More articles for you

Your one stop place for everything related to finance and lending

Personal Loan

How To Register For A Loan Statement Or E-Statement With Piramal Finance?

People frequently spend more than their monthly income to survive this fast-paced lifestyle. As a result, loans have become an ideal choice for many. You can take a loan for any reason, whether to pay off credit card debt, renovate the property, or even cover a medical emergency. However, applying for a loan is not the first step to fulfilling your dreams. Repaying it on time is another thing you must ensure. It entails memorising the due date, monthly payment amount, and other data, making it nothing less than a challenging task! But you can effortlessly pay off your loan and keep a close eye on it by downloading your loan statement. Unsure of how to do it? This article will provide a detailed insight into viewing a loan statement and accessing an e-statement. [B-01] What is a loan statement? A loan statement refers to a loan account statement that a lender or financial institution issues to the borrower for an approved loan. It is a thorough overview of your loan repayment over a fiscal year. A loan statement includes various details. The typical information you will find on it includes Original loan holder’s name The full account number Total current loan balance with principal and accrued interest The statement date Monthly payments All in all, a loan statement is nothing less than a snapshot of your loan. It is a practical and handy way to keep track of your loan repayment. Why is a loan statement important? A loan statement is significant to know your loan activities. It is essential for several reasons. For instance, It makes it easier to get a loan because it shows that you’ve already paid back the money you borrowed. You can view the history of all the EMIs you have paid till now. It will appear on your statement if you forget to make payment by the due date. A loan statement serves as evidence of loan repayment. It allows you to keep track of your loan transactions. You can use the loan statement to find out how much money you owe, your next payment due date, whether your interest is variable or fixed, and other information. It gives you complete control over the structure and timing of the payments. You can also view the due date for the subsequent EMI and the amount you need to pay. Your loan statement will also reflect any partial payment you make to repay your loan. It will also show any penalty interest charged if you fail to pay your EMI on time. You can check the terms of the personal loan you have chosen. How to register for loan statements with Piramal Finance? Applicants do not necessarily need to register for their loan statements. You can receive your loan statement online only when your loan account is active and approved. If you are a new applicant, you must ensure your loan has been permitted or confirmed. You have to stay on track with the real-time status to avail yourself of an e-statement for the loan agreement you signed. You can check the latest status by calling customer care. The other way to do the same is via the website. You can follow the given steps to check the status yourself on your device: Visit the official website. Click on the “Customer Services” tab available on the top right side of the site. Select the application status tracker. A new page with a small box will open. Fill in the relevant details it asks for, namely your mobile number. You will receive an OTP (one-time password) shortly at the provided number. Enter the correct OTP and stay updated with your loan status. You will be notified through email when your loan statement is available online. It is generally issued four days after your grace period expires. Once you have logged in to the website and gained loan approval, you can effortlessly access and download your loan statement. How to get an e-statement of a loan from Piramal Finance? A loan statement is available online and offline to ease the process for customers. There are primarily three ways to download it without visiting a bank or financial institution. They are: 1. Using the Official Website You can obtain your loan statement digitally in a short time using a convenient process. The simple procedure involves the following steps: Visit the official site of Piramal Finance at www.piramalfinance.com. Click on the “Menu” if using a mobile phone to download your loan statement. However, skip this step if using a personal computer or a desktop. Locate the Customer Services tab and select it to open a drop-down list. Among the various services, select “Download Statement.” It will further open a separate list with multiple options. Click on the “Loan Agreement” to view your e-statement. It will direct you to a new page named “Loan Statement” with a small box. Next, enter your lead ID or loan account number to log in and access the information. Correctly type in the required detail and click “Submit” after ensuring it is valid. Now, you can view and download your loan statement easily without any hassle. You can use the same process to download the loan repayment schedule. 2. Customer Care It is okay if you find the process hectic or time-consuming. You can use the service by giving the support team a call or sending an email. 3. Mobile Application The easiest way to download an e-statement is through the mobile application available on the Google Play Store and other app stores. You can install the Piramal mobile application to download the loan statement. Besides the digital document and repayment schedule of your loan, it contains other significant data as well. You can view your account statement, provisional interest certificate, and more from any location at any time with a few clicks. All the methods are relatively easy and convenient. You can use any to access your loan statement or agreement per your suitability. [B-02] Conclusion Loan statements, or e-statements, are one of the ways to simplify the loan journey an applicant undertakes. It is preferable to download or access such details and documents online to avoid any confusion in the future. Staying updated with your loan repayment schedule not only helps you with the timely reimbursement of the amount but also improves your credit score. You can make monthly payments before the due date and sidestep any negative penalty or dent a late transaction brings. If you feel hesitant about how to view and download your loan statement, you can connect with a professional financial company to resolve the issues. Piramal Finance aims to assist customers—firms and individuals alike—in making correct financial decisions. It is an Indian company with remarkable experience and optimal services. You can contact the adept team of experts here to ease and enhance retail lending, which comprises business loans, home loans, personal loans, and other finance-related services.

