans will improve your loan planning skills. It provides a secure framework to compare and measure financial liabilities and assets. Listed below are the benefits you can get from using a loan calculator for personal loans. Ensures Affordable EMIs Pay attention to your EMIs because repaying loans is one of the most important aspects of the entire loan process. Repayment depends on the interest rate, the amount owed, and the length of time. These are important for figuring out how much a person spends each month. Using a personal loan calculator to estimate your EMIs based on different factors makes it easier to plan your repayments. By changing the values for the different variables, you can compare different terms until you find an EMI amount that is within your budget. Easily Compare Prices In an ideal situation, the interest costs are manageable and the monthly payments are not too high. Use a personal loan calculator to determine the best parts of a policy and how different it is from competitors’ policies. But remember that credit costs money in the long run. When narrowing down the list of loans based on the interest rate, the personal loan calculator will help include any other necessary fees. Protects Credit Ratings and Potential Bad Loans Bad loans can hurt your credit profile and lower your credit score. This often happens when people do not keep track of their loans or take out more loans than they need. Use a personal loan calculator before you apply to avoid problems like these. It will help you quickly figure out how much the loan will cost, and you can decide if you can afford it. Remember that a good credit history is vital and can impact your ability to get loans in the future. Simplifies the Loan Planning Experience A personal loan calculator can be used by anyone who knows the loan’s interest rate, term, and length of time. You need to enter these numbers into the digital calculator, and it will do the calculations for you automatically. The best part about the personal loan calculator is that the results are fast and accurate. This makes it easy to plan your loans and make decisions accordingly. You do not have to visit the lender’s branch to find your EMIs if you use a personal loan calculator. Suggestions to Keep in Mind Before Applying for a Personal Loan Before applying for an urgent personal loan, you need to get familiar with every aspect of a personal loan. It makes it more likely that your personal loan will be approved. It may also help you get an urgent personal loan at a lower interest rate. In addition to using a personal loan calculator, here are some important suggestions: Keep Your Credit History High Your credit score shows your trustworthiness based on how well you have repaid loans. The CIBIL score is another name for it. The best score on the CIBIL scale, which is from 300 to 900, is more than 750. A low credit score shows that you do not handle your debts well. This could make your loan application get turned down or make your interest rate go up. To keep a good credit score, all you have to do is pay your bills on time. One good way to make sure of this is to automate your payments. Examine the Market’s Interest Rates You can be sure that you are getting the best interest rate on the market by comparing the rates offered by different lenders. This lets you choose the type and rate of interest for your loan that work best for you. Determine Costs When you get a loan, there may be a lot of costs, such as fees for processing and repaying the loan early or late. Before applying for a loan, consider the different fees the lender wants. This will give you a better idea of how much it will cost, help you keep track of your money, and help you decide if the loan is affordable. Consider Your Financial Needs Prioritize everything you need in terms of money. Personal loans are often used for vehicle purchases, wedding expenses, medical emergencies, or vacation planning. You can choose what to borrow based on its cost and how much it will help you. Determine Your Loan Repayment Capacity Before taking out a loan, think about how you will repay it. You can do this by putting the money you get from investments towards EMI payments. You must ensure that enough money comes in to make loan repayments. This can be done by determining how much the monthly EMI will be in advance using a personal loan calculator. Avoid Falling for Frauds Many lenders offer fake deals, artificially low interest rates on the market, or hidden charges. Most of the time, these loans end up costing more. Sometimes, they use low interest rates that change later on. Carefully read the fine print before applying for an urgent personal loan. [B-02] Conclusion Before you make an application for an urgent personal loan, use a personal loan calculator. Compare the best loan offers and only apply to a lender who offers an affordable loan process. Leading lenders in the industry are getting better at making their personal loan calculators easy to use. Even someone who is not too familiar with this financial tool can use it on a smartphone or other device. If you found this article helpful, you can read similar articles by visiting Piramal Finance, where you can also receive valuable information and guidance on how to apply for an urgent personal loan.

08-11-2023

GST

Guide On: How Do I Calculate GST Online?

