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GST

Online GST Calculator: Understand the Formula to Calculate GST

The Goods and Services Tax, known as GST, is a kind of tax charged at the national level by the Indian Government. It is collected on sellers, makers, and buyers of services and goods. GST evolved from the Value Added Tax (VAT), which suggests that it is imposed at each level of the supply chain. You are expected to pay the GST sum charged by the final dealer or provider in the supply chain. There are many online GST calculators that you may use to calculate the GST expense. [B-01] What Exactly is GST? The GST is thought to be the same as or comparable to the Value Added Tax or VAT. GST is the tax levied on services and commodities at each stage of the distribution chain. For example, suppose the company or maker includes GST while selling the goods to a merchant. The wholesaler would include it when selling to a retailer, however, the initial money may be returned. As a result, at this level, the tax will only apply to the difference in net prices between the wholesaler as well as the maker. A similar rule is followed in each of the following stages of the deal. There would be just one excuse in which the tax would not be refunded to the end user. This is because you would be the last in this supply chain. GST Benefits in India Here are some of the many advantages of GST that you should be aware of: GST merged a flurry of indirect taxes into a single tax. As a consequence, taxing diverse services and goods has become less difficult. GST has removed the rising tax burden. Companies with less than Rs. 20 lakhs in turnover are excluded from paying GST. Small firms have a turnover of Rs. 20 to Rs. 75 lakhs and may benefit from GST. This is because the composition plan enables them to reduce their taxes. GST has brought clarity and regulation to unorganised sectors like the textile and construction sectors by requiring payments and compliances to be done online. What Exactly is an Online GST Calculator? An online GST calculator is a fast and simple method to calculate the total GST due for a time or against a product/service. This online tool has three modes of operation, one for the customer, one for the manufacturer, and one for the retailer/wholesaler. Every one of these versions has a unique set of input choices. Buyers must enter the cost of the product and GST rate into the calculator. Manufacturers must submit their product cost, profit percentage, and GST rate. Retailers and wholesalers must enter the entire cost of products, profit ratio, and GST rate. Each of these clients will get the final price, which includes tax, total tax, and the split of this tax into CGST & SGST/IGST. If you are new to this useful online tool, now is the time to learn how to utilise it. The formula for Calculating GST You can use the following formula to determine the net cost of an item after applying and removing GST. The GST computing formula is as follows: Include GST: (Original Price x GST%)/100 = GST Amount Original Price + GST Amount = Net Price Eliminate GST: Original Cost – [Original Cost x 100/(100+GST%)] = GST Amount Original Price – GST Amount = Net Price Example of GST Calculation: Assume an item is offered for Rs. 2,000, and the relevant GST rate is 12%. The product’s net price is thus Rs. 2,000 + 12 per cent of Rs. 2,000. This is Rs. 2,000 + Rs. 240 = Rs. 2,240. How to Compute GST Online To compute GST easily, you can utilise an online GST calculator. However, it just computes the overall GST sum and does not provide a breakdown of CGST as well as SGST. In the event of intrastate sales, you must split the whole GST amount into SGST and CGST at the same time. If it is interstate, it may be treated as IGST without extra division. The fast steps are as follows: Fill out the amount and relevant fields This is the assessable price after any discounts have been applied. If you wish to add a cost to this number, such as freight, you should do so by grouping it. This is just for Indian taxpayers. Enter the relevant GST rate (6%, 12%, 18%, or 28%). To calculate, click the +Add GST button. That’s all, the process only required 2 minutes of your time to calculate the total GST due. Online GST Calculator Benefits Employing an online GST Calculator may provide you with several advantages. Calculate Tax Correctly An online GST calculator determines the taxes you’d have to pay if you made the purchases simultaneously. Effective Taxation You may save time and resources by using an online GST calculator to determine the tax amount quickly. It accurately calculates all tax amounts and offers you an estimate of your ultimate spending on a purchase that demands significant taxes in India. Simple to Use Online GST calculators are simple to use and accessible to anybody, regardless of technical experience. The interface is straightforward, allowing anybody to utilise it without difficulty. Free to Use The calculator is completely free to use and requires no investment. No Need For Expertise You do not need the training to use an online GST calculator. To comprehend and use the online GST calculator, one does not need to be an IT or money expert. Intelligent These calculators enable you to calculate the taxes charged on your purchase before you make it. [B-02] Conclusion An online GST calculator can assist you in determining the exact value of your goods and services once GST has been applied to them. So, when submitting a return, the computation is simple, but the taxpayer must be aware of the appropriate costs. GST payment calculators online find a product’s gross or net price based on GST rates. Compared to human computation, it takes no time and produces no errors. If you want to know more about online GST calculators, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Tax Slabs

