Steps to get the best personal loan rate with this Tool

Redefine the way you look at your personal expenditures by taking a personal loan, be it for the trip you had been longing for, a new phone, or that picture perfect wedding. Your dreams are just a few clicks away on a personal loan EMI calculator that will give you a clear picture about how little you have to spend monthly.

Always compare the rate of interest for a personal loan before applying for one. Also check for provisions of flexible payment schedules. You can calculate the EMI to be paid in different instalments by using the personal loan EMI calculator and it also saves you from visiting all these offices to get a detailed scenario, if you take a loan from there.

Spending Rs.5,00,000 instantly may seem to be a very difficult task for many but when this is broken into payments over 60 months at an interest rate of 7.75% the amount payable monthly would be Rs.10114. The personal loan EMI calculator changes the perspective with which we look at something expensive and makes it seem much more affordable.

The best thing about a personal loan EMI calculator is they give you an error free figure that is easy to understand. It also helps spare the need of running to the bank personally to know the status of your loan account. You can sit at home and have a clear view of how far you are in repaying your loan.

STEPS TO BE TAKEN WHILE APPLYING FOR A PERSONAL LOAN

Make a budget – According to your need plan a detailed budget. Over-borrowing may seem to be a safe option but in the long run you would be in a debt for an unnecessarily extended period of time. Similarly you would not even want to end up with an amount lesser than you need.

Realise your affordability – After considering your monthly expenditure make a note of how much money you are left with. Make full use of the personal loan EMI calculator to determine how much your monthly instalments shall amount to. Compare it with the amount you have extra every month and decide wisely whether or not to go ahead with the loan.

Scan the market for best rate of interest – Look for the lowest rate of interest on your loan. This scanning can be done easily sitting at home surfing the internet.

Find suitable time period for repayment – Also take into account the tenure of the loan and the policies related to paying it off early or extending it. Often banks have rules that do not allow paying off of loans before the loan period ends or they include a higher interest if you try to do so.

The Ideal Remittance Guide You Should Refer To

India has made an astounding progress economically in the last few years. Many who leave the country in search of better career prospects often feel the need to send money to India. In the previous year, India has surpassed China to become the highest remittance-receiving country in the world according to a UN report. When you remit to India you contribute greatly to the development of the country’s economy as the inflow of foreign money into the Indian economic clockwork means more funds for channelization in developmental projects.

DIFFERENT METHODS OF REMITTANCE

The different methods of remittance can be classified by the mode of transfer into two broad headings, manual deliverance of funds and electronic transfer of funds.

MANUALLY THE FUNDS CAN BE SENT IN THE FOLLOWING WAYS:

MONEY ORDER- You can buy a money order form the bank, certain retail stores and post offices and post it to the person you wish to pay. It is one of the oldest ways to remit to India. The receiver of the money order can either get it cashed or deposit it just like a draft or a cheque. Though it is a time consuming method, it is preferred because it is a secured way. In case it is lost or stolen it can be replaced. Also the advantage of being able to use a money order without having a bank account makes it very convenient.

FOREIGN CURRENCY CHEQUES- The simplest way to send money to India is writing cheques and posting it. The only disadvantage of this direct method is it takes a lot of time. But once it reaches, the receiver can simply go to his bank and deposit it or cash it as per his needs.

FOREIGN CURRENCY DRAFTS- This method is very similar to sending cheques from abroad. It is a method preferred by businessmen. There is no chance of a failed transaction like a cheque as sending a draft does not depend upon the balance you have in your account.

ELECTRONIC TRANSFER OF FUNDS CAN BE DONE IN THE FOLLOWING WAYS:

REMITTANCE CARD- This is like a debit card that can be used to pay for all the needs and requirements of the people in India. For using it, the person staying abroad has to recharge the card and the amount will be available for use in India. This saves a lot of time and is the most convenient option for those who are technologically sound.

DIRECT DEPOSIT- This method is the best possible option for those who transfer funds regularly to India. Here an Indian bank is authorised to withdraw money from that person’s account in the foreign bank. The money transferred can be collected by the recipient directly from the bank.

Make a smart money transfer to India with these tips

A responsible Indian never forgets his family and their needs where ever he/she may be in the world. He always looks for a way to provide for all the necessities and comforts even if he/she is staying away. The biggest task for those staying abroad is selecting a method for money transfer to India.

1) Realise who you are sending to – We may often need to send money to different people from different socio-economic backgrounds. There are still many people living in India who do not have bank accounts. To cater to the needs of such a person you would have to resort to an age old method of sending a money order. A money order is a payment certificate that you can buy from a bank, post office or some retail stores. The receiver of the money order can either cash it or deposit it directly to his bank account just like a cheque or a demand draft.