When goods and services are sold, the federal government and individual states impose a goods and services tax (GST) tax. In India, GST can be easily calculated online using several available calculators. Calculators for GST can be found online and are useful for determining the correct tax amount and making the payment electronically. Keep reading about India’s GST and how to compute it online. [B-01] Steps to Compute GST Online To calculate GST online, go to a website that offers such a tool and then do the following: Choose the quantity from the drop-down menu to see the total tax due if all the items were purchased at once from the same vendor. Choose the services for which you want to calculate taxes if you want to calculate taxes on both goods and services. As long as they are purchased together, additional quantities are not limited. Choose ‘None’ if you don’t want any of those things counted. Click the “Calculate” button once you’ve made your selections before proceeding to the next step. Goods and Services Tax for Services Only To access a free value-added tax calculator, click the button below and enter the service you’re interested in calculating the tax for.Specifically, you can use this calculator to determine the Goods and Services Tax (GST) due on this service, which can then be paid via official government websites. When you’re ready to provide your information from the fields listed above and click the ‘Calculate’ button, a new page will open with all the items and services you’ve selected. Click ‘Review.’ For an explanation of the numbers used in the various graphs, click on the “View details” link. GST on Notes and Gold: This is where the calculator can assist you in determining the value-added tax on notes and gold. Inputs: This is an important input portion of the online GST calculator; if you want to calculate the value-added tax at numerous places when purchasing items, Payment information for each site can be entered here (i.e., each state or each location). What is a GST Calculator? The GST calculator is an easy-to-use web tool for calculating monthly or quarterly GST obligations. This calculator’s features can benefit multiple user categories, including retailers, manufacturers, and wholesalers. When you plug in the prices of your goods and services into a GST calculator online, you’ll get an accurate estimate of how much everything will cost once GST is applied. Therefore, the calculation can be done quickly during a return, provided the taxpayer is aware of the necessary expenses. The online GST calculator will come in handy for this purpose. Using a GST payment calculator, you can easily determine whether the final amount you pay will be higher or lower than the original purchase price because of GST. As opposed to human calculation, it takes no time and guarantees accuracy. GST (Goods and Services Tax) calculations can be made using a free GST calculator online in India. Why should you use a GST Calculator Online? Using the simplified GST calculator, you can easily calculate the gross or net price of a product based on the percentage-based GST rates. It’s useful for determining the IGST rate after separating the CGST and SGST rates. The GST calculator makes it easy to figure out the total cost of goods and services quickly, saving time and reducing the chance of making a mistake. Using GST Calculator allows you to reap several advantages: Determine Taxes Precisely: With this tool, you can determine the total amount of tax you’ll owe if you and your friend make a joint purchase. Effective Tax Management: With this resource, you can easily determine your tax liability without wasting time. With this tool, estimating the total cost of an item subject to India’s high sales tax is now possible. Simple to use: The online GST calculator doesn’t require high technical expertise. Because the interface is easy to use, just about anyone can put it to good use. No Cost: There is no cost associated with using this calculator. No Expertise Needed: No special knowledge of computers or finances is required to use the GST calculator. It’s a simple tool used by anyone from various walks of life. Smart Work: Using this calculator, you can determine the total amount of taxes that would be due on an item before buying it, giving you more information to make an informed decision. How do I use the GST calculator? Follow these instructions to use the GST calculator online: First, fill in the required information. The GST rate applied could be 5%, 12%, 18%, or 28% of the net price of the service or commodity. Hit the “calculate” button. While inputting the final/gross price of the products or services to be billed, the GST calculator will also display the tax amounts for each tax head, whether CGST, SGST, or IGST. [B-02] Conclusion We’ve also broken down the process of using them. You can save time and money by using the calculator to determine your total tax obligation before purchasing several items. Use our Piramal GST Calculator to compute GST Online. Read more such blogs on Piramal Finance to know more.

