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How do you use a PPF interest calculator online?

After the recent COVID-19 global pandemic, saving money has become crucial. Also, the increasing cost of living makes people look for investment options that help with long-term savings and building wealth. An investor must look for genuine investment schemes that save and grow money. Fixed deposits, recurring deposits, and mutual funds are a few popular options known. There are also a few schemes that the government offers. Public Provident Fund (PPF) is one such offering that gives guaranteed, high returns. Let us understand how PPF returns can be calculated online using a PPF interest calculator. What is PPF? PPF is a long-term savings offering in India. It is popular among those who want to save money and tax. It was first introduced to the public sector in 1968 and, since then, has been famous as a long-term saving-cum-investment product. PPF is an excellent tool for creating long-term wealth and building a retirement corpus. You can invest a minimum of Rs. 500 and a maximum of Rs. 1,50,000 in a financial year. The returns will be on the amount you invest at the end of the year. Investment in PPF is exempt under section 80C of the Income Tax Act (ITA), and the returns from PPF are also not taxable. A PPF account has a tenure of 15 years. You can extend the duration by blocks for five years. How does a PPF account function? You can open a PPF account online and offline. Each individual can have only one PPF account. A PPF account can be opened for minors accompanied by an adult guardian. The procedure of opening a PPF account is similar to how one submits information and proofs for a savings account. What are the benefits of a PPF account? The Central Government guarantees a PPF scheme. Therefore, many investors, including those with a low appetite for risk, find it an ideal way to invest and save. Here are some features of a PPF account. The returns are safe and guaranteed. It has a lock-in period of 15 years. It is suitable for people with long-term financial goals. It is ideal for those who want to improve their retirement portfolio. Investment in PPF helps you get tax exemption. The interest or returns earned on the invested sum is not taxable. How Does the PPF Interest Calculator Work? The interest on your PPF investment is determined by the Central Government of India and is reviewed every quarter. You can use an online PPF calculator to find how much return you will get on your investment. After you have decided on an amount to put in PPF, the PPF interest calculator will calculate the returns on the 15-year tenure and the current interest rate. How do you use a PPF interest calculator online? Many people need help with calculations. There are many PPF interest calculators online, and you can use the one that makes the job easiest for you and suits you best. The formula for PPF interest calculation is M= P [{(1+t)^n} -1)/ i] x (1+i). Here, M= maturity value, P= annual payments, i= interest rate, and n= number of years or duration. Using a PPF interest calculator online is more accessible. To use an online calculator, you need to enter the following information: Choose the number of years you want to invest in PPF Enter how often you wish to deposit (monthly, quarterly, half-yearly, and yearly). Enter the amount you plan to deposit in your PPF account over a financial year. The interest rate will be provided by default. After you enter the required information or values in the given fields, the calculator will reflect the total maturity amount based on the data. Remember that if you invest from the 1st of April, the interest rates applicable will be based on the financial year. Interest rates are also subject to inflation. What are the advantages of using a PPF interest calculator? Some people might find the formula for calculating the return in a PPF complex. Complex calculations often keep us from keeping track of our investments. Therefore, using a PPF interest calculator online is advantageous. An online PPF interest calculator lets the system run the formula once you have entered the details. However, you must remember to put in the correct information for accurate results. The calculator shows how much tax will be saved in the current year and over the long investment period. It helps you plan your annual savings budget by showing where to direct your savings. [B-02] Conclusion The Public Provident Fund (PPF) is a popular savings-cum-tax-saving instrument in India. The interest is compounded annually in a PPF account. PPF is a safe investment scheme if you are looking for something with low risk. The longer duration ensures that investors get significant returns. It is easy to open a PPF account online and offline. You can also take a loan against PPF between the third and the fifth years. The 15-year lock-in period ensures that the principal amount is safe. A PPF account calculator can help you calculate PPF interest in minutes. You can find more informative blogs and hassle-free personal loan offerings on Piramal Finance.

08-11-2023

Personal Loan

How Can One Get Instant Approval on a Personal Loan?