08-11-2023

Personal Loan

Everything You Need To Know About Foreclosure Of A Loan

Foreclosure is a common term used in the world of housing loans. It refers to the legal action of taking control of properties that are in arrears. Arrears occur when a borrower refuses to repay the lender after borrowing money with a property as collateral. In such scenarios, the ownership is transferred to the lender automatically. Do you plan to purchase a home by taking out a loan? If yes, then you need to have a good understanding of what foreclose loan means. So, in today’s blog, we are going to explore foreclosure in detail. We’ll cover some highly important topics related to it. Without further ado, let’s jump straight to our first topic. [B-01] What does a foreclosure loan mean? Foreclose loan means when lenders take control of a borrower’s property after the borrower misses multiple mortgage payments. Suppose you bought a house by taking out a mortgage from a bank or other lender and agreeing to a certain deal. In exchange for the money, they lend you the money to purchase a property, and you agree to pay a specific sum every month for “n” number of days. The agreement here is recorded as proof in a contract signed by both parties. If, for some reason, you are unable to make those monthly payments, the lender or bank will foreclose the property. meaning they will take control of it and sell it further to compensate for the funds they lost. In such a case, you cannot do anything because it’s all legal and you have agreed to it by signing the contract. If we look at it the other way, foreclosure is a nightmare for any borrower. But there are some ways to save yourself from foreclosure. We’ll talk about them later in this blog. What are the types of loan foreclosures? Now that you know what foreclose loan means, it’s time to understand their types. So generally, the foreclosure process begins when you miss a certain number of mortgage payments. There are two primary ways in which lenders foreclose on your loan: #1 Judicial Foreclosure: For this type of foreclosure, the lender needs court orders. #2: Non-judicial foreclosure: This depends on the state where your property is located. Aside from these, there are a variety of other options depending on the terms of the mortgage and your state. The most significant factor that differentiates these types of foreclosure is that some involve legal actions. Some, on the other hand, simply do not. For example, judicial foreclosure, power of sale, and strict foreclosure. Let’s talk about each of these foreclosure types in detail right below: Judicial Foreclosure In judicial foreclosure, lenders file lawsuits against borrowers. Borrowers are informed about the lawsuit once it is successfully filed by the court. After the notification is received, the house owner or borrower has 30 days to make up the missed payments. If they fail to do so, the foreclosure will begin. Power of Sale A power of sale is another type of foreclosure that is allowed in limited states, depending upon the “sale clause” of your mortgage contract. Such foreclose loan means that if you fail to make monthly payments, lenders are allowed to auction the property. This is a non-judicial foreclosure because there’s no legal action. Strict Foreclosure Strict foreclosure isn’t a very popular type of foreclosure; it’s uncommon. The reason is that it’s allowed only in some states. According to this foreclosure, the lenders file lawsuits against borrowers. They seize the property if the borrower fails to make the payments within the time given by the court. How do I avoid loan foreclosure? Foreclosure is something that borrowers don’t want to experience. It’s a nightmare. Luckily, there are certain ways you can avoid it. Understanding what foreclosing on a loan means is the first step towards avoiding it. Here are some other ways to do the same: Forbearance Programs A forbearance program is an exceptional way of avoiding foreclosure. Let us tell you what exactly this program is. So, during the global pandemic, the federal government established this program. It’s not enabled in some countries, but there are many places where it’s still available. This plan will help you with your foreclosure by helping you financially. Try adjusting the loan terms Uncertainties are unavoidable and unidentifiable. If you struggle to afford your monthly mortgage payments, you can always ask the lender to adjust the terms. Most borrowers hesitate to ask for adjustments from lenders and then regret that later. Be smart and ask for adjustments. You might be able to decrease your monthly payments by increasing the loan tenure period. Set up a repayment plan Everyone knows about their financial condition. But instead of talking negatively, you can adjust your finances accordingly, considering your loan. Sit back and create a repayment plan. Adjust your expenses for a month and try to keep your loan payment as your priority. If you somehow are unable to pay for a month, your lender might agree to adjustments. That’s when making payments ahead of time helps you out! Take out a loan with a low interest rate Many people use the same approach to get rid of their mortgage permanently. It is only applicable when you have a few monthly payments to make but your budget is tight. So, there is always someone in the market offering loans at a low interest rate. Take your time and research different lenders. If you have any other assets, you can present them as collateral and borrow money for an EMI you can easily afford. From the funds lent at low interest, pay all your mortgage and free up your house. This way, your house is safe from foreclosure, and your liability is decreased. [B-02] Conclusion So that was all there was to know about foreclosure. Foreclosure might be a nightmare, but it’s avoidable. In this blog, we have shared some key tips and methods you can use to avoid foreclosure. Share this blog with someone you know who might plan to take out a mortgage. Help them avoid foreclosure. Also, if it’s your first time applying for a loan, it’s best to have expert assistance by your side, such as Piramal Finance. It’s a well-known finance firm that offers a wide range of premium finance-related services to individuals and businesses. Collaborate with them and get your desired loan effortlessly!