All You Need to Know About Tax Deductions Under Section 80C

Whether an individual is salaried or owns a business, filing income tax is undoubtedly one of the most important tasks as an Indian citizen. For the same reason, to motivate taxpayers to save and develop a habit of investing, the Income Tax Department has granted different deductions from taxable income under Chapter VI A deductions, one of the most popular being tax deductions under Section 80C. [B-01] Understanding Section 80C of the Income Tax Act Section 80C of the Income Tax Act permits deductions of up to Rs. 1.5 lakh every year. By making investments in different savings schemes, individuals can reduce their tax liability under this clause. By effectively planning your investments with different assets such as PPF, NSC, and so on, you may claim deductions of up to Rs. 1.5 lakh. Tax Deductions Under Section 80C in the Union Budget 2022 Finance Minister Nirmala Sitharaman did not propose any modifications to the existing Section 80C of the Income Tax laws in the recently concluded Union Budget 2022. Therefore, if you followed the previous tax regime, you may claim deductions of up to Rs. 1.5 lakh. If you choose the new tax regime, the deduction rules do not apply to you. Major Tax Deductions Under Section 80C of the Income Tax Act To help you make a better decision, here is a list of different investment options you can choose from to reduce your tax liability and enjoy deductions under Section 80C of the Income Tax Act: Investment TypeLock-In Period (Minimum)Rate of InterestNational Pension SystemTill 60 years of age8-10%Equity Linked Saving Scheme3 years12-15% depending on market fluctuationsPublic Provident Fund15 years7.1%National Savings Certificate5 years6.8%Senior Citizen Savings Scheme5 years7.40%Fixed Deposit5 yearsUp to 8.40%Sukanya Samriddhi Yojana21 years7.6%Unit Linked Insurance Plan 5 years8-10% depending on market fluctuations Now let’s discuss the same in detail: National Pension Scheme (NPS) The National Pension Scheme (NPS) is a pension program established by the Indian government to provide a pension to the informal sector and working professionals upon retirement. Section 80C of the Income Tax Act allows for tax deductions on investments of up to Rs 1.5 lakh. In the case of NPS contributions that exceed the Section 80C threshold of Rs 1.5 lakh, there is an allowance for an additional Rs 50,000 deduction. Equity Linked Savings Scheme (ELSS) Some mutual fund strategies have been specifically intended to save taxes, such as the Equity Linked Savings Schemes, which allow investors to receive tax deductions up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. Public Provident Fund (PPF) The Public Provident Fund is a common investment option because it provides guaranteed profits. With PPF, the interest is compounded annually, and the program has a 15-year maturity time. The minimum contribution to a public provident fund is Rs. 500, and the highest contribution is Rs. 1.5 lakh. The amount you give to your PPF is tax-deductible under Section 80C of the Income Tax Act. National Savings Certificate (NSC) The National Savings Certificate is one of the most popular tax-saving vehicles offered to Indian residents. The scheme has two maturity terms, namely, a five-year term and a ten-year term. NSC offers interest rates that are compounded semi-annually. The best part about the National Savings Certificate is that you can invest as little as Rs. 100, and you don’t have an upper limit when it comes to investing. The amount invested in a National Savings Certificate is eligible for a tax deduction up to a maximum of Rs. 1.5 lakh every fiscal year, under Section 80C of the Income Tax Act. Senior Citizen Savings Scheme The Senior Citizen Savings Scheme is one of the finest investing options for seniors. Compared to other programs, the returns are rather attractive, and interest is paid weekly. Individuals over the age of 60 can participate in this plan and receive tax savings of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act. Fixed Deposits Section 80C of the Income Tax Act, 1961 allows for tax savings on fixed deposits with deductions up to Rs. 1.5 lakhs from the investment. However, to be eligible for the deductions, you must opt for a lock-in term of a minimum of five years. Furthermore, you must register your PAN card with the respective banking institution. Sukanya Samriddhi Scheme Individuals can start a Sukanya Samriddhi fund for a girl child at any point between her birth and the age of ten. The best part about this scheme is that you can start with an investment amount of as little as Rs. 1,000 and invest up to a maximum of Rs. 1.5 lakh every fiscal year. The interest earned through this plan is estimated and compounded every year, and this program is tax deductible under Section 80C of the Income Tax Act. Unit Linked Insurance Plans (ULIPs) ULIPs provide insurance coverage to policyholders while also offering considerable long-term profits. One of the primary reasons for the rise in popularity of ULIPs is that they enable both money savings and tax deductions under Section 80C of the Income Tax Act, 1961. Some other eligible deductions under Section 80 C of the Income Tax Act include: Premium payments made toward life and health insurance policies EMI repayments of the home loan principal amount Registration charges and stamp duty for a home/property Post office time deposit scheme for five years [B-02] Enjoy The Tax Deduction Benefits Under Section 80C of the Income Tax Act While it’s a common habit for most people to begin investing in tax-saving instruments at the end of a fiscal year to obtain tax deductions, tax experts advise doing so at the start of a fiscal year to ensure that you not only make educated judgments, but also enjoy the collection of interests from April to March. If you need help deciding on the finest tax-saving investments, you can always turn to professionals like Piramal Finance. They can advise you on the finest tax-saving techniques and tools, allowing you to make educated decisions about how to invest your hard-earned money.
08-11-2023
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GST

GST Calculator – Guide (How to Calculate GST Online in India)

