Do you really need to use the recurring deposit calculator for your term deposit?

In case of a term deposit, a deposit is made to either a bank or financial institution or a credit union or even a building society for a pre-determined period of one to five years.

There are two types of term deposits: Fixed Deposits (FD) and Recurring Deposits (RD). In case of a fixed deposit one deposits a particular lump sum amount for a certain period of time with the bank.  While the latter is meant for borrowers with regular incomes so that they may be able to invest money on a monthly basis. In case of a RD, a return is acquired from the monthly instalments that are made by an individual.

One should seek the help of a recurring deposit calculator to calculate the interest returns on one’s savings. A recurring deposit calculator helps one to calculate these “returns”. Here is why one should use a RD calculator-

• Using a RD Calculator will help one know how much they will receive once the maturity period has been achieved.
• A recurring deposit calculator will help one calculate the total savings they will make on the given interest rates.
• Another benefit of using a RD calculator is that it allows the investor to save money. In some cases any amount can be saved at any time.
• It may also be used to make an approximate estimation of how much an investor will be able to save each month. Deciding on a particular amount can help an individual make several financial plans and decisions, which may include investing in a home or car.
• Quick calculation of finances with the help of a recurring deposit calculator can help investors keep a record of their FDs and RDs effectively. In this way they can keep a track of the growth and stability of the investment that has been made.
• Interest rates differ from bank to bank, but a recurring deposit calculator, will effectively calculate the interest amount that one will receive on maturity of the term deposit.
• More often than usual, recurring deposit accounts are also opened for children or by senior citizens who may make calculation errors or find it difficult to do complicated math. A recurring deposit calculator is a life saver in this case.

One should invest in a recurring deposit or a fixed deposit only after obtaining information about interest rate offered by different banks and comparing them effectively. A recurring deposit calculator helps one compare rate properly without any calculation errors. One can find a reliable recurring deposit calculator online or on the website of any bank or financial institution.

Did you know you can enjoy these benefits with the online mobile recharge?

In the present global scenario, everyone has become tech savvy. It is important for one to become familiar with the online world of mobile recharge. In fact, the main aim behind all online recharge services is to facilitate consumers with fast and smooth transactions and recharges.

Online mobile recharge is easy and efficient, moreover it offers several benefits such as-

• Recharging mobile phones can be troublesome when it comes to people who have a tight schedule. Thus, online mobile recharge makes it very easy to make online phone bill payments, while seated in your office or comfortably back at home.
• What one does not realise is that there are a lot benefits involved with online mobile recharge. One major benefit of online mobile recharge is that it provides a variety of prepaid mobile services at very convenient economic charges for calls, SMS, Voice mail service, call conferencing etc.
• Online recharging comes with a package. The consumer can simply select the package that suits their purpose the best. Several deals are at discounted rates as well.
• Online recharge payments also offers coupons, vouchers, discounts and several other forms of privileges, which may be redeemed by customers from time to time. Many online mobile recharge sites offer 100% cashback on their first recharge or give out free recharge coupons as well.
• Another important fact to note is that online mobile recharge is a service that is provided 24/7.
• Online services are also very easy and accessible. No matter where one is, as long as one has a cell phone and internet connection they can get a recharge done. One should also ensure access to a credit card/debit card/net banking/e-wallet in order to get a recharge done online. The entire transaction is a step by step process and extremely easy to do.
• Online recharging also makes it very easy for a person to track and keep a record of all recharges that he or she has done.
• Sometimes due to busy schedules, one may forget to recharge his phone and in case of an emergency, one cannot make an urgent phone call. It is in such a scenario a quick and easy online mobile recharge is extremely handy and comes to the rescue.
• One can bid farewell to long queues with the introduction to online mobile recharge services. No more wastage of time and energy.

For all these aforementioned reasons, it is very practical and feasible to opt for online mobile recharge. It makes life a little bit easier, especially when one has a busy schedule.

Online application: when you need to apply for credit card urgently

Credit cards are like a contractual agreement that takes place between a borrower and a lender. The bank which is the lender provides or loans money to the borrower with the trust that the money will be reimbursed later within the time period agreed upon. Some people argue that credit cards create problems, but there are a lot of benefits to credit cards if one uses them well. There are many reasons why one should apply for a credit card. Some of them are given below:

For student loans
Loans can be taken against a credit card. Apply for one when in need of a student loan. Education comes at a high price and a credit card may come handy during admission.

For home loans
Another major investment for a better future and improved lifestyle is a home.  Houses do not come at cheap rates, but one cane secure a home loan easily with the help of a credit card. Apply for it today and start maintaining a credit history. 

For car loans
Cars are getting expensive day by day. Cars are considered as a luxury commodity and purchasing a car requires a lot of money. For this reason once again a credit card will help secure a loan if necessary.

