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Complete guide on how to generate ATM PIN on your own

Some of you must be familiar with the concept that you were given a debit card when you opened a bank account. It came inside a letter with a four-digit number. Those random numbers were to be your ATM PIN. Although banks now let their customers generate their PINs, ATM PIN generation is an easy process. The bank gives you a debit card, and you must create the PIN on your own. [B-01] ATM PIN (Personal Identification Number) An ATM PIN is essential for both online and offline transactions. It is a four-digit code that must be kept safely. No transaction will be considered valid until you enter the correct code. It is just like a password. According to research, India is one of the countries with the highest number of debit card users. However, to some, ‘how to generate an ATM PIN?’ might be a tricky question. Before you begin, make sure you have a bank account and are a customer of the bank. It would help if you also had your phone number registered with them. PIN generation at an ATM As you visit the ATM, the card needs to be inserted into the teller machine. Multiple options will be available on the screen, but you need to choose the one that says “generate ATM PIN.” The next screen shows two options, “generate OTP” and “available OTP.” Select “generate OTP.” You will receive a 6-digit, one-time password within a few minutes. You need to insert the ATM card again and repeat the above process. Except for this time, choose “available OTP.” After this, you will be asked for a PIN. Now enter a desired 4-digit number. Re-enter the number when asked to do so. Select “Submit,” which is how to generate an ATM PIN quickly. PIN generation using SMS Type the message for the new PIN generation. Your bank must have a format and send that message to the number at which it provides SMS service. You will be given a temporary OTP for ATM PIN generation. It will remain valid for a few hours. Next, you need to go to an ATM. You need to insert the ATM card into the machine. Select the “generate ATM PIN” option. Enter the OTP that was previously sent to you. After this, you will be asked for a PIN. Now enter a desired 4-digit number. Re-enter the number when asked to do so. Select “Submit,” which is how to generate an ATM PIN quickly. How to generate ATM PINs using customer care Call the customer service number of your bank. Request them for an OTP against your ATM card. The bank will ask for a few details to verify your identity. Once they are satisfied, your OTP will be sent to you for ATM PIN generation. It remains valid for a few hours. Visit a nearby ATM. You need to insert the ATM card into the machine. Select the “generate ATM PIN” option. Enter the OTP that was previously sent to you. After this, you will be asked for a PIN. Now enter a desired 4-digit number. Re-enter the number when asked to do so. Select “Submit,” and that is how to generate an ATM PIN easily. Changing ATM PIN online Visit the bank’s app or website. You must be logged in to your account. Select “card service.” You will get this option under “Service.” Choose the ATM PIN generation option. Select your account and then verify the OTP sent to you. Select continue. Now enter your old PIN. Click submit. Enter your new, desired 4-digit PIN. Now select “submit.” And that is how to generate an ATM PIN in case you want to change it. How to change your PIN by visiting an ATM Go to an ATM. Insert your card into the teller machine. Select the option for ATM PIN generation. Now your bank account number needs to be entered. Select confirm. Enter the mobile number that you have registered. Select confirm. You will receive an OTP now. Cancel the process and re-enter your card in the machine. Select a language. Select banking services Enter the OTP you received and then click on “Enter.” Choose the option to change the PIN. Enter the new desired 4-digit number. Re-enter it when asked to do so. Select submit. That is how to generate an ATM PIN if you want to change it. Advantages of generating ATM PINs by yourself The cardholder gets to generate the ATM PIN at their convenience. They do not need to rush down to the bank to collect it. The bank employees will also not have to deal with keeping custody of these PINs, as it might get risky. This process saves time on both ends, i.e., the bank’s and the customer’s. This is also cost-effective; the bank will now not have to spend a tonne of money couriering these documents to their customers. This can also help reduce carbon footprints for both public and private banks. [B-02] Conclusion The internet has made everything so easy for us. Bank work used to be tedious, but now we can do everything online or at our convenience. Things like loan taking, money transfers, ATM PIN generation, etc. This process is more secure, as you get to generate your PIN. There are fewer chances of it being leaked. Having an ATM PIN is a must because you cannot operate your card without it. It is advised not to share your PIN with anyone, not even your spouse. It would help if you went to generate your PIN yourself, as you might understand that it is a security issue. This code needs to be kept safe. If you need help with finances, you can always take the help of a financial expert like Piramal Finance. They will suggest what’s best for you and help take care of your personal loan requirements, if any.
08-11-2023
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Other

