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A Detailed Insight to Personal Loan Interest Calculator

2021-06-04T09:41:00.462Z

Calculating interest rates is a challenge that people generally face while looking for personal loans. Personal Loan Interest Calculators are online tools used to easily figure out the EMI per month to be paid on these loans. Often these calculators are not exclusive to the banks and can be used to determine the monthly installment payments of loans from all banks.

Details like loan amount, tenure, as well as interest rates need to be input into the calculator, and the calculator can give accurate monthly EMIs amount as well as their breakdowns.

How Does the Calculator determine the monthly EMIs?

All Personal Loan Interest Calculator tools use the same formula to determine the monthly installments on loans.

The formula:

EMI = P x R x (1+R)^N / [(1+R)^N-1]

P = Principal Amount (Amount of the loan)

R = Interest Rate

N = Monthly Installment numbers.

So, for instance,

If the borrowed amount is Rs. 1,70,000/- at 12.5% Interest Rate (PA) with 1 year (12 months) tenure, then the EMI will be -

1,70,000 X 12.5 X (1+12.5)^12/ [(1+12.5)^12-1] = Rs. 15,144 per month.

The total amount that needs to be paid in this scenario will be:

Rs. 1,81,729 ( Principal - Rs. 1,70,000 + Interest - Rs. 11,729)

Important Points to Remember:

● To reduce the EMI:

- Negotiate a better interest rate.

- Borrow for a longer period. This will however increase the interest but reduce the monthly payable amount.

- A decent CIBIL credit score will help to reduce the interest rate and thereby the EMI as well.

● Inability to pay a monthly EMI may reduce the CIBIL score. This will affect the chances of getting a future loan.

● Under NACH (National Automated Clearing House) mandate, the EMIs get automatically debited from the bank account directly.

● The loan plans of most banks set the date for EMI payment at the end of the month.
Some loan plans may require the borrower to have a certain amount of balance in the account at the end of each month.

● The amount of money consolidated in the account can also sometimes affect the loan interest.

What does the monthly EMI depend on?

● The amount of money borrowed from the bank. The higher the loan amount, the higher is the monthly installment.

● The repayment history and CIBIL score of the borrower. This will directly affect the interest amount which will affect the EMI.

● The tenure of the loan. Longer tenures will have higher interests.

Advantages of using a Personal Loan Interest Calculator:

● Rapid EMI calculation to determine whether there are any hidden charges from the bank.

● Having a quick option to change the number of monthly EMIs to figure out the perfect EMI Plan based on what the borrower can afford.

● This will further help in making a repayment plan for the EMIs.

● The borrower can use these tools to compare the interest of multiple banks.

● Having an upfront calculation before taking the loan will help in avoiding errors that may impact the borrower’s credit score negatively if unable to repay.

Steps to Apply For Two Wheeler Loan in Bangalore

2021-05-26T06:16:21.653Z

Bangalore is a beautiful city that is known for the stunning weather throughout the year. The city attracts tourists and professionals from across the world. It is growing with each passing year and has become one of the major cities contributing to employment generation and GDP growth in the country. If you have recently moved to Bangalore and are facing troubles commuting to work, you should consider buying a two wheeler. There are several options available in the market and you can easily find one that fits your budget. Additionally, you can apply for two wheeler loan in Bangalore to make the purchase easier on your wallet. Here are the steps you need to follow to apply for a loan.

1.Choose the two wheeler you want to buy- First and foremost, you need to identify your needs and look at all the available options. Shortlist the two wheelers that fit your criteria and take a test drive in them. Consider the cost of the two wheeler and your budget. If you like a few different models, you can shortlist them and reconsider all the options. Think of the features, design and ease of use when buying a two wheeler. Once you have made up your mind about the two wheeler you want to own, you can proceed ahead.

2.Scout the market for lenders- There are several lenders in the industry that offer a loan for the purchase of a two wheeler. Each lender will have a different eligibility criteria and interest rate. You need to compare the same online and finalise on the lender. You can get all the information online and make a thorough comparison.

