How to effectively calculate your car loan today

Are you confused about your car loan options? Fret not! Use a car loan calculator to calculate your loan details and bring that smile back on your face. With more people coming into middle class bandwagon, the demand for car loans has seen an upswing.

A car loan can help you fulfill your dream of owning a car. Before you opt for a car loan from any lender, you need to do an exhaustive research on the loan and its features. Compare a wide range of loans on the internet and pick one that best suits your financial requirements.

What is a car loan calculator?

A car loan calculator is a simple and easy to use tool that helps you finalize a suitable loan amount and then manage your finances accordingly. You can find the EMI amount with the help of a car loan calculator and then decide on the final loan amount accordingly. The car loan calculator requires you to enter details like the loan tenure, principal amount and the interest rate.

Salient features of a car loan calculator –

1. A car loan calculator is a very convenient and hassle free tool which you can use to calculate the monthly payments.

2. Apart from entering the loan tenure, interest rate and the principal amount, a car loan calculator also has provisions for adding the processing fee for a loan.

3. This calculator also allows you to take into consideration prepayments. You can add the prepayment penalty, prepayment frequency and the prepayment amount and then find out how all of this is going to affect your EMIs.

4. The amortization schedule is also projected by a car loan calculator. In addition to this, it also has provisions that allows you to add loan repayment timeline and the interest outgo, which can help you take smart payment decisions.

5. The results of a calculator of this kind are very accurate as there is no chance of human intervention which minimizes the risk of error.

6. You can keep changing the data as much as you like. The car loan calculator does not have any restriction on the number of times you can enter the data.

7. You get quick results on using a calculator of this kind. It might take a while if you were to do the calculations manually.

8. You can calculate the entire interest amount that you have to pay to the lender. Once you calculate the entire amount using the interest rate then you will get a proper idea of how much the loan is going to cost you.

Things you need to remember when opting for two wheeler insurance

Want to purchase a new bike this monsoon? Well, that is a grand idea. The thought of traversing the rain soaked roads with potholes on foot is a nightmarish idea. Riding a two wheeler on the other hand is a much better proposition.

There are some things you need to consider while purchasing a two wheeler, one primary thing being its insurance. Riding a two wheeler in this country requires its owner to have a valid insurance cover, without which he/she will face penalties. Since an insurance is mandatory, being armed with the necessary information will help you purchase the best insurance for your two wheeler. Here are the important points that you need to consider while purchasing an insurance –

1. The type of policy
There are two types of two wheeler insurance policy. One is the liability only policy which is the mandatory policy. This policy covers that third party damage caused by the vehicle in question, it covers accidental or property damage to any third party. The second type policy is the comprehensive plan which in addition to the liability only policy, also includes the damage caused to own vehicle.

2. The type of coverage
There are a number of coverage options available – vandalism, fire, collision and theft cover etc. Choose a coverage plan that suits your requirements in a two wheeler insurance policy.

3. What factors are affecting your premium?
Features like what is the cubic capacity of the bike in question and what zone the vehicle comes under affect the premium you need to pay. Higher the cubic capacity of a bike, higher is the amount of premium that needs to be paid.

4. What is the status of NCB?
The owner can avail a NCB (No claim bonus) for every years where no claims are made. NCB is a discount that the insurance company offers on the premium for the subsequent year.

5. An uninsured motor cover
While a third party insurance cover is mandatory in the country, there are plenty of drivers who don’t get the insurance updated. This causes the insurance cover to lapse. So if you get into an accident with an uninsured rider, you cannot make any claim and have to pay for all the expenses. Having an uninsured motor cover as a part of your two wheeler insurance policy is a safer option.

6. The IDV
The IDV or insurance declared value is the insured amount of the vehicle, this amount does not change during the tenure of the policy. It is based on the cost of purchasing the vehicle and the depreciation adjustment hinged on the vehicle’s age.

Do you need a health insurance that covers you overseas?