Benefits Of Using An EMI Calculator

Generally, people consider loans a quick solution to urgent financial needs. Due to today’s technology, one needs a few hours to apply for loans. It’s now a paperless, digital process. But before applying, consider a few factors first. It helps you to get cheap deals too. First, check interest rates and repayment procedures. Use a personal loan EMI calculator to know the approx amount you can afford. This tool helps you make the best borrowing decisions. Let’s read more to understand how a personal loan EMI calculator can be useful. [B-01] Concept of EMI Equated Monthly Instalments or EMI is a type of loan repayment process. It includes both interest and principal. There are three factors in it. These are loan amount, loan interest rate and tenure. The EMI calculator helps you figure out the monthly amount you need to pay. The EMI calculator is easy to use to find out the total instalment budget. This is great for financial planning. You need to enter values in the three fields. It will calculate the monthly instalment in a moment. The EMI calculator calculates quickly for you in no time. The precision helps to avoid any errors, unlike manual calculations. The formula used for arriving at the EMI is:EMI = [P x R x (1+R) ^n] / [(1+R)^ n-1]Here, P= Principal loan amount, R= Rate of interest, and n= Number of monthly instalments. Benefits of using a personal loan EMI calculator No Technical Knowledge Is Required A personal loan EMI calculator is simple to use. It’s user-friendly and efficient. It’s okay if you do not have technical knowledge about finances. You don’t need them at all. The EMI calculator would do the job for you. You need to input three data in the blanks. That’s all. This free digital tool is accessible even on a smartphone. Calculating EMI has never been this easy. Saves You from Performing Complex Calculations A personal loan EMI calculator gives you results in seconds. This is one of the key components to consider. Manual calculations are messy and time-consuming. Often people find the calculations tough and cause a lot of errors. So, a specialised personal loan EMI calculator solves everything in seconds. It does the calculations and gives you error-free results in an instant. Save your valuable time with EMI calculators. Provides Nothing but Accurate Results Another advantage of using a personal loan EMI calculator is its accuracy. The chances of errors are almost negligible. Even a small calculation error can result in inaccurate EMI calculations. This ultimately results in higher payments. With a loan EMI calculator, say goodbye to such errors. You need to enter the correct values. That’s it! Helps you Maintain your Credit Score An EMI Calculator saves your credit score. The calculator helps you estimate the total amount of money you need. It helps you think if the amount is affordable or not. Remember, late EMI payments affect your credit score. So, calculate your EMI and mull over it for a moment. Do this before you apply for a personal loan. You need to prepare yourself to pay the EMI on time. A late EMI affects your credit score. So, an EMI calculator indirectly saves your Credit Score. Always try to maintain a strong credit profile. It is important for your future financial purposes. Poor scores prevent easy access to credits. Make Decisions by Modifying Components of EMI Your EMI is based on your loan amount, monthly interest rate, and tenure. The loan amount and interest rate are directly proportional to the EMI. It is also inversely proportional to the loan’s term. If you want to lessen your instalment amount, increase the tenure. Use an EMI calculator to tweak these values. It helps you find out the most affordable loan terms for your profile. Choose a loan amount as per the EMI without affecting your daily life. Loan-specific EMI Calculators at Your Disposal The essential requirements for any loan may be the same. But sometimes, you need to use lender-specific EMI calculators. A loan-specific calculator can better estimate the EMIs that you need to pay. Piramal Finance offers you a unique Home Loan EMI Calculator and Personal Loan EMI Calculator. You can also get Bike Loan EMI Calculator, Car Loan Calculator, etc. Now, plan your finances effectively without much hassle. [B-02] Conclusion Always aim to reduce your chances of default on loan repayment. This needs careful planning of your personal loan EMIs. The ideal way to start is to study your finance books. Use an EMI calculator or alike functions. Plan thoroughly and estimate your EMI in advance. A simple free EMI calculator can save you thousands of bucks. Piramal Financial is the ideal platform for amazing loan plans. This includes bike loans, personal loans, home loans, etc. You get a finance partner who helps you fulfil the basic requirements. We offer an easy-to-use personal loan EMI calculator. This helps you budget your payments. The service is free and simple to use. Forget about errors with Piramal Finance! Other highlights of service provided by Piramal Finance include customisable loan tenure and reasonable loan interest rates. There are no hidden fees or additional costs. We uphold complete transparency in all loan transactions.
08-11-2023
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Personal Loan

How to calculate Two-Wheeler Loan EMI?

