Step up your investment savings with a recurring deposit

Savings up on your investments may seem like a challenge. After all, on a daily basis, you will be facing burgeoning inflation in addition to the steady increase of lifestyle aspirations amongst many other factors. All these factors will disrupt your means to accelerate your savings in order to attain your goal.

The best way to step up your investments is through a recurring deposit account. Here is how this termed deposit will help you double your investments in no time:

Automate your deposits: The statement, ‘well begun is half done’ is also applicable to your investments. Instead of waiting for a lump sum to conveniently accrue over months, you can prioritise your savings through a recurring deposit. Don’t worry if you have a hard time to commit to saving your funds. With this termed deposit, your can easily set aside the required amount of funds to meet your financial goal. In fact, you can easily automate the transfers with your bank, jut by giving standing instructions. Once this is set, you only need to stay alerted when the funds are being transferred and deposited.

Financially fast for a fixed period: This cathartic experience will guarantee a financial epiphany. So what does a financial fast entail? It involves spending a less as possible for a premeditated period. This period can include a week, month, or even a quarter. In fact, if you are determined enough, you can even make it for a year. But no matter the tenure, you need to have a start and end date, while truly coming yourself. Once the period of fasting is done, you need to take stock of your funds you’ve saved. This can include eating out less, choosing a less expensive movie theatre for your weekly outings, or even frequenting your favourite deli. Deposit your saved funds over time in the recurring deposit account which can be opened for this specific purpose.

Avoid getting caught up in the lifestyle creep: You may be tempted to opt for that fantastic deal you’re getting for that Bali vacation package. You may also be getting a great deal on your dream car, even though own a perfectly good and functional one. But in either way, you need not overleverage yourself to keep up the high life. Your priority should be your investment, which in this case is the recurring deposit with the access being used for your lifestyle indulgence. You’ll be relieved to realise that you have eliminated all possibilities of stress just by saving enough funds for a future loan repayment, or even a down payment.

Lower your fixed monthly costs: You will be surprised to know that you are most likely to overpay, through your routine expenditures just out of habit. A few simple steps will help eliminate this problem. For example, you can opt for a cheaper broadband connection, or even cancel a TV package that you never use. You can even contact your mobile telephone company as a request for better options that are in line with your usage. Once you’ve calculated the funds you have saved overall, you can reinvest this funds in the termed deposit.

Get the best of loan rates with the two wheeler loan EMI calculator

Two wheeler are a common sight in the country for various reasons. For one, it offers an ideal solution for the economical and logistical conditions. In fact, most Indians prefer owning this two wheeler as a means of conveyance, especially in terms of travelling. Furthermore, with the introduction of several international brands in the country, two wheeler fans are spoilt for choice.

But no matter the choice, the fact still remains that, in order to finance this purchase, you can either fund the purchase from your pockets, or you can borrow from your friends. But while either option is available, they are not favourable for everyone. This is where the two wheeler loan will be the ideal choice. Most of the banks in the country offer loans, thus giving users a wide choice of financing options to consider.

But which is the best loan rates you can opt for? After all, no two user’s financial history will be the same, creating a difference with their financial habits too. The two wheeler loan calculator will provide the relevant assistance here.

What is the two wheeler loan EMI calculator?

This EMI calculator is an online tool that is designed to calculate the EMI amount that will repay the borrowed funds. You only need to fill in the required details to get the required loan details that will assist you. Once you enter all the appropriate details, the resulting auto – computed EMI amount will reflect your financial requirement. In addition to the EMI value, you will also get additional details that can aid you to choose the most suitable terms.

Here is what the two wheeler loan EMI calculator will offer you:

Helps in recognising the EMI value: The chief use of this tool is to know the precise amount you will be paying every month. By knowing the hands beforehand, it will help you plan the appropriate loan rates along with help segregate your monthly budget. It also eliminates the needs to manually calculate each result, while ensuring accurate results.
Aids in choosing the term: Once you have calculated the ideal EMI amount to suit your needs, it becomes much easier to choose the tenure of the loan. If you feel that the loan value is a burden within the given tenure, you can extend the tenure proportionally bring it down the value.

Helps in comparison: The two wheeler loan calculator is also ideally the best tool to compare competitive rates. You can use the tool to compare the costs involved in the loan, helping you choose the most suitable loan offer. You can get a quote and jot down the outcome to compare with other offerings.

Helps in negotiating: Once you are armed with the basic details for the loan, you can use to leverage for a better loan rate. Factors such as rate of interest, processing fee and other similar factors can be easily negotiated.

Two Wheeler: 6 reasons why you need one today

More and more individuals are opting for a two wheeler over a four wheeler car. There are various reasons as to why this is choice of transport has become a popular choice for many travellers. Furthermore, the availability of the two wheeler loan makes it easier for individuals to purchase a two wheeler, without any financial burden.

Here are a few reasons why should you opt for this choice of a vehicle today:

1. Easy and convenient: This is one of the major reasons why plenty of individuals are opting for this choice of transport. In cities where travelling is an issue, especially during peak work hours, travelling by car is not only inconvenient but is also an economic waste. Two wheelers, however, offer the means to travel conveniently while making it a user-friendly option.