08-11-2023

Home Loan

Want To Calculate Home Loan Eligibility In A Few Seconds?: Here Is A Guide

Many people dream of owning their own homes at some point in their lives. It is an accomplishment for them to purchase a home. It also represents a new beginning when you move into a new home. Although, this dream is still out of reach due to the high costs associated with home ownership. Additional costs such as registration, stamp duty, taxes, and other expenses make home ownership out of reach. Hence, purchasing a home in metro cities is nearly impossible for working-class citizens. This distant dream is now possible because home loans from financial institutions have made it possible. How do you know if you are eligible for a home loan, and what are the criteria? We will guide you on home loans and how to use the home loan eligibility calculator to determine the amount you can borrow. [B-01] What are home loans? Home loans are loans that you take out from a lender (bank or NBFC) to finance the purchase of a new home. This loan is limited to purchasing a home and not any other commercial real estate or property. Financial institutions provide only 80-90% of the property value as funding. When you take a home loan, you repay this amount through EMIs. EMIs include both the principal amount and interest over a period. The house you buy will remain as collateral with the respective lender until the loan amount is fully repaid. How to calculate Home Loan Eligibility Creditworthiness and eligibility are key factors in determining if you qualify for a home loan. The factors that determine your home loan eligibility include the following. Gross income Income determines your loan eligibility since it shows your ability to pay EMIs on time. Your eligibility for a loan increases with your income. Credit score This three-digit score determines your financial position and whether you have successfully repaid all your past debts. It is a significant factor in deciding whether you are eligible for a loan. Loan tenure If you opt for a longer loan tenure, the interest rate will be lower. However, the loan amount you repay at the end of the term will be higher. Furthermore, a shorter tenure increases the loan interest rate, thereby increasing your EMI amount but reducing the overall amount you pay. Existing loans Financial institutions suggest keeping the EMI-to-income ratio below 50%. However, if there are existing loans or any other debt you are currently repaying, it can affect the amount you are eligible to receive. Profession You must be a salaried or self-employed professional to be eligible for a home loan. The documents can also be used to verify your employability and determine how much loan you are eligible for. Property value The cost of the property you want to purchase plays a role in the eligible home loan amount. Lenders may offer you a higher loan if the property’s market value is higher. These details establish whether you can repay the loan. However, performing this calculation manually can lead to many errors. With the advent of technology in finance, many loan providers have a loan eligibility calculator on their official websites. This calculator helps you estimate your loan amount based on these determining factors. How to use the home loan eligibility calculator A home loan eligibility calculator is the best way to verify the amount you can get to finance your housing dreams. It works on a mathematical formula that considers your income, age, credit score, employment status, the amount you need and other factors to evaluate your eligible loan amount. The calculator requires you to enter this information. While these criteria and the information you provide vary from one financial institution to another, here are the steps to follow to enter your information into a home loan eligibility calculator. Visit the lender’s Housing Loan Eligibility page. Choose your profession from the dropdown box. Use the slider to select your gross monthly income. Select and move the next slider to enter the total amount of your existing EMIs. Move the slider to enter the interest rate at which you would prefer your home loan. Use the final slider to enter your ideal loan tenure. Alongside the calculator, you will get the results of the home loan amount you are eligible for and decide whether the terms are ideal for you. Other eligibility and documentation requirements With the above factors, the documents you submit play a major role in confirming your home loan eligibility. The list of documents to provide includes the following. For salaried applicants: Address proof (Aadhar Card, Rent Agreement, Voter ID, etc.) Identity Proof (Passport, PAN Card, etc.) Proof of Age (Birth Certificate, 10th Marksheet, Driving License, etc.) Form 16 Employer’s certified letter Two months’ salary slips Three years’ IT returns (increment or promotion letter) Passport-size photos Property documents include a letter of authorisation from the society/builder, a construction estimate, an occupancy certificate, etc. For self-employed applicants: Address proof (Aadhar Card, Voter ID, Rent Agreement, etc.) ID Proof (PAN Card, Passport, etc.) Proof of Age (Birth Certificate, 10th Marksheet, Driving License, etc.) Three years IT returns Business License (or any other equivalent document)Company Balance Sheet and Profit & Loss Account Statement (duly attested by a C.A.) Professional Practice License (For Doctors, Consultants, etc.) Certificate of Establishment Registration (For Shops, Factories & Other Establishments) Business Address Proof (letter of authorisation from the society/builder, a construction estimate, an occupancy certificate, etc.) [B-02] Conclusion If you have found your dream home, it is time to make it yours and apply for a housing loan. Many lenders provide these loans, and it can be hard to decide on the right one for you. With Piramal Finance, you can secure your housing loan with easy procedures, minimal documentation and flexible repayments. Apply for your preferred home loan now from Piramal Finance.

08-11-2023

Personal Loan

What could be the Maximum Personal Loan Amount?