Are you planning to have a relaxing holiday or have some urgent expenses? But are you unsure of how to do it? In just a few minutes, you can receive hassle-free Instant Approval Personal Loan. These loans can be approved in as little as one minute. Through these fast loans, one can obtain a loan amount ranging from Rs. 5,000 to Rs. 5 lakh. [B-01] What are quick loans? Instant Approval Personal loans are a convenient way to borrow money with little paperwork and a quick turnaround. The borrower can get the funds within minutes at an interest rate that is comparable to those of other lending options. Paying for unexpected medical bills, paying for tuition, making an essential purchase, or financing a wedding are all examples of situations where an instant approval personal loan could be useful. However, these loans can also be used when consumers need a one-time payment and prefer to repay it in EMIs, such as when travelling on vacation or purchasing a bike. Reasons to take a personal loan Student personal loan Fullerton India offers quick student loans. The product is called a fast personal loan for education. This loan differs from a regular one in several respects. The working parent takes out personal debts for studies, not the youngster. Instant Student Personal Loans complement your child’s academic experience at any moment. Unlike traditional education loans, the loan is deposited in one big sum. You can select how to spend the money. Processing and disbursement of student loans are quick due to minimal documentation. Educational/professional expenses It’s not uncommon to need to spend some serious cash on things like an expensive new laptop or upcoming college examinations. An instant personal loan approval could be the answer to your financial woes. Medical Emergencies In the event of a medical emergency, you may find yourself in need of quick cash. It’s important to know that not all health conditions or treatments are covered by insurance. Instant personal loan approval is the answer to such medical expenses. Going On Vacation A change of routine can do wonders for the mind and spirit, which is why many people like travelling. An excellent financial move is to set a goal of saving regularly to cover the costs of the trip. But if you book your flights and hotel far in advance, you may save a ton of money and cut down on your vacation budget. You can use your funds or obtain an Instant Approval Personal Loan for travel expenses right away to cover these upfront expenses. Clear Credit Card Debt Instant Approval Personal Loans are a great option to pay off a huge credit card amount compared to the average credit card interest rate of 12% to 24% per year. To consolidate credit card debt, consider a low-interest personal loan. However, there are risks. So use it if you have nowhere else to turn. An instant personal loan could benefit your credit score if you pay your bills on time every month. Wedding Expenses In India, weddings are a major life event, so guests and the newlyweds themselves often spend a lot of money on lavish celebrations. The urge to throw a grand wedding celebration might cause costs to spiral out of control. Take out an Instant Approval Personal Loan to pay for the wedding and pay it back over time without putting yourself in a financial problem. Important Things to Know about Instant Loans Before you apply for an immediate loan, there are some important details to consider. High credit score Quicker approval times will be given to consumers with higher-than-average credit scores (750 is ideal). They will be offered better rates of interest and more flexible payment plans. Processing fee Many financial institutions charge a processing fee. Customers can view the fees associated with an application and make an informed choice. Compare interest rates of different financial institutions Checking the rates given by several financial institutions is crucial. With this information, borrowers will be able to make a better-informed choice that aligns with their ability to make loan repayments. Ways to get an instant personal loan: Applying for a loan using the lenders’ official websites will significantly speed up the application process. It’s as simple as visiting their website and filling out an application form. With Piramal Finance, you can get a loan right away by completing these easy steps: Put in your information: To access the immediate loan option on the Piramal Finance website, please visit https://PiramalFinance.com/. Be sure to include your full name, date of birth, mailing address, loan amount desired, and proof of income when filling out the application form. You will receive a message to upload the necessary papers, such as your latest six-month bank statement, payslip, and ITR form, once you have completed the form. Get an idea of your monthly payment and total cost of borrowing with the help of a loan EMI calculator that updates its results in real-time. After you have submitted your application and supporting materials via the bank’s website, you should hear back from a representative within a few hours. This contact is being made to confirm your information and inquire further into the loan criteria. After reviewing your application and supporting materials, we will send you an approval text message if we determine that you meet the minimum requirements and have a high enough CIBIL score. We’ll call you soon to go over the specifics of your loan, including its amount, term, interest rate, and more. You are required to review these terms and sign the loan agreement form to indicate your interest in an Instant Approval Personal Loan. It’s possible to get a loan approval and have funds deposited into your account the very same day if you’re willing to accept the loan’s terms, including the repayment period and interest rate. [B-02] Summing-up The purpose of this article is to give a complete understanding of the instant approval of a personal loan. You should choose wisely whether an instant approval personal loan approval is the right choice for you or not. While paying off a big debt or taking advantage of a student’s personal loan might sound worthy, it is also important to be aware of the other side of the coin. 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

How Do I Calculate My Fixed Deposit?