2. Affordability: Purchasing a two wheeler is less expensive as compared to purchasing a car, especially with a two wheeler loan. Moreover, fuel prices are constantly changing, making any choice of transport with low mileage, a wasteful option. As compared to a car, a two-wheeler will require less fuel and provide the higher mileage, making it an ideal choice economically friendly transport.

3. Wide choice: With an increase in the demand for bikes, plenty of manufacturers have now launched several new models and types. You now have a choice of two-wheelers ranging from simple transport to sports choices, to terrain friendly choices. Each of these choices has excellent features for several buyers, wherein which, with a 2 wheeler loan it will make purchasing a bike much more convenient.

4. Inexpensive: Several individuals are under the impression that purchasing a bike with a loan will account for a financial burden, especially with a high-interest rate. Furthermore, EMI’s may be seen as a drain on one’s monthly income. On the contrary, a 2 wheeler loan is quite competitive and ensures that borrowers enjoy a burden and complication free, financial solution.

5. Quick approval: Purchasing a bike does not require too many documents for verification. You would only need to documents pertaining to your identity, address proof and income. In fact, if you opt for a loan along with the bike, the application process is relatively simple. With no roadblocks, your application process will not take more than a few days.

6. Low down payment: When opting for a loan to finance the purchase of a bike, an applicant would need to provide a down payment. In the case of the two wheeler bike, the down payment is sufficiently low making it easier for any individual to opt for it.

While there are plenty of more reasons as to why you should opt for a two wheeler today. But no matter the reasons, in the end, you should ensure that the bike choice and loan option should be viable to you and your needs.

5 factors that determine your bank loan approval

Loans are the ideal financial solution for those who are seeking the immediate or large amount of funds. In fact, depending on your financial requirement, you can easily opt for a loan type pertinent to that particular situation.

But while it may be easy to apply for a loan, getting an approval on your application is another factor. Lenders and banking institutes who offer the different types of loans often refer to certain features before giving one’s approval for the application.

Given below are some of the loan aspects that are taken into consideration for most loan approvals:

Credit history: Most lending and banking institutes would prefer applicants who have clean financial habits. A credit score will indicate this financial health. Normally, a credit score of 800 and above is considered as the best score. The score in between 600 to 800 is considered good. Any credit score below that level will increase the chances of rejection on the loan application. If you already have a good credit score, you can not only get a good loan rate, but also a faster loan processing and fewer verification check.

Occupation: Banks are more preferential to occupations that are stable. Certain occupation profiles such as government employees, blue chip companies and doctors are more likely to have an approval on their approvals for bank loans. In addition to these profiles, chartered accountants, engineers and lawyers are more likely to get a loan approval. However, individuals who are working in private companies and self – employed companies will get the lowest rates. Banks are particular to this factor as the repayment capacity depends on the income of the person. A stable job will ensure that the income earned by the applicant will be continuous and without any delay.

Age: Age is another criterion that lending banks will look at before giving out different types of loans. In most cases, applicants between the age group of 30 to 50 years are most preferred, as they are considered more financially stable. After all, these individuals also have a decent number of working years left to repay back the borrowed funds. Any applicant with age above that will have a high chance of loan rejection.

Work experience: Most lending institutes request about your work experience, in a particular company. This is because the longer the employment years you serve, the more points you will earn with the lending institute. This shows stability in your work, especially if you are at the peak of your working years.

Relationship with the Bank: The older the relationship with the bank, the higher are the chances of getting an approval on your applications for bank loans. Most of these lending institutes value familiar customers, as they are aware of their financial past. A person who has had a relationship with the bank for more than 10 years will be preferred over the one with no relationship.

How do you use the internet banking safely?

Internet banking has now offered a convenient mean to access your financial needs right from the comfort of your home. Moreover, with the ever progressing technology, mobile banking is now making its way alongside this form of internet banking.

But the flip side of these convenient banking means is the risks that are involved. There is always a risk that a user’s data will be compromised or even an unauthorised access the user’s account is given. In fact, you may not be aware that your account or funds have been accessed by an unknown party until it is too late.

So how can you use internet banking without it affecting your investments and funds? Here are some tips you can keep in mind:

Opt for a genuine anti – virus software: In order to protect your computer, phone or laptop from any attempts of phishing, malware and other security threats, you will need to use a genuine anti – virus software. This software helps in detecting and eliminating adware, malware and spyware that can access any sensitive information or unauthorised data. 

Avoid using public Wi – Fi: One of the biggest drawbacks of an open Wi – Fi network, is that between the end user and the hotspot, a hacker can easily trace all data, without any difficulty. Unsecured connections are a perfect opportunity to introduce malware unknowingly into the device you will be using. If you must use the public internet network, avoid using it to access sensitive information.