2) Make transactions when rupee value is higher – The value of one pound in rupee keeps changing with the fluctuating market rates. So if you transfer funds at a time when the rupee value is low the receiver shall get lees money as compared to then when the value is higher.

3)  Urgency of your transaction – If you do not have an urgency to make a money transfer to India you can take time and send it in the form of cheques, demand drafts or money orders. But if you are in a hurry the best option for you would be using a remittance card. All you need to do is, buy a remittance card on behalf of your family and recharge it regularly. Your family can use this card to withdraw money or make payments as and when needed. This is the most convenient option to carry out a money transfer to India from other countries.

4) Purpose of your transfer – If you are sending the money for an official purpose and specially in case of making payments in business that involves export and import of goods you should use the foreign currency drafts. This process takes time but is safer. Also you can avoid chances of transactions failing due to low balance in your account.

5) Open an NRE account for your transfers and earn interests – An NRE account stands for a non-residential external account. You can open one of these in an Indian bank before leaving the country (opening such accounts from abroad is possible but complicated and time consuming). You can deposit your earnings in foreign currency to this account and the bank shall pay you a good amount as interest. You can have this account in joint-holding with anyone from India or authorise a person in the country to operate your account by giving him a power of attorney. This shall reduce your problems faced for money transfer to India considerably and you will also earn a good amount as interest while taking care of your loved ones.

Looking to get an optimum result on your FD? Used the FD Calculator

Investing in Fixed Deposits is one of the best and most secured ways to let your money grow. It is a onetime investment that reaps interest monthly, quarterly or at a short term as per your choice. The safest feature of a fixed deposit is that it is not subjected to market risk. You get an assured return on your amount invested. The maturity amount and the interest earned when you open a Fixed Deposit account can be determined using an FD calculator. This gives you a clear picture of how your investment is working out.

To optimise your outcome from investing in fixed deposits you should always compare the rate of interest provided by the bank, the time period for which the investment is being made and at what interval the interest is being calculated. The FD calculator comes in handy while analysing where to invest.

It is wise to make multiple FD accounts than investing the entire sum at once. In case of an emergency, even if you withdraw from one of the FD accounts while the others stay intact. The bank in case of a premature withdrawal from a fixed deposit account levies a penalty that it deducts from the amount it pays you. The amount that you receive in such an instance is calculated using an FD calculator by the bank and it includes the principal amount and the interest earned till then.

Your FD might be your easiest way to get a loan from the bank. The bank where you have your FD account can provide you with a loan of nearly the amount of the value of your FD. The percentage given as a loan ranges from 85-90%. This loan is granted for a short period of time and under no circumstances can exceed the period of you FD. You can know your loan amount by calculating the value of your FD.

The FD calculator can be a good guide for determining the way to extract benefits of your FD. When the math is done we get a better grip on what we are heading to. The interest you earn out of your FD can either be reinvested or withdrawn.
Reinvestment provides you with a higher amount of interest than the previous year. If you keep withdrawing the same rate of interest is given every year until your FD matures. The interest earned from FD is taxable if it crosses a certain limit. There again FD calculator helps you to assess your interest amounts and aids in its management. It is a tool that simplifies the financial jargons and gives you an easier insight into your money and its management.

EMI VS SIP: Which is the better Options?

Our needs are changing every day. Gadgets, lifestyle objects and vehicles are now slowly becoming a part of our daily needs. To meet with these requirements we need to choose the mode of payment wisely depending on our income, affordability, price of the product and our other liabilities. Various fund management and payment methods such as SIP and EMI have come up that makes expensive goods affordable. With EMI calculators being available online we can now easily enter our required amount and suitable time through which we shall repay and voila we know much we need to pay every month sitting at home.

WHAT IS EMI?

Equated Monthly Instalments (EMI) is a method to repay a loan taken by a person from a bank. It is a fixed amount that a person pays to the bank each month to pay off the principal amount borrowed and also the interest acquired on it. EMI facilities are available on all forms of loans such as car, house, education etc. You can also use emi calculators to facilitate emi payments.

WHAT IS SIP?

Systematic Investment Plan (SIP) is used for a mutual fund scheme where you are allowed to invest small amounts over a period of time rather than paying a lump sum amount once. The amount payable at a SIP can be as less as Rs.500.

EMI VS SIP

The utility of EMI and SIP are case sensitive. They both have their advantages and dis advantages. While EMI increases the net amount paid by you for purchasing a product, SIP increases the time needed for you to be able to buy it. A SIP is useful when we want to develop a fund and have future plans to invest them. But for immediate needs EMI is a better solution.