One of the best ways to manage finances when you fall short of funds is getting a bike loan or two-wheeler loan. It is one of the most popular financing options nowadays to buy a dream bike or any other two-wheeler of your choice. The two-wheeler loan options are available at an affordable interest rate for a tenure range from 1 to 5 years. You can use a 100% loan to buy a bike or two-wheeler. It offers flexible repayment tenure options. You can experiment with different combinations of the principal amount and tenure with the two-wheeler loan EMI calculator. The calculator provides an opportunity to change the tenure and loan amount accordingly. You can use this calculator as much as you want. [B-01] The Two-Wheeler Loan Eligibility The minimum age to get a two-wheeler loan is 18 years, and the maximum is 65 years. Must have a stable job Must be living at the same address for at least a year Must have a good credit score of 750 or above. Must have a valid KYC document. The Documents Required to Get a Two-Wheeler or Bike Loan Identity Proof– PAN Card, Aadhaar Card, Driving License, or Voter ID card Address Proof– Electricity Bill, property documents, Latest Phone Bill or water bill Additional Documents are required for self-employed and Salaried Salaried: Offer Letter Last two months’ salary slips The latest six months’ bank statement record and ITR returns Self-Employed: ITR filing of the last three years TDS certificate Details of the sales tax Company details Steps to Calculate Two-Wheeler Loan EMI The two-wheeler loan EMI calculator is a must-use financial tool when planning to apply for a two-wheeler loan. This tool helps you choose the right loan offer, including the interest rate and tenure. The two-wheeler loan EMI calculator in 3 minutes shares with you the monthly EMIs you will have to pay. But to make the best use of the 2 wheeler loan EMI calculator, you must be aware of its main components. Principal Amount- The amount of money you are willing to apply for, from an NBFC or bank. If your principal amount is higher, automatically, the interest incurred will also be higher. So, always borrow what you can repay quickly. Interest rate- Apart from the Principal amount, another factor borrower needs to check is the interest rate. It is the rate at which your financial institution offers you a two-wheeler loan. The higher the rate of interest, the higher the loan cost. A borrower has no control over the interest rate. Tenure– It is the loan repayment tenure. As mentioned above, the loan’s maximum term ranges from 1 to 5 years. You can choose the tenure as per your affordability. But always keep one thing in mind, the higher the tenure chosen, the higher will be the interest rate. The formula for a Two-wheeler loan EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1] Wherein: P = Loan principal R = Rate of interest/100 N = Loan tenure in months Suppose you are planning to purchase a bike for Rs 10 Lakh on a 100% loan at a rate of 12%. You have EMI = Rs. [1000000 x 0.12 x (1+0.12) ^60]/ [(1+0.12) ^60-1] EMI = Rs.22,244.45 But overall, calculating manual EMI will be a time-consuming process. You may end up making errors too. A bike loan EMI calculator is just the right tool to minimize the chances of error and result in the wrong loan offer. How Does an Online Two-Wheeler Loan EMI Calculator Work? It’s the best way to plan your two-wheeler loan EMIs. The bike loan EMI calculator works only for three factors: principal amount, interest rate, and tenure. Once you put the required information, the two-wheeler loan EMI will display your instalment amount, which you need to pay monthly, along amortization schedule, and interest payable. Saves both time and effort for the borrower. Steps to use Log in to the lender’s website and click on the two-wheeler loan EMI calculator. Enter the interest rate, loan amount, and tenure. Once all the details are filled in, click on submit. The two-wheeler loan EMI calculator will automatically display the monthly EMI amount. Benefits of Two-Wheeler Loan EMI Calculator Get to know your EMI Value The first and foremost benefit of the two-wheeler loan EMI calculator is planning your monthly EMIs; you must pay the chosen loan amount value accurately and quickly. Helps in selecting the suitable tenure After deciding on the EMI value, you can also select the suitable tenure with the help of an EMI calculator. The term of a two-wheeler loan ranges from 1 to 5 years. You can try various assignments in the EMI calculator and choose the one that fits well with your financial goals. Loan Comparison The 2 wheeler loan EMI calculator works well for loan comparisons. You can make the cost comparisons of loan offers available to you and choose the best loan offer and the lender. Cost Break up The two-wheeler loan EMI calculator not only shares the monthly EMIs, but also gives you the detailed break-up cost of your loans like interest rate, processing fee, and other charges. Here you get the exact loan distribution, which will be the principal amount, and how much will be the interest amount. Minimizes the Default Chances Through the Two-wheeler loan EMI calculator, a borrower is aware of advance-only monthly EMIs, and accordingly, the borrower can budget finances. This tool saves a borrower from paying high-interest rates. When you plan your finances well before applying for a loan, the chances of making a loan default are also gets minimized. [B-02] Bottom line You can access the amortization table using the two wheeler loan EMI calculator. It shares the details regarding the exact loan amount and interest that will be incurred on the loan amount. You will be able to see the bifurcations of your loan payment. After understanding all the loan aspects, it becomes easier to plan two-wheeler loan repayment strategies and manage liabilities smoothly.
08-11-2023
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Home Loan