Indirectly, the provision of goods and services in India is taxed at a rate known as the Goods and Services Tax (GST). The Goods and Services Tax (GST) applies to all forms of value creation. It is calculated based on where the final product will be used. On July 1, 2017, GST was implemented in place of most indirect taxes. For GST, there are five different tax brackets for goods and services: 0%, 5%, 12%, 18%, and 28%. However, GST does not apply to a few categories of goods and services. These goods continue to be taxed independently by each state’s government. Read on to learn more about the concept and calculating GST online. [B-01] Different Tax Heads Under GST The Goods and Services Tax (GST) structure can be broken down into four distinct taxation types: GST at Central Level (CGST), GST at State Level (SGST), GST at Union Territory (UTGST), and Integrated GST When the location of the supplier and the location of the recipient are in different states, the IGST is due on the supply. When the location of the supplier and the location of the recipient are both in the same state, intrastate supplies are subject to a combined rate of 5% (half the GST rate applicable for IGST). Instructions for using GST Online Calculator: Follow these instructions if you plan on using a GST calculator found online: Choose the total number of items you’d like to tax, using the corresponding drop-down menu. This will reveal the total amount of tax that would be due if all the items were purchased at once from the same vendor. Choose the items for which you want to calculate taxes. If you’re buying multiple things, you can add them all to your cart at once. Choose ‘None’ if there is no item to be added. When you’ve finished making your selections, click the “Calculate” button to see the results. GST on Services – This choice is available for services only and applies the GST rate. Click this link to get a free value-added tax calculator. You can use this to determine the applicable tax rate for any given service. The final tally is the GST due on this service. This can be paid using official government websites. Select all that apply and click “Review” Once you’ve filled out the required fields and clicked the “Calculate” button, a new page will load displaying your chosen taxable items. To see how the numbers in the graphs were derived, click on the “View details” link. The value-added tax on notes and gold can be calculated with the help of the calculator. Inputs – one of the crucial sections of the online GST calculator, where you can enter the amount that needs to be paid at each location to calculate the value-added tax at multiple locations when purchasing goods (i.e., each state or each location). GST method With the unified system of taxation, it is now possible for taxpayers to know the tax levied at different points for various taxable items under the GST regime. For calculating GST, the taxpayer should know the GST rate applicable to various categories. The GST process can be explained by a simple illustration : If the selling price of taxable items is Rs. 2,000 and the GST rate applicable is 18%, then the net price calculated will be = 2,000+ (2,000X(18/100)) = 2,000+180 = Rs. 2,180. Method to calculate GST To calculate GST, the below-given method is used : Base amount Inclusive of GST, Add GST (Original Cost * GST% ) / 100 will give the GST Amount Next, adding the GST Amount to the original cost will give the Net amount. Base amount exclusive of GST Remove GST Original Cost – (Original Cost * (100 / (100 + GST% ) ) ) will give the GST to be applied Next, Subtracting GST from the Original cost will give the Net amount The benefits of an online GST calculator: Utilizing a GST calculator allows you to reap various perks. To begin, this calculator does a good job of estimating the total amount of tax you’d owe if you and your partner made all of the transactions. You may save time and effort by using our tax calculator. This helps you determine the tax owed in a matter of seconds. The app reliably estimates the total cost of an expensive purchase in India by factoring in all applicable taxes. It’s user-friendly. Anyone can use this online GST calculator without any prior knowledge of taxation or accounting. The user-friendliness of the interface ensures that it may be put to good use by virtually anyone. There is no cost associated with using this calculator. The online GST calculator does not need any special knowledge or skills to use. There’s no rocket science in using the GST calculator. Being an accessible resource, the GST calculator may be utilized by anyone, regardless of background or experience. Conveniently, you can use a smart calculator to figure out the total amount of tax. This tax is payable by you on a taxable item. Following are the taxes which will be a set-off with the same or different tax input credits: CGST CGST SGST IGST IGST, CGST and SGST [B-02] Conclusion To sum up, to bring all the taxable items under one umbrella, GST was born. Under GST policy, a store or business owner is required to register for a unique ID number to use GST. To make it more simple and calculate GST online, a GST calculator surfaced. All the taxable items sold in the same state are subject to sales tax. This is done at both the central and state levels. It was launched with an aim of “one tax for all”. For further details visit the Piramal Finance website and get more information.
08-11-2023
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Know More

What Are the Top Benefits of Investing in the Stock Market?