To land a job
A credit card opens doors to several job applications. It is surprising but true. An individual with a credit card and a good credit history definitely comes across as reliable and responsible to a prospective employer.

To take a vacation
Busy schedules demand more time spent on work and less on family and pleasure. For this reason vacations become a necessity for every family. Breaks are also required to rejuvenate. An international credit card will help one make purchases and pay bills when holidaying with family and friends.

To make online purchases
For all the shopaholics out there who purchase off the Internet, a credit card comes extremely handy because there are many shopping websites that do not offer the cash on delivery option. This does not necessarily imply purchasing accessories and clothes but also the purchase of airline tickets or hotel bookings etc.

One should note that large amount purchases can be made at 0% interest using credit cards. Getting hold of a credit card and its use will reflect upon the credit history as well. This will make one eligible for certain perks and benefits. Hence, credit cards are essential tools that gives plenty of economic benefits and opportunities for a better life style.

First time loan applicant: tips to get an approval on your car loan application

Getting a car loan is not easy. A car loan is offered to only those who are able to prove themselves as loan worthy. Sometimes it may become difficult for loan lenders to give out loans to some prospective borrowers because of their financial background. Some things that one should keep in mind when applying for any loan especially when it comes to a car loan are given below:

1. Calculate a budget
 Before purchasing anything, it is important to know if one will be able to afford it or not. Therefore, the first point is to establish affordability or know the budget. This implies that the buyer should calculate their income after considering the tax deductions to find out how much is actually earned, how much money is used for living expenses, that is, for basic sustenance. The money that remains, may be considered as savings and spent on other goods and services. Efficient budget planning will create a good impression on lenders as it will indicate how responsible the borrower is.

2. Know your car
Another factor to take note of when applying for a car loan is the overall cost of the car. This includes additional instalments and additional prices, that is, expenses for the fuel, insurance and maintenance. Knowledge regarding these matters may improve chances of approval.

3. Pay a deposit
When applying for a car loan it is advisable to make a deposit even if it is not necessary because this can be beneficial. It definitely means that one will have to worry about lower repayment every month, and it also creates a good impression on the money lenders.

4. Know your credit account and clear debts
The credit profile reviews how an individual uses credit and how they make monthly payments. This shows if a borrower is a reliable or not. So it is better if one clears off all debts they might have, this will increase their chances to get approved for the car loan or any other future loans.

5. Trade car (for old car owners)
Owning a car for more than four years means that there is a chance for them to have a higher trade-in value. It is even more beneficial if all the deposits have been cleared off. If the trade-in value is lesser than the amount the person owes the bank, in that case the person should keep the car or the vehicle for a few more months or could use savings to settle the existing loan.

6. Know the best deal
Once the above mentioned points have been taken care of - the budgeting, calculating and credit checking, the final step is to find out the best car deals showrooms are offering. In the competitive global vehicle market, there are a lot of appealing offers. Compare discounts and offers in order to get the best deal in the market. It is also advised that one should look online for low interest rate deals before actually going to a dealer.

Many banks and financial institutions offer a car loan today, thus there are plenty of options to choose from.

Reasons you need to avoid unauthorised lenders

Unlicensed or unauthorized moneylenders are those lenders or traders or people or groups or firms who loan money illegally or outside of the law. They maybe referred to as loan sharks or unlicensed traders or lenders. These lenders are unsanctioned by the government and therefore by law. These people are best avoided for they can cause a lot of problems or harm naive citizens, who are not aware and may borrow money from them.
One should take heed of some of the consequences of borrowing money from these illegal lenders. They are:
• These so called loan sharks charge high interest rates on the loan amount. Therefore it is practical to go to a legal money lender or to a bank where one can find appropriate, legal and low personal loan interest rates. A higher interest rate can make it more difficult for one to repay the amount.
• Another fact to note is that if one gets involved with unauthorized money lenders, that person will not get access to the Financial Ombudsman services or the Financial services Compensation scheme, nor will they be covered by the Payment Protection Insurance or PPI services.
• They mistreat and harass the borrowers until they pay back the funds. This can cause harm not only to the borrower but also to the borrower’s family and friends. If someone is unable to repay the loan, these loan sharks may take the person’s possessions or belongings or destroy them.
• Suing them leads to no avail as these lenders con borrowers constantly and are extremely equipped in escaping the hands of the law. A law suit only results in further loss and waste of time and energy.

• Most importantly, borrowers do not receive any protection by signing any form of contract nor are they provided proper terms and conditions in some cases. Hence, the borrowers do not get any guarantee on such deals or contracts.

• Previously, these loan sharks and money lenders were considered to be involved in illegal or extra-legal activities but in recent times they seem to have even become a part of the criminal underworld and coming into contact with such men can lead to