As per the Securities and Exchange Board of India (SEBI), more than 95% of people in India choose to save their money in fixed deposits. A fixed deposit (FD) is the safest investment option in India. We will explain the fixed deposit calculator in this article. This article also gives information on fixed deposits, their benefits, and other features. [B-01] What Exactly is a Fixed Deposit? An FD is an amount that you deposit for a fixed period in banks and other financial institutions and earn a rate of interest. It is the safest option, as it also earns a higher rate of interest when compared to your savings account. An FD is traditionally the most preferred medium of saving in India. All You Need to Know About FDs Eligibility: To open an FD account, you have to be a citizen of India. You should be at least 18 years old. Term (time period): The total period for a fixed deposit is from 7 days to 10 years, based on the institution where you deposit. Do you need Savings Account to open an FD account? : You can open an FD account even if you do not have a savings account. But many banks and other institutions require you to have a savings account. Number of deposits: Once you deposit a lump-sum amount as a fixed deposit, you cannot deposit again in the same account. If you wish to deposit more, you have to open a new FD account. Minimum amount: The minimum amount you can deposit as an FD is different for every bank. In some banks, it starts at Rs. 1000. Withdrawal: You cannot withdraw the principal amount before the prescribed period. If there is any emergency, you can withdraw the amount before the period. But you have to pay a penalty. Benefits of a Fixed Deposit Most trusted option: AN FD is the safest low-risk option. It is a highly trusted investment option in India that gives you the confidence to invest. Safe principal amount: In a fixed deposit, the principal amount that you invest will not fluctuate due to market conditions or other reasons. So, you don’t need to worry about your principal amount. Higher rate of interest: An FD gives you a higher rate of interest when compared to a savings account and other options. Prior calculation: In a fixed deposit, you can calculate the rate of interest even before investing, using an FD calculator. Loan benefit: You can use your FD as collateral (pledged as a security) and avail of a loan based on the amount you have deposited as an FD. Tax exemption benefit: If you have an FD account, you can avail of tax exemption benefits as per Section 80C of the Income Tax Act of India (1966) up to Rs. 1.5 lakh per annum. Saving habit: Having a fixed deposit increases the habit of saving. How to Calculate Fixed Deposit? There are generally two methods to calculate the interest rates on your fixed deposits. There is simple interest and compound interest. Simple Interest (SI) Simple interest is the easier method of the two. It is calculated by multiplying the principal amount, the total time period, and the rate of interest. The formula for SI is as follows: PTR Simple Interest (SI) = —— 100 Where, P = Principal Amount T = Total Time Period R = Rate of Interest For example, if you decide to deposit Rs. 10,000 at an interest rate of 10% p.a. for 1 year, then the rate of interest at the time of maturity will be as follows: 10000x1x10 Simple Interest (SI) = —————— = 1000 100 Thus, the amount that you get back at the end of your one-year maturity period will be Rs 12,000. Compound Interest (CI) In this method, you will get your interest on two factors. It is based on the principal amount and the amount of interest. In other words, it is “interest on interest.” The interest for the first month will be like SI, but it changes from the second month on. To calculate CI, the principal amount is raised by the number of compounding periods. It is then multiplied by the interest rate. CI is expressed in years, and its formula is as follows: r Compound Interest (CI) = P x (1+ —) ^ nt n Where P = Principal Amount r= Rate of Interest n= Total number of compounding in a year. t = Total Time Period For example, If you decide to deposit Rs. 20,000 at an interest rate of 10% p.a. for 3 years, then the 10 Compound Interest (CI) = 20000 x (1+ — ) ^ 3 = 26,620 100 Therefore, the amount that you will get back at the end of the maturity period will be Rs 26,620. Benefits of the Fixed Deposit Calculator Fixed deposits and interest rates can be calculated using the manual method. However, the manual method is time-consuming. The Fixed Deposit Calculator, on the other hand, will make your task easier and give you an accurate figure every single time you use it. You can use the FD calculator as many times as you wish. Fixed deposit calculators are error-free. [B-02] The Bottom Line We hope you have understood FDs and their calculation. You can calculate FDs anytime using the online Fixed Deposit Calculator. Without any delay, open your fixed deposit account at a safe institution like Piramal Finance and get a higher interest rate. If you have any doubts, contact us. We will clarify your doubts and make the process easier. You can visit Piramal Finance and read a host of other related articles on FD calculators.