Easily Plan Your Home Loan with an Online EMI Calculator

Purchasing your own house is not a far-fetched dream today, thanks to the facility of home loans. Using an online home loan calculator, you can also get a prior estimate of your EMIs and interest payments in the planning stage. Usually, before applying for a home loan, you must assemble all the crucial documents a bank might require. Documents like Aadhar card or PAN card, income tax statements, salary slips, address proof, photo identification and property documents. But before moving forward, let us understand what a home loan is. [B-01] What is a Home Loan? A home loan or a house loan is the amount you borrow from a bank to purchase a house. A home loan equated monthly instalment (EMI) pays that borrowed bank amount with interest rates within a fixed period. For example, if you are buying a home loan for a property of ₹50 lakhs at an interest rate of 2% within the tenure of 5 years, then you will have to pay an EMI of ₹87,639 every month. You can use an online house loan calculator to calculate the above figures. You get the EMI estimate and the total amount of interest you pay monthly, yearly, and throughout the tenure. How to Pay a Home Loan EMI? Home loan EMIs have made it possible to buy your desired house without altogether paying for it in a single day. You can live in your dream house and still pay for it in regular intervals, which is consecutive months in a year or years according to what you choose as the tenure to pay the amount with a particular interest rate the bank offers. Remember that the more the tenure, the more the total interest payment will be. More interest is because it keeps mounting every month. A home loan EMI, though, gives you the freedom to pay in months. But, it has its own cost. A bank usually offers loans for a maximum tenure of 30 years. Though a bank might ideally allow you to apply for 50% of your monthly income, many do not prefer to exceed 33% of their monthly income to cover their EMI. How to Calculate Home Loan EMI? A manual house loan calculator will work in the following way: Segregate the principal amount, interest rate and the tenure you will pay the EMI in. Now calculate your house loan EMI by using this formula: P x R x (1+R)^N / [(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the tenure. For example, suppose the principal amount is ₹8,00,00,00, the monthly interest rate is 5%, and the monthly loan tenure is ten years, i.e., 120 months, then your house loan EMI according to this manual home loan EMI calculator, will be: 80,000,00 x 0.004 x (1+0.004)^120 / [(1+0.04)^120-1] = 84,852 Here, we calculate the value of ‘R’ on an annual rate; hence it is derived by: 5/(12×100) = 0.004 This method can be tricky, and you might end up scratching your head most of the time. Achieving accuracy by applying this method is a matter of practice. Considering all the above factors, you can calculate the correct amount of home loan EMI online. Then, in a fraction of a second, you can find out your next month’s instalment, the amount of money you will pay in the particular tenure and the total interest amount. The online house loan calculator tool keeps track of your future instalments and prepares you mentally to manage your expenses. Benefits of Online Home Loan EMI Calculator The following are the benefits of using an online home loan EMI calculator: It Saves Your Time With accurate results, the online home loan calculator gives results within a fraction of a second. The Online Tool Is Free Of Cost It is not a paid tool but a free online tool. Just type a few words on Google, and you can use the tool within a few clicks. Mentally Prepares You To Manage Your Expenses By keeping track of your coming instalments, the home loan EMI calculator helps you prepare mentally to save yourself from any penalty directly resulting from not paying the monthly instalments. It also allows you to curb your other expenses. Helps You Make The Right Decision Before Buying A Loan You can increase and decrease the tenure of your instalments. You can decide whether you want to pay a lot of money by increasing the term or if you want to spend more money within a few months, paying the lower total interest rate. No Need to Call or Visit Your Bank The home loan calculator holds the preciseness to tell you your exact total interest rate and monthly instalments so that you do not have to visit your bank or call the bank officials to keep track of your EMI. Helps You Take Decisions Regarding Prepayment You can also ask your bank to prepay your loan if you have sufficient funds. You may do so only if you are aware of your remaining instalments, which is possible with the help of the online tool. You Can Compare Loan Offers from Different Banks Not every bank gives you the same interest rate. So, calculate what different banks offer and arrive at the correct conclusion. This way, you can buy the best home loan that suits your budget. [B-02] On a Final Note Do not confuse a home loan with a mortgage loan. You take a home loan to buy a new property and a mortgage against an existing property. The only purpose of a home loan is to buy a new property. However, you can use the money you get with a mortgage loan as per your will for any investment. So the home loan EMI calculator proves to be a small yet significant step to help you make a one-time decision to buy your favourite property.
08-11-2023
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Other