If you want to apply for a loan, the personal loan maximum amount is Rs. 50,00,000. Personal loans are based on income, credit score, and ability to pay back. Personal loans offer many benefits, such as instant money with no security and quick approval. They have become a great way to get instant money. Medical needs, studies, repaying other debts, etc., can be covered by personal loans. Personal loans are a great cushion to fall back on, especially in financial crises. This article will discuss how much you can borrow when you get a personal loan. It talks about the personal loan maximum amount and a personal loan balance transfer. [B-01] What is a Personal Loan? Personal loans are given to self-employed or salary-based people. These loans don’t need any security. The personal loan maximum amount has a yearly interest rate between 11% and 28%. The money lender and credit score are important points. These loans have different lending terms ranging from 1 year to 5 years. There are no limitations on how a person can use the money they borrow till it is put to good use. You can get a personal loan balance transfer immediately when you apply. Besides, personal loans are much more flexible than other types of loans. The borrower can use the money for any purpose. Banks and NBFCs also offer lower interest rates on personal loans than on other loans. It makes it easier for anyone to pay back their debt. In the end, it becomes a win-win situation. What is the maximum amount personal loans can cover? If you are salaried, you may be eligible for a personal loan balance transfer of up to Rs. 20 lakhs. The exact amount will vary by lender. If you’re self-employed, the maximum limit is up to Rs. 30 lakhs. You can use the maximum personal loan amount for any purpose. It can be higher studies, travel plans, etc. You can pay in EMIs within 15 years. If the loan amount is for the building of a home, then the personal loan maximum amount will cover 90% of the entire expenses. You can get a loan of up to Rs. 25 lakhs for medical emergencies. Up to Rs. 30 lakhs is available for consultants and practising doctors who work in public or private hospitals or clinics. The loan term could be anywhere from 24 to 60 months. Balance transfers of personal loans of up to Rs. 20 lakhs are available and can be used for anything from debt consolidation to purchasing a new car or funding a child’s college education. You should look into the other available options as well. An elite customer would be someone who routinely spends more than Rs. 75,000 per month. The smallest personal loan balance transfer they can get is for eight lakhs, and the most are for 20 lakhs. A big fat wedding is well within your financial means. For your lavish wedding, you can now afford a loan of up to Rs. 25 Lakhs. How Does a Personal Loan Help Pay Multi-Debt? Multi-debt payment means that a borrower has multiple debts to be paid. For this payment, you will apply for an instant personal loan and use that amount to pay all your dues. All the debts and paybacks as equal monthly payments. This way, the amount of EMIs is reduced. It decreases the burden. Today, one out of a hundred people is trapped in bad debt. In such urgent times, a personal loan bank transfer is helpful. What is the Purpose of Applying for Personal Loans? In recent years, Indians have opted for unsecured loans more than secured ones. Due to no collateral being required, borrowers opt for a bank transfer of the personal loan to cover many of their expenses. They also increase their discretionary expenditure on new cars, electronics, home decor, etc. How to Get a Personal Loan Bank Transfer? You can get a personal loan bank transfer in two ways. One way is to apply online, and the other is by visiting banks/NBFC. Every bank/NBFC has a loan manager. They will assist you in applying for the loan and other details. Fill out the form as required. If the criteria are met, your loan will be approved. But, if you are looking to apply for a loan online, then the standard process is as follows: Do a complete study of different loans and their interest rates. Fill in all the details and register for a new login. Submit details of your bank, PAN details, and other documents to verify your identity and eligibility. Once your account is created, you can log in. From the home page, search for the plans. This will help you to choose the one as per your needs. Lastly, apply for a loan. To avoid a bad credit score, repay the loan timely. Paperwork Required to Get the Maximum Personal Loan Amount Usually, the below-given list of documents is submitted. These need to be given while applying for a loan. Proof of Identity Passport, Voter’s ID, Driving License, or PAN Card Proof of Residence Passport or utility bill Proof of Income Bank statement of the salary account for the past two years Audited financial statements for the past two years [B-02] Conclusion Personal loans are a great choice for many people. It offers instant relief to your financial crunch and helps you save time, money, and effort. You can even combine multiple loans into one loan with lower interest rates. The best part is that you can use the maximum personal loan amount for any purpose, whether home improvement or buying a new car. Personal loans are not always the only way to get out of a need. If the amount is not too big, you can ask family and friends for a loan. It eliminates the need to pay interest rates. You should know that personal credit or loan is not insured. It means that there is no need to place any security. Proper documents and a good credit score are vital. For more details on personal loan bank transfers, visit Piramal Finance and look at their products and services.

08-11-2023

Personal Loan

Know The Personal Loan Interest Rates For You

Knowing the rate of interest for a personal loan will help you make smarter decisions in life. Personal loans are often used to pay for necessities, such as appliances, furniture, and car repairs. However, personal loans can also be used to enhance one’s lifestyle or save for a special occasion. Personal loan interest rates may vary depending on your credit score, age, and other factors. If you’re planning to get a personal loan then it’s important to learn the rate of interest for personal loans that are available in the market. It’s an essential part of being financially stable. [B-01] How Do Rates of Interest For Personal Loans Work? The rate of interest for a personal loan is based on the principal amount that you have borrowed and is expressed by the lender as a percentage. The rate applied to your loan includes any fees like processing fees and other costs and is known as the nominal annual percentage rate or APR. Personal loans are usually unsecured loans and hence, charge a higher interest rate compared to secured loans. An unsecured loan simply means a personal loan scheme that is not backed by a collateral or recoverable asset. Factors That Affect Personal Loan Interest Rate and Charges The advertised interest rate isn’t always the actual rate for the loan. Many aspects of your credit and financial situation are considered to determine the most suitable rate of interest for a personal loan. Based on your financial strength along with your credit history and income level it is possible to get approval for a lower rate. Job Status and Income: The lender may take into consideration the borrower’s job status and income, as these can influence the probability of repayment. The borrower with a low income or a history of late payments typically pays the highest interest rates since there’s no guarantee they’ll be able to make the full payment. Credit score: Credit score plays a crucial role in loan approvals. People with a strong credit rating are more likely to receive better rates because they are at a lower chance of default. In general, a score of 750 or more is considered a good CIBIL score. The CIBIL Score For SBI Personal Loan is 650 and above. Credit history: Having a sound credit history is as much important as any other factor. If you have a history of defaults in repayment, the lender may charge you a high rate of interest or may even reject your loan application. Make sure all credits are repaid on time to ensure a good credit history. Existing debt: Whether the borrower has existing debt or not is another factor that is taken into consideration by the lender for estimating the rate of interest for a personal loan. If you’re in the middle of major debt, your profile will appear unfavourable to lenders. This can affect your chances of securing a competitive interest rate. However, If you’re able to manage your obligations, you can get a decent rate of interest. Relationship with the lender: Your relationship with your lender may aid in the process of approval. If you’ve been involved in a previous deal with a lender they could offer you an attractive rate for personal loans. This is because the lenders will likely trust those borrowers whose financial information they keep on record. Rate of Interest on Personal Loans for Different Banks Bank NameInterest Rate (p.a.)State Bank of India10.55% – 15.05% p.a.HDFC Bank11.00% p.a. onwardsPunjab National Bank9.80% – 16.35% p.a.ICICI Bank10.75% onwardsBank of Baroda10.20% – 17.55%Union Bank of India10.80% – 14.90%Axis Bank10.49% onwardsBank of India9.75% – 14.25%Indian Bank10.30% – 14.40%Kotak Mahindra Bank10.99% onwardsCentral Bank of India10.35% – 11.95%IndusInd Bank10.49% onwardsIDBI Bank11.00% – 15.50%Indian Overseas Bank11.90% – 12.90%Yes Bank10.99% onwardsUCO Bank11.95%-12.35%Federal Bank10.49% – 17.99%Bank of Maharashtra8.90% – 14.70%IDFC FIRST Bank10.49% onwardsRBL Bank17.50% – 26.00%Citibank10.50% onwardsStandard Chartered Bank11.49% onwards How much is the typical rate of interest for personal loans? The majority of banks offer personal loan interest rates ranging from 10.50% and 24 per cent p.a. The interest amount you pay will depend on several aspects like your credit rating, earnings, the organization you work for and your age when you apply for loans, and so on. Therefore, ensure that you look at the interest rates of various lenders before applying for personal loans. How to Avail a Personal Loan at Low-Interest Rate? Below are a few crucial factors you should consider before getting a personal loan at a low-interest rate: Your credit score should be maintained at 750 or above. Many banks offer pre-approved, immediate personal loans. Keep an eye out for those. If you have already taken a loan from a bank or NBFC, or have a savings account in one, ask them about a personal loan at a low-interest rate. Many lenders give special loan interest rates during the festive or holiday season. Look out for these. Always compare personal loan offers, interest rates, etc provided by different lenders on the online financial markets. Fixed Rate Vs Floating Rate for Personal Loan In the case of loans with fixed interest rates, the rate is constant for the duration of the personal loan. With floating-rate loans, the rate may occasionally change as a result of variations in market interest rates. Since personal loans typically have a short term of up to 5 years, the majority of them are now available at fixed rates. [B-02] The Bottom Line As you read above, it is important to know the rate of interest for a personal loan to make the right financial decision. When planning to get a loan, always compare interest rates of different financial institutions, build and maintain a sound credit rating, and maintain a good credit history. If you planning to avail of a personal loan at reasonable interest rates, reach out to Piramal Finance.