EMI gives you the option of purchasing in the present instance. Situations like expenditure for your education cannot wait for you to slowly grow your fund. This has to be done immediately before you pass the eligible age. Here taking an education loan is a better option. Loan calculators help the process of determining monthly EMI’s by dividing the principle amount and interest acquired by the time over which it shall be repaid. But if you think from another perspective a student starting a career is burdened with the yoke of a pending amount. Here as a parent, you can start saving early in small amounts for your child’s future and education through SIP. 

It is intelligent to pay EMI for creating an asset such as building a house rather than for buying a product whose price depreciates over the period through which you pay the EMI such as a car, laptops, furniture etc.

Benefits of Scheduling Future Transactions in Mutual Fund

Investments are the got to option for you to roll your money. The common concern about investments is what to invest in. Mutual funds are usually the safest and most feasible option especially for new investors. Investing in Mutual funds through Systematic Investment Plan (SIP), gives the investor the option to invest periodically and not shell out a large sum of money at once.

It has been seen that while investing, investors prefer to set a specific date for carrying out their transactions (both payment and receiving). Depending upon their convenience and availability of funds and their need, they can schedule future transactions while investing in mutual funds India. This date of payment can be set according to an investor’s schedule of receiving payments, redemption of funds from other investments or other reasons for a cash inflow. Also the date for redemption of the mutual fund or receiving the dividend can be adjusted as per the needs of the investor.

To schedule and manage future transactions in mutual funds India, the investor should have a common account number (CAN) that is issued by the Mutual Fund Utilities (MFU), which is a shared service initiative taken by the mutual fund industry under the aegis of Association of Mutual Funds in India (AMFI). This CAN allow an investor to access and manage multiple mutual fund schemes across participating fund houses.

BENEFITS OF SCHEDULING A FUTURE TRANSACTION

1) Flexibility of the date of transaction – The transaction can be made as per the need and convenience of the investor and need not depend on the predetermined date as per the company. This helps the investor to plan payments from the amount received from the mutual fund as well as for further payment in the fund (as in the case of SIP) or further investment.

2) Transact from anywhere – Having a CAN will let you make the transactions online and it will save you from a periodic visit to the mutual fund office or the intermediate agent. This lets you manage your funds sitting at home.

3) Payment made on the same date – Once you fill up the CAN, you can use the CaST (create and schedule transaction) facility to plan your future transaction. On the date you have scheduled your transaction, you shall receive an SMS and email to make the payment (in case you wish to purchase mutual fund units). Your payment shall be cleared on the same day.

4) Will prevent you from defaulting – The notification system and flexibility will help you manage your funds better and will do away with any chance for you to become a defaulter.

5) Provides you a long time to arrange for payment – It is allowed to plan a transaction for up to 90 days in advance and hence provides you sufficient time to be prepared to make the payment.

All you need to know about Online Tax Payments

India is making a considerable progress in the field of information and communication technology in the recent years. The implementation of the ICT can be seen in the developing e-governance policies. The spear heading venture in this development is the provision of online payment of taxes. Online tax payment is saving lots time and labour and increasing the transparency of the administrative system.

HOW TO PAY TAXES ONLINE?

From your income tax to property tax to wealth tax can be paid online. To make online tax payments you must have a bank account with net banking facility and also ensure that the bank has provisions for making E-payments. In case you do not have an account in a bank that provides such facilities or is an unauthorised bank for paying taxes you can pay your tax from another person’s account but make sure that your PAN is mentioned in the E-challan.

WHY PAY TAX ONLINE?

Saves time- You can save lots of time and avoid standing in long to pay your tax. This has been a huge harassment associated with payment of taxes. Old and young, irrespective of age were seen standing in long serpentine lines for hours outside tax offices and registered banks for collection of taxes. Online payment allows you to sit at home and pay the tax at your convenience.

Accuracy- To err is human, there will always be a big chance of errors occurring when other people are involved. Filling in the details for your own tax payment will save you the harassment of having misspelled names and inaccurate information on your receipts that are extremely important for future reference in case of any dispute.

Convenience- Online tax payment can be made at any time of the day. While paying manually you are limited by the banking hours to make payments but the online transaction increases your convenience.
It increases transparency- Corruption can be curbed by increasing the use of online payment. Chances of taking bribe will be eliminated as there would be no human interface involved while carrying out a transaction.

Can be paid from any location- You do not need to worry about becoming a tax defaulter just because you are out of station anymore. Through online tax payment options you can pay your tax from any location and will not need to worry about visiting the specific collection centre or office.

No chance of misplacing your receipts- The E-challan is automatically generated immediately after you make the payment for your tax online. This can be saved virtually for future reference and when needed, it can easily be downloaded.