Online Pension Calculator For Retirement Planning

Do you know how much money you’ll need for retirement? If not, it’s probably time to get a handle on the puzzle. Retirement planning is important because it will affect your lifestyle in the future. If you’re lucky enough, you might be able to retire at age 40 after a long career. But what if that’s too early, or you won’t have enough savings to support yourself once you retire? You can use online retirement planners and calculators to estimate how much money you’ll need for retirement and plan the same way. These tools can give you a clearer picture of your financial situation so that you know where to focus your efforts and make changes to achieve your goals sooner rather than later. [B-01] What is a retirement pension calculator? An online retirement pension calculator is a piece of software that allows you to calculate your lifetime retirement income. These calculators are often free but can cost money if they run on premium accounts. Other forms of the software include online budgeting tools and financial planning tools. They can be used for all types of personal finance matters, from saving for a vacation to building an emergency fund. Online retirement pension calculators are financial tools that can help you save for your golden years. With this tool, you can estimate how much money you will need to live comfortably in retirement. You can also find out the impact of variables such as inflation, taxes, and lifestyle changes on your income during retirement. There are two main types of online retirement pension calculators: online retirement savings calculators and lifetime income calculators. The first type is the NPS calculator, where NPS is the pension scheme run by the government. The second type will show you how much you will invest in yourself for your retirement. Manual Pension Calculator vs. Online Pension Calculator There are a lot of ways to calculate your retirement pension. But the two major ways are online and manual. Here is how to calculate it both ways: Manual Pension Calculator: If you want to know how much your pension will be, you can use a manual pension calculator. These calculators work by plugging in your current salary, your expected age at retirement, and your current age to estimate how much money you will get from your pension. Now let’s understand this with an example. Suppose you earn a monthly income of INR 50,000. You are presently 30 years old, and you want to retire at the age of 60. Here, we can expect an inflation rate of 6%. The Formula is RI = CI (1 + I)*T Here, RI = Retirement Income CI = Current Income I = Inflation Rate T = Time to Retirement (60-30=30 years) So, the retirement income you would need is RI = 50,000 (1 + 0.06)^30 = 2,87,174.5 Online Pension Calculator: One problem with using a manual pension calculator is that it takes time and effort. This is why there are online pension calculators. One of the easiest ways to calculate a pension is by using an online pension calculator or an NPS pension calculator. These tools allow you to input your income and other factors and then estimate how much you’ll have in retirement based on how much you put away each month. They can be a helpful way to estimate savings goals and see what kinds of returns you could expect from various types of investments. Though they are not designed to predict the future, they can provide a good starting point for evaluating different investment options. By combining all the numbers, you can get a sense of how much money you’ll have available in retirement and what kind of return that amount would be on average if you were investing in a traditional IRA. What are some of the best online calculators in India? Groww Retirement Calculator: Groww has one of the easiest online retirement calculators and an NPS calculator. To calculate the amount you will need in the future, you would have to put your current age, your monthly spending, the kind of retirement you want, and your saving plans. By filling these slots, you will get an estimate of the amount you will need in your golden years. Policy Bazaar pension calculator for retirement: Policy Bazaar is one of India’s most trusted financial institutions. It provides a pension calculation and an NPS pension calculator on its website. Not only this, but they also provide retirement investment plans for those who want to make separate funds for their retirement. To calculate the pension amount, you need to put in your current age, monthly expenses, your expected pension age, and the amount you will need in the future. Moneycontrol Retirement Planner: The Moneycontrol Retirement Planner is a complex calculator, but it provides the most accurate results. To calculate your pension, you need to put your current age and retirement age, your life expectancy, your monthly expenses, your current retirement corpus, your expected return on investment, or ROI, and your expense factor percentage. And you’ll get the results. [B-02] Bottom Line An online retirement calculator is the best way to calculate your retirement funds. You can set up a monthly investment plan based on the amount of money you need. Once you’re comfortable with the amount you’re investing each month, you can start adjusting your plan to ensure it’s still on track for your retirement savings goals. If you want to ensure you have enough money for retirement, that’s one thing. But there are also several other factors to consider, from how likely you are to live past the age of 60 to how much inflation will impact your income. An online retirement calculator can help you answer these questions and give you a sense of how much money you will need in your golden years.
08-11-2023
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Personal Loan

Plan your Personal Loan Repayment with an online EMI Calculator

Whether you need money for a luxury holiday or your tuition fees, personal loans are a one-stop solution for all your personal needs. Thanks to technology, you can get such loans in just a few hours through a digital, paperless process. However, this doesn’t mean that you should apply for a loan sight unseen. Check your options for the best deals and easy repayment. A personal loan calculator can help you choose the right loan amount and repayment plan. It helps you find out and plan monthly instalments. Read on to learn how a personal loan EMI calculator helps with loan repayment. [B-01] Importance of a Personal Loan EMI Calculator With an EMI calculator for personal loans, you can ensure that the calculations are in your favour. It also helps determine your target repayment date before taking a loan. Figure out the monthly instalment in your current budget plans. This is an important decision to make. So, before applying for a loan, know how much you can borrow and repay comfortably. With the easy-to-use personal loan calculator, you can choose the term. Decide on a long-term or short-term repayment period. Depending on your financial situation, change the main sum. To find a manageable EMI amount, adjust the value of the loan amount in the calculator. How to Use a Personal Loan EMI Calculator The personal loan EMI calculator can calculate the EMI amount based on the information you enter. Enter the following information first: Amount of Personal Loan– Your loan amount is the total sum you borrowed. Rate of Interest– In loans with fixed interest rates, the interest rate doesn’t change and stays the same for the duration of the loan. In other words, the EMIs will all be the same until the loan is repaid. However, the floating interest rate changes. So, the EMIs also fluctuate sometimes. The tenure of a personal loan– It is the period the borrower has set for the repayment of the loan. Almost all lenders offer flexible credit periods. The loan term, usually between 12 and 60 months, can therefore be chosen by the borrower. The Personal Loan EMI Calculator uses formulas to calculate the interest and EMI for personal loans. The formula for personal loan EMI calculation The following formula is used to determine your personal loan’s EMI: EMI = (P × R × (1+r) ^n)/((1+r) ^n-1) R = Interest Rate p = Principal amount N = Loan term/tenure Let’s Use An Example To Help Us Understand This – The borrowed sum is Rs. 6,00,000. (P) The annual interest rate imposed is 10.5%. The term is 48 months (n) The EMI that must be paid based on the formula above is then: (6,00,000 x 0.00875 x (1+0.00875)^48)/ [(1+0.00875)^48-1] = Rs. 15,362 Why Should You Use An Online EMI Calculator? It is crucial to understand how much money you need to pay monthly. Find out before applying for a loan whether it is a secured or unsecured advance. An EMI calculator helps a lot in such cases. You can use a credit EMI calculator to save time. You do not have to do complicated calculations by hand, which can take a lot of time. This way, you can calculate your EMI amount accurately and budget your money accordingly. You have the best chance of getting approved for a loan if you keep your debt-to-income ratio below 50%. There are very specific details for each type of loan. For example, a personal loan has a different EMI breakdown than a home loan. This way, any potential for error is eliminated, and you always get an accurate estimate. What is the Personal Loan Eligibility Calculator, and how does it work? Using the personal loan eligibility calculator, you can find out how much you can borrow based on your credit score. You can enter the required information in the online calculator to get a quick overview of the maximum personal loan amount you can apply for. The factors that determine your creditworthiness are interest rate, age, monthly income, unpaid instalments, and loan term. Use of the Personal Loan Eligibility Calculator An online instant estimate generator for your eligible personal loan that is simple to use is the personal loan eligibility calculator. Select your location. Specify your age. When you apply for a loan, you must be at least 21 years old, and you can only be between 62 and 70 years old when the loan matures, depending on the lender. Select your monthly net income. (or, if you’re self-employed, your annual profit after tax). Please remember that the money should be made after all tax deductions. Monthly EMI figures should be selected. The total of all instalments on your credit card, including those for which you are currently making payments, should equal this amount. On the right, you will see the total personal loan amount for which you qualify. The term and the interest rate are flexible and depend on you. A minimum credit score of 750 on a scale of 300 to 900 is needed to qualify for a loan. And that’s it! The personal loan eligibility calculator is a quick, simple, and easy-to-use tool. [B-02] Key Takeaway Use the Piramal Finance EMI calculator for personal loans. It is completely free of charge. Anyone can use it whenever they want and as often as they want. The online loan calculator is consistently 100% accurate. It is fast and gives an accurate estimate instantly. Piramal Finance offers other calculators besides the loan EMI calculator. Visit Piramal Finance’s website or click here to learn more about their services.
08-11-2023
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Stocks Markets