08-11-2023

How To Calculate Fixed Deposit Monthly Interest?

There is no shadow of a doubt that saving for the future is important. After pension plans were taken away, there are now many ways to save money. You might have earned a lot, but investing in certain fixed assets will put you in gain, however, what most individuals do is formulate a fixed deposit. Various banks have multiple schemes when it comes to the matter of fixed deposits; however, what most people do not understand is the way to calculate the fixed deposit interest rate. Hence knowing about the ways to use FD Interest Calculator will be a wise idea. [B-01] Brief Overview of Fixed Deposit Before delving into further details, it will be imperative to have a detailed idea about the fixed deposit. A fixed deposit (FD) is, first and foremost, a financial instrument that the majority of banks or even non-banking institutions provide. You need to know that a fixed deposit comes with a fixed duration, a period that will determine the amount of interest for the amount of money that you have decided to fix up. There is another fact that you might need to know that irrespective of the market fluctuations, you will always earn the predetermined amount as interest every month. For this reason, many people lean towards this financial instrument. You can choose the tenure of the period which ranges from ten days to 10 years. Apart from that, it is a fact that most people do not know how to calculate a fixed deposit; being hooked on this article will help you learn how to use an FD Interest Calculator. Brief Idea about FD calculator Now that you have invested in a fixed deposit, you will need to know how to calculate your interest rate. A fixed deposit calculator will help you estimate the fixed deposit maturity and the tenure period. By employing an FD Interest Calculator, you will be able to determine the investment amount, the rate of prevailing interest, and the tenure period. This will further help you to understand and calculate the rate of interest that you will help. You will get the net amount of the wealth that you have gained and the maturity amount as the output. However, you will need to know that an FD Calculator Monthly Interest will provide you with the amount of estimation of the wealth and never provides you with the assurance of the value that you input that you have provided. Steps to Use a Fixed Deposit Calculator Using FD Interest Calculator could be tricky; however, it will be as fine as you can imagine with proper guidance. Below mentioned is the step-wise guidance to use an FD Interest Calculator. The very first thing that you might need to do is to choose a reliable online fixed deposit calculator. Various sites provide such service; however, taking guidance from a qualified individual will put you in gain. The next thing that you might need to do is to select the customer type. That means that the bank or financial institution you have chosen makes a fixed deposit. The next step would be to select the Fixed deposit type, that is, whether or not cumulative, which returns at maturity, or non-cumulative, which produces periodic returns. Now comes the step where you must enter the amount you want to save as a fixed deposit. You will need to enter the interest rate based on the banks’ or financial institutions’ schemes. The final step would be selecting the tenure period of your fixed deposit at your convenience. This guided step will help you understand the amount you will receive as monthly interest. Benefits of Using an FD Interest Calculator Apart from getting to know about the financial situation of your fixed deposit, there are other benefits to using an FD Interest Calculator. You will automatically see the maturity amount and the interest rate you will earn on your fixed deposit. These above-mentioned steps for using the FD Interest Calculator will guide you. However, you can choose to tweak the tenor and further deposit the amount to see the maturity amount of the interest that you have earned. This will help you earn your interest rate better and further plan it accordingly based on the amount you want to invest. You need to know that your FD is a fixed asset that you can use as collateral while applying for a loan; you can take up to 80% to 90% of the loan based on your FD. Hence, planning your FD before you finally make a deposit will put you in gain. Using an FD Interest Calculator will help you, as you will know the amount of wealth that you are building. Hence that will be of help. Other than that, if you choose not to draw the amount of the Fixed deposit, you will get the amount matured after your chosen tenure. Another fact that you might find quite amusing is that a fixed deposit amount attracts taxes; you might find an amount of about 10% of TDS deducted from the returns if the returns exceed 10,000 INR. Why Choose the FD Interest Calculator? You may question why you require an FD Interest Calculator. Well, you need to know that manually calculating your fixed deposit might be too taxing. Apart from the errors you might make, you may not know about the most accurate rate of interest. An FD Interest Calculator usually comes with the most accurate, updated information about the interest rate that will help you calculate better. [B-02] Final Thoughts Now that you have a clear idea about the gravitas of using an FD Interest Calculator and the way of using it, you will need to plan your financial schemes as per your need and affordability. A well-planned FD will not only help you in the future but also act as a yardstick; hence, using an FD Interest Calculator before finally making any decision will be imperative.