3.Make downpayment- It is important to note that lenders do not offer a loan for the 100% cost of the two wheeler you are buying. Hence, you will have to make downpayment and the balance will be your loan. You can make the minimum amount of downpayment required.

4.Gather documents- Now gather all the documents necessary to apply for the loan. Most lenders require you to provide your identity proof, income proof, address proof, invoice of the two wheeler, passport-sized photographs and proof of downpayment. If the documents are in place, the loan application will be processed and approved in no time.

5.Make application- At the final step, you need to make an online loan application by filling the form and uploading the documents. If you have a good credit score, you can enjoy special rates on the loan.

Two wheeler loan in Bangalore will be approved in 24 to 48 hours and you will be able to drive your stylish new ride home. You can repay the loan in EMIs as you use the two wheeler and remember to never default in the repayment. The loan is available for all types and brands of two wheelers in the market so you have a wider choice to pick from. Enjoy exploring Bangalore in your new two wheeler!

For more information, follow this link

A Brief Buyer’s Guide for Buying Used Cars

2020-11-23T11:34:31.889Z

Buying a used car instead of a new one has its advantages. Firstly, someone has already taken the initial depreciation loss on the car when they purchased it. Secondly, you can buy the car that is just a few years old for a lot less money. Also, with easy used car loan financing, you will not even have to worry about the money.

However, before you head over to the market to buy a used vehicle, there are a few aspects to look into. Here is a step-by-step guide which will help you get the best deals possible and avoid any scams in the way. Let us get started.

Look for options online

Online shopping is a trend now. Not only for clothes and electronic goods, you can even shop for a used car online. Although you still need to visit the dealer in order to inspect the car and to take a test drive, the initial procedures can happen online. You can also compare the various dealers online by visiting the used car listing sites.

Check past history

You will find many people buying a used car, and then regretting their decision later on. Hence, it is important to do a thorough research about the past history of the car you are thinking about buying, before you make the payment. You need to know whether the car had met with an accident before or not. Also, you need find out whether or not the car has all its genuine parts intact. So, review the car’s history upfront from the dealer.

Negotiate the price

As used cars do not come with an invoice, there is a room for negotiation! You can always ask your dealer for the price they paid while buying that car. The goal is to basically buy the car below or close to the trade-in cost. This will keep you from overpaying for the vehicle, and will allow you to rest easy as you will get the car at a good deal.

Arrange for financing

In case you do not have the required funds to buy a used car at the moment, you can always look for a used car loan financing. There are several reputed loan providers online. They can provide you with the best and the most customised loan options. This way, you will not have to shell out all the money at one go. Doing so, will save you from sudden cash crunches as well.

To conclude

If you are thinking about buying a used car anytime soon, keep in mind all the points mentioned above. This will save you from a lot of headaches after buying the car. Also, make sure that you get in touch with only good and reputed dealers to make the whole purchasing procedure tension-free and safe. So, when are you bringing home the car?

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Your Quick and Smart Guide to Used Car Loan Financing - Link

Avail The Benefits of Business Loans That Offer Favourable Commercial Loan Interest Rates

2020-10-05T09:51:01.707Z

In today’s ever-changing economic climate, commercial loans have become great solutions for those businesses that wish to expand their operations or make investments. As gone are the days when business owners used to struggle to search for an investor or business partner. If a company decides to scale up its operations, open a new branch, buy high-end machinery, or launch an innovative marketing campaign, it can easily seek the benefits of a commercial loan. However, the commercial loan interest rates may significantly vary, depending on the nature of the credit.

In addition, the interest rate also depends on whether the lender is offering a fixed or a floating interest rate. If the rate is fixed, then the borrower will be asked to pay the same interest rate throughout the period of the contract, whereas in case of floating rate, the borrower is likely to experience fluctuations based on the market conditions.

How commercial loans work?

As established above, commercial loans are granted to various small to large business entities, generally to meet short-term funding requirements. To sanction these loans, financial institutions often demand collateral in the form of a property or equipment that can be confiscated in case of default in the payments or bankruptcy. Along with this, creditworthiness has an essential role to play when applying for a commercial loan as it can be processed quickly if the firm has a good credit score. The business owners can also be asked to present their documents and balanced sheets to prove that they have consistent cash flow.