Share Buyback – Meaning and Impact

A share buyback, also known as a share repurchase, is a financial activity in which a company buys its shares. It leads to higher earnings per share and investment returns. Dividends and share buybacks are different in definition, journal entry recording, and intent. Because no surplus tax is on the proper selling process, the Stock buyback can be a way of capital return to owners. Also, it is helpful when the company wants to boost demand for already cheap stocks. The shares on the market are then moved to the secondary market, where the general public trades. Also for stock buyback, the Treasury Stock Method can reduce the number of shares. In this article, you will find out what Is Buy Back Of Shares and their features. [B-01] Share Buyback Characteristics The following are the characteristics of share buyback: Trading shares at an expensive amount. A computer application. The most straightforward way to take advantage of tax savings. There are several methods of application. It might impact people by showing them that the company has enough earnings to pay the owners. But a stock buyback may create a negative perception by spreading the idea that the firm lacks potential growth. Before starting, the firm needs to study and understand its risk capacity and needs. Also, this lowers the number of shares, increasing earnings and shareholder value. It enables the firm to transfer idle leftover cash to its owners on its financial accounts. Understand that payments and share buyback are two different ways of paying shareholders. In dividend and share buyback, the dividend provides a set tax return, whereas share buyback gives an efficient return. How Does A Share Repurchase Work? Below are three critical ways that the company’s share buyback plan can be put into action: Repurchase of open market shares Understand that the company buys its shares, and brokers handle everything. It usually occurs over a long period due to the large quantity of bought shares. The company is not required to complete the repurchase plan and may stop it at any moment. Direct bargaining The business approaches many shareholders to buy shares at a price that at least covers the fee. Though time-consuming, this plan can be cheap since the firm bargains the price with the owner. Tender at a Fixed Price In this, the company offers shareholders a tender offer for share buyback at a set rate and time. Then, interested shareholders offer their shares to the business for sale. It also includes a fee based on the most recent share price, ensuring a quick repurchase process. Tender Offer for Dutch Auction The firm makes a public offering to owners of prices with the least cost set above the market value. As a result, stockholders buy with their set number of stocks and last sale price. The firm studies the bids, calculates the demand curve, and chooses the best rate within the earlier-set price range. The Benefits of Share Buyback The following are the advantages of firm share buybacks: Counterbalancing A stock option plan increases the number of remaining shares, causing an equity loss. But the company can buy them back to avoid a fall in owner percentage for present owners. Increased Shareholder Participation Share buyback can lower the market supply by giving each owner a larger equity share than before. Also, a lone owner has limited capital limits and surplus capital growth relative to the last reporting period. Financial Statistics with Elegance The buyback plan is used when leaders and management feel it will raise costs for a cheap share. Also, it improves financial ratios such as EPS, ROA, ROE, and the price-to-earnings ratio. Tax advantages The share buyback process helps owners gain capital with no tax liability. As a result, they buy more shares without incurring more tax responsibilities. Stopping a takeover When a company fears a takeover, it can limit the number of stocks on the market by purchasing its own stock. It allows the firms to keep control while preventing a buyout that may overturn it. Control Consolidation Stock buyback allows firms to join their ownership of the company. It has a positive impact. The number of external owners decreases as the number of shares on the market decreases. That gives the firm’s owners more power over the company. Also, when the number of shares decreases, the owners can make decisions and lead the firm. Depending on the market situation, share buyback can be positive or negative. Also, they aid in developing capital by returning funds to those who choose to quit the market. But, it may produce a poor public image of the company due to its lack of development potential. What Impact Does A Stock Buyback Have? Stock buyback can influence a company since the money spent can be seen in the cash flow report and the statement of preserved earnings. Investors that do their due research before purchasing the business’s shares see this as a sign that the company is healthy. As a result of the stock buyback, the company’s yearly earnings are affected by a smaller number of outstanding shares. It immediately raises the company’s earnings per share (EPS). Earnings per share are vital factors when buying a company on the market. The company’s reputation improves as a result of the stock repurchase. It leads to opportunities for the firm, like growth, net income, and investments. A consistent EPS shows a company’s ability to make money and expand for its owners. As share buyback results in enhanced EPS, shareholders gain a strong presence in the share market and enjoy improved pricing. [B-02] In conclusion Stock buyback results in a lower number of stocks on the market while raising the amount of a company’s share ownership. Following the buyback, the stock price shoots up. In other words, a fall in the total number of outstanding stocks often favours a price increase. As a result, by causing a supply shock through share repurchase, the firm can cause a rise in its share value. Piramal Finance offers you accurate information on banking and financial services. Make sure your financial knowledge is up to date on essential services and products, such as personal loans and financial calculators, by reading the informative blogs on our website.
08-11-2023
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General Insurance