08-11-2023

Home Loan

10 Wonderful Tips To Boost Home Loan Eligibility

For most of us, getting a home is a dream come true. Everyone dreams of having their own house someday. But with rising property rates, owning an estate is becoming tougher. A home loan is a wonderful instrument that allows individuals, especially those with low incomes, to own a home. But here’s the twist: You can only get a home loan if you are eligible for one. Financial institutions like banks or independent lenders have specific criteria for giving loans. These criteria help them determine the creditworthiness of the candidate. So, how can you improve your home loan eligibility? That’s what we are going to explore today. Below, we have shared the top tips to boost home loan eligibility. #1 Improve your credit score Banks usually check an individual’s credit score during the home loan evaluation process to evaluate their creditworthiness. You will not be denied a home loan if you have a good credit score. It boosts your home loan eligibility. You need to pay all your loan EMIs on time to improve your credit score. If you are paying your monthly installments and credit card dues on time, your seriousness will be reflected in your CIBIL score. #2 Go for home loans with a longer tenure An important factor directly connected with your EMI amount is the duration of your home loan. Generally, the longer your loan’s duration, the lower the EMI amount. With a lower EMI amount, it would be easier for you to repay the home loan on time. Lenders generally consider this probability when evaluating home loan eligibility. Therefore, try to apply for longer-term loans to boost your eligibility. #3 Opt for joint home loans Instead of taking out regular home loans, consider applying for home loans jointly. Having more than one earning member in your family considerably increases your home loan eligibility. When you co-borrow, it not only improves your loan eligibility but also divides the burden of EMI repayment with additional tax benefits. If you know about home loans, apply for them with your parents or spouse. #4 Maintain your FOIR below 40% Your Fixed Obligation to Income Ratio is a critical parameter that almost all lenders consider while calculating borrowers’ home loan eligibility. Most financial institutions require you to have 40%–50% of your monthly income devoted to living expenses. Ideally, if your house expenses match this requirement, the chances of home loan eligibility greatly improve. #5 Choose the right lender Lenders are the backbone of the overall lending process. However, due to the complex eligibility process, you might not be interested in home loans from banks. That’s when independent lenders come in to fulfill your dream of getting a home. There are a plethora of lenders in the micro market with less complex home loan eligibility criteria. With a little research, you’ll be able to find them. #6 Make patience your friend It’s advised that you not hurry or panic when applying for home loans. Understand the market rather than rushing into any decision. You need to pay proper attention to some things when determining your estimated budget, calculating your income or earnings, and checking for errors in the CIBIL report. Spending time researching the market and evaluating lenders will help you get loans even with low home loan eligibility. #7 Pay off all your debts Your debt-to-income ratio is an essential factor that most lending institutions consider when evaluating the eligibility of applicants. The debt-to-income ratio refers to the total monthly debt you pay on your income. Your home loan eligibility rate will be low if you are already covering some financially heavy bills. Paying off your debts is the best way to ensure you remain eligible for a home loan. When you have no debt or low EMIs, your chances of getting a home loan improve greatly. #8 Mention additional income sources An excellent way to increase your chances of getting your loan approved is by declaring your additional income. Lenders base their lending decisions primarily on income. So, when you declare your additional sources of income, you give lenders surety that you can quickly repay them. Additional income sources, such as rental income, side businesses, freelance income, etc., can help you improve your financial health. Besides, having additional income can also help you get larger loans comfortably. #9 Make a larger down payment Most lenders or financial institutions finance home loans for approximately 75%–90% of your property’s value. You have to bear the cost of your remaining property. Someone can adjust that, but what about the principal value? If you don’t get it in the first place, your overall goal of getting the house will remain a dream. To ensure higher chances of loan approval, try to make a larger down payment. The higher the down payment, the lower the loan value and, therefore, the lower the payable interest. #10 Avoid changing jobs Are you a salaried person trying to get a home loan? If yes, make sure your job profile reflects your experience of not less than 2 years with the same company. Having frequent job changes in your application will hurt lenders. When it comes to salaried applicants, most lenders accept applications when the applicant’s income is stable. In other words, you have to show the lenders that you have a stable income, and having multiple job experiences contradicts that. Therefore, we suggest you show consistent work experience in your application. It will improve your home loan eligibility and, thus, your chances of getting a home loan. [B-02] Conclusion Home loan eligibility is integral to determining whether you will get a loan. To increase your chances of getting a loan, you must improve your eligibility. In today’s blog, you learned the top 10 tips you can follow to boost home loan eligibility. Try them before applying for a home loan, and boost your chances of getting it! Piramal Finance is a renowned finance company. You can choose from various financing options, such as home loans. They offer hassle-free, quick, and easy home loans with no foreclosure charges and zero repayments. So, what are you waiting for? For more details about their home loan process, visit their official website now!