Stock markets are a complex environment that most people are scared to traverse. There is an innate fear of losing hard-earned money if invested in stocks. Fear of uncertainty keeps the average salaried middle class at bay. Our human psychology is to fear the unknown, which is in play when we think of investing in the stock market. This article aims to bust all such myths and elucidate how investments in the stock market can benefit you. [B-01] What is the Stock Market Let us first understand the basics of how a stock market works. A stock is a unit of ownership in a publicly held company. These units are traded in an organized marketplace called the stock exchange. The first stock exchange, the London stock exchange, was founded in 1773, while in the US it started in 1793. In India, the first one was established in 1875 as the Bombay Stock Exchange, which is now worth Rs 266 trillion and houses approximately 6000 companies. To eliminate the monopoly, the National Stock Exchange was established in 1992 in Mumbai. The estimated market capitalization of the National Stock Exchange with 2002 listings is Rs. 199 trillion. Investing in the stock market Investing in the stock market has become much easier over the years, making it accessible to the general public. At the same time, the process has been made very secure and safe for consumers. The Securities and Exchange Board of India (SEBI) is the regulatory authority established under Section 3 of the SEBI Act 1992 to protect the interests of investors and promote the development of the stock market. An investor cannot directly buy or sell shares on a stock exchange. Registered members of a stock exchange, called stockbrokers, trade on an investor’s behalf. If you want to invest in stocks, you have to approach a broker, who will then take you through the process. Benefits of Investing in the Stock Market There are several benefits to investing in the stock market. We are listing some of the top reasons for you to consider: Returns: Predominantly, the stock market has given generous returns over time. Among all other investment options available in the market, stocks have been the best option in terms of returns. If you focus on companies with a consistent growth rate and increased quarterly earnings or on growing industries that contribute to the country’s economic growth, that will help you steadily develop your wealth over time. Since the 1980s, the Indian stock market has always given lucrative returns to investors. Even in crises during the 2008 recession and the 2020 pandemic, stock markets have stood their ground and have continued to grow by leaps and bounds. Diversification benefits: There are a variety of financial products that can be traded in the stock market, like equities, commodities, bonds, mutual funds, and derivatives. This gives investors a wide array of options to choose from when it comes to investing their money. Hence, investors can diversify their financial portfolios and mitigate the risks associated with investing. The benefit of diversification can be seen in the overall growth rate of your portfolio. As a diversified portfolio contains individual stocks from different sectors of the economy, the ultimate return is positive even if some sectors are not performing well. Inflation hedging: We must consider the returns on our investments in relation to inflation. Stock markets have always beaten inflation by a considerable margin. Due to inflation, companies benefit from the rising prices, which boost share prices. It can be seen that growth stocks such as technology or FMCG outperform the overall market and provide a solid safeguard against inflation. Liquidity: Stocks are highly liquid assets, which means you can convert them to cash at any time. For most investments, there is a lock-in period and a high penalty if you want to withdraw prematurely. Thus, stocks are favored in this case. Capitalizing on the booming economy: The stock market reacts to all the economic growth parameters such as GDP, inflation, and corporate earnings. As the economy grows, investors see a handsome return on their investment. With the price increase, corporations make more money, which leads to higher profits that directly benefit stock investors. Dividend income: A dividend is an amount distributed by the company from its profits. It is a way for companies to distribute a portion of their profits to shareholders, even if the stock has fallen in value. Periodic dividend payouts help retired investors pay for their lifestyle. Transparency: With the presence of a regulatory body like SEBI, investment in the stock market has become very safe, secure, and transparent. SEBI considers it a priority to protect the interests of investors. Hence, investors are protected from fraudulent brokers and companies. Ownership: As a shareholder, you will own a portion of the company in which you invest. This ownership in the company ensures that you can drive the management’s decisions. You will receive periodic updates about the company’s performance and are also invited to vote on important board decisions. This gives shareholders a sense of responsibility and companies a sense of accountability. [B-02] Through the years, investing in the stock market has become more popular. The salaried class is now more interested and confident in investing in the stock market to increase their wealth. Investing in the stock market also comes with a certain amount of risk and uncertainty. But if you can navigate carefully and make informed decisions with the help of your broker, you will be able to reap high benefits. Do visit https://www.piramalfinance.com/ for more details and guidance.
08-11-2023
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Personal Loan

Why Using a Personal Loan for Job Relocation Is a Good Idea?

