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Personal Loan

Calculate Personal Loan Prepayment or Foreclosure Amount with Piramal Finance

Calculator for Personal Loan Repayment If you don’t pay interest, you can enjoy your life without stress. Paying off the principal amount before the loan term ends is all it takes to calculate a personal loan. You can pay the principal off all at once or in parts. You can also use the Piramal Finance personal loan prepayment calculator to figure out the Installment, the prepayment rate of interest, and other important details. [B-01] Why using a personal loan prepayment calculator is a good idea? Using a personal loan prepayment calculator has the following benefits: Easy Ways to Pay Off Debt To live a worry-free life without debt, you could save some money and put it toward your loan’s principal. Calculating Personal Loan prepayment also helps keep EMI costs low because the principal amount goes down by a certain percentage. Pay less in interest You must have enough money to repay the loan within the first few months of your stay. Most banks and other financial institutions want a commitment of at least one year. It means you can’t pay back your debt in full or for a year. But after the year is up, you can pay off the remaining debt and save a lot of money. How do you use a calculator to pay off a personal loan early? A Calculate Personal Loan needs of EMI can be changed with the help of prepayment. The prepayment personal loan calculator needs to know the loan amount, how long the loan will be, and the interest rate. If you already have a personal loan, the personal loan prepayment calculator will ask you for the remaining loan amount, the number of payments you’ve made so far, the amount you want to pay off early, the interest rate, and the length of your loan. Using a personal loan EMI calculator that lets you pay off the loan early, you can figure out how much money you would save on monthly payments. What Does Loan Foreclosure Mean? With a loan, you can buy whatever you want – whether a car, a house, or just some consumer goods. Loans break up big expenses into smaller monthly payments, but the interest they charge makes the product more expensive than it would be otherwise. But your average income goes up when you get a raise or a promotion at work. With the extra money, you could get out of debt by foreclosing on your loan and saving the extra interest you would have had to pay if you paid it off in instalments. Debt foreclosure is when you pay off your loan in full and for good all at once instead of making smaller payments with interest every month. However, how do you Calculate Personal Loan amount you need to pay to foreclose your loan? In this case, a loan foreclosure calculator can be helpful. If the loans were not foreclosed, the banks would lose the interest they had already paid. Because of this, some banks charge you a certain interest rate (around 4%) if you pay off your loan early to avoid foreclosure. But if you want to avoid paying huge monthly interest, this is a small price. Based on a few facts about your loan, you can quickly Calculate Personal Loan Foreclosure Costs and get an idea of how much you’ll need to pay to get rid of it. Loan foreclosure calculators can help you figure out how much you’ll have to pay today to pay off your loan and how much interest you’ll save. How do you figure out how much the foreclosure will cost? You need to put the following into your: The loan term, in months or years, is how much money is still owed. The interest rate in question (per year) How many monthly payments have you made so far Several calculators may ask how many payments you made to determine the month of foreclosure. Any fees your bank charges for the foreclosure of the loan. It might be in the paperwork for your loan. Here are some things you can do to avoid losing your loan: These tips will help you prepare for and start the loan foreclosure process. You should call your bank: Contact your bank’s customer service. They will help you solve any problems and enter the right information into the Personal loan foreclosure calculators and other loan foreclosure calculators. Keep your KYC up to date and apply: After you use the foreclosure loan calculator to figure out how much you need to pay to get rid of the loan, go to your bank and fill out an application to start the process. Keep your PAN Card, Aadhaar Card, and loan paperwork handy if you need to send them with your application. Bring all of your papers: Don’t forget to bring the following papers with you as proof that you’ve paid off your loan: Letter from the bank saying that you have paid the loan in full. No dues certificate from the bank says you don’t have to pay anymore. Receipt for the last payment before closing. The end of a bank loan and the “no objection” certificate Don’t forget to cancel any standing orders or EMI repayment reminders that are already in place. Credit Scores: You can get lower interest rates, better card offers and perks, faster loan approval, and many other benefits if you have a good credit score. As you pay off the debt, your credit score will go up. If it doesn’t get updated, you should let the credit rating companies know so you can get the benefits of having a good credit score. Costs and calculations for a loan foreclosure: The paperwork for your loan is the key to making accurate calculations. Your loan paperwork, whether for a person or a house loan, has all the information you need to figure out home loan foreclosure costs or other penalties for foreclosure. Some financial companies only charge loan foreclosure fees if the loan is not paid back within the first few years. For example, some house loans don’t have pre-closure costs if the loan is paid off after five years of EMI payments. [B-02] Conclusion You won’t have to pay penalties for paying off your loan early or going into foreclosure until you’ve made at least one month’s payment. If you want to close your loan account, you need to pay 4% of the amount you still owe plus any taxes due as of the deadline for full prepayment. Calculate Personal Loan prepayment or Foreclosure Amount calculator from Piramal Finance gives you some benefits you can use in your monthly payments.

08-11-2023

Personal Loan

How to Get a Personal Loan in Lucknow?