08-11-2023

Personal Loan

Step-By-Step Guide on How to Get Average Interest Rate on Personal Loan

Need a calculator to figure out personal spending for budgeting? Do you want a way to lower loan interest rates? Want to avoid paying extra loan interest? Personal loan minimum interest rate will help you calculate the cheapest personal loan in India. Here, we will learn about the personal loan minimum interest rate in detail. [B-01] Average Interest Rate on a Personal Loan As of February 2022, the average interest rate in the United States for a 24-month unsecured personal loan minimum interest rate was 9.41%. Your interest rate could vary from 6% to 36%, depending on your credit history and the lender. The annual percentage rate for a secured new car loan for 48 months is usually 4.90%. This shows how much better a secured loan is than an unsecured loan when it comes to interest rates. Calculation of Personal Loan Interest Personal loan interest can be calculated in one of three ways: simple, compound, or add-on. Simple Interest Method The simple interest (U.S. Rule) method is the most prevalent for Personal Loan Minimum Interest Rate. Simple interest merely applies interest to the principal. Plug the numbers into Investopedia’s loan calculator for a ₹10,000 loan at 10% APR over 5 years (60 months). This example has a ₹10,000 principal balance, a 10% interest rate, and a 60-month term. The calculator calculates the monthly payment and total principal and interest during the loan term. Early or extra payments will reduce interest and maybe pay off your debt early. Late or missed payments result in increased interest and decreased principal; separate interest and late fees (escrow). Your loan will expire with the accumulated principal, interest, and late fees. Add, subtract, or delete payments to see how they affect your total payment. Compound Interest The compound interest approach is also called the “normal” or “actuarial” method. If you complete all the payments on time, this approach yields the same outcomes as the simple interest method. The reason is that the interest never accumulates. Early or extra payments remain the same. Both reduce loan length and interest. Late payments on compound-interest loans add to the principal. Future interest calculations provide “interest on interest.” This technique will leave you with more interest and principal at loan maturity. Plug in the same values and select “Normal” as the amortization method. You can use it to evaluate many scenarios with the same online calculator. Credit cards, loans, and mortgages use compound interest. Add-on Interest Here, interest is calculated upfront, added to the principal, and the total is divided by the number of instalments (months). The interest on the ₹10,000 loans shown above is calculated as ₹10,000 x 0.10 x 5 = 5,000; the total will be ₹15,000. Your monthly payments of ₹250—₹166.67 principal and ₹83.33 interest—are divided by 60. ₹15,000 will be paid no matter when you pay (without the potential late fees). Payday, short-term, and subprime loans have added interest. How Can I Get the Average Personal Loan Interest Rate? Follow these steps to get the lowest possible interest rate on a personal loan: Raise your credit rating A high credit score indicates whether or not you are creditworthy. Borrowers with a high credit score get the best terms on a personal loan minimum interest rate. As a result, before you apply for a personal loan, it is useful to take a close look at your credit report. If it is less than 750, you should try to raise it as soon as possible. If your credit score is over 750, you will have an easier time getting a Personal Loan Minimum Interest Rate with a low interest rate and favorable terms. To avoid falling behind on payments Your credit score may take a hit if you make a late payment on a loan or credit card. Lenders tend to look at your credit history before they settle on a personal loan minimum interest rate. A borrower should have a solid history of timely EMI and credit card bill payments. They are more likely to qualify for a favorable interest rate. Keep an eye out for bargains During the holidays, many banks and other financial institutions briefly offer promotional interest rates. Loan applications submitted during this period may get preferential interest rates. Interest rate comparison It is helpful to check the personal loan minimum interest rate charged by many NBFCs and banks. Do it before you select a bank to apply to for a loan. You can use this to get a personal loan minimum interest rate. Contact the lender and try to work something out It is good to have a solid working relationship with the lender. You may be able to negotiate a lower interest rate with your loan provider if you already bank with them. A formal written request sent out to the loan provider is highly recommended in this situation. Factors that Affect Personal Loan Interest Rates Income Loan companies consider a borrower’s monthly income when they set an interest rate. People with a high income may get a better interest rate from lenders. The reverse is true for lower-income borrowers. They may get a higher interest rate. Information about your place of work If you work for a reputable company, the bank or other lender is more likely to give you a lower interest rate. The characteristics of the Job Loan companies may set different rates for self-employed and salaried people. Age The age of the borrower is another factor that plays into the interest rate offered by the lender. Borrowers who are close to retirement age may be hit with a higher interest rate. Connection to the Loan Servicer If you have a good history with your loan provider, you may qualify for a reduced interest rate when you apply for a personal loan. Not all current clients will be offered a discounted interest rate. This decision is at the bank’s discretion. [B-02] Summing-up The purpose of this article is to give a thorough overview of the personal loan minimum interest rate. It takes careful research and planning to decide if an investment is the best choice for you. People need to perform due diligence before applying for loans. To know more, Piramal Finance has in-depth, educational, finance-related articles.

08-11-2023

Personal Loan

What could be the EMI for a 3 Lakh Personal Loan?