Calculate Your Term Insurance Premium Online

Term insurance is the purest form of life insurance. It only ensures financial protection in the event of the demise or disability of the insured person. Most insurance policies now are a blend of insurance and investment. Whether it’s ULIPs or other savings and guaranteed plans. But a term insurance plan does not involve an investment element. That is what makes it a preferred option for policyholders. But what are the benefits of term insurance plans? How can you know what the term insurance premium that you will need to pay will be? How can a term plan calculator help you decide on the right policy? Find out here! [B-01] Benefits of Term Insurance Plans Term insurance plans offer the following benefits that make them an ideal choice for policyholders: Affordable Premium: Term insurance plans are some of the most affordable plans. As they only offer insurance coverage, the premiums are quite low. This makes insurance accessible to a large section of society. Everyone can’t afford hefty insurance premiums. You can use the online term insurance premium calculator to calculate it. Huge Coverage: For term insurance, you can get a large coverage. Also, it has a relatively lower premium. The higher the sum assured, the safer your family is in case any unexpected event occurs. Tax Benefits: Term life insurance premiums are allowed as a deduction from your income. Under Section 80C of the Income Tax Act, 1961, term life insurance premiums up to INR 1.50 lakhs can be claimed as a deduction for each financial year. Suppose your income is INR 10 lakhs, and you pay a term life insurance premium of INR 80,000. So, you will have to pay income tax only on INR 9,20,000. Return of Premium: Return of premium is an option that some insurance companies offer for term life insurance. The insured event might not happen until the policy term expires. In such cases, policyholders are reimbursed for the premiums paid during the policy’s term. This also increases the benefit of term life insurance. What are the factors affecting life insurance premiums? Are you willing to buy a life insurance policy? Check these factors that can affect your life insurance premiums: Your Age: Your age determines the premium you need to pay. So, buy an insurance plan as early as possible. Because it is unlikely to have lifestyle disease or any chronic disorder when you are young. So, insurance companies charge lower premiums for younger people. As you age, your insurance premiums increase. Your Health: Your existing health condition impacts your life insurance premium directly. Healthy people pay relatively lower premiums. But if you already suffer from any disease or have any existing health conditions, you will have to pay a higher premium. Your Habits: Insurance companies inquire about your habits for life insurance coverage. If you have any bad habits like smoking, drinking, etc., then you will have to pay higher premiums. Since such habits can cause some threatening diseases in the future. Amount of Sum Insured: How much sum insured is enough to protect your family financially? You need to ask yourself this question before you buy a life insurance plan. Normally, your current age and your annual income are the bases upon which you decide your sum insured. Suppose you are 30 years old now. You have an annual income of INR 10 lakhs. You can work for the next 25 years. So, you need a life cover to protect your family for the next 25 years financially. It should also maintain the current lifestyle. So, a life cover of INR 2.5 crores will be sufficient (INR 10 lakhs * 25 years). This is just an example. Various other factors play a role in life insurance coverage. Add-ons: Life insurance plans offer add-ons to extend coverage. This gives all-around financial protection for your family. It can include accidental life insurance add-ons, disability add-ons, etc. Policy Term: The policy term you select impacts the premium you pay. The longer the tenure, the higher the premium. How do I calculate the term life insurance premium? It is easy to calculate. You can use the term insurance calculator to determine the insurance premium amount. Following are the inputs that you need to provide for using a term insurance premium calculator: Life Cover: How much life insurance coverage are you willing to buy? Your Age or Date of Birth: What is your date of birth? Habits: Do you consume tobacco or alcohol? Income: What is your annual income? The term plan calculator will then tell you the premium you need to pay for your desired coverage. Here are some of the key benefits of using a term insurance calculator: Faster: You just need to provide the inputs, and the calculator will calculate the premium in just a few seconds. Comparison: Term insurance premium calculator allows comparisons of various plans. It helps you select the best one that suits your needs. Financial Planning: Using a term insurance calculator assists you in your financial planning. It provides upfront information about the premium amount and helps you budget accordingly. [B-02] Conclusion Using a term insurance premium calculator has made it easier to make insurance decisions. You can easily know the insurance premium for different coverage amounts. Also, decide which one best suits your budget and insurance goals. While we aspire to grow, it is important to have a safety net. That is what life insurance does. For more useful information, visit Piramal Finance now!
08-11-2023
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Home Loan