08-11-2023

Other

What is Compound Interest and How is it Calculated?

When interest on an investment or savings account balance is reinvested, the compound rate accumulates, resulting in bigger rate payments. A wise person once said that in compound interest (CI), “money produces money.” Use CI in your favor if you want to increase your savings. Understanding compound interest may help you avoid costly errors and get the most out of your money. So let’s learn more about this and how CI is calculated with an interest calculator in India. [B-01] What is Compound Interest? Compound interest (CI) is money earned on a deposit computed using both the original principle and the previously earned rate. In other words, CI is the return earned on interest. Using a compound interest calculator, you can find your interest for any period, whether it be your daily, monthly, or yearly rate. The longer the amount stays invested, the bigger the compounded returns. Take it as a snowball. The earlier you begin to save and the more money you put into your snowball, the greater it will grow. Think about what would happen if you threw the snowball down a snow-covered slope. The snow you’ve packed will remain, and you’ll collect much more. When the snowball reaches the bottom of the hill, it will have the snow you began with, the snow it collected along the way, and yet more snow on top of that. In another sense, the return on-return effect may increase your deposit returns. As a result, the higher the rate, the more frequently you save and the greater your amount. This is also known as “the compounding miracle.” Compound Interest Types CI can be calculated using the interest calculator in India. It comes in two forms. Periodic This method periodically generates and applies the rate. The rate increases the main sum. Periods in this context refer to yearly, monthly, or weekly. Continuous Using a natural log-based formula, this method takes into account the fewest possible intervals. This return increases the principal. This is comparable to all-natural growth’s constant rate of expansion. Compound Interest Calculator in India A compound interest calculator in India is a version that depicts the growth of assets over time. To calculate CI through a compound interest calculator in India, you need three parts: the principal amount, the rate, and the time period the investment takes place. The compound interest calculator in India has a formula box where you can enter the compounding rate, principal amount, rate, and period. Interest calculators in India will calculate the future worth of your investments. Perks of Compound Interest When making deposits and buying assets, the interest calculator in India is your best friend. You could earn more from the rate payable if you invest in them. The following are the benefits of compound interest: Reinvestment The rate will be added back to the original deposit. More Expensive Deposit The deposit’s value increases due to CI. Thus, your payment will be more than just a simple interest deposit when it matures. Savings for the Future CI deposits support long-term savings because the rate of return is much higher after ten years or more. Greater Profits The return earned significantly increases by increasing monthly, quarterly, and half-yearly installments. Formula To Find Compound Interest There are many ways to learn CI. The simplest method is to use an interest calculator in India to do the math for you. The formula is: A = P (1 + [r / n]) ^ nt A = the total amount of money collected after n years, with the return. P = the principal value (the initial deposit). r = the yearly rate. n =the number of times interest is compounded each year. t = is the duration (number of years) for which you make the deposit. You can also calculate the yearly rate using an interest calculator in India. You can calculate it by dividing the number of times it’s compounded every year by 12. Based on the rising frequency, this offers you the daily, monthly, or yearly average return rate. The Workings of Compound Interest Compound interest could help you accumulate wealth over time if you make wise deposits and use a good interest calculator in India when planning the amount of investment to be made. But if you don’t plan ahead, especially with your debt, it can strain your finances. Let’s break down how to compound your deposits more effectively so you can understand how CI works. Once your sum earns a return, the CI begins to accrue. The return now increases the initial capital amount. When it earns a return again, it will figure out the new rate by adding the capital and the return already received. The return will be added to the total amount invested as the deposit grows in size. The sum will grow without any extra capital as long as this loop continues. The two elements affecting your rising returns are: Time: It’s essential to give your investments time to grow. The more time you give them, the more growth you’ll see. Return Rate: A higher rate will result in a higher balance when raising the sum. [B-02] Conclusion Based on whether you borrow or save money, CI might work in your favor or against you. For example, the lowest interest rate, compounded as rarely as possible, is what you want if you’re borrowing money. In contrast, when investing money, you want a rate that compounds often and early, in addition to a decent return rate. For more information on interest calculators in India, visit Piramal Finance and explore the products and services.