A personal loan can be used for anything. A medical emergency has occurred suddenly? 3 lakhs in cash are needed urgently? Are you seeking a personal loan with the lowest APR of ₹3 lakh? You can fix such financial issues with the aid of a 3 Lakh Personal Loan. If you can afford to pay monthly EMIs, a personal loan is a solution to all your short-term financial problems. We will discuss how you can get a 3 lakh personal loan in detail. So, if you want to learn more about it, read on. [B-01] What is a personal loan? A personal loan is a loan that you can get with less paperwork and no collateral if you need money quickly. This loan is for whatever reasonable financial purpose you may have. You are obligated to pay back the loan in accordance with the terms established by the bank. A personal loan is similar to any other loan in this sense. Typically, the loan spans anywhere from a few months to several years of convenient equal monthly payments. What is a personal loan used for? The money from a personal loan can be put toward anything you would like. It can be a trip, a new piece of tech, medical bills, house repairs, a wedding, college tuition, etc. How do personal loans work? Getting a personal loan is similar to getting any other type of loan. You fill out a loan application and submit the required paperwork. The bank then evaluates your application and credit history before extending an offer. If you decide to take the offer, the money will be deposited into your bank account. You will be free to spend it however you like. The loan must be repaid in equal monthly instalments (EMI). Its amount is determined by the loan’s principal, the loan’s term, and the interest rate. What could be the EMI for a 3 lakh personal loan? Rs. 3 Lakh Personal Loan EMI for 1-5 Years Tenure Personal loans of Rs 3,000,000 at an interest rate of 11.99% have the following annualized payments. Rs 26,653, for 1, Rs 14,121 for 2, Rs 9,963 for 3, Rs 7,899 for 4, and Rs 6,672 for 5 years. In addition to the loan terms we’ve described here, you may now use an online personal loan EMI calculator. You can precisely determine your EMI for any loan term with its help. Loan Amount (Rs)Interest Rate (p.a.)Tenure (years)EMI (Rs)Rs 3 Lakhs11.99%126,653Rs 3 Lakhs11.99%214,121Rs 3 Lakhs11.99%39,963Rs 3 Lakhs11.99%47,899Rs 3 Lakhs11.99%56,672 Documents required for 3 lakh personal loan The documents required for a 3 lakh personal loan to be approved are given below. Complete the application form, which must be signed after it is completed. A picture taken during the last 6 months. Provide identifying information by presenting a valid government-issued ID such as a passport, voter ID, driver’s license, or PAN card. In order to verify your address, present one of the following: a driver’s license, passport, bank passbook, or statement. Make your case for financial stability by submitting any of the following. Those who are salaried should bring three months’ worth of pay stubs and/or bank statements. Business owners and sole proprietors must submit profit and loss accounts and bank statements. Forms 1040 are needed for both W-2 employees and sole proprietors. Form 16 is also necessary for salaried personnel. How to Apply for 3 lakh personal loan You can apply for a personal loan in a few easy steps. Instructions for submitting an application are given below. Submission of applications is possible over the Internet. To apply, just fill out the online form and hit ‘submit’. 3 lakh personal loan applications are now accepted via document upload. Arrange for a company executive to pick you up at a time and place that suits your needs. It is imperative that all paperwork be signed before being sent electronically. Fullerton India will check all submitted documents for accuracy. Everything you put in your personal loan application form will be verified. Fullerton India will look at your credit history to decide whether or not to provide you with a loan. Once your loan is authorised, you will receive an email containing a loan sanction letter and an agreement. It will have the terms and conditions of your loan. After they receive the signed agreement, the funds will be transferred to your designated bank account within 24 to 48 business hours. [B-02] Conclusion A personal loan is a quick fix for any short-term need. But it is important to consider everything carefully before taking a loan. In this article, we tried to cover everything you need to get a loan. We also shared a table that describes the loan amount over years for a 3 lakh personal loan. We provide unbiased information and evaluations on trading, investing, and finance. Users ought to always carry out their own research. Visit Piramal Finance for more in-depth, educational, financial articles.

08-11-2023

Home Loan

How Home Loan Prepayment Calculator Works In India

There is no doubt that a home is a lifetime investment for which decisions need to be properly made. A home of your own nowadays costs a fortune; therefore, it is a loan that one might need to depend on. You need to know that various financial institutions will loan you the money for the home you want to buy. Well, be that as it may, in the event you have taken a loan, you need to know about the Home Loan Eligibility Calculator, which will allow you to calculate the amount of interest you will have to pay. [B-01] Brief keynote on the home loan eligibility calculator You can be the one to concede that you are not a materialistic person, but buying a house is usually a decision that one makes, no matter which strata you belong to. A loan can be an easy option to get money and accomplish your dreams. A Home Loan Eligibility Calculator precisely helps you to understand whether you possess the basic financial status to get a loan with which you can buy a house or a flat. In that respect, you might need to know about home loan eligibility, defined as the processes used to assess your financial situation to determine whether you are eligible for home loans. Previously, people used to go to banks to speak with the person who deals with loans; however, now, in this age of digitisation, a Home Loan Eligibility Calculator does the same more swiftly and conveniently. How the home eligibility calculator works The applicant’s income is the most important factor in determining home loan eligibility.When someone applies for a home loan, the lender will analyse their financial situation by accessing the CTC, take-home salary, deductions, etc. The loan amount will be based on these factors. The home loan approval process is quite strict, as the lender will make sure that you can repay the loan amount plus interest without missing a beat. Home loans are designed to assist an individual in getting a house of their own. Not everyone can qualify for a home loan. There are certain eligibility criteria that the loan applicant must be aware of. Age happens to be one of the most important factors in calculating your loan amount. You need to know that most financial institutions limit the age when it comes to the matter of providing loans. Hence, if you are to use a quality Home Loan Eligibility Calculator, you will need to provide your age and proper age proof. Next comes the credit score, or the CIBIL score. The CIBIL score needs to be quite high when it comes to applying for home loans. In that respect, you will need to know that a CIBIL score is a 3-digit number that summarises your credit score. A CIBIL score is a number that you need to put in the Home Loan Eligibility Calculator while you are calculating your eligibility for home loans. Hence, it is suggested that you check your CIBIL score before you take any loan. There is also another thing, which is the stability of income. The source of income, whether or not you are salaried to own a business, is perhaps the biggest factor in the loaning process. If you are salaried, you might have to provide your company details, even your pay slip for the last 3 or 6 months, in the Home Loan Eligibility Calculator to learn about your eligibility status. The property’s details include age and location—all of which you must provide if you want to know your eligibility status. Why using a home loan prepayment calculator is essential? At times, it can be quite difficult to calculate the eligibility status of an individual. Keeping in mind the fact that certain human mistakes can always happen, using a Home Loan Prepayment Calculator will be imperative as there are certain inherent benefits to it. To avoid any hassle, it is essential to use this reliable calculator. You can better plan your financial situation before applying for a large loan. It is a fact that the majority of Home Loan Eligibility Calculators are free to use; hence, why not take advantage? You need to know that you must never bite off more than you can chew; obtaining knowledge about your limit might be helpful. A Home Loan Eligibility Calculator will precisely tell you about your financial situation and direct you in the right direction. [B-02] Final thoughts Being well-informed is imperative if you are considering applying for a loan for the house you have always dreamed of owning. In that case, a Home Loan Eligibility Calculator will be of immense help. If you want to do an accurate home loan prepayment calculation, consider Piramal Finance. Their home loan calculator is very precise and user-friendly. You can consult their experienced team and receive the best assistance available.