Personal loans from a bank or from online lenders are all available options in Lucknow. These loans help you overcome a rough financial patch. Although the application procedure is straightforward, you should still need to know the entire process in detail. In this piece, we’ll explain how to secure a personal loan in Lucknow. [B-01] How to Get a Personal Loan in Lucknow in 7 Easy Steps Determine Whether You Can Afford a Personal Loan If you take out a personal loan and can’t afford to repay it, you’ll be doing no one any favours. The creditor will likely verify your income and assets to ensure you can repay the loan. But, doing your own calculations is still a good idea to ensure success. First, calculate how much money you’ll need. That’s because certain lenders will subtract processing costs from the amount you borrow. Again, check that the amount you borrow will still leave you with enough money to cover your expenses. Inquire About Your Credit Score Most lenders will look at your credit report to assess your repayment reliability. Some online lenders have begun to consider alternative credit data. But, most will still focus on your credit score. To qualify for the best p ersonal loans, your credit score should be at least between 700 and 750. If your credit score is above 750, you can get a loan at a reasonable interest rate. It is possible to receive a loan even if you have a low credit score if there are other reasons for it. Yet, you should work on your credit history. That’s because the interest rates and costs may be prohibitive otherwise. Think About Your Choices The lender will check your creditworthiness to qualify for a personal loan. But, suppose you need a personal loan but have trouble securing one since your lenders don’t accept it. In that case, you may want to look into a secured loan instead. To qualify for better rates and terms, borrowers of secured loans need to put up some collateral. For example, a car, a house, or money in a savings account or CD. If you cannot repay your loan, the lender may take possession of the collateral. The availability and terms of a personal loan are also important considerations. Securing a loan from a conventional bank can be difficult if you have bad credit. Yet, some online lenders focus on negative credit consumers. Some credit unions offer short-term loans that can be cheaper than payday loans. Don’t rush into a sale if you don’t have the means to pay for it immediately. Instead, work on improving your credit history until you do Compare Personal Loan Rates to find the Best Deal Instead of accepting the first offer, search for the lowest interest rate you can get. Explore several loan providers and options to determine your borrowing potential. Personal loans are easily available from financial institutions. Check with your current financial institution/bank first. Especially if you have an established relationship with them. Get prequalified with no damage to your credit score from some online lenders. Find out if the prospective lenders you’re talking to can get you prequalified. Use this choice to learn all you can about the rates now offered. Non-prequalifying lenders will likely conduct rigorous credit checks for the loan application process. Rate shopping within 45 days will count as a single inquiry against your credit score. Which, in turn, will cut the potential negative impact of hard inquiries. Choose a Financial Institution and Submit an Application Once you’ve done your homework and determined which lender best fits your needs, you may apply. You can have the entire application online if you’re working with the right lender. You could also apply at a physical location, such as a bank or credit union. The specifics of what information each lender needs on an application will vary. But, most will need: The borrower’s name Address Phone number Email address Source of income The purpose of borrowing. Also, the lender will want to know how much you’re hoping to borrow. Once it performs a light credit check, it may present you with many possibilities. Also, you can examine all aspects of the loan. For example, interest rates and the length of time until you have to start making payments. Don’t get caught off guard by late penalties or other surprises in your loan agreement if you don’t read it. Submit All the Necessary Paperwork There is no universal list of requirements that applies to all loan providers. Yet, following the application’s submission, the lender may request supplementary materials. The lender can request a recent salary slip, driver’s license, or other documents. This is crucial to verify your identity or residency. If the lender demands extra paperwork, they will notify you and provide instructions. The quicker you share the data, the quicker you can get the loan. Get the Loan and Start Paying the EMIs You’re done when you get a notification of approval from the lender. Once you get this, you’ll get the credit line within a week. Yet, some lenders provide it to you in one or two working days. As soon as you have approval, you should note a few things like when payments are due. Also, several lenders reduce rates for customers who sign up for automatic payments. They do this to encourage on-time payments. Think about including an extra amount in your monthly payment. Personal loans are less expensive than credit cards. But, you can still save money by paying them off quickly. Any increase in your regular payment amount will assist. [B-02] Conclusion Consider your financial situation carefully before applying for a personal loan. Before you apply, you should examine your credit score to see where you stand. If you have a good credit score, you have a better chance of getting a personal loan in Lucknow approved and getting a better interest rate. Then, research your available options and compare rates and fees from several lenders. That’s important to get the most favourable one for your budget. Then, complete your research on which lender best fits your financial situation.

08-11-2023

Home Loan

Want to Take a Joint Home Loan with a spouse?