08-11-2023

Other

PPF Interest Rates - PPF Maturity, Closing, and Withdrawal Rules

The PPF interest rate has always been a popular topic in the world of investment. It's often the first thing people want to know when considering a PPF account. Are you looking for accurate information on PPF interest rates but need help finding the correct numbers? Don't worry—we've got you covered! In today's blog, we'll dive into the current PPF interest rate and explore some key details about PPF that you will want to take advantage of. So, stay tuned as we get started. Let's begin! What is PPF? PPF, also known as the Public Provident Fund, is an exclusive investment scheme. It’s popular among investors due to its various investor-friendly features and multiple benefits. PPF is an investment scheme for the long term. It’s best for investors who believe in long-term gain and wish to earn high but stable returns. Keeping the principal investment amount safe is the primary target for people with a PPF account. In the market today, there are countless investment schemes. But there has never been a scheme that offers as safe returns as PPF. Besides, it’s also considered the best investment for people who are new to investing. Let’s talk about the PPF interest rates now. What are the current PPF interest rates? PPF interest rates aren’t fixed but are of a changing nature. But despite its nature, it doesn’t change much in the long run. Like in 2020, the PPF interest rate was bouncing between 7-8%. Talking about the interest rate, the current rate is 7.1%, compounded annually. PPF interest rates have been stable at this level since the last quarter of 2020. Its stability is what makes it risk-free. Now you might wonder, “How come the rate is so stable?” Well, PPF is backed by the Indian government, allowing it to provide 100% risk-free returns. Additionally, the PPF also falls under EEE status. This means that whatever amount you invest, the interest on your investment, and your maturity amount—all of them are free from tax. You don’t have to pay even a single penny of tax on your investments. Its tax-free features are one of the factors that attract investors to this fund. PPF Maturity, Closing, and Withdrawal Rules If you are new to PPF, understanding the PPF interest rates is the first step. The second step is learning about maturity rates and certain withdrawal rules. So let’s talk about account maturity first. A PPF account only matures after 15 years, starting from the end of the financial year when the account was opened. Investors get an advantage with the maturity date. They can extend it in blocks of five years after maturity. Now a common question asked by many beginner investors is, “Can we prematurely close our PPF account and withdraw all the money?” Yes, you can always withdraw your money from PPF before the maturity date. However, we don’t recommend you do that. But there are some exemptions, such as higher education for children, medical treatment, etc., where you can close your PPF account. But you can close it only after the compilation of five years, not before that. Learn how to make a crore with PPF. PPF is undoubtedly the best and most secure investment scheme for long-term investors. It’s not just about the tax benefits PPF offers; one can indeed make more than Rs. 1 crore with it. As you might know, the PPF interest rate that the government offers is 7.1%, which is compounded annually. Now let’s assume that this rate of return remains the same for the next 20 years. So, if your yearly deposit is 1.5 lakhs a year, it will be approximately 40 lakhs in the next 15 years. As mentioned above, investors can extend their PPF account’s maturity date by a bundle of 5 years after the completion of the 15-year maturity period. If you continue to invest 1.5 lakhs per year for another ten years, your PPF balance will reach a whopping 1 crore. So, the total number of years it took you to get to 1 crore is 25 years, with a consistent PPF rate of 7.1%. But the government tends to revise PPF interest rates every few years. Therefore, with an increased interest rate, you can reach your financial goal faster than you can imagine. Besides, PPF is the safest investment option, so you don’t have to worry about any potential risk of loss. How can you get the most out of your PPF investments? The biggest goal of every PPF investor is to try and make the most out of their investments. So, let us tell you how to do it. PPF interest rates are calculated monthly. However, it’s credited to your PPF account at the end of the fiscal year. Moreover, the amount of monthly interest is calculated for the days between the fifth and last day. So, if you want to maximise your returns, invest in PPF before or on the 5th day of every month. If you follow this approach, you will become more interested in the current month’s balance than the previous one. That’s the case with monthly investments. Now many people prefer lump-sum investments as well. This means they make all of their investments for the year at once. If you are one of them, try making your PPF deposits between April 1 and April 5 of the financial year. This will help you maximise the returns on your lump-sum PPF investments. [B-02] Conclusion PPF is a great investment option, especially for beginners. If you believe in long-term gain and want to earn via compounding income, invest in PPF. The current PPF rate is 7.1%, but it has a high chance of increasing in the future. Unlike other investment options, every time is the right time to invest in PPF. We have tried our best to share every important detail about PPF and PPF interest rates. If you want assistance with any financial-related topic, such as PPF, FD, etc., try Piramal Finance. Their team of experienced financial advisors will help you make ideal financial decisions.

08-11-2023

Other

Complete guide on how to find the Cheque Number

Although debit and credit cards and various other modes of electronic payment are overshadowing cheques as a dominant mode of payment, cheques haven’t entirely lost their usage. Even today, many people use chequebooks to make payments for various purposes. On the other hand, however, some people do have a chequebook but haven’t used it once. Whether you actively use your chequebook or not, you might have noticed a series of numerals written at the bottom of the cheque. You might have also heard the word ‘cheque number,’ but you might be clueless about it. But you are not the only one who is clueless about these things. Thus, here’s an article that discusses the cheque and its various aspects in detail and how to locate the cheque number on a cheque. Hence, let’s get started! What is a Cheque Number? A cheque number is a unique 6-digit number seen at the bottom of every cheque leaf on the left-hand side. The cheque number is different on each cheque. No two cheques can be found bearing the same cheque number. A 9-digit code, known as the Magnetic link Character Recognition Code(MICR Code), follows the 6-digit cheque number. All the numbers on a cheque are with special magnetic ink. What are the features of a Cheque? Some of the features of a cheque are as follows: Cheques can only be issued by individuals who hold a current or savings account. A cheque is regarded as an unconditional order and not a request. A cheque is payable only on demand. Whenever a cheque is encashed, the payment is made in cash. The maker/drawer of the cheque needs to put his/her signature on the exchequer mandatorily. A cheque is valid only when it is dated and signed. A cheque is invariably drawn on a specific bank. Where can one find the Cheque Number? One can find the cheque number at the bottom on the left-hand side. The 6-digit cheque number always precedes the 9-digit MICR code. What does a Cheque Number signify? The unique cheque number on a particular cheque leaf is used to know the status of that cheque. For example, you have drawn several cheques to different payees. Now, you are curious to know about the status of those cheques. Here comes the role of the unique cheque number. The cheque number will let you know which cheque has already been encashed and which is still left. Thus, the cheque number signifies the status of the cheque. At the bottom of every cheque leaf on the left-hand side is the 6-digit unique cheque number. The Magnetic Ink Character Recognition Code, commonly known as the MICR code, is a 9-digit number. This MICR code indicated the bank and the bank branch from where a particular cheque had been initially issued to the account holder. The first three digits of the MICR code represent the city code, the next 3 digits reflect the bank code, and the last 3-digits represent the code of the bank branch. The MICR code is followed by a 6-digit number, which is a fragment of the cheque issuer’s account number. The last 2 digits that can be seen at the bottom of the cheque are referred to as the transaction ID. This ID signifies whether the cheque issued is payable at par or locally. Whereas a local cheque can be encashed only at the bank from where the cheque has been issued, while the payable at-par cheque can be issued at any branch of the issuing bank. However, most of the issued cheques are payable at par. All of the numbers which have been discussed above are written with special magnetic ink. Thus, these numbers can be read only with the magnetic in the reader. Usually, all banks in India have the same kind of cheque leaf format as discussed above. However, you might notice slight variations in the formats of the cheques issued by different banks. What are the different types of cheques? The various type of cheques are as follows: 1. Bearer Cheque As the name suggests, the bearer cheque is one in which payment is made to the person carrying or bearing the cheque. The words “or bearer” are printed just in front of the payee’s name on a bearer cheque. Anyone carrying the bearer cheque to the bank is eligible to encash it. The banks won’t ask for the issuer’s authorisation while paying this cheque. Bearer cheques are endorsable. 2. Order Cheque Order cheques are the exact opposite of bearer cheques. On this cheque, the words ‘or bearer’ are cancelled out. This means that no one except the person whose name is written on the cheque is eligible to encash it. The bank might verify the payee’s identity before encashing the cheque. Order cheques are non-endorsable. 3. Crossed Cheque These cheques bear 2 parallel sloping lines along with the words ‘a/c payee’ written at the top left corner of the cheque. These parallel lines ensure that irrespective of who presents the cheque to the bank, the payment will be made only to the payee whose name and account number have been mentioned. A crossed cheque can be encashed only at drawee’s bank. Thus these types of cheques are relatively safer. 4. Open Cheque An open cheque is an uncrossed cheque. This means that the top left corner of an open cheque does not bear 2 parallel lines. An open cheque can be encashed either at the drawer’s or the payee’s bank. The original payee of an open cheque can transfer it to another payee. The cheque issuer must put their signature on both sides of the cheque. 5. Self Cheque Self-cheques can be identified by looking at the word ‘self’ written in the drawee column. These cheques can be encashed only at the bank branch where the issuer has an account. The drawer uses these cheques to withdraw money from their bank account. [B-02] Conclusion The cheque number is the most important part of a cheque. You must copy down the cheque number at a safe place. This is extremely important because if someone misplaces their cheque or a payee finds that money has not been credited to their bank account, the cheque number will help track its status. The cheque number might even help one to retrieve lost/stolen money. Many banks and NBFCs disburse loans via cheques. Piramal Finance, an NBFC, is one of them. Piramal Fiance is a renowned finance company that offers its clients quick, hassle-free, and easy loans. It offers various types of loans, including personal, home, business, etc.

