All You Need To Know About Personal Loan Emi Calculator

A personal loan is just like any other loan that is available with the banks. However there are a lot of differences when it comes to a personal loan and the other loans that are available in the market. The home loans, the car loans, the gold loans so on and so forth are mostly secured loans, which means these loans have collateral or security money which is taken away when not being able to repay the loan. However a personal loan is an unsecured loan and it doesn’t have collateral or any security money which might be taken away by the lender in case the loan is unable to be paid by the borrower.

The personal loan can be used to fulfil any whim and fancy of the borrower, it is not meant for any specific purpose.  It can be used for going on a vacation, for renovating your house or buying your favourite gadget, for the treatment of illness, for setting p a new business so on and so forth. Anyone who takes a personal loan in India gets flexible repayment options and the repayment period ranges from 1 year to 5 years. The interest to pay for the personal loans depends from one bank to the other.  Therefore it is mandatory to do a proper research and then choose the loan that suits you the most. The personal loan also doesn’t take much time for disbursement. All of these eases make personal loans today a hot favourite amongst banking customers. However it is very important to know what is the exact amount that you need to repay when you take a personal loan for N number of years. This is where the personal loan EMI calculator comes in.

Another thing is worth mentioning in this context is that the personal loans might get costly if the repayment period is long because it is to be kept in mind that the personal loan comes with an interest rate, so the longer the tenure of the personal loan the longer has the interest to be paid and hence the costlier it gets.

Therefore it is advisable to evaluate your personal loan with a pen and paper and get to the brass tacks right from the very beginning. However once that is done and the personal loan is approved, you will be surprised to know that the amount approved might be different from what y9ou thought would be which again depends on your credit scores and credit history. That means that once again you have to sit and calculate the EMI and the cost of your personal loan. Care should be taken that the calculation that you are doing is accurate and is not faulty, hence it is always advisable to use a Personal loan EMI calculator

The Personal Loan Interest Rates And Everything Related To It

A personal loan makes sure that you get that much-coveted piece of jewellery or you start that business that you waited for so long, or perhaps make your own film. At times, a personal loan also comes in handy when you have to treat an urgent ailment or perhaps just head out to a luxurious vacation.  Getting a personal loan is tough but when one gets it becomes difficult to repay more often than not because of the staggering interest rates that the personal loan comes with. The interest rates depend on a lot of factors.  Your credit ranking, your credit scores and on whether you have ever defaulted on your credit history or no.

A personal loan is not loan that is secured, which is why the lender cannot take away your home or your car when you cannot repay your loan. There is no security money that is attached to the loan which is why at times it becomes very difficult to get the loan as well. The thorough credit checking procedures that are there in place is because if your credit scores are low, be sure the amount that you are going to get as a loan will be lesser than you  thought and at times the interest will also be hiked up.

The personal loan interest rates also depend on the tenure of the loan. If your personal loan tenure is for a bigger span of time, the chances are that your personal loan interest rates will increase drastically making the loan very costly because by the time the tenure is over and done with, you will only end up paying double the amount that you borrowed.

Therefore it is advisable that you do your proper research when you are going in for a personal loan so that can compare the personal loan interest rates and see for yourself which one suits you. However, once you have chosen the bank from where you would be taking your personal loan, the bank would do a verification of your credit scores and credit history after which it would decided whether you would get the personal loan or not and if yes what would be the interest rate. If your credit score and credit history is fine, you will get a lesser interest rate and vice versa.

One everything is finalised, it is better to go on to the website of the particular lender bank in question and put in the details of your personal loan, which would include the principal amount, the interest rate that will be charged and the tenure of the loan, so that you can figure out how much extra you would be paying by the completion of the personal loan tenure.

All one needs to know about personal loans

Personal loans are one of the myriad other kinds of loans that are available and one can borrow from a bank. These loans don’t just fulfill any specific purpose, these loans can be used to meet any individual end. The amount that is shelled out to in the form of personal loans can be used by you in order to buy anything, to pay off an existing debt, start a new business so on and so forth. It is very difficult at times to get personal loans and at times they are offered by the banks upfront. If in case you are considering of getting yourself personal loans , these are some of the points you should keep in mind.

1.These are unsecured loans – unsecured loans are loans that don’t require any security money or collateral. If in case you don’t pay an instalment of a personal loan or you delay paying an EMI for the personal loans the lender of the loan cannot take away your property as payment for the loan. This is why personal loans are at times very difficult to get. Even though the lender doesn’t have the option to seize your home or your car there is alot other action that they can surely take in order to get back their amount. They can simply report the late payment to the credit bureaus or a collection agency; they can file a lawsuit as well against you.