Buying a home is a significant milestone. One should be aware of many things. Many banks and NBFCs provide home loans. The interest rates are low and attractive. A partner can join in a home loan. You should pick the right home loan wisely. The right choice can save money and reduce debt. Everything you need to know about a joint home loan. A joint home loan is a collaborative loan designed for purchasing a house together. Both people share the payment responsibilities equally. The co-borrower can be a spouse, a family member, a sibling, or any close relative. Lenders tend to approve joint home loans more frequently than solo ones. You can take a joint loan in joint names. These joint loans will provide a higher amount of money. Also, customers should go for a joint loan if they want to save taxes. The tax savings are much higher in the case of joint loans than in the case of an individual name loan. Benefits of a joint home loan Applying for a joint home loan with a close relative, such as a mother, sister, daughter, or spouse, has great benefits. The registration fee for these joint loans tends to be quite affordable. In some States, property registration fees go down when two people own the property together. People find it easier to use legal procedures, and they have made them simpler. Succession and other issues happen less often when a husband and wife apply for a home loan together. Banks and NBFCs offer loans that combine the income of both parties when applying for a joint home loan. The loan amount sanctioned by the bank or NBFC will be much higher in standard loans than in individual cases. Home loan amounts tend to be larger since the combined repayment ability of both parties is greater. With multiple individuals available to repay the loan, the loan amount rises according to the co-applicant's earnings. Additionally, the reputation of the organization where they work significantly influences the loan terms. The EMI repayment in the case of a joint home loan is also more manageable. Both parties must use the joint account to make it. This keeps track of the repayment and equal contribution made for the loan. If the applicant fails to make the payment, there's no need for concern. The co-applicant shares equal responsibility for covering the EMI. If one applicant cannot pay, the price goes to the other. Then, the other person must pay the rest of the monthly installments. Why Take A Joint Home Loan With Spouse? A home loan is a major financial commitment. It is one of the biggest loans one may take in one's lifetime. With new developments on the rise, housing costs have also surged. Real estate prices are at an all-time high. The better the city, the higher the price of homes. That's why a joint home loan with a spouse is a smart way to arrange funds for buying a house. Whether it's a joint home loan with a wife or a joint home loan with a husband, it can offer many benefits. A regular home loan provides the required amount to purchase a house. These loans offer a substantial sum. When both partners take the repayment jointly, they can share it. This helps reduce the burden on a single individual. Sometimes, a regular loan may not be sufficient. The lender may reject the loan if the applicant's income is too low. In these cases, choosing a joint home loan with your wife or husband is the best way to get approval and buy a home. Conditions and eligibility criteria for a joint home loan A joint home loan can only be taken with close relatives. A friend or a business partner will not work. Both parties should have close relationships like siblings, spouses, children, or parents. A joint home loan cannot be taken with a random person. The co-applicant needs to be an earner, too. The loan amount and the tax savings will be higher. The joint applicant can be a salaried, self-employed businessman, or any other professional worker. A maximum of 6 people can jointly apply for a joint home loan, and a minimum of 2. You can access tax incentives only once you finish the construction. If the builders still construct the property, the tax benefits will commence after occupancy. Even if only one party is at fault, a disagreement or unsuccessful loan repayment will affect both parties. The combined mortgage can be settled using the shared account of both parties. Alternatively, the EMI can be split proportionally between them for repayment. [B-02] Conclusion To sum up, a joint home loan is the easiest way to get a lot of money if you want to buy a home. The interest will be less, and the repayment process will be accessible for a joint loan. It will give higher eligibility for the finance scheme and provide tax breaks.