Opt for VPN software: When accessing a public network, there is a risk that the data at your end or the source will be either compromised or exposed. On connection, you risk exposing your data or providing a gateway of exposure. But with a VPN software, the connection and data are kept secure and encrypted. In this way, your internet and mobile banking will be kept away from prying eyes.

Update your OS regularly: Be it your phone, your computer or laptop, your operating system needs to be regularly updated. These updates normally comprise of the latest security patches and updates which help protect your system against evolving viruses, malware or adware which can affect your internet banking. At the same time, avoid ‘rooting’ or replacing the original software of your systems with pirated systems as they can have glitches in them, allowing unauthorised access to your devices.

Update your passwords regularly to a strong one: While this may be a tedious job, it is important for you to keep your account safe while maintaining confidentiality. While it is a given that you don’t need to share your details with anyone, you should also be aware that you shouldn’t share your information even when you are requested for it. Regularly change your passwords to new and strong ones. For additional security, create and maintain different passwords for logins and transactions.

EMI Calculator: Calculating an effective loan cost

A loan is an ideal way to satisfy any financial requirement. Furthermore, different types of loans, such as a home loan, car loan, or even a two wheeler loan can be used for specific purposes. Alternatively, you have the personal loan and the loan against property that can be used for miscellaneous requirements.

But no matter the loan type, the fact remains that once funds have been borrowed, it must be repaid over a fixed period. At this stage, as an applicant, you should have sufficient funds to make the repayment. Do you have sufficient funds or income to repay both the loan amount and the interest rate? Furthermore, you should have sufficient funds to make the monthly payments through the EMI.

All these factors should be considered well before you even apply for the loan. But calculating these rates will be a tedious job, especially with the different loan rates and the competitor rates themselves.

This is where the EMI calculator will assist you. This calculator is used to calculate the ideal loan rates, by the given market rates. The details given below provide insight on how this tool will help calculate the EMI and how it can be used to estimate an effective loan cost:

Principal amount: The principal amount is basically the amount that you will want to borrow. Depending on the type of loan will you be applying for, the amount can have an upper limit. Take, for example, the loan amount for the loan against property cannot cap more than 85% of the loan. Furthermore, even if your financial profile allows you to access a high loan value, the loan amount you finally apply for should be easily repayable. The EMI calculator will help you calculate the ideal principal amount, thus ensuring that you can afford it before you can apply for it.

Interest rate: The interest rate applies to all the loans. However, the rate of the interest rate will differ from type to type. In certain loans, such as the personal loan, the interest rate is normally high. A high-interest rate would mean longer repayment tenures and higher EMIs. Therefore, it is crucial that you calculate the ideal interest rate. With the EMI calculator, you can calculate the ideal interest rate, based on the rate offered by the lender. In this way, you can easily get the EMI rate, along with the repayment tenure

Tenure: When you calculate the EMI you will also calculate the tenure of the period. Just like the interest rate, the tenure of repayment for certain loan types are fixed. For example, the tenure for a bike loan will be anywhere between a few months to a year, whereas for the home loan it can be up till 30 years. Since the EMI, comprising the principal amount and the interest rate is distributed through this tenure; you need to ensure that you get adequate time to repay back the funds.

Answer these questions before purchasing your car with a car loan

Purchasing a car has now become as easy as purchasing any other commodity. In fact, with the wide variety of cars available in the market, it has become easier to choose a car. An added advantage to this decision is the car loan.

Plenty of lenders are now offering car loans that are tied up with particular brands and models of cars. This not only makes it convenient for you, as a borrower, to consider the option of selecting a car but also to reduce the time and effort to shop around for one.

But while it may seem easy and convenient to opt for a car choice that comes tied up with a car loan, it is crucial that you review certain factors before you opt for one. Here are a few queries you need to answer before you opt for a car and loan for purchase:

What will you be using the car for?

A car is not about aesthetics. In fact, the different models and makes are designed to be suited to specific needs. This, in turn, influences the rates of the car loans. So if you will be using your vehicle for specific purposes such as travelling short distances within the city, then driving a compact car may be ideal. Similarly, if you will be covering long distances on long drives, you may want to opt for a car choice that is roomy and comfortable. Regardless of your daily itinerary, ensure that you go for a choice that is best in terms of fuel economy.

Who's going to be riding in the car?

If you are using the car for your own purpose, then you can always opt for a sleep sports car or a top of the line sedan. After all, it makes a great choice to go cruising down the highway or long roads. However, if you will be sharing your car with the rest of your family, then you might want to reconsider your choice of vehicle to consider their needs. In this case, a spacious SUV or van will make a better choice. Furthermore, since you will be driving your family around, you may also want to opt for a choice that comes with an advanced safety system. Since each model and make of the car influences the value of the loan, you may want to consider this choice before you apply for a car loan.

What car features would I want and need?

When you apply for a car loan, the loan value is calculated based on the basic components and specs of the car. If you need to add additional components such as a built – in navigation system or a voice activated controls feature, or even a top of the line audio system or improved environmental performances, the loan rates will increase. If you need to add these features to your vehicle, you may want to make a list and classify them on priority and usage.