You can be offered a variety of loan plans to align with your diverse requirements. Each one of them comes with different terms and conditions along with variable interest rates. Usually, you can find commercial loan interest rates starting from 10.05% and reaching as high as 24%, depending on the type of loan and lender you choose. Hence, you need to find that lender, which can offer you the loan at the most favourable interest rate.

What to watch out for when applying for a commercial loan?

As a business owner, you need to watch out for multiple things while applying for a commercial loan. When a financial institution presents you the loan options, make sure that you clearly understand all the terms. Additionally, you should not enter any form of agreement until all your doubts and concerns have been properly addressed. The flexibility, regarding the payment deadlines, what kind of customer services you can expect, how the interest will be calculated, and will you be charged with penalties in case of late payments, are some of the important questions you need to ask them. Above all, you must compare various institutions, their interest rates and other benefits, before settling for any one of them.

Conclusion

A commercial loan is an incredible financial tool that can be availed by all the business owners, regardless of the nature and size of their business. You just have to do a little bit of research to find the most trustworthy options that offer low commercial loan interest rates along with acceptable terms and conditions. Moreover, every business requires a regular influx of funds to flourish and a commercial loan promises to serve this purpose.

Are You Looking for Finance for SME?

2020-09-23T07:55:10.890Z

Small and medium enterprises play an important role in the Indian economy. Given the times, many organizations need funds to stay afloat and grow. Although the government has laid out special schemes for their growth and development, there are times when SMEs look for finance from other sources. Whether you need funds to expand the business, meet the working capital requirements or for any other business-related purpose, you can apply for a loan. You can avail finance for SME through an SME loan. It is designed to meet your long-term financial goals.

Irrespective of the size and type of business you own, you are eligible for the loan. It does not matter if you are a sole proprietor, partnership, or a corporation, you can apply for the loan. Some lenders may have an additional requirement with regard to the turnover. Before you submit the loan application, you should get detailed information about the eligibility criteria. The loan application procedure is usually is simple and hassle free. You can fill the loan application and submit the necessary documents online. You will have to provide KYC of the partners, address proof of business, proof of going concern, statements, income statement and balance sheet, projected income statement and balance sheet and ITR. If you have a good credit score, the loan application will be approved without any delay.

The biggest advantage of the loan is that you get access to high amount of funds at low interest rate. The rate of interest is low and competitive. You will have to make the loan repayment in EMIs over the tenure. To do that, you need to keep the cash flow position in mind when agreeing on an EMI amount. The monthly inflow and outflow will have an impact on the business and if the EMI amount is high, it could become difficult for you to repay the loan on time. This is why it is recommended to use the EMI calculator for the purpose.

The calculator is available online for free. You need to provide the loan amount and tenure to get a quick estimate. You can change the inputs until you reach an optimal output. The calculator will give you an estimate in no time. It will help decide if the tenure is adequate for the repayment of the loan or not. If you think that the EMI amount is high, you can ask for a longer tenure.

The customer executives will be happy to help you with the loan. Understand the terms and conditions of finance for SME thoroughly and then make a borrowing decision. The loan is designed keeping the demands of SMEs in mind, and it will help achieve the long-term goals. You will be able to take the business to new heights and ensure that your aspirations are turned into a reality. Choose a reliable lender and apply for an SME loan for your business today.

Planning to Take a Loan for Two Wheeler? Here’s What You Should Know

2020-08-04T11:37:52.100Z

Whether, its weaving your way through the traffic, going for a picnic or giving in to wanderlust and going on a long drive, a two wheeler lets you do all that and much more. You don’t have to put your dreams of owning a two wheeler on hold simply due to lack of funds. With so many financial institutions offering a loan for two wheeler, getting one is now easier than ever before. With simple documentation, applying for a loan is a breeze and you can own one within hours!

So before you go to check the eligibility criteria and getting your documents ready, here are a few things that you should know.