08-11-2023

Personal Loan

Everything You Need to Know About Personal Loan Tenures

When you borrow from a lender, you promise to repay the amount over some time. The time you pay off the rent is called your loan tenure. For example, if you take a large home loan, the repayment cycle may run for a decade or two. The borrower can’t pay more than a certain amount every month. Every borrower can pay only a fraction of their income as EMI for a loan. When you take out a personal loan for the long term, you lock yourself into that lender’s financial services for the next several years or decades. However, long tenures can also have many advantages, including smaller EMIs. Thus, tenure is something that you would like to consider carefully before making a decision. Keep reading to learn more about personal loan tenure and the various factors affecting it. [B-01] What is a Personal Loan Tenure? Personal loan tenure is the length of time most lenders require you to repay your loan. In most cases, you must pay back the loan for a certain period, and you can repay it in one of two ways: Fixed rate: The lender sets the interest rate for the loan so that it will remain the same for the entire loan period. In other words, at the end of the loan, you will have to pay back the same amount you borrowed plus interest. Adjustable Rate: This rate varies based on the market rates and is fixed for the first few years, but then it increases yearly by a specific amount. It can benefit people who don’t want to make principal payments on their loans and would like to pay them back over a longer period. However, you may want to pay back the loan after a while, so you will have to pay interest on top of the original amount. How Personal Loan Tenure Work When you take out a personal loan, the lender lends you money and collects interest on your loan. That part is so clear to most. But there is little awareness when it comes to the part where the applicant has to decide on the personal loan tenure. Yes, an applicant has a say in how long the repayment of the loan will run for. However, it also depends on the paying capacity of the applicant. The bank looks at the paying capacity before deciding the tenure of the loan. The formula used for determining tenure is complicated. But it can be said that the lender considers a fraction of your disposable income when working out the tenure. Say, for example, one earns Rs 25,000 per month. In this case, the EMI paying capacity will be limited to the early single digits. It is because the applicant will have other expenses as well. Therefore, how much you earn has a bearing on your loan tenure. Factors Affecting Personal Loan Tenure Here are the four things that have a bearing on personal loan tenure. 1) Amount of loan If the amount you borrowed from the lender is large and your paying capacity is modest, you will have no option but to take a long-term loan. Depending on the amount, it will spread the EMIs or equated monthly instalments of your loan over decades and make repayment easier for you. However, this has certain disadvantages. For example, you will end up paying more interest than if it was a short-term loan. Given that the principal amount will be repaid over a long period, you will continue paying the interest. In such cases, applicants must choose the variable interest rate model to benefit from the decrease in interest rates of loans over a long period. Therefore, you can choose a longer tenure if you have financial constraints and limited repayment bandwidth. But if you have the means to pay relatively quickly, you must take that option. It will save you money and allow you to take a second loan sooner. That way, you can consider making new investments too. 2) Interest rate A fixed-rate loan may sound like a good idea, but it may be inadvisable for most people. It is so because even though interest rates may be high initially, they may eventually decrease. If you choose a fixed-interest model, you will have to continue paying a high-interest rate throughout the tenure of the loan. You will have to pay a lot more money in the form of interest. It will be in addition to the amount that you originally borrowed. On the other hand, a variable loan rate is usually lower at the beginning but may increase over time. In such cases, you will end up paying more money. Therefore, you must look at the interest rate trend. It would help you decide which of these options you want to choose. It can make quite a difference to your repayment plan. 3) Earning As stated briefly, the amount you earn will determine your loan tenure. If your earnings are low, the lender would want you to take a long-term loan. It will eliminate the possibility of default, given the EMIs will be small and easy to pay. If you have a large income, you can also avail of a short-term loan as you have the paying capacity to service your EMIs on time every month. 4) Age You’re more likely to receive a long-term payment option if you’re young. However, if you are nearing retirement, things will be different. The bank would point out that your source of regular income is likely to end with your retirement. With no regular income, paying EMIs can become tricky. Therefore, banks are unwilling to give long-term loans to those nearing retirement and offer them to the young instead. [B-02] Conclusion If you are taking a personal loan, you must consider a short payment tenure. It will ensure that you don’t pay more than necessary as interest. However, these loans are also available with a long-term plan. You can repay them over a long period. The length of the loan will determine how much you will have to pay back. You can either choose to pay it off quickly. Or you can make the tenure long with an adjustable rate. But the best option is looking at lenders with flexible loan programs. You can consider reaching out to Piramal Finance for such options. As a leading financial institution, they have designed some of the most borrower-friendly loan programs in the industry.

08-11-2023

Personal Loan

Calculate EMI on Home, Car and Personal Loans

India’s credit market has been rising steadily. Among credit industries, India is the 4th largest in the entire world. The CAGR in this sector has been pegged at over 11% in the last few years. Short credits form most such advances as credit cards and personal loans. A person should keep the EMI in mind while applying for such loans. This would help them to have a better plan for the future as well as now. On the internet these days, many EMI calculators are available. One can use it for personal loan EMI calculation as well as home loans, car loans and many more. [B-01] What is meant by an EMI? A financial agreement between the borrower and the lender is known as a loan. The EMI is the monthly payment that a person makes to repay the loan. The concept is simple. The lender gives a certain amount to the borrower, and in return, the person repays the amount with a particular interest charged on it. One can easily calculate the EMIs using a Personal Loan EMI Calculator. It lets the person have a proper plan and also budget for the same. It has been seen almost everyone needs to take a loan of some sort in their lives. In fact, in today’s time, a loan is an essential part of one’s life. These days loans can be of many kinds, but three primary factors are the same for all cases: the actual amount, the rate of interest and tenure. What is the use of an EMI loan calculator? The EMI repays both the total amount and the interest charged. The EMI calculator can be used to know the monthly instalments. The user needs to put the details of the total amount, rate of interest and tenure, and in no time, the EMI gets calculated. The process is straightforward and valuable at the same time. One can get the 24*7 service of an online EMI calculator. When talking of loans, the very first thing that pops up in our minds is the EMI. It is an abbreviation for Equated Monthly Instalments. Every month there is a particular date by which the EMI needs to be paid. The no. of instalments being produced is also the same as the tenure of the given loan. Due to EMI, the financial pressure is less on the borrower. This method is more suitable as repaying a large chunk of money can be challenging. EMI allows a large group of people to be able to live their dreams. With the help of a Personal Loan EMI Calculator, one can plan their future budget accordingly. One has the flexibility to choose the tenure and monthly repayment amount. EMI is dedicated towards both accrued instalments and the total amount. In the initial stage, front loading takes place. It means a significant part of the instalment is directed towards the interest. In the later part, the majority is directed towards the total amount. How can the EMI for a loan be calculated? The critical factors of any loan are principal, tenure and rate of interest. These factors can vary depending on the loan provider. Hence, before going for any loan, it is advised to study the personal loan EMI thoroughly. There are mainly three ways to calculate the EMI: Calculation of EMI with the Help of manual mathematical formula: EMI = [P x R x (1+R) ^N]/[(1+R) ^ (N-1)]; where, EMI = Equated Monthly Instalment. P = total amount. R = rate of interest. (Monthly rate) N = Period or tenure. (In months) EMI can be manually calculated. But it is better to go for digital methods. If done manually, then the chances of mistakes would increase. The manual process is time taking and prone to errors. This formula is universal. Calculation of EMI with the Help of Excel: Personal loan EMI can be calculated with the help of Excel. The PMT function is used for this calculation. In Excel for EMI calculation, the following syntax is used: PMT (rate, nper, PV). The above variables mean: Rate = rate of interest. Nper = the total number of payments made. Pv = total amount. Calculation of EMI with the help of the EMI online calculator: EMI calculator is a finance calculator. It is available online and helps to calculate the EMI. It also helps to compare the different loans for many tenures. Many kinds of EMI calculators are now available in the market: Car loan. Home loan. Personal loan. Loan against property (LAP). Education loan. Gold loan. Why is using a loan EMI calculator applicable? One gets an accurate estimation of their monthly payments. This helps them to plan their future finance better. For more chances of one’s loan being approved, the debt-to-income ratio needs to be below 50%. If using a Personal Loan EMI Calculator, then one can save a lot of time. The online method is way quicker than the manual method. The results can be relied upon as it is accurate. Chances of miscalculation are eliminated. It is definite, depending on the different kinds of loans. [B-02] Conclusion In today’s world, where loans have become so essential, EMIs are an integral part of those loans. The EMI must be calculated so that the monthly budget can be planned in a better way. A personal loan EMI calculator is an essential tool that makes this task easier. If you are looking for a great deal on your personal loan, then “Piramal Finance” is a good personal loan/financing option for buyers. They also have many articles and blogs on a range of finance topics that will improve your skills and knowledge of finance.