08-11-2023

Which Bank Gives Highest Interest On FD

Since May 2022, when the RBI began a pattern of quarterly increases to the repo rate, banks in India have increased their interest rates on fixed deposits (FDs). Since May, the RBI has increased the repo rate by 190 bps. It’s no secret that fixed deposits are a go-to choice for many investors, especially those looking to play it safe with their money. Several financial institutions now provide a return on FDs of greater than 7%. Even though India’s retail inflation hit a five-month high of 7.4% in September 2022, many Indians may still find earning over 7% on their fixed deposits enticing. [B-01] What is a fixed deposit? A fixed deposit is a direct investment that needs a single deposit. You may put money in the bank’s core account for a predetermined time (tenure). During this time, interest will accrue on the deposit. You will receive your money back along with interest. Table of banks giving the highest rate of interest on FDs and rates The latest interest rates offered by top banks for tenures range from 7 days to 10 years as of December 2022. Name of BankFor general citizens (p.a.)For senior citizens (p.a.)IDBI Bank FD3.00% to 6.25%3.50% to 7.00%HDFC Bank FD3.00% to 6.25%3.50% to 7.10%ICICI Bank FD3.00% to 6.60%3.50% to 6.95%State Bank of India FD3.00% to 6.10%3.50% to 6.90%Kotak Mahindra Bank FD2.75% to 6.50%3.25% to 7.00%Axis Bank FD3.50% to 6.50%3.50% to 7.25%Canara Bank FD3.25% to 7.00%3.25% to 7.50%Punjab National Bank FD3.50% to 7.00%4.00% to 7.50%RBL Bank FD3.25% to 7.25%3.75% to 7.75%IDFC First Bank FD3.50% to 7.25%4.00% to 7.75%Bank of Baroda FD3.00% to 5.65%3.50% to 6.65% Different banks’ lists and their interest in FD Rates of Return on Fixed Deposits Offered by SBI The State Bank of India (SBI) is one of the country’s main public sector banks. SBI has set an increased interest rate for its employees and retirees. The interest rate will be 1% higher than the rate available to the general public. Those who are 65 or older and are residents of India will receive the staff interest rate of 1% in addition to the senior citizen interest rate of 0.5% from SBI. The interest rates will apply to both new deposits and rollovers of accounts with terms that are about to end. 2. Interest Rates on Fixed Deposits at ICICI Bank The fixed deposit earnings of elderly citizens at ICICI Bank increased by 0.5%. The ICICI Bank allows customers to choose between fixed deposits that allow withdrawals and those that do not. The interest on FD will not significantly increase if the depositor cannot access their money. There is a one-year bare minimum and a ten-year maximum on NRE deposits. 3. Axis Bank Interest Rates on Fixed Deposits Axis Bank provides online and offline fixed deposit services. The interest rates vary depending on the loan’s term and principal balance. The bank offers an interest rate of 0.65% on deposits made by seniors, which is higher than the standard rate. 4. Yes Bank FD rates On all deposit plans, Yes Bank provides excellent interest on FD. The interest rate for a term of less than one year varies from 3.25% to 5.00%. Interest on deposits with maturities of one to three years ranges from 5.75% to 6.25%. The bank offers interest of 6.25% p.a. on deposits made into FD accounts with terms greater than 3 years. On FD tenures, senior citizens are given an extra interest rate of up to 0.75%. 5. Citibank FD rates For any FD held for a shorter time than a year, interest on the FD of 1.85% to 2.75% will be paid. The maximum interest rate paid by Citibank is 3.50% per year for an investment term of 1,096 days. The annual return rate will be 3.50% between 151 and 1,095 days. Every older person will get an extra percentage of interest. 6. Punjab and Sind Bank Rates Punjab and Sind Bank offer FDs with interest rates ranging from 3.00% to 5.40%. The rate paid for deposits kept for less than a year ranges from 3.00% to 5.15%. The yearly rate of return ranges from 5.15% to 5.40% for an investing duration of one to three years. If the deposit is retained for a duration between 3 and 5 years, a rate of 5.40% p.a. on bank deposits is paid. Note: The interest in FD for older persons is high. The bank applies several interest rates on deposits exceeding Rs 1 crore and below Rs 5 crore. The RBI’s monetary policy will update the interest rate regularly. These are the main banks and their FD interest rates. Before investing your hard-earned cash in any financial asset, it is prudent to do research. How to Pick a Good Fixed Deposit The following are the considerations to make when selecting a fixed deposit: Examine the FD interest rates offered by various banks. Check the lender’s integrity by looking at the ICRA or CRISIL fixed deposit safety rating. Select a fixed deposit type: cumulative or non-cumulative. Pick a bank that provides friendly customer service and a simple FD opening process. Final Words A fixed deposit is a safe investment, but it provides returns that are less than inflation. Before applying for an FD, gather as much information as possible about the process and the banks offering the highest rates of interest on FD. All the above-mentioned information will be a big help if you search for banks giving out the highest interest rate interest on FD. For more information on the same, visit Piramal Finance. It is an Indian financial services company that is making its foray into retail lending, which includes personal loans, business loans, housing loans, and other consumer-focused finance products. [B-02] FAQs Is FD a good way to spend money? Fixed deposits are one of the best ways to put your money to work. How long does a fixed deposit have to be? You can open a fixed deposit account for at least seven days. How much is the smallest amount you can put into an FD account? Different banks have different minimum amounts. As little as Rs. 50 is possible. Can I receive interest on a fixed deposit every month? Yes, you receive interest on your fixed deposit. Can I take money out of my Tax Saver Term Deposit before it’s due? No, you can’t take money out of a tax-saving term deposit before the five years are up.