A job move may often be the starting point for career growth. You may need to move for a better job with a higher status, and other times you get promoted to another level by the same firm. Whatever the cause of the move, it goes without saying that it is a hard process. Moving may be costly, either within the nation or across the country. There are several methods to transfer from one location to another, but moving with your family & assets would need a large sum of money. Yet, moving is vital in people’s lives, and everyone does their best to prepare. Let’s know how a personal loan can assist you in meeting job relocation costs. [B-01] 6 Relocation Charges You May Incur Moving Items If you decide to do it yourself, you will need to buy moving and packing goods such as boxes, plastic wrap, tape, labels, markers, and insurance. You will also need to buy food and drinks and tip your family and friends to help you with the transfer. Packers and Movers If you believe that packing and unpacking your family’s household things will be too much for you, you may hire a trained mover and packer to make the transfer much simpler. Movers and packers may simplify the job, but their fees are never low. One must check with many movers and packers to get the best deal. Also, there is a greater chance that the sum will grow from the first quotation. Admission of Kids to School If you are a parent of a school-aged child, you must factor in the costs of enrolling your child in a new school. Currently, the cost of entry to any school is quite high. One must set up money for their child’s school entry. These are the costs that may be expected. When you begin the moving process, you may discover several more fees that were not on the list. It is not unusual for costs to rise to the occasion. Emergency funds may certainly cover sudden costs. Yet, if you are moving with your family, living without enough emergency funds might be a risky job. In such cases, using an online user is the best option for getting instant liquid funds. Transfer Fees Moving your cars to your new address may result in transfer and service charges. Travel Costs Long-distance travel prices may include air or bus tickets, hotel stay, gas and toll tax, and car maintenance if you are moving across the nation. Long-distance moves might also raise your costs in the form of utility & security deposits, as well as a slew of other charges associated with relocation. Rent & Down Payment for Your Home You must deposit the flat you want to rent and, if needed, furnish it. You may be asked to pay application fees, a deposit, a pet deposit (if any), the first month’s rent, and a utility deposit. Why Choose a Personal Loan for Job Relocation? Personal loans are mainly meant to meet your short-term finances. These are unsecured loans, and there is no need to put up any proof to acquire them. As a result, people who have a steady income may apply for such loans and receive them soon. Here is a list of the perks of taking out a personal loan for moving expenses: Money Is Available Right Now Most banks in the market grant personal loans in a day or two after receiving all the proper paperwork. The lender can verify your KYC papers online and approve you within a few hours. As a result, even if you haven’t scheduled your costs, you may have access to cash at the last minute. Process Without Hassle The online filing of a personal loan is simple. Every stage of a personal loan is done digitally, making the lending process much simpler and less stressful. A personal loan may be obtained with a few mouse clicks on your screen. So, while planning your move, applying for a personal loan would take a few minutes. Check your monthly breakups with an online personal loan EMI calculator before taking out a personal loan. Options for Flexible Repayment When it relates to personal loan repayment, lenders provide various simple solutions. When asking for a loan, you may choose the term. You may also choose the manner of payment that best meets your needs. A Diverse Variety of Loans When you apply for a bank loan, you may pick any amount that meets your needs. Many lenders provide loans starting at Rs.50,000. Consider all of the above fees and apply for the precise amount you will need for your move. Fair Interest Rates Personal loans have higher interest rates than most other secured loans but are substantially lower than credit card rates. Most lenders in the industry charge between 11% to 18% p.a. for lines of credit. These rates are relatively affordable for unsecured loans. Loan with Multiple Purposes Since a personal loan is versatile, it may also be utilised as a job relocation loan. A personal loan may be used for any purpose the borrower desires. As a result, a personal loan allows you to utilise the bank loans as you see fit. Minimal Paper and Processing This is another strong reason to use personal loans while migrating. The paperwork required here is simple. Personal loans would not add to the stress of moving for those already stressed. They are also quite simple to get. Things to Consider When Applying for a Personal Loan As said before, personal loans have several perks and may be hugely helpful during your transfer. Personal loans, on the other hand, should be approached with prudence. When you apply for a bank loan to cover your relocation costs, consider the following: You must ensure that the credit EMI amount is within your monthly spending. The monthly revenue from your new work should be enough to cover the loan. Ensure you have a plan in place to repay the debt promptly. If you have any high costs, you should consider them before taking a personal loan. When seeking a personal loan, consider your previous debts and repayments. If you already have other loan obligations, taking out a loan for relocation may add to your debt load. Among the most vital things to consider is the lending amount. If you borrow a large sum, you will pay interest on the money you will never use. If the loan balance is low, you may be able to meet its current required costs. Make sure you strike the correct balance when deciding on a loan amount. [B-02] Conclusion Relocating is a major life event for all. A new location to live, a new job, a new climate, your child’s new school, and much more all arrive at once. It requires a large amount of cash and time to settle down. People who are planning to move might benefit greatly from a personal loan. A personal loan protects your emergency money from unusual costs that may arise while you are in a new location. To learn more about personal loans, visit Piramal Finance for related blogs and explore their products and services.
08-11-2023
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Personal Loan

10 Banks Offering Lowest Personal Loan Rates in India

Personal loans are a popular choice for many people who need quick cash. It can be for anything from medical emergencies to weddings. If you have a good credit history and can prove the need, obtaining a personal loan is quick and easy. Personal loans are given at a very high interest rate. It’s wise to seek out lenders who may provide the lowest personal loan rate. You should note that banks can give you lower interest rates if you have good credit ratings. Read more about personal loans and the banks that offer lower interest rates. [B-01] Types of Personal Loans in India Financial Aid for the Wedding There is a great deal of importance placed on weddings in Indian culture. This is why many financial firms now provide personal wedding loans so that you can make everlasting memories. A loan can be applied for by the couple getting married or any immediate family member. This type of personal loan allows the borrower to choose their loan amount. It is also necessary to pick a bank that provides your pocket with relief and offers the lowest personal loan rate. Home improvement financing Home loans are a common part of purchasing a property. We delay the process or make concessions to keep the price down because it is costly. Therefore, to meet this need, lenders offer personal loans at the lowest rate for home improvements. It is used to pay for repairs, new materials, labour, etc. Because of the improvements we’re making to your home with the help of this personal loan, you’ll be able to sell it for a higher price down the road. Financial aid for college students Given its term, this is among the most typical forms of consumer credit. Most often, parents take out school debts paid by their kids. Loans of this type are often known as “school fee financing.” It is used to pay for college expenses, along with studying abroad, for yourself or a family member. Banks have now found the lowest personal loan rates for the convenience of students. Festival Loan Lenders are financial institutions that grant loans to hold festivals and other celebrations. Compared to other types of unsecured loans, this one is very original. Loan for consumer goods Obtaining a Loan for Long-Lasting Goods Purchased by Consumers Home improvement loans can be used to finance the purchase of major appliances. Loans for electronics Lenders offer PC- and laptop-specific loans for the express purpose of making PC and laptop purchases. Insurance is often bundled with loans by some financial institutions. List of Banks Offering the Lowest Personal Loan Interest Rates Name of the Bank Interest Rate P.A. (%) Loan AmountHSBC>= 9.75Up to ₹30 lakhsSTATE BANK OF INDIA>= 9.60Up to ₹20 lakhsBANK OF MAHARASHTRA >= 9.55Up to ₹20 lakhsUCO BANK>= 8.45Up to ₹10 lakhsCENTRAL BANK OF INDIA >= 8.45Up to ₹20 lakhsUNION BANK OF INDIA>= 8.90Up to ₹15 lakhsPUNJAB NATIONAL BANK>=8.95₹25,000 to ₹15 lakhsINDIAN BANK>= 9.05Depends Upon the Applicant’s Data BANK OF INDIA>= 9.35Up to ₹10 lakhsIDBI BANK>= 9.50₹25,000 to ₹5 lakhs How to qualify for the lowest personal loan rates? If you want to get the lowest personal loan rates possible, keep the following in mind: Personal loan applications supported by a strong credit history have a better chance of being approved. When getting a personal loan, borrowers with excellent credit ratings can get the lowest interest rates from banks and other lending institutions. You should check your credit rating before applying for a personal loan. If it is less than 750, you should start thinking about what steps you can take to raise it. Your credit rating could suffer if you miss payments on loans or credit cards. Lenders commonly use the borrower’s credit history when setting interest rates for personal loans. Those with a history of timely EMI and credit card payments may qualify for lower interest rates. During the holidays, many banks and other financial firms offer exciting interest rates to attract customers. So, if you want the lowest loan rates, you should apply for a personal loan during this period. It is important to compare the interest rates offered. Several NBFCs and banks offer the lowest personal loan rate. Existing customers easily get the lowest personal loan rates. Factors to keep in mind to get the lowest personal loan rate Loan companies will charge a one-time processing fee. The interest rate you’ll be paying is relatively low, but you should still compare the fees of various lenders. Some banks may charge a pre-closure fee if you pay off your loan balance before the loan tenure. So, it’s important to determine if the bank or NBFC you’re applying to requires a pre-closure fee. If you want to know how fast you’ll get a response from the lender’s support team, you should look into their available customer service channels before applying for a loan. To make the most of any low-interest personal loans offered by a bank or other financial institution, you should verify that you meet the requirements set forth by that institution. This is why it’s important to check your income and eligibility based on age. If you need a personal loan because of an unexpected expense, you should consider how long it will take you to repay it. Even though the interest rate may be slightly higher, you should also consider the lender’s processing fee, default charges, prepayment charges, loan cancellation fees, stamp duty fees, duplicate statement fees, and other fees. [B-02] Conclusion It’s possible that, in addition to the institutions mentioned above, others offer the most affordable personal loans. Personal loan offers tailored to women often differ from the norm, even when the loan type is the same. For instance, a man and a woman applying to the same bank for a wedding loan may be offered different rates and terms, but both will receive loans for their weddings. Finally, your specific financial situation will determine the best type of loan for you. Depending on your specific need, choose the lowest personal loan rate from the list that best fits your situation. For further details, visit the Piramal Finance website and get assured assistance.
08-11-2023
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Tips & Advice