08-11-2023

Apps

X Best Personal Finance Apps in India

Let’s start by understanding personal finance. Personal finance involves managing your finances and keeping track of your activities. It is a method of planning and budgeting. One can monitor how much they spend, save, and invest. It is a vital source for making a structured plan. But what is a Personal Finance app? A personal Finance app is an app that helps you achieve your financial target. Activities like how much one spends, saves, and invests are given importance. This includes keeping numerical data of your economy. What is the need for a Personal Finance App? A good personal finance app helps you analyze your expenses. It tells you everything you need to know about your bank account. Everything is calculated. The personal finance app also helps you monitor your credit score. Prominent characteristics of a personal finance app include a shared account, bill alerts, automatic bill payment, and even subscription management. Let’s Take A Look At The Best Personal Finance Apps In India The list of the best personal finance apps are: WALNUT Walnut safeguards and simplifies the monitoring of your monthly outlays. It helps you stick to your spending plan, make on-time payments, and increase your monthly savings. The Walnut Wealth Manager software will help you track your monthly spending and savings. The Walnut system identifies SMS messages in your device’s inbox and records crucial data like expenditures, payments, and even trip reservations. Walnut Prime is a quick credit line for buying, funds transfer, traveling, and several other uses made available to qualified consumers in addition to personal loans. Features: Pay close attention to the balances on your credit cards. When sending money using BHIM UPI. Find nearby ATMs that accept cash. Check your bank account’s balance. Organize your bookings for movies, events, trains, cabs, etc. WALLET The wallet is a top-rated personal finance app created to help you manage your money more effectively. By consolidating all of your financial planning requirements, it helps you pay for financial planning. Through your wallet, you may examine weekly spending statements, manage your buying costs, instantly check everyday expenses by connecting your savings account, and discuss particular features with your family. With a wallet, you can handle your money whenever and wherever you want. The Wallet financial planning app India's financial meter and organizer tools let you simply manage your spending and increase your savings. ET MONEY If you are looking to invest in the capital markets and correctly manage your assets, ET Markets is a great resource for you. It functions as a central hub for managing all of your activities. The program offers numerous features, including excellent technological charting, livestock markets and graphs, customer and industry information, free share price tips, and stock market updates. GROWW Groww, with its main office in Bangalore, was established in 2016 by former workers of Flipkart. A wonderful app for investing in mutual funds is Groww. According to the requirements of the investors, it designates plans into those that offer high returns, tax savings, investments that outperform FDs and SIPs with a Rs. 500 minimum, and so on. Additionally, you can use the app to actively invest in shares and gold. The app is updated often to deliver real economic updates. Through Groww, you can easily apply for an IPO. PAYTM Capital markets are incredibly simple with Paytm Money. You can see your share statements, set up price monitors, and estimate fees while on the go. Now follow every trading indicator in complete comfort. Paytm Money offers all the tools you require for a seamless trade, so you no longer need to visit other websites to establish alerts. GOODBUDGET You might use this app only for your everyday personal finance concerns. The software will keep track of your spending for meals, vacations, education, and everything else you spend. It will evaluate your purchasing behavior and provide reliable and accurate bill alerts. In this manner, you may determine whether you are exceeding your limit and where your spending is most focused. The next time, don’t be shocked whenever a price unexpectedly appears. CRED By awarding customers interesting prizes and incentives every time a transaction is made, CRED promotes the settlement of credit card bills. This single app allows you to add all your credit cards so that you will be advised to pay them on time. Different billing periods are not a concern because CRED protects you. The fact that you may exchange these credits for opulent goods makes paying bills even more enjoyable! Using CRED Rent Pay, you may pay rent regularly from the program. MONEFY Monefy helps keep track of your everyday expenses, payments, and everything else you spend the cash on, which has never been simpler or more pleasurable. This makes Monefy one of the finest expenditure-tracking applications in India. A money-tracking app is not all that Monefy is. It is among the top saving apps that help people manage their finances better. Money keeps tabs on users' spending and assesses it against their monthly income and spending plan. Monefy's financial planner software keeps your regular budget in fine condition. Consequently, it can also be the top app for tracking expenses. YOU NEED A BUDGET You can manage your accounts, pay off the mortgage, save a tonne of money, and accomplish your investment goals more quickly with the aid of the YNAB planning program and its straightforward approach. [B-02] Conclusion Managing your money can be tricky. Know where and how to invest to avoid misleading circumstances. Find a good personal finance app for yourself. See what suits you and what makes you manage better. It all depends on you and your planning. Keeping track of everything may be a little too much. But don’t worry; Piramal Finance has got you covered. It has various blogs and articles related to your day-to-day financial worries. Complete guidance will be provided based on your needs, so contact Piramal Finance today.