08-11-2023

Personal Loan

How Women Can Avail an Instant Personal Loan Scheme from the Government

Over the years, the Indian government has produced advantageous immediate personal loan plans to assist ambitious and eager women who do not lack finances to begin their activities. However, with the growing popularity and acceptability of digital loan platforms, loan approval for women has become simple. A personal loan for women is a valuable financial tool for supporting their goals and emergency needs. Ambitious women who want to grow their enterprises can benefit from a quick personal loan for women. Personal loans for women are also accessible at low personal loan interest rates, making the EMIs manageable. [B-01] 1. Mahila Samridhi Yojana The Mahila Samridhi Yojana is a loan scheme for poor women who belong to the lower strata of society and find it challenging to fulfill their financial goals. State Channelizing Agencies (SCAs), Regional Rural Banks (RRBs), and Nationalised Banks offer this lending scheme to women who require funds to establish their businesses. The maximum number of women that can participate in the self-help group is 20. A woman can get a loan for a maximum of Rs. 60,000. Criteria for eligibility include: The woman’s annual household income should be fixed at Rs. 3 lakh. The woman must be from what the state and federal governments call a “backward class” and live on at least twice the poverty level. 2. Mudra Loan for Women The government established Mudra Loan for Women to provide financial assistance to ambitious female entrepreneurs. They are looking for a business, pan shop, a tuition center, etc. There are, however, different ways to apply for a mudra loan. They are: Shishu Loan: The maximum credit for new businesses is Rs. 50,000. Kishor Loan: This loan is intended for existing firms that want to strengthen their services. The loan amount ranges from Rs. 50,000 to Rs. 5 lakh. Tarun Loan: This loan is intended for well-established enterprises that want to expand their reach but lack funding; they can borrow up to Rs. 10 lakh for this reason. 3. Annapurna Scheme The Indian government gives loans of up to Rs. 50,000 to women who run businesses that serve food. The borrowed money could be used for things like buying cooking tools, a mixer and grinder, a hot case, tiffin boxes, a working table, and so on. After the loan is given, the lender does not have to pay the EMI for the first month. Once the loan is approved, it must be paid back over 36 months. The interest rate on a personal loan is based on the market rate and the bank in question. 4. Stree Shakti Yojana The Stree Shakti package is a one-of-a-kind program encouraging female entrepreneurship by giving financial incentives. This Stree Shakti scheme is only open to women who own most of the company. Another criterion is that these female entrepreneurs be enrolled in their local state agency’s Entrepreneurship Development Programme (EDP). In addition, this Stree Shakti scheme provides women with a 0.05 percent interest reduction on loans exceeding Rs. 2 lakh. 5. Dena Shakti Scheme The Dena Shakti Scheme provides loans of up to Rs. 20 lakh to women entrepreneurs working in agriculture, industry, microcredit, retail outlets, or other fields. The proposal also includes a 0.25 percent cut in interest rates. Under the microcredit category, women entrepreneurs can acquire a loan of up to Rs. 50,000. 6. Bhartiya Mahila Bank Business Loan The Bhartiya Mahila Bank (BMB) is a public sector bank that lends to women entrepreneurs for working capital, business expansion, or industrial companies up to Rs. 20 crore. The following plans are part of the Bharatiya Mahila Bank Business Loan Scheme: Shringaar: The BMB Shringaar loan is designed for self-employed women or stay-at-home moms who are establishing a business or have recurring business expenses. You are under no obligation to provide collateral security for the loan. Parvarish: The BMB Parvarish loan is designed for self-employed women or stay-at-home moms who want to start daycare businesses. The maximum loan amount under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGSTSM) program is Rs. 1 crore with no collateral security. Annapurna: Small food businesses that are between 18 and 60 years old and want to start up or grow can apply for this funding. Its components are similar to those of the Annapurna plan of the State Bank of Mysore, with the exception that no collateral security is required. 7. Mahila Udyam Nidhi Yojana Punjab National Bank and the Small Industries Development Bank of India offer the Mahila Udyam Nidhi Scheme (SIDBI). The scheme assists female entrepreneurs in establishing a new small-scale enterprise by providing loans of up to 10 lakh rupees to be repaid over ten years. Market rates determine the personal loan interest rate charged. 8. Orient Mahila Vikas Yojana Scheme The Oriental Bank of Commerce created the scheme, and women with a 51 percent share in the capital of a private firm can apply for a loan under the Orient Mahila Vikas Yojana. For loans ranging from Rs. 10 lakhs to Rs. 25 lakhs, collateral is necessary. The loan has a seven-year repayment period. This scheme also offers a personal loan interest rate reduction of up to 2%. 9. Cent Kalyani Scheme The Cent Kalyani Yojana can help new and existing enterprises, as well as self-employed women. Micro and small-sized businesses such as farming, cottage industries, agriculture, and retail commerce are eligible for this scheme. You are not required to present any collateral as security for this loan, nor are any guarantors required. Personal loan interest rates are determined by market rates. The loan’s maximum repayment period will be seven years. [B-02] 10. Udyogini Scheme Under the auspices of the Government of India, the Women Development Corporation has launched the Udyogini Scheme. This program encourages and motivates women entrepreneurs among the underprivileged by offering financial assistance to women. This program primarily assists and supports illiterate women living in rural and underserved areas.