08-11-2023

Other

Simple Steps to Calculate PPF Maturity Amount Online

Looking for something that guarantees significant profits with no risk for your maturity amount? If you want to save for the future as a new employee or as a responsible parent but don’t know how to determine your maturity amount? Which investing platform is the best for something you’re thinking about? The PPF and NPS calculators will help you calculate the returns from mutual fund investments. They allow one to compute the provisional lump sum and maturity amounts, the expected rate of return on investments, and the annuity. We’ll learn more about it in detail. [B-01] What is a PPF calculator? Some of us might find it more difficult than others to deal with numbers. If you’re interested in making a PPF maturity investment but aren’t sure how much to put away or what kind of return you could expect, our calculator can help. After you put in how much you want to invest each month, the calculator will use the current interest rate and the expected length of 15 years to figure out how much you will get back. How does the PPF Calculator calculate the maturity amount? The interface of our PPF calculator is intuitive and easy to use. If you have never used an online calculator before, however, we have laid out the steps necessary for you to make full use of this one: Select an option from the pull-down box next to the “Frequency of Investment” section. To see the various interval choices, such as monthly, quarterly, semiannually, and annually, select the corresponding option from the drop-down menu. Choose an option from the drop-down box that shows how many times you can put money into your PPF maturity account each fiscal year. Under “Yearly Deposit Amount,” type the total amount you intend to put into your PPF maturity account over the fiscal year. The annual limit on contributions to your PPF maturity account is Rs. 1.5 lakh. For your convenience, we’ve included the current interest rate. Select the number of years you’d like to keep your money in the PPFA maturity account by clicking on the blue circle and dragging the pointer to the right. There is a mandatory minimum investment duration of 15 years. The tally of your choice appears at the slide’s right end. Our PPF calculator figures out how much you can expect your PPF account to be worth at the end of the term based on the amounts you put in and the current interest rate. The PPF Calculator’s Benefits: Using a PPF calculator to predict investment returns can be helpful because: The calculator answers account-related inquiries. You can see how much a given investment will yield. Use the calculator until you find the right balance between investment and return. As it’s automated, laborious calculations and errors may be eliminated. The PPF calculator can help with tax and investment planning. Since you can extend your PPF maturity account past the lock-in period, you can figure out how much money you can save up until you retire. What is an NPS calculator? You can estimate your maturity amount and provisional lump sum under the National Amount Mature Scheme based on your monthly contributions, the annuity you choose, the rate of return you expect to get on your assets, and the age you plan to retire. The estimated amount at maturity given by the NPS calculator is just an example and is in no way a promise. How does the NPS Calculator calculate the maturity amount? The following information must be entered sequentially at the outset: Investment amount: Enter the monthly investment amount you’d like to make here. Your age: If you enter your age into the calculator, it will tell you how long you have left to make contributions to the scheme. Expected Return on Investment (ROI): Select the rate of return you would like to see on your investment. Percentage of annuity to be purchased To acquire an annuity, enter the percentage of your fund’s corpus that you want to reinvest at retirement. A monthly maturity amount paid by the Annuity Service Provider (ASP) to an NPS subscriber is referred to as an “annuity” in the NPS. The expected annuity rate, or the amount you anticipate receiving from your maturity amount, should be entered here. As soon as you’re done entering your information, the NPS calculator will start figuring out your lump sum payment and the amount you’ll get when your plan matures. At retirement, the NPS calculator will make a summary of your maturity amount account, which will include the total amount you would have contributed during the period and the amount made on Matrix P. Based on your projected annuity yields, the PPF calculator can also estimate how much you will get each month when your account matures. Illustration of the Net Promoter Score (NPS) Here is an illustration of how the NPS calculator determines your monthly maturity amount. Mr. Vineeth, aged 24 years old, works for the federal government. As part of his retirement planning, he has decided to join the maturity amount scheme and put away Rs 2,000 every month. When a subscriber reaches age 60, their NPS benefits become fully vested. This means that Vineeth can put money into the plan over the next 36 years and expect a 9% return on investment (ROI) each year. He wants to make a similar investment in an annuity with a 50% down payment and an expected return of 7% per year. Based on the NPS retirement age calculator, Vineeth’s maturity amount account will look like this when he finally decides to retire: A total of 8,64,000,658,988065,08,958 rupees is the total of the funds amassed. The amount the NPS Calculator gives him will also give him an idea of how much he has saved for retirement. Money worth in a single payment: Rs 32,54,479 Value of a lifetime annuity: Rs 32,54,479 Maturity amount anticipated each month: Rs 18,984 Note: Please keep in mind that this is just an example and does not promise or imply any specific results. [B-02] Summing-up The purpose of this article is to give a comprehensive calculation of the PPF maturity amount. Whether an investment is the best choice for you or not should be determined carefully. You can calculate the maturity amount in a PPF account online with our PPF calculator. It’s easy and takes only a few minutes to figure out your body type. 31 March 2019; 1 March 2019. 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, which has more in-depth educational and financial-related articles.