Tips to Buy the Best Travel Insurance

Any trip should start with the proper precautions. Travel insurance ensures that you have a safety net. No great travel plan is complete without the appropriate travel insurance policy. When you’re stranded in an unknown location, it can safeguard you from dealing with high emergency costs. At first, it may seem easier to travel without travel insurance. But don’t make that mistake! Keep reading for tips to buy the best travel insurance and keep yourself protected. [B-01] Tips to Find the Best Travel Insurance Policies In addition to accidental death coverage and emergency medical aid, travel insurance offers a financial safety net. This protects the policyholder from any unforeseen travel problems. They can also help during luggage theft and other situations. Choosing the right travel insurance policy comes down to several simple factors. Keeping the following things in mind will help you determine how helpful your plan will be when you get stuck in a problem and if the required coverage is offered. Know Your Needs Before you dive into the specifics of travel policies you should know exactly what you are looking for. This includes confirming where you’re going, who is with you, and how long you’re traveling for. Single-Trip vs. Annual Plans You also need to decide if the coverage duration fits within your travel lifestyle! Think about how often and for how long you go on trips. Does an annual insurance plan make more sense for you? Or is a one-time travel insurance plan the smarter option? Depending on your needs, single-trip vs. annual plans can be considered. Schedule Flexibility Flight cancellations and urgent changes can be a hassle. Unforeseen circumstances can change the duration and flow of your trip too. Your insurance provider must be able to cover changes related to delays and rescheduling. Extent of Coverage Travel insurance policies have specific terms and conditions. So always confirm what your travel insurance covers and what it omits. You can save time and money by researching the full policy in depth. Also, see what expenses are covered during your trip. Check Reviews This is the best way to confirm the promises insurance providers make! Informed people, past customers, and claimants are good sources. You can learn about the helpfulness of travel insurance providers by getting second opinions from them. It will also allow you to compare them to others. You can find links to customer reviews on the websites of most travel insurance companies. You may also look for reviews from other legitimate sources. The Ratio of Claims Paid There’s little benefit in buying a policy with the best coverage if it is difficult to claim the benefits. Knowing how many claims your insurance provider has paid out is crucial. Collecting remuneration should be fair and easy for all policyholders. Only then would a policy be justified. Upon request, travel insurers can provide this claims ratio. Medical Emergencies The best travel insurance coverage should pay for as much medical care as is needed. The costs of emergencies abroad may be higher if your policy does not account for medical assistance. Lost Baggage Agencies can also pay you compensation for luggage in the event of a loss. A luggage insurance claim is typically resolved by an insurance company in 2–4 weeks. This depends on the circumstances. Sometimes, it can take longer than normal if the insurance company requests more paperwork. It may also be delayed if the issue is disputed in court. Additional Riders Request additional riders when purchasing your coverage. Do this, especially if you plan to travel extensively. Including additional riders can help in an emergency. Civil Liability and Accident Coverage If you inadvertently cause someone harm, the costs can quickly mount. This may include paying for the legal process and any resulting damages. A good travel insurance policy will pay for repairs and potential medical expenses. They will also cover any associated court costs in such instances. Miscellaneous Emergencies Natural disasters like floods and earthquakes are difficult to forecast. Robberies, social unrest, or travel restrictions can also be difficult to navigate. Make sure to discuss the terms of these situations in advance. Then you can have even more peace of mind. [B-02] To Wind Up These are the factors that help you find the best travel insurance plans. If you are going to travel soon, then ensure adequate coverage. You are not immune to harm, even if you are in good health. Even if you have never been in an accident, you can become entangled in issues. It is better to be safe than sorry. Choosing a travel insurance provider requires thorough research. Your insurer must be honest and not deal in hidden charges. We at Piramal Finance do our best to provide you with extensive travel coverage. On any trip, we are your familiar friend every step of the way! Without an adequate insurance policy, you will lose out on mental and financial wealth. It will be inconvenient in the event of an emergency. Remember, prevention is the best cure! To read more such articles, visit the Piramal Finance website. And to learn more about our travel insurance plans, contact us.
08-11-2023
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Business Loan