Insurance policies are a necessary thing that every adult invests in. It helps us secure our properties, health and the future of our family members. One of the most important aspects of insurance is health insurance. Investing in health insurance is a primary objective for any responsible adult. It ensures that you and your family is secured in case of any medical emergency or medical situation that may arise at anytime in future. However, most of the health insurances cover you only inside the country, or more accurately, most people choose health insurance policies that cover them only inside the country. But you may want to consider choosing a health insurance that covers you overseas for the following reasons:

• Medical coverage abroad- The benefit of having an overseas health insurance is that it provides you medical coverage while you are travelling abroad. You can go on tours or vacations abroad without any worry about facing any problem if you come across any medical situation. These plans provide coverage for hospitalization, emergency medical evacuation, prescription of medications. It also covers repatriations and provides you with doctor visits while you are travelling or staying for short durations abroad. You can choose your overseas health insurance plan depending on how long you spend abroad. You can either go for a short term insurance plan or a long term insurance plan to suit your needs.

• Chronic medical condition- If you are someone with a chronic medical condition having an overseas health insurance is a good idea. If you suffer from any condition like diabetes, arthritis, migraine, asthma, anemia or any other chronic medical condition or if you are in a high risk category for any such condition then you must invest in this. It will prove to be a good choice in the long run as if ever you need to travel abroad it will have you secured for your medical condition. It will provide you with appropriate medical treatment for your chronic health condition if you ever encounter any problem while you are abroad. You can now travel without any worries about your condition from affecting you.

So having an overseas health insurance provides health coverage to you when you are abroad. It keeps you secured in case of any emergency medical situation that you may face while you are abroad. In case you have a chronic health disorder or anyone in your family has one then it will prove beneficial to invest in overseas health insurance. It would also ensure you a stress free travel and stay abroad.

How to make monthly international money transfers a convenient process?

Staying abroad is a dream that almost every person has had at least once. Today, with the growing opportunities in every field, more people are living this dream. One of the important factors you should look into to have a hassle free stay abroad is money transfer. Whether you are staying abroad for educational purposes or for employment purposes you need to make international money transfers on a regular basis. If you are pursuing higher education you need to receive money from your parents to manage your expenses. On the other hand if you are working abroad you will need to send money to your family periodically. Thus a hassle free international money transfer process will be in your advantage.

In order to ensure that you have a smooth and efficient international money transfer you can follow these simple steps:

• Assign account only for transfer- You can assign a separate account just for money transfer. This will help you in the long run. First of all you can easily keep tabs on the amount that is transferred. Using a separate account will also ensure that no other transactions are made from this account. For instance, you can have a salary account and another separate account for money transfer. This in turn will make it convenient for you to keep track of your finances and manage them easily.

• Set up automatic transfers on fixed date with fixed funds- One of the best ways to make monthly international money transfers easy and convenient is to set up automatic transfers. You can schedule money transfers on a fixed date each month with a fixed amount. It is a very simple procedure which will allow you to easily transfers funds each month without having to go to the bank. You just need to log into your online banking profile, select the amount you want to transfer and the account where you need to transfer to. Then you need to choose the “Schedule Transfer” option from the Transfer Type list and select date of the transfer. The last step includes selecting the frequency of transfer and the end date.

• Set up alerts for transfer status- You can set up alerts for your transfer status. This will help you keep track of your transfers without going to the bank. You can get instant updates and alerts on your mobile through text messages.

So, following the above mentioned steps you can make your monthly international money transfer more convenient that will help you have a peaceful stay abroad.

Why should you let your college children have a credit card

College is such a stage where an individual goes through the transition from a teenager to a responsible adult. They take important decisions about their life, becomes more mature, learn to take care of themselves as most of them start living away from their parents. These experiences make them more responsible and transform them into a grown up ready to take on the world. In order to become a more responsible individual they must also learn to manage their finances. This includes managing funds, expenditure and savings. For this, credit cards is a must. Every person has to use a credit card at some point of time in their life. So it’s better that you let your college children have one which only not only teach them how to manage their expenses but also provide added benefits like:

• Credit cards with limited credit line- Some of the best credit cards in India allow you to choose a credit card for your child that has limited credit line. This will not only allow you to keep a limit on their expenses but will also make them learn to regulate and keep in check their own expenditure.

• Ease of transaction- Having a credit card will lessen the burden of your children having to carry cash everywhere. They can easily make payment related transactions anywhere with their credit cards. For instance, payments for online shopping can be made easily with a credit card.

• Payment of fees- Every college student needs to pay their college fees, which in fact are a huge sum of money. Having a credit card facilitates the payment of the college fees on time without any delay.