08-11-2023

Personal Loan

Personal Loan for Pensioners: Eligibility, Document, Features

A young person with a solid salary might get a personal loan with ease and good terms in India. Yet, if you are above 65, you may find it harder. Retired people often struggle to keep up with debt paybacks due to a lack of constant income. As a result, most banks see them as a credit risk. They often issue loans with higher rates or even reject their request altogether. Yet, certain banks and financial firms provide loans to pensioners. To get credit, they must meet the criteria standards imposed by banks. This blog will go through the eligibility criteria, perks, features, papers needed, and application process for personal loans for pensioners. What is a Personal Loan for Pensioners? A personal loan for retirees is made especially for those over 60 who get a constant pension. The loan is versatile and may be used to meet various money demands. It is a collateral-free loan. No asset is secured here. Yet, a third-party guarantee may be needed for the loan to be approved. Although there is no major difference between personal loans to young people and personal loans for pensioners, the criteria and rates offered by lenders vary. Features & Perks of Personal Loans for Pensioners Here are some aspects and perks of a loan for retirees: Competitive Rates: This loan is available from many banking firms at a low rate, enabling you to plan and manage your finances in an organised manner. Minimal Paperwork: You can avoid the extensive and time taking paperwork by submitting your ID proof, home proof, and income evidence (details of your pension). No Security Needed: Personal loans for pensioners are unsecured. As a result, you do not need to present any collateral or security to receive it. You may borrow against your pension. Instant Approval & Rapid Payment: Your loan will be approved within a few hours, and the cash will instantly be put into your bank account. Multi-Purpose: There are no criteria for getting this loan from financial firms. As a result, it is one of the fast and cheap loans for retirees that can be used for many goals, such as trips and debt paybacks. Paperwork Needed to Apply for a Personal Loan For Pensioners For the lender to approve the loan request, you must complete a form and submit it together with the needed papers. Among these papers are the following: Identity verification You need a copy of your Aadhaar card, passport and driving licence. Include your PAN card and other ID proofs. Proof of residency Gather a copy of your rental agreement, property paperwork, and utility bills. Even Aadhar Card, Voter ID Card, and driving licence would work for proof of residency. Proof of Pension Bank records from the previous six months show that the pension has been credited to your account. Additional Papers This gives a clear idea of the financial state of the borrower. Lenders may ask for additional papers based on different factors. Eligibility Criteria for a Personal Loan for Pensioners Pensioners may get online and offline loans from lenders. But, before applying, you must be informed of the qualifying conditions to prevent rejection. You need to be a citizen of India. The maximum age for applying for this loan is 76. You should have worked for the govt. Or the military. In the case of your death, the relative pensioner (person authorised to receive the pension after you) may also apply for a personal loan. Yet, he or she should not be older than 76 years. Vital Factors to Consider To Get a Personal Loan for Pensioners Source of income People who get a pension from Central, State, or any other government-recognised agency may apply for the loan. Income from a previously employed private firm or a withdrawal from a late spouse or family member is also included. Note that personal loan rates are lower than those of other types of financing, such as credit cards. So, this loan is preferable to collecting credit card debt if you have a steady pension. Unsecured loans Personal loans for pensioners do not need collateral, which means you do not have to guarantee your home or a plot of land at the time of application. This is a significant perk since no assets would be kept as collateral. Duration of payback The time to repay the principal and interest on such a loan is similar to that of a standard loan. It may range from 12 to 60 months. But, the real payback term varies depending on the criteria and plans of the lender. The applicant’s equity and credit history are other vital factors in establishing the payback duration. Using an online personal loan EMI calculator, you can know your EMI and the loan length. Interest rates Personal loans for pensioners have variable rates. These are decided by the applicant’s age, credit score, and the lending firm’s rules. How Can You Seek a Personal Loan for Pensioners in India? You may always receive this credit facility by going to any bank offering retirees personal loans. All you have to do is complete the application form and submit it with all the needed papers. After verifying your papers, the officials will approve your loan request within two working days. You may also go to the bank’s website, sign in, and fill out the form. Provide and upload all needed papers. The bank will authorise and approve the loan within a few hours or days. They initiate the process after verifying your paperwork and information. [B-02] Conclusion One of the government’s key aims is to provide financial stability for the aged. For this reason, many pension plans have been developed. Each month, the pension is deposited into the person’s bank account. But, this pension is insufficient to meet sudden costs or additional expenses. Hence, the pensioner may need to hunt for money elsewhere to deal with unplanned events. All bank has created a lending plan in response to the demands of the elderly. Personal loans for pensioners have reduced rates and no paybacks or processing costs. A personal loan for retirees enables you to access cash when needed. Also, because the loan is flexible, you may use the cash for personal purposes and return the loan in constant EMIs. To learn more about personal loans for pensioners, visit Piramal Finance for related blogs and explore their products and services.