08-11-2023

How To?

How to calculate Mutual Funds returns in percentage?

A mutual fund invests in a company’s bonds, shares, or stocks. An individual can buy shares and gets a reward from company profit. The percentage of dividends rises with the share’s value. You can calculate the return percentage on your share. The mutual fund’s calculator helps in assessing the return in percentage. There are two types of mutual fund investment. Systematic investment plans (SIP) and lump sum investments are two different types. You can choose any one or go for a combination. SIP is a monthly, quarterly, and monthly mode of investment. It is more suitable for disciple investment plans. However, a lump sum long-term investment means paying the full amount in one go. You can calculate using a mutual fund calculator. You may check the mutual funds calculator usage process given below. [B-01] How does the mutual funds calculator work? Any investment in mutual funds comes with returns in percentage. It would help if you learned how to work with a mutual funds calculator. Use the calculator for return assessment if you invest in SIP, lump sum, or combination. You can put the principal investment amount and expected return in the calculator. The mutual fund’s calculator tells the amount to be paid at maturity. You can put the maturity amount to know the rate of return. You can flip one thing with another and know the desired investment information. Types of returns on mutual funds In mutual funds, there are six types of returns. Absolute, annualized, total, point-to-point, trailing, and rolling returns. Annualized and absolute are two expected returns on mutual funds. Mutual funds calculator can assess both types of return in percentage Annualized return Annualized return means earning a return amount on mutual fund investment annually. The investment growth rate is assumed to be constant. Let’s use the same example using the mutual fund’s calculator for assessing. For example, Mr. B invested Rs.1 Lakh in a long-term mutual fund in January 2017. Now the value of the investment is Rs.1.3 lakh in January 2020. So the investment return is calculated based on 3 years. The formula of absolute return is, Annualised return = (Final investment value ÷ Initial investment amount) ^ (1/number of years)-1 = [(130000 ÷ 100000) ^ (1/3) – 1] = 9.045% Hence, Mr. B’s investment has grown by 9.04% annually for 3 years. Absolute return Absolute return on mutual funds is the total change in the value of mutual funds investment. This amount is given at the redemption time. It is expressed in (%) form. For example, Mr. S invested Rs.1 Lakh in a mutual fund in January 2017. Now the value of the investment is Rs.1.3 lakh in January 2020. So the investment return is calculated based on 3 years. The formula of absolute return is, Absolute return = (Final investment value- Initial investment amount) * 100/ (initial investment amount) = (130000-100000)* 100/100000 = 30% How to calculate SIP return using a mutual funds calculator? The SIP is a monthly, quarterly, or yearly payment in mutual funds investments. So, the mutual fund’s calculator works on the holding period of each SIP. The holding period refers to the period of investment and withdrawal of a particular SIP. An individual buys the units of mutual funds based on net asset value. The net asset value varies from day to day of each month. When you redeem the investment, you get the amount of all units x net asset value of the present day. You can predict the return on investment using a mutual fund calculator. Use extended rate of return (XIRR) for overall return on investment. The XIRR is the sum of CAGRs on each SIP Investment. It would help if you used the SIP calculator for assessing, as the CAGR calculator takes extra time. It simplifies the SIP and SWP calculation. And, gives the combined value of the return percentage on investment. It is also helpful in maintaining cash flow using SIP and SWP. Let’s understand the SIP return calculation with an example. The mutual fund calculator for SIP is the best option for calculating the return percentage. Mr. A invests Rs.2000 in SIP mode for 5 months. The principal amount after 5 months is Rs 10000. But Mr. A gets a total of Rs 11000 at the withdrawal. Let’s see how? Date of SIPAmount depositedMarch 01, 2015Rs2000April 01, 2015Rs2000May 01, 2015Rs2000June 01, 2015Rs2000July 01, 2015Rs2000Final return amount at the redemption of investmentRs 11000 Formula of SIP return percentage = P [(1+i) ^ n-1] * (1+i)/i Here P stands for the principal amount (principle/investment), and I stands for the interest rate. Now you can calculate your SIP return with any amount. XIRR of SIP investment is 45.27% per annum. How to calculate lump sum investment on mutual funds? In lump sum long-term investment, you get annualized and absolute returns. The mutual fund’s calculator helps in assessment with separate formulas. The lump sum long-term investment formula calculates only less than 12 month period amount. It is always expressed in a percentage format. The formula of absolute return is given below. Here the NAV stands for the net asset or market value of each investment unit. (the current NAV – the beginning NAV) / beginning NAV x 100. Let’s assume your present NAV is 45, and the beginning NAV is 30. The absolute return will be 60% for a <12 months period. The annualized return formula, however, works best with an investment period of more than 12 months. You can use the mutual fund’s calculator for quick assessment. The formula for a simple annualized return is given below. [{1+ absolute rate of return} ^ (365 / number of days)] -1. CAGR and combined annual rate help analyze the average rate of return. You can calculate for more than 12 months. The formula is given below. [{(current NAV/ begging NAV) ^ (1/number of years)]-1} x 100. You can use the same formula for monthly return calculation. Just replace the number of years with several months. You can use the alternative formula of CAGR = (current value/initial value)1/n-1. Here N stands for the number of years. [B-02] Final Words The mutual funds calculator is a one-stop solution. You can calculate the return percentage from your home using a simple calculator. There are various formals, but they are time-consuming. You can compute any amount with a long-term mutual fund calculator. SIP or lump sum investment, either combination or separate, can all be calculated. Know your investment and choose wisely. Visit Piramal Finance for similar blogs. Also, look at the products and services that they offer.