1. Know your Loan Amount Eligibility – Before you choose the bike, it is important to check with the eligibility criteria. It remains the same across lenders, but the terms may differ. Most lenders will consider your credit score, your income, debt-to-income ratio before judging your repayment capacity. Based on a combination of all these factors, lenders decide on the amount they can lend you. Of course, you can negotiate with your lender here and again different lenders will have a different opinion on it. So it always pays to do your research and shop around before you go ahead with a two wheeler loan.

2. Plan your purchase – If you wish to buy a two wheeler, chances are you have been thinking about it for quite a while. It is advisable to purchase a two wheeler during the festive season or at the end of the year when dealers offer attractive discounts on prices and other offers like free insurance, etc. Even lenders come up with offers like processing fee waiver, lower rates of interest, etc. You can get a good deal on your two wheeler loan during this time.

3. Create a Repayment Plan – A lot of people who avail a two wheeler fail to make the payments on time and, therefore, risk default. This creates a negative impact on your borrowing profile, making it difficult for you to avail finance in future. Therefore, it is important to have a plan in mind. Calculate the EMI based on the loan amount, tenure, and interest rate offered. You can use the online EMI calculator. This will give you an idea if you will be able to pay it off with ease. If you feel it is going to be a burden on your finances, you can extend the loan tenure to bring down the monthly EMI. Your lender can help you with this unless you have reached an amount you are comfortable with.

4. Getting your Documents Ready – Finally, check with the lender beforehand about all the documents required. Get all your KYC documents, ID/Address proof, and income proof ready. Also, don’t forget to get the bike papers ready as some lenders may require the bike to be hypothecated.

Finally, once you have got all the documents ready, you can now proceed to apply for the loan online. The application process is easy and only requires you to fill an application form. So you see, with the loan for two wheeler so easily available your dream bike won’t be a dream anymore!

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Reliable Two Wheeler Loan Company to Fulfill Your Needs (Link)

Corporate Finance Fundamentals - Why is it important?

2020-04-27T07:41:23.941Z

Corporate finance is an integral aspect of every business and it deals with financial decisions that businesses make. The goal of corporate finance is to enhance corporate value while managing the financial risks of the firm. Capital investment decisions are those choices which have a long term impact on the business. Corporate finance includes everything from short term to long term financial decisions. It focuses on managing cash and short term borrowing and lending decisions.

Every organization understands the importance of corporate finance and has to take necessary steps towards making the right long term financial decisions. Irrespective of your long term and short term goals, decision making will play a crucial role here. If you are a business owner and in need for funds to expand your business, you can approach a reliable lender in the industry for corporate finance. Financial institutions understand the importance of the same and offer loans at low interest rates. Whether you need funds for short term business needs like the payment of salary or purchase of raw materials or you need funds for long term business needs like the purchase of an asset, you can apply for a loan today.

All business owners are eligible for the loan. The loan application process is quick and convenient. All you need to do is make an online loan application and submit the documents. You will have to provide details about business registration, KYC of the partners, address proof, bank statements, ITR for the past three years and financial statements of the business. Some lenders also require you to provide projected financial statements to get an insight into the viability of your business. Before you make a loan application, you need to identify the purpose of borrowing and the amount of funds you need.

Compare the interest rate offered by different lenders before making a decision. Opt for a lender who offers the loan at low interest and flexible repayment tenure. If you have a good credit score, your loan application will be approved in no time. You can use the EMI calculator to get an insight into the EMI payable on the loan. The calculator is available online for free. You only need to provide the loan amount and tenure to get a quick estimate. The calculator allows you to make changes in the inputs until you reach an optimal output.

Remember that timely payment of loan will help build a strong credit score and will increases the chances of your future loan approval. It is important for every business owner to understand the importance of corporate finance and make the right borrowing and investing decisions. All businesses are in need for funds and it is important to identify the purpose of borrowing and choose the right lender to help you with it. Financial institutions in the country have made it easier and convenient to raise funds for your business without the need of security. Take your business to new heights with access to funds.

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A Corporate Loan to Grow Your Business ( Click here )