08-11-2023

Calculator

How Does a Bank Calculate Interest on Your Fixed Deposit?

A fixed deposit is a simple and safe investment. It only requires a one-time deposit. You can deposit a sum known as the “principal” with a bank for a set period. You will receive your deposit plus interest at the end. No matter how interest rates move, or how the economy performs, you will get fixed returns when investing. This helps you collect a large amount with ease. What is a fixed deposit? Banks offer fixed deposits (FDs), a type of investment product. In this type of investment, investors put in a fixed amount of capital at a fixed interest rate for a fixed period. When the fixed deposit matures, the bank returns the principal amount and the interest earned. Fixed deposits pay a higher interest rate than other products, such as savings accounts. You can put money into a fixed deposit for a period ranging from 7 days to 10 years. Anyone with a bank account can open an FD with a minimum deposit of Rs. 1,000. The minimum time frame is seven days. How does a Bank Calculate Fixed Deposit Interest? Bank Calculates Interest on Fixed Deposit: Simple and compound interest are the two methods for calculating interest on a fixed deposit. Banks may use either, depending on the deposit’s tenure and size. Simple Interest - This method is simple. It is computed by multiplying the principal, interest rate, and period. “principal x rate of interest x time period divided by 100” or “P x Rx T/100.” Where, P = principal amount; R = annual interest rate T is the number of periods. For example, if you invest Rs. 10,000 at 8% p.a. for 5 years, the interest can be calculated as follows: Step 1: 10,000 times 8 times 5 equals Rs. 4,000,000. Step 2: Divide that number by 100. You will be paid Rs. 4,000. So, after 5 years, you will have earned Rs. 4,000 in interest. As a result, if you invest Rs. 10,000 in a fixed deposit paying 8% p.a. simple interest over 5 years, you will receive Rs. 14,000 back. Compound Interest - In this method, you earn interest on both the principal and the interest. Many banks offer compound to calculate interest on fixed deposits, but you should shop around to ensure you get a good rate. For example, suppose a bank offers 8% p.a. on a 5-year deposit with annual compounding. So, if you invest Rs. 10,000, the interest can be calculated as follows: In the first year, we employ the simple interest method. 10,000x8x1/100 = Rs.800 So, the first year’s interest is Rs. 800. This sum is returned to the principal. As a result, the second-year principal’s salary is Rs. 10,800. We can now compute the compound interest for the next three years in this manner. Calculate Interest Fixed Deposits Using the fixed deposit calculator While the formulas are direct and can be used by banks to calculate the fixed deposit yield interest rate, they are technical calculations. As a result, fixed deposit calculators are available to assist you in correctly and easily calculating the possible interest. The fixed deposit calculator is an online tool. You must enter the deposit amount, the deposit tenure, and the interest rate. The calculator then calculates the interest rate on the deposit and the amount due at maturity. You can also adjust the deposit amount to see how the interest earnings change. The formula for calculating the final amount using a compound interest rate is as follows: A=P [1+(r/12)/100)] N Where: The amount at the end of the investing period is denoted by A. P is the initial investment amount. R: annualised interest rate, for example, 6, 6.5, or 7. N: Is the investment tenure Conclusion A fixed deposit is an investment scheme. You deposit a lump-sum amount with a bank or financial institution for a specific period. As a reward for this lump sum, you will receive a certain percentage of interest. At the end of the fixed period, the financial institution returns your principal investment amount and the interest earned up to that point. Fixed deposits are generally considered far safer than other types of investments. Fixed deposits have low default risk. However, the default risk is not non-existent. You risk losing your investment capital if you invest in low-rated fixed deposits. [B-02] FAQs What is the definition of compound interest? What is the compound interest formula for a fixed deposit? Fixed-Deposit Compound Interest Compound interest is interest earned on both the principal and interest earned. The interest rate is increased in proportion to the number of periods (years) for which the interest will be compounded and multiplied by the principal amount invested. Calculate interest on FD using compound interest P (1 + r/n) (n * t) A “A stands for maturity amount. P denotes the principal invested. R = The interest rate (in decimals) N is the number of compounds that occur in a year. T denotes the number of years. What is the minimum term for which a fixed deposit can be held? Customers can invest their money for as little as 7 days and as much as 10 years. What are the drawbacks of a fixed deposit? Fixed deposits have drawbacks.Lower interest rates No interest increasesInflation can cause interest rates to fall.