2.They usually have fixed interest rates – the interest rate on a personal loan is more often than not locked and it doesn’t change for the entire tenure of the loan. The loan amount that is approved for you in the case of a personal loan depends a lot on your credit score and the interest rate that is fixed on your personal loan too is decided because of your credit score. If your credit scores are good then the interest rate that you might get is less, and vice versa. Lower interest rates are always good because the cost of the personal loans is much less.

3.Personal loans affect your credit score - Most lenders or banks and financial institutions report your low credit scores to credit bureaus. At that time when you are applying for the loan your credit score is checked and your financial details are dived into in the minutest of detail. All this is done to be sure that you are in a position to repay the loan in the stipulated period of time. The key to maintaining a good credit score is to make the repayment on a monthly basis without delay.

These are some of the core points to keep in mind when going in for a personal loan.

What is an EMI?All you need to know about EMI calculator

The full form of EMI is equated monthly instalment which is a fixed amount of payment the borrower has to make to the lender at a specified date on a monthly basis EMIs have your principal amount and the interest amount that you are supposed to pay every month.

Here’s all you need to know about an EMI calculator

Say for instance you have decided that you are about to take a loan, it might be a car loan, or ahome loan or personal loan. The first step of taking the loan is nothing but just sitting down and making a serious calculation of how much is it going to cost you. This cost is calculated in the terms of the monthly payment that needs t be done towards the loan and these are called the EMIs or the Equated monthly instalments.

Once you need to get the exact EMI, you need to calculate the amount borrowed and the interest that you are supposed to be paying on the principal amount and the processing fee for the loan that you have taken.Once you have all this information you have to sit down with a pen and paper to see how much will you have to pay monthly for the amount of loan that you have taken or the amount of loan you have decided to take and you will also have to take into consideration that tenure of the loan i.e. the period through which you are going t pay the full amount of the loan. One that is done , it might strike you that the EMI is way too big and you will reduce it in some way or the other in order to do it you have to either lessen the tine period of the loan i.e. the loan tenure or you have to borrow less. When that is decided, you have to calculate all over again. One you have the right EMI, you have to start looking at the banks and other financial institutions that are ready to give that amount as a loan. When you find an institution they will give you a quote and you will once again realise that you have to do the calculations over again. Doing the calculations over and over again is tiring and there is a chance that you might goof up. You have to make sure that while doing these loan calculation you do not make any mistake at all. Therefore there are many websites of banks and other financial institutions that offer EMI calculators that do it for you.  These EMI calculators have slots which you need to fill in. You have to fill in the amount of the loan, the tenure of the loan and the interest rate. Once all of this basic information and other information that is asked for is filled in the EMI calculators will calculate your monthly EMI fast and accurately and will save you the time and effort of it.

Therefore in order to do the loan EMI calculations in an efficient and accurate manner it is always advised to use an EMI calculator.

Do you know how to send money to India? These are some easy ways!

If you are an NRI you have to send money to India one in a while. It becomes a compulsion while living abroad. Whenever you are sending money to friends and family or transferring money back home in order to manage finances at home there are myriad methods to send it. Listed below are few of the options through which the money can be sent.

Money transfer companies - Money transfer companies offer a lot of money transfer services which includes the option to send money to India. They offer a secure, fast and comparatively inexpensive ways of how to send money to India from abroad locations and they are often come with alot of benefits. These benefits include better exchange rates, lower transfer fees and excellent customer service. There are multifarious money transfer companies to choose from and you can select the best company depending on their exchange rates fees and other features and benefits.

Wire transfer – Wire transfers are extremely common for international money transfers and most of the banks abroad offer wire transfer services. With a wire transfer t as well.

The funds are transferred directly to any foreign bank account and most of the time it just takes a few days. The charges for the wire transfer services vary from bank to bank which is why the fees need to be checked.

NRI and NRE accounts – NRI and NRE accounts are a tried and tested ways of sending money to India. In order to send money to India through an NRI or NRE account, first you must open an NRE bank account. With this method you can deposit foreign currencies in your account and the authorised recipient bank in India can withdraw the amount in Indian rupees. The transaction process usually takes a week’s time and is not taxable.