Why MSME loan is the best choice for small business owners?

In the post-covid era, there has been a boom in small businesses. Do you think that anybody can have huge capital to start a new business, however small it may be? The answer is No. You have to take a loan to kick-start your journey. The Government of India launched the MSME loan for the start of a business, expansion of the business or meet other expenditures related to business. The MSME sector is considered to be the backbone of the nation. [B-01] What is an MSME loan? MSME or Micro, Small, and Medium Enterprises loans are collateral-free loans. They have a low rate of interest and a repayment period is desirable. You can also avail of top-up. For applying for MSME loans, you have to register in the Government’s Udyam Registration Portal. No registration fee is required. Once the process is done, you will be assigned an “Udyam Registration Number”. You will receive an e-certificate at the end of your registration. For Government approved loans, log into the Jan Samarth portal. There are different types of schemes under Business Activity Loans. There is also a scheme for Livelihood loans. You can easily start a new business or expand your extending business. There are two types of schemes which work best for a small business owner. MUDRA and CGTMSE. If your requirement is below Rs 10 lakhs, MUDRA (Micro Units Development and Refinance Agency) loan can be obtained. The main aim of the MUDRA loan is to support the MSME. The MUDRA loans can be obtained from Small Finance Bank, Commercial Bank, RRBs (Regional Rural Banks), NBFCs (Non-Banking Financial Companies) and MFIs (Microfinance Institutions). It is also known as PMMY (Pradhan Mantri MUDRA Yojana). MUDRA loans are further classified into 3 types: Shishu – Loan amount up to Rs 50,00. Kishore – Loan amount above Rs 50,000 and up to Rs 5 lakhs Tarun – Loan amount is above Rs 5 lakhs but below Rs 10 lakhs. If you want a loan of an even bigger amount, up to Rs 2 Crore, opt for CGTMSE (Credit Guarantee Trust Fund for Micro and Small Enterprises). This government-funded scheme was launched under the Ministry of MSME and SIDBI (Small Industries Development Bank of India). There are also Mahila Udyami Scheme and Credit Link Capital Subsidy Scheme (CLCSS). Classification of MSME Size of Enterprise Investment Annual Turnover Micro Less than Rs 1 crore Less than Rs 5 crore Small Less than Rs 10 crore Less than Rs 50 croreMedium Less than Rs 20 crore Less than Rs 100 crore Benefits of MSME loan Collateral free loan The main aim of the Indian Government is to uplift the economic development of the nation. The scheme of MSME loans has motivated small business owners to start new businesses or help the existing ones in times of cash crunch. The fact that the MSME loan doesn’t need a security deposit, asset and guarantor appeals to all. Accessibility Getting funds for your business using an MSME loan is very easy. On submitting the minimal documents, loans will get quickly disbursed to you without any hassle. You can focus entirely on your business. You can also apply online for MSME loans Reduced interest rates The interest rate on MSME loans is considerably low. They also can be reduced further depending on where you have initiated the loan from. There are various risk gradations which let you negotiate accordingly. The payment of interest is also tax deductible. Flexibility Usually, Small business owners take a loan for a short duration of time. Since the commitment is not long-term, it enables the handling of cash and allocation of resources better. Other advantages of MSME registration include: Subsidy on Patent In case your business has a unique product, you can easily apply for a patent. A subsidy of 50% can be availed if your business is MSME registered. You need to apply to the respective ministry. Protection against Delayed Payments There is a separate portal called MSME SAMADHAAN, related to the delayed payment. If the buyer is not able to pay the supplier within 45 days, the supplier can complain. In Conclusion If you are running a business for 4 years, you can check out the webpage of Piramal Finance (https://www.piramalfinance.com/business-loan) for your business loans. Piramal Finance offers you a non-collateral loan commencing from 3 lakhs to 10 lakhs. You can pay for the loan at an interest rate starting from 17% per annum and repay it in 36 months. You are entitled to a hassle-free loan by applying for it online. The expert team of Piramal Finance will be arriving at your doorstep. You can avail of maximum benefits as the eligibility for the loan is very simple. However, it is better if you have a property registered in your name. [B-02] You have to submit the necessary documents like PAN Card, Proof of Identity and Proof of Residence (Aadhar, Driving License, Passport, Voter ID card or Utility Bills like monthly electricity and telephone bills). For the proof of income, 6 months bank statement of your primary account and the latest ITR (Income Tax Return) are essential. Your recent passport-size photo should accompany your application form. You can be the sole owner of your business. In case you have partners or shareholders, you can file under the co-applicant scheme. Your spouse or adult first-blood relatives can be co-applicants too. The business loan fee and other charges are minimal. The rate of interest is different for different customers depending on the risk gradation. Repayment of the loan can be done in the form of a Post Dated Cheque, Electronic Clearing Service or Direct Debt Methods. Apart from the MSME loan, please feel free to check out the other products and services. You can also apply for a Personal Loan (https://www.piramalfinance.com/personal-loan).
08-11-2023
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Calculator