08-11-2023

Other

How To Calculate Gratuity Online In India?

The term “gratuity” refers to the additional payment that an employer provides to an employee in return for the employee’s labour. Nevertheless, the incentive is only offered to workers who have been employed by the firm for at least five years. The statute that addresses this is the Payment of Gratuity Act of 1972. The gratuity can be paid out earlier than the typical five years if an employee is rendered unable to work due to an accident or sickness. Your most recent salary and the total number of years you worked for the firm are the two most important factors when determining your gratuity amount. In India, one can use a Gratuity Calculator Online to know their Gratuity amount. [B-01] Gratuity in India An employer may sometimes provide a one-time payment to an employee as a gratuity. The money is provided to the worker as a token of gratitude for the job they have done for the company. Workers are provided with gratuities to assist them financially throughout their retirement years. The Payment of Gratuity Act of 1972 lays forth the regulations regarding the provision of tips and their receipt. A worker must fulfil a number of prerequisites to qualify for a gratuity under this Act. It is required that the individual have worked continuously for the firm for at least five years. You can find Gratuity Calculator India to know more. The qualifying period for gratuity begins before the 5-year milestone and continues for as long as the employee is alive or unable to work, whichever comes first. It is paid at the rate of 15 days’ wages for every completed year. The maximum amount that may be granted is Rs. 10 lakh. If there is anything left over, it will be considered a gift, also known as ex-gratia. Eligibility Criteria for Gratuity You should be eligible for a pension when you retire. You should have retired. You should have worked at the same company for five years straight. You die or become sick or hurt due to an accident or illness. How Gratuity is Calculated To put it another way, how exactly Gratuity calculator online works? You can use the Gratuity Calculator India to determine the appropriate amount of money. If you have worked for a company for at least five years and want to calculate your gratuity amount, use a gratuity calculator online. It is a useful method to estimate how much money you will get as gratuity when you leave the company. You will have to enter the most recent salary amount received and the total time of your employment at your current company. Within a few short moments, the calculator would come up with the total gratuity amount. Employees That Are Covered Under Payment Of Gratuity Act The first category includes all workers who are qualified to receive gratuities following the Payment of Gratuity Act and who do not fall into any other categories. The computation that follows is the one that is used to determine the gratuity for these employees: Gratuity = n*b*15/26 Where n = the tenure of service b = the last drawn salary plus dearness allowance If you have your most recent paycheck in hand, multiply that by 15 days and the number of years of service you’ve already put in. According to the Gratuity Act, this amount shouldn’t exceed Rs. 20 Lakhs. If it does, the excess will be considered as ex-gratia. Take, for example, the case of Ms Smith, who has been an employee of XYZ Pvt. Ltd. for the past ten years. According to the information on her most recent pay stub, she made a total of Rs. 40,000 with the dearness allowance. Her gratuity amount will be: 10 × 40,000 × 15/26 = Rs. 2,30,769 approximately The total amount of the gratuity she will receive will be 2,30,769 approximately after ten years of her service in the same company at a Rs. 40,000 salary. For Employees Not Covered Under the Gratuity Act It is essential to remember that the Gratuity Act does not prohibit employees from receiving gratuity even if they don’t fall under the provisions. Employers can provide gratuity even to those who are not covered under the Act. The formula to calculate gratuity for them is: G = n*b *15/30 Instead of 26 days, here 30 days are taken into account. Let’s still consider the above-mentioned example and assume Ms Smith is not covered under the Gratuity Act. We are considering the same parameters of her job which is ten years of employment at a salary of Rs. 40,000. In this case, her gratuity amount will be: 10 × 40,000 × 15/30 = Rs. 2,00,000 So, you see, with the same conditions of employment, you will still receive a gratuity, but lesser, if you are not covered under the Gratuity Act. You can use the gratuity calculator online for finding out your gratuity amount in both cases. [B-02] Conclusion Using a Gratuity Calculator Online will help you understand how much you will get upon leaving. This is vital information that can help you plan better for the future. This is something that every working individual should check out. To learn more about Gratuity Calculator, you can contact Piramal Finance.