08-11-2023

Personal Loan

Personal Loan Prepayment Calculator Benefits and Steps to Use

The value of EMI is fixed at the time of buying. It is paid every month. This is to ease the burden on the borrower. You can, however, pay off loans ahead of schedule. This is a prepayment of loans. We can also call it “payment in advance.” People use this to pay on time. It can be useful in many ways. Its amount can be calculated using a personal loan prepayment calculator. Let’s discuss this in detail. When people pay EMI, they pay interest. There is a fixed interest to be paid. It has to give every month with EMI. But sometimes, people want to ease the problems. If they have lump sum money, they can use it. It can be used to repay the loan amount. It can reduce the total amount. In turn, it reduces interest. So, the prepayment of loans minimises the burden on people. The amount for prepayment is calculated before paying. It is done by using a personal loan prepayment calculator. It is effortless to use. [B-01] Steps To Use A Personal Loan Prepayment Calculator Using the personal loan prepayment calculator is easy. Follow these simple steps: Enter the principal loan amount. Enter the current rate of interest. Mention the original term of the loan. Verify the number of EMIs paid. You will see the amount that is due. Enter the prepayment amount. Click OK. The screen will display the amount paid. It will also mention the amount left. The period and EMI will change. The new period and EMI will be visible on the screen. In the prepayment of loans, different cases can arise. These includes Case 1: Full prepayment This is for the people who want to pay the amount completely. It includes paying every penny left. It is called foreclosure. You can do it if you become eligible to pay the entire amount. It saves you from interest. This method saves a lot of money. But it requires paying a lump sum all at once. A specific amount is paid in this. That amount is called the foreclosure amount. Case 2: Partial prepayment once It means paying a partial lump sum at once. It shortens the repayment period by lowering the principal amount. And less interest to be paid. This amount can be calculated using a personal loan prepayment calculator. It is effortless to use. Fill in all the blanks. Get a new loan period and EMI. The EMI can also be varied. This helps people in many ways. It can reduce the burden of EMI as the remaining balance is reduced. Case 3: Partial monthly prepayment It means paying in advance every month. It also reduces the overall period of the loan. This amount can also be calculated using a prepayment calculator. The user can decide the extra amount to be paid. All the values are to be put in the prepayment calculator. A new EMI is generated. It is user-friendly and easy to use. People can use it if they want to increase their monthly repayment. This helps them pay off loans on time. Above, we discussed three cases regarding repayment. The amount for all three is differently calculated. A personal loan prepayment calculator can easily calculate it. This calculator is beneficial and easy to use. Anyone can easily use it for calculations. The only work to be done is to input the correct values. All analyses are carried out by the calculator. There is no chance of error. Piramal Finance offers ZERO charges on Personal Loan Pre Payment. Benefits Of Using A Personal Loan Prepayment Calculator There are many benefits to using a personal loan prepayment calculator. Some of these are: Easy to Use: This calculator is easy to use. No special knowledge is required. Anyone with little financial knowledge can easily use it. Also, no special work is to be done. The only task at hand is to assign values. Even a kid can operate it. It is readily available online. There is no need for offline work. No Errors: The calculations on this calculator have no errors. Since it is software, there is no chance of error in the calculations. This can make your work easy. It can provide you with error-free results. This can also help with proper planning. This can help people save time. Lesser Interest: Prepaying loans has a lot of benefits. Reduced interest tops the list. The prepayment of the amount reduces the principal amount. This, in turn, reduces interest. It saves money. Interest is a burden on people. Prepaying loans can reduce it. Interest adds up to increase the principal amount. The amount to be paid back is much more than the loan taken. It is paid in EMI, but it’s still tricky. However, prepaying reduces the burden. A personal loan prepayment calculator can calculate this amount. It also shows detailed values for interest and period. Hence, it is advantageous. Time Management: The personal loan prepayment calculator can help manage time. Prepaying loans reduces the overall period. This requires planning. You can be free of debt easily. You can calculate the prepayment amount according to your comfort. It is an easy process. It does not require offline work. You can do it yourself. In turn, this saves a lot of time. Also, when you are free from debt early, you can focus on other things. Practical Approach to Life: This can give someone a practical approach to life. A definite amount can motivate you to save money. You can plan for the future. Keeping in mind the occasions, the prepayment amount can be changed. You can make partial prepayments. [B-02] CONCLUSION Using a personal loan prepayment calculator is very easy. Prepaying your loans also has a lot of benefits. It is easy and friendly. This can reduce the burden on people and help them understand time management.

08-11-2023