08-11-2023

Other

What is a Margin Calculator and How is it Used?

In the modern financial era, an increasing number of people are finding new ways to earn more and save more while spending less in order to fulfill their future financial obligations. But as much as there is a desire to expand, there is still scope to use the available knowledge to help people make better and more informed decisions. This article provides all the necessary information you require about margin money and margin calculation with the help of a margin calculator, brokerage calculator and other useful financial tools. [B-01] What Is Margin Money? Buying a house has never been an easy process. There are multiple factors one has to take into consideration, for example, economic, geological, social, and financial factors. It is well understood that real estate prices are increasing. Owning a home, however, is equally desirable. One way that people purchase a home is by spending all the money they have. But this may lead to a shortage of finances in the future. A sound financial way to purchase a home is by taking out a home loan. In order to do that, you need to pay money to your lender, also called “margin money.” When you apply for a home loan, the lender will approve only a percentage of the total cost of your house. That percentage could be anywhere from 70% to 90%. Once this amount is approved, the rest is to be paid by the buyer of the house. The value depends on your eligibility as well as your credit score. Margin money is to be paid as a token of trust and commitment, along with less risk for the lender. A margin calculator can help you determine this. What Does Margin Money Depend On? Some important factors should be taken into account while calculating margin money, including: The market value of the property The tenure of the home loan Opportunity cost (the loss of other alternatives over the chosen alternative) The total home loan value Margin Calculator Formula There is a formula for calculating the margin on a home loan or property purchase. This margin calculator formula is: Margin Percentage = [(Your contribution in in total value of property) / (Total value of property)] * 100 Use of Margin Money in Trade When used in stock trading terms, margin money is referred to as “margin trading.” This refers to the buying and selling of stocks on borrowed money. That is, borrow money, invest it cautiously, potentially make more money than was invested, and then pay back the borrowed money. This allows you to earn more money in less time. You need to be careful, however, with borrowed money. Otherwise, it is very easy to find yourself in debt. Make sure you take into consideration every factor with the help of tools such as a margin calculator. What is a Margin Calculator? A margin calculator helps calculate the margin requirements for future and option (F&O) trades. You can compute your outcome by entering variables such as buy, sell, exchange, product, and quantity. The margin calculator will help you calculate your output easily and efficiently. How to Arrange Margin Money There are several ways in which you can arrange margin money without suffering financial loss. These include: Dissolving Some of Your Savings: Savings that come in the form of mutual funds or fixed deposits can be used to pay the margin money. Having said that, make sure you do not exhaust all of it at once. Save some of it to prevent a cash crunch. Take a Small Loan From Your Employer: It is always a safe option to take a small personal loan from your employer to pay off the margin money. Make Use of Your Investments: One of the easiest ways to find the money for a home loan margin is through the returns from your investments. It would be better if you made your investments goal-based, as this will help you reach your desired amount in a more focused way. Opt for a Top-Up Loan: As the name suggests, a top-up loan is taken on top of the existing, ongoing loan that you have taken. It is important to carefully research and consider all the options available to you before you make a decision. What is Brokerage? Buying and selling stocks are not the only transactions you can make when it comes to trading. Brokerage is a big part of it. Brokerage is the fee you pay to your broker after they carry out a trade. This fee depends on the overall trading value. Brokers need to be paid an additional amount on top of the trading value, and this amount gets deducted from the trader’s account. As significant as the trade is, the higher the brokerage will be. What is a Brokerage Calculator? A brokerage calculator is an online tool for traders to calculate brokerage before they make a trade. Calculating brokerage is one of many functions this tool performs. It can also evaluate and quantify the transaction fees, Goods and Service Tax (GST), Security Transaction Tax (STT) and stamp duty fees. Brokerage helps traders plan everything efficiently, giving instant results. [B-02] Conclusion To sum up, trading and home loans can be made much more systematic and fast with the help of a margin calculator and brokerage calculator as they help you consider all the variables in real-time, without leaving anything out, to make a sound decision regarding your wealth and future. There are various other tools on the internet to help you find out more about trading, personal loans, and more. To get you started, visit Piramal Finance for more helpful and relevant articles like this one to get you acquainted with all things finance-related.

08-11-2023