Learn How to Calculate EMI for Home Loans

Everyone dreams of having their own home. It is a part of the holy trinity of Roti-Kapda-Makaan in India. Thanks to reasonable home loans, it is a feasible reality for Indians. You can get a home loan from a bank or financial lender. You can use it to buy/construct/renovate a house. Home loans can have an adjustable or fixed interest rate. You can repay the loan in feasible Equated Monthly Installments (EMI). You can calculate the EMI using a housing loan EMI calculator. The loan must be repaid within a fixed time called loan tenure/term. Until then, the property’s deed belongs to the bank or lender. [B-01] What is Equated Monthly Installment (EMI)? An EMI is the building block of loan repayment. It is a monthly amount paid by the borrower to the lender. Banks deduct this pre-decided amount from your chosen account every month. It is an automated way to repay your loan. You can also avail of tax benefits on home loan EMIs. However, the deduction does not stop even if you have financial problems. Even then, the bank will continue to deduct the amount. Banks deduct EMIs every month on a fixed date. They will continue to do this till the loan amount is repaid. The EMI consists of a percentage of the principal amount and interest. In the beginning, the interest amount is higher. Every year, the amount to pay will decrease. Towards the end of the tenure, the principal amount is lower. Regardless, the EMI remains constant throughout the tenure. However, you can pay more than the decided amount on EMIs in a month by discussing this facility with the bank. Most people prefer to do this when their income increases. The EMI can also change in exceptional cases. For example, when you repay a huge chunk of the loan. In such cases, the EMI decreases. What is a Housing Loan EMI Calculator? Thanks to the Digital India Campaign, banks have become digitalized. Banking has since bid farewell to manual calculations for loan EMI. A housing loan calculator is an online tool that calculates the monthly EMI. Most banks have such calculators on their official websites. However, the EMI figures are an estimate, not the final amount. You must use them as a general self-help planning tool. You will have to negotiate the exact terms with the bank. How to use a Housing Loan EMI Calculator? Every bank’s home loan calculator in India uses the following formula: EMI = [P x R x (1+R) ^N]/[(1+R) ^(N-1)] EMI: Equated Monthly Installment P: Principal/loan amount R: the monthly interest rate. You can find it using the bank’s annual interest rate. You have to divide the annual rate by 12 to get the monthly rate. N: Number of monthly installments or the loan tenure in months *This formula does not include the loan processing fee of the bank. Visit any bank’s website to use an online housing loan EMI calculator. You will need to input details such as the desired loan amount, loan tenure, and yearly interest rate. Instantly, the calculator displays your monthly EMI. It also displays the interest and total amount to pay. You can change the inputs to customize your home loan. This is a great way of planning your loan. Benefits of using a Home Loan EMI calculator The biggest benefit is finding out the EMI. Other benefits include: Learning whether your tenure should be long or short-term. The calculations are not prone to human error. You can plan your finances in advance. You can use them anywhere, anytime, at your ease. What is a Housing Loan eligibility calculator? You can know your loan eligibility with a few taps on the keyboard because banks now have digital banking products. Simply access the bank’s online home loan eligibility calculator. You need to input your income, i.e., your capacity to repay. Using these, you can determine the loan amount you are eligible for. This loan amount is necessary to determine the EMI. Other factors include age, credit score, financial history, etc. The loan amount will increase if you increase the tenure. It will also increase if you add an extra source of income. Minimum Home loan eligibility criteria Whether you are eligible for a home loan depends on the following: Your current age and for how many more years you can work. The age limit is as follows: Type of revenue streamAge Limit for loanSalaried Individuals18–70 years (depending on the bank)Self Employed18–70 years (depending on the bank) Your monthly salary or yearly business income. Type of revenue streamMinimum incomeSalaried Individuals₹10,000–₹40,000 per month (depending on the bank)Self Employed₹2 lac–₹6 lac per annum (depending on the bank) The time required to repay the loan or loan term. The duration of the loan term cannot exceed 30 years. The present and future income of loan applicant(s). It dictates the loan amount you can get. Timely credit repayment makes you more eligible. Credit Information Bureau of India Limited is India’s largest credit rating agency. A CIBIL score of 750 or higher improves the chances of loan approval. Existing liabilities such as a vehicle loan, credit debts, etc. [B-02] Conclusion House loan calculators are great tools for planning a loan. You must also use a housing loan eligibility calculator to know the loan amount. Improve your credit score and repay short-term debts to increase it. Use this amount and loan tenure to find out the EMI. Knowing your EMI is a must when planning finances. All these banking tools are available online and are easy to use. So go ahead and plan to get your dream home loan.
08-11-2023
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