What Is the Simplest Method of Calculating EMI?

To get a loan, you must ensure that the EMI is not too high. EMI stands for Equated Monthly Installment, which is how the loan is paid back. Once the loan is approved, the bank charges the EMI monthly over the loan’s repayment period. Each EMI is made up of both the principal and the interest on the loan. Calculating the personal loan greatly impacts the ability to repay the loan. It is the first thing you should do if you plan to take out a personal loan. Traditionally, a mathematical formula has been used to decide the EMI rate. The formula is based on the kind of loan interest that is assessed. But now, there is no need to remember the mathematical formula and go through the hassle process. There are EMI calculators available, which make it very simple to decide the loan EMI. Read this article to learn how to calculate EMI by using EMI calculators and their benefits. [B-01] What Is an EMI Calculator? You may use the EMI calculator to calculate the personal loan EMI. Loan factors such as the principal amount, term, and rate must be added, and the EMI is easily calculated. You can calculate the personal loan EMI of many types of loans. For example, a personal loan calculator can be used to calculate the personal loan EMI of a loan. Many personal loan calculators are free. They can be used 24 hours a day, seven days a week. You may compare or calculate multiple personal loan EMIs as often as you want. Benefits of Using an Online Personal Loan EMI Calculator Aids in the choosing of offers in terms of cost Choosing offers is one of the reasons to calculate personal loan EMI. And given how simple it is to use an EMI calculator, people can compare offers or loan terms. You may review the repayment details for many loan term options here until you find choices that fit your needs. This idea also applies when comparing many loan offers. If you know the lending rate provided, all users have to do is calculate personal loan EMI & interest cost and then narrow down the choices based on pricing. After finishing this stage and choosing the best offer for a bank loan, apply with confidence, knowing that you have chosen a tool that will work in your favour. Simple to use One of the main perks of using the EMI calculator to calculate personal loan EMI is its simplicity. It is simple to use and guides you through each step. Suppose the lender appreciates the comfort and clarity of the clients. In that case, lenders will go out of their way to ensure that the borrower knows how to use the EMI calculator. All you have to do is go to the lender’s website. Then, input the loan balance you want, the chosen rate, and the payback time you choose. A loan’s payback time might vary from one to five years. Saves time One of the main benefits of using the EMI calculator to calculate personal loan EMI is that it saves time by providing quick and precise answers. EMI calculator is available online, saving you the time and effort of going to the bank, standing in lines, and waiting for your loan EMI to be computed. The remainder of the loan process is then completed. Also, the time taking process of submitting a slew of difficult paperwork or phoning an agent to compute the loan balance and borrowing costs is removed. You may use the system on the road, during a break at work, or even on holiday at the other end of the world since it is available online. All you need is a good network. Exact outcomes The quality of the findings is one of the major benefits of using the EMI calculator. There is always the chance of wrong data when using a manual system to determine how much rate is due. You do not need to use a pencil and paper and risk miscalculating the rate due. Also, you do not need to sit down and manually test many rate pairings, desired loan rates, & loan tenures. When using the EMI calculator, users save time and obtain fast results for many loan alternatives within seconds or minutes. Also, the algorithm allows you to adjust the elements causing your EMI and try out many loans without negatively impacting your credit score. What is the Use of the EMI Calculator? With an EMI calculator, you can learn the details given below: The amount of the EMI The total amount of interest taken on the loan The total cost of the loan You can modify the loan term or balance to get an EMI that you can afford. The Process to Use an Online EMI Calculator There are many steps to calculate the personal loan EMI. These are as follows: Step 1: Visit any reliable website. Step 2: Click on the calculator tab to access the EMI calculator page. Step 3: Decide the type of loan needed. This may be a house loan, a personal loan, a vehicle loan, and so on. Step 4: You must now provide the proper details. This includes the loan amount, principle, rate, and loan time. Step 5: The EMI calculator will show the payable EMI amount after entering the details. Step 6: You may try other combinations to find the best fit EMI amount. [B-02] Conclusion Loans are now a vital part of many people’s lives. They help in reaching certain life goals. EMI is the most important term to keep in mind when it comes to loans. There are many EMI calculators that you can use to calculate personal loan EMI. This includes personal loan calculators, home loan calculators, and business loan calculators. They may be used to calculate the personal loan EMI of various types of loans. When you enter the needed data into an EMI calculator, it makes calculations based on the EMI calculation formula. Then, it provides the EMI you must pay monthly in seconds. You can visit the Piramal Finance website to calculate loan EMIs and explore their different products and services.
08-11-2023
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