08-11-2023

Personal Loan

Important Things You Should Know About Personal Loans for Student

As college costs rise each year, paying for higher education with cash may leave a large gap in the budget. Yet, exploring other educational choices due to fiscal limitations must never be a choice. Personal loans for students may help them grasp the education they need and reach their full potential. When you apply for a loan, you should be aware of a few vital facts about it. [B-01] What Are the Steps for Getting a Personal Loan for Students? Assess the Exact Need Before applying for a personal loan for students, it is critical to understand your requirements.As, apart from a student loan, the personal loan is a one-time debt, you should know the precise sum you need for fees and other study-related costs. This will allow you to borrow enough money to cover their study-related needs while preventing overborrowing and saving money on interest. Verify the Enrollment There may be a gap between the amount needed by a student and the amount you are entitled to. As a result, once you know what you need, you should examine their loan eligibility. Credit history, a CIBIL score for a personal loan, monthly income, previous loans, and other factors are used by lenders to assess loan eligibility. The credit score is a key factor in determining repayment ability. As personal loans are unsecured, banks will only issue you the loan if you have a decent to great credit score. Many sites provide online calculators to help you assess your loan eligibility. After you enter their banking information, it will compute the approximate loan sum you are entitled to. If you do not work or earn a major income, you must check the enrollment of your guardian or parent, who is the primary lender. Locate the Best Lender There are several choices for getting a loan since nearly all banks and NBFCs give personal loans. To reap the most benefits, assess several lenders on various aspects such as interest rate, processing cost, late payment costs, pre-closure fees, ease of applying for and repaying the loan, user reviews, etc., and pick the best lender. Assess the EMI You may calculate their monthly payment online based on the debt sum, loan duration, and bank interest rate. Unlike school loans, the EMI for a loan begins instantly. As a result, ensure that you or your parents or guardians can easily repay the debt sum you choose and that monthly payments will not cause financial stress. Contact the Lender It is time to ask for a loan after you have decided on the debt amount and lender. You may do so digitally from the comfort of your home, or you can go to the lender’s local branch. When applying, make sure guys understand all of the minor aspects of a personal loan, such as the terms and conditions, and that there are no extra charges or costs. Also, ensure that you have all of the relevant papers and data on hand. What are the Points to Consider When Obtaining a Personal Loan for Students? The personal loan has benefits and downsides; here are some things to think about before taking out a personal loan for students: Interest Rate The interest rate is the most vital selection element since personal loans have the best rate, which typically varies from 12% – 28% p.a. Education loans, on the other hand, have interest rates ranging from 6%–13% p.a. When the payback term of the loan is extended to 4-5 years, you end up paying much more than the principal sum. If the credit history is solid and the credit score is good, you should use it as a strength to get a lower interest rate with your bank. Asset The key benefit of personal loans for students is that they don’t need assets, which means you don’t have to commit any assets as you would with other secured loans, like a loan over property. As private loans are unsecured, the lack of assets raises the interest rate. Processing Charge Banks and financial firms will charge you a fee to handle your loan requests. This process cost, equal to the handling fee levied on a student loan, may vary from 1% to 3% of the debt sum. If you have been a client of the bank for a long time & have a strong CIBIL score for a personal loan, you may always bargain the processing charge. Prepayment Fees It is wise to part-pay and cancel the debts to avoid interest on future EMIs once you begin working or get enough funds. If you wish to part-pay and foreclose your loan, keep in mind that many banks and lending firms levy prepayment costs. The costs vary for each firm and often run from 2% – 5%, which makes a major impact, notably when the debts are big. How Do Students Apply Online for a Personal Loan? Asking for a personal loan digitally is the most time-saving and convenient method. To ask for the loan online, follow the steps below. When you have decided on a lender, go to their main site. Navigate to the loans section and pick Personal Loan. Select ‘Apply Now.’ Fill in your personal information and submit the form. The lender will review the data and contact you by phone or SMS. You must upload the required papers requested by the bank or arrange a paper pick-up. When authorized, the lender will deposit the loan funds into the designated bank account. If you already work with the lender, the process will be faster and easier because you can apply through online banking. How Do Students Apply for the Personal Loan Offline? Visit the bank or nearest NBFC branch. The bank or NBFC agent will walk students through the process. Students must fill out and sign a loan request form and give the lender any other paperwork they may need. The cash will be paid to the listed bank account after the loan is authorized. [B-02] Wrapping Up Education is getting more costly. A student loan is one option for filling the gap between education costs and savings. Yet, it may not be the best solution in all contexts. Student loans have tight eligibility rules and may only be used for certain reasons. Furthermore, these loans may compel you to co-pay a portion of their educational outlays. On the other hand, a personal loan for students is a much better option for supporting education in India or overseas. These loans are widely accessible and may be used to meet any costs that you think are needed. For more related information, visit Piramal Finance and explore their products and services.

08-11-2023