Personal cheques – You can write a personal cheque to the recipient who can then deposit it in their bank account in India. Some banks though do not accept foreign cheques and even if they do there is more often than not a delay in encashing the cheque because the bank has to first verify the deposit. The recipient may also be required to pay a certain amount to encash the cheque.

Cashier’s cheques, money orders and bank drafts – All of these options can be purchased through a bank. Also there are fees to purchase these but these fees are much less when compared to the wire transfer fees. With cashier’s cheques, money orders and bank drafts you can buy the amount you want to send in the Indian currency. Be sure to make a copy of the money order and the bank drafts and keep it with yourself for the records.

Here are some of the benefits of an NRI account

According to the Foreign exchange management act or the FEMA it is illegal for NRI’s  to have any resident savings bank account  in India. As an NRI you will require changing your resident savings bank account into an NRI account and you have two choices in that, it can either bean NRO or an NRE account. If in case you carry on using your resident account, you will be penalised heavily. You can either convergent your existing account or close your existing account and open a new NRO or NRE account.

NRE or NRO is a savings bank account for the Non-resident Indians These two accounts can be opened by any NRI. MRE stands for Non-resident Indians there are many differences between them and depending on their features you can choose to open whichever account that suits you.

The NRE account lets you keep money in Indian rupees. This account then further lets you open one of the best-fixed deposits  investment option known as the NRE fixed deposit which currently provides a fixed and interest rates and very good returns  on NRE fixed deposits.

Since many NRI’s are not aware of these feature NRI account benefits and advantages, here are few of the benefits shared below:

1.Tax benefits: One of the major NRI account benefits is that the interest earned on the NRE savings account and the NRE fixed deposit is tax-free in India. They aren’t counted in the taxable income bracket and this is even when you have many sources of income in India.  Due to this feature the NRE fixed deposits are the most secure and high yield investment options that are available for the NRI’s

2.Low balance required – Due to the increased competition amongst the private and the public sector banks, the minimum balance required in order to keep the NRE account functional has dropped hugely. Nowadays many banks require just Rs 10,000 as a minimum balance to keep the accounts functional.

3.High-interest rate – Another significant benefit of an NRI bank account is the NRE fixed deposits offers high-interest rates even though the rates differ from one bank to another. The good part is that these interest rates are calculated on the daily closing balance and the interest is paid half-yearly in June and December and this too varies from one bank to another.

4.Joint Holding – Another key NRI account benefit is that you can jointly open it with another NRI. This might also turn out to be the way to manage funds because your partner can operate along with you.
These are some of the NRI account benefits.

All you need to know about NRE and NRI accounts

All Non-resident Indians whoare residing out of India have to open an NRE account  because NRI’s who have an NRE account are only permitted  to hold and maintain foreign currency earnings in Indian rupees and all the funds along with the accrued interest  are freely repatriable  and the interest that is earned is not taxable in India. An NRO account also lets the Non-resident Indian to maintain aRupee account in India.

Similar points to note between the NRE and NRO accounts

1.Repatriation – NRE account is free lyrepatriable i.e. the principal and the interest earned onthe other hand an NRO account has a limited repatriability i.e. permitted remittance is allowed  from NRO is upto USD 1 million net of the applicable taxes inthe financial year after submitting an undertaking and a certificate from a chartered accountant .

2.Tax treatment – NRE account is tax-free which means there is income tax, wealth tax and gift tax in India on an NRE account. On the contrary the interest that is earned inan NRO account and all the credit balances are subject to respective income tax bracket and the gift tax and wealth tax are also applicable.

3.Deposit of rupee funds generated in India – If a Non-resident Indian (NRI) or a Person of Indian Origin (PIO) or an overseas citizen of India (OCI) is earning income originating in India which might be salary, house rent or dividends so on and so forth, he or she is only allowed to deposit into the NRO account. Such earnings are barred from being deposited into an NRE account.

4.Joint Holding – NRE account can be jointly held with another NRI but with not a resident Indian. On the contrary the NRO account can be jointly held with another NRI as well as a resident Indian which has to be a close relative as defined in the section 6 of the Companies Act 1956.

5.You can choose an NRE account if your primary reason is to park  your overseas earnings remitted to India converted to Indian rupees or you want to maintain  savings in Rupees and want to keep them liquid or you want to make a joint account with only another NRIor you want your rupee savings to be freely repatriable.

6.Go for an NRO account only when your primary reason is that you want to park India based earrings in Rupees in India, want your account to deposit income earned in India such as rent, dividends so on and so forth or you want to open an account with another resident Indian who happens to be a close relative.