08-11-2023

Know More

Use the RD calculator to calculate RD interest online

Recurring deposits or RD calculator online is a device which permits investors to make deposits every month. It also helps to preserve funds over time. Investors can select the duration of the payment. They can also select the lowest monthly payment that is most easy for them. RD plans are more adjustable. It is favoured by people desiring to open an account to save money. [B-01] Using An Online Rd Calculator When choosing an RD, it is crucial to understand the combination of instalments, cost of borrowing, and deposit period pick. This is the goal of the online RD calculator on this website. 3 areas should always be filled out when trying to invest in a term deposit to determine possible earnings: Monthly Deposit Amount: This is the amount that will be posted each month. Interest Rate: The interest rate set by the supplier. 3. Deposit Tenure: The time frame for making deposits. Three factors determine the RD maturity quantity. An RD calculator online adds these factors to a standard formula to compute the precise maturity amount. The online RD calculator formula is given: P*(1+R/N)(Nt) = A (Nt) The variables in this equation are: A: Amount of maturity P: monthly payments N: frequency of compounding (number of quarters); R: % interest rate t- Term This is the conventional formula for determining an RD’s maturity amount. This is true despite the amount spent or the length of time invested. Assume a person creates an RD wallet with a monthly estimated cost Of Rs. 5,000 for a year. The interest rate on this account is 8%. The deposit’s ultimate maturity amount is calculated using the following formula: A = P*(1+R/N)(Nt) (Nt) = 5000(1+.0825/4)^(412/12) = 5425.44 = 5000(1+.0825/4)^(411/12) = 5388.64 … = 5000(1+.0825/4)^(41/12) = 5034.14 The entire maturity value is calculated by adding the series, i.e., A = Rs 62,730.85. The financial return in RD for the depositor is INR 62,730.85. The depositor’s RD investment has a maturity value of INR 62,730.85. Benefits of Recurring Deposits in Investing RDs offer a guaranteed return, making them a great investment option. It also has some advantages given below: RD is a simple investment product. It is easy for brand-new investors to grasp. Investing in RDs can help instil the habit of investing. It also helps in saving regularly. RDs are used as medium, short, or long-term investment vehicles. The minimum period is 6 months and can be extended to 10 years. Some banks have an Rs. 10 lowest investment amount. RDs are fluid. People can easily withdraw funds from the account whenever they want. But the bank charges a small fee. The documents needed are simple to gather. Any resident can set up RD. They can join it with an interest-bearing account. No additional documentation is required once this is done. This is the easiest. It is also the most convenient way to save money. One can build an affluent abundance and riches. It also provides one with assurance. Key points to remember A recurring deposit is a very good choice. Mainly for people wanting to double the cash. Also, without taking on a big risk. It calls for a monetary investment over a period. But there are a few things to think about before investing in an RD scheme: The rate of interest RD account interest rates vary by bank. Interest rates on these investment products range from 3.5% to 8.5%. It is vital to keep in mind that the interest rate will change depending on the length of your investment. The interest rate on a long-term RD will be higher than a short-term investment option. Tenure of Deposit The RD investment tenure is divided into three categories. Short-term (6–8 months per year). Medium-term (12–18 months per year). And long-term (12–18 months per year). The second type of investment is a medium-term investment, which lasts 5 to 10 years. The third type of RD account is a long-term investment that lasts more than ten years. As a result, it is critical to assess your needs and select an investment tenure accordingly. The best way to maximize your investment returns is to choose a provider. The one that offers higher interest rates for the shortest amount of time. Premature Withdrawal Customers in India can withdraw their investments at any time. The interest and returns applicable in such cases are fixed by how long you have held the investment. Some financial firms also charge a fee for early withdrawals. As a result, when investing in an RD account, it is critical to select a provider that charges minimal fees for early withdrawal. [B-02] Conclusion It is an excellent investment strategy for people who do not have a large sum of money to begin a fixed deposit. But can regularly invest from their earnings. Individuals are also encouraged to develop long-term investing habits. They can do this through recurring deposits or RDs. Before deciding on an RD strategy, it is critical to compare the returns from all available options using RD calculations. An RD calculator online is useful. It allows you to compare all the available RD plans from various financial firms. This is a kind of investment done in phrases. You can invest a fixed amount every month and earn interest on it. The interest rates are locked in until the term is over. You have the option of receiving interest at a certain period. People wanting to put money into little sums should consider setting up a recurring deposit. Read on to learn more about finances at https://www.piramalfinance.com/