• Security in case of emergencies- If your child has a credit card it will act as a backup in case of any emergency payments he may need to make. For instance in case of any medical emergency they can use their credit cards to make payments so that it won’t halt the treatment process.

• Rewards and benefits- Credit cards offer many cash back rewards. These rewards automatically get deposited in the savings account and can be redeemed for gift vouchers at certain retailers.

• Create an early credit history- College children can use credit cards to build an early credit history that will help in the long run. Credit history plays an important role in boosting the credit score and the best credit cards in India value a long and healthy credit history.

So giving your college children a credit card can prove to be a wise decision. It can help you make them responsible as well as provide security in case of any emergencies.

Send money to India: Tips to ensure a smooth and stress free money transfer

The advent of globalization in the 90s reduced the economic barriers between the countries. With the passage of time more and more business companies and other organizations extended their market internationally. This opened up the doorway to more number of individuals working abroad. At present, many people get jobs in foreign lands and many more frequently need to go outside the country for work purposes. This has made money transfer more important than ever. You may need to send money to India from abroad to your family or you may need to do so for business purposes. Whatever the reason maybe, the following tips can help you ensure a smooth money transfer from abroad:

• Plan ahead- Planning ahead is a good way to ensure that you minimize the costs. You can research about the different methods and shops that are used for money transfer and select the one best suited to your needs. You can opt for electronic transfers as it is one of the most efficient and appealing way to transfer money. Another cost effective choice is opening an account in an international bank. This will allow you to make intra-bank transfers and hence reduce your costs.

• Know about the fees- Having the knowledge about the fees charged by the brokers, banks or money transfer shops will help you save your hard earned money from unnecessary expenses. Charges are usually made on percentage basis. So knowing about them beforehand will help you prevent them from eating up the funds you transfer. For instance, money transfer in smaller denominations cost much more on a percentage basis. Proper knowledge about this will help you take decisions wisely and hence, save your funds.

• Know the Exchange rate- You should know about the exchange rates in order to minimize the cost of your money transfers. Keeping an eye on the current exchange rates can help you pick out favorable time of sending money to India.

• Limit use of Instant Transfers- Limit the use of instant transfers to only during emergencies. These are the type of money transfers that costs the most.

So you should try and keep its usage to the minimum, only for times when you need to send money to India quickly on an urgent basis.
These are some of the tips that can help you have a smooth money transfer when you need to send money to India. It will save your funds from unnecessary expenses and ensure that you experience a stress free money transfer.

Why do you need mobile banking apps today

In recent times, with the quick pace of developments in technology, the world experienced a sudden surge in the field of mobile applications. The number of mobile apps available to the public has increased at an enormous rate. It has touched almost all the sectors, from food and lodging to travel and tourism. One of the sectors where this technology has brought a revolution is banking. Today most people are using mobile banking apps in their daily life for various banking activities. If you are still untouched by the phenomenon of mobile banking then you should consider the following things:

• Easy Anytime Access- In the older days, banking was only limited to the office hours when a bank was actually open. You had to go to a bank for performing any kind of banking activities. Apart from this, making transactions or doing any banking activity on public holidays was not possible. The introduction of mobile banking has done away with all these problems. With a mobile banking app you can perform your banking activities at any time, any day even if the bank is not open. It also doesn’t require you to go to the bank and you can make your transactions from any place using your smartphone.

• No Extra Charges- One of the great things about using mobile banking apps is that it is absolutely free. There are no hidden costs or charges that you need to worry about before getting and using a mobile banking app. You just need to download your bank’s app from the play store and then you can use it.

• Security- It is one of the most secure banking options available in today’s date. Using the app is said to be safer than internet banking. These apps have advanced encryption technologies that protect your data from any malware or outside interference. No data is downloaded or stored in either the phone or the SIM card.

• Varieties of Services- Mobile banking apps provide you with the accessibility to a variety of banking services. It lets you perform transactions, check the transaction history, gives you bill payment alerts, minimum balance alerts, debit or credit alerts and also provides account balance inquiry facility. The number of services you can have access to is also increasing with time as technology advances.

Therefore, having a mobile banking app is really a must in today’s time. You can enjoy lots of benefits and also save time by using these apps. It will provide you with a safe and free alternative to the traditional banking methods and will make your banking experience easier.