08-11-2023

Personal Loan

Online Education Loan Scheme For Students In India

When it comes to education, it is always regarded as an investment and not as an expense. The quality of education you get can greatly impact your future career. Hence, you must opt for the best course at the best college to pursue your higher education. Though, the rising cost of higher education might act as a roadblock. This is where the benefits of an online education loan come to the fore. Through this loan, you can pay for the cost of your higher education upfront and then repay the loan amount in EMIs. An online education loan can be the first loan you will ever take. This means you might need to add a parent or a family member as a co-applicant. It will help boost your chances of getting the required amount for the loan. There is no need to offer any security to get this loan. Read on to learn all about the online education loan scheme for students in India. [B-01] Features of Online Education Loan Listed here are some of the most crucial features of an online education loan that you must be aware of. Loan Amount: If you want to take an online education loan, you need to know the loan amount that you require. Most lenders now offer high-value loans for studies of up to Rs. 1.5 crores. The maximum loan amount that you can avail of will be based on your profile and the course fees that the college is charging. Banks and NBFCs offer online education loans for overseas colleges and universities as well. Though, you must check with the lender if the course and college you wish to apply for are acceptable to them. Some lenders might offer to pay only for college fees. Expenses like travel, boarding, lodging, and other costs must be borne by you. Loan Tenure: Loan tenure for an online education loan can vary per the lenders. Some lenders offer these loans for up to 7 years, while others offer them for up to 15 years. Most lenders will need you to pay the interest during the study period. You can start repaying the principal amount after the course completes. Some lenders may also offer you a mortarium for loan EMIs to allow you time to find a job after completing the course. You must opt for a tenure that gives you an EMI amount which you may be able to repay easily. If you do not pay the interest during the repayment holiday, the accrued amount will be added to the principal. This will result in the EMI being updated. Interest Rate: Most lenders offer education loans at a low-interest rate. The interest on this loan is linked to the repo rate from the RBI. You can get an education loan starting from as low as 10.6% per annum. Some lenders can offer you a rebate on the interest rate if you keep paying the interest cost during your studies. You may also take a personal loan to pay for your education fees. You must select such an offer where the interest is low, as this will help you keep the EMI amount under your budget. Processing Fee: The processing fee for an education loan will vary as per the lender and the loan amount. Most lenders waive this fee if the loan amount is less than Rs. 7.50 lakhs. If the loan amount is over this limit, then a processing fee of around 1% to 2% may be charged. If you are giving security to get this loan, then you will need to pay the charges for legal and technical reports. No charges are levied for mortgage creation under education loans. Eligibility: You must meet the rules and terms given by the lenders related to eligibility for an online education loan. The applicant must be an Indian national, and the course and institute you select must be a part of the list the lender gives. You will need to provide the admission offer letter given by the college. If a parent has been added as a co-applicant, then he/she must also provide all the papers like ID proof, address proof, income proof etc. You must also provide all your educational certificates to the lender. If you have gained admission after clearing an entrance test, you must also provide a copy of that result. Expenses Covered: You must ask the lender about all the costs the loan would cover. This will allow you to plan your expenses a bit better. While the details can vary across lenders, some of the common costs that an online education loan covers are: Admission fee. Costs to complete the course, such as study tours or project work. Caution deposit, building fund or refundable deposit. Examination fee, library fee, and laboratory fee. Hostel expenses and mess charges. Insurance premium for the student. Cost of books, uniforms, or other equipment. Cost of laptop if needed for the course. Travel costs such as air tickets for overseas. The tuition fee is payable to the college. [B-02] Taking an online education loan can be a good choice to go for a course of your choice. It will allow you to focus on your studies and repay the loan after you start working. You need to do a lot of research before you pick an option. Though, it is vital to note that an online education loan is still a loan, and you must make a wise decision. You must visit Piramal Finance, which offers great loans at good interest rates. They also have many articles and blogs to help you learn more about the world of finance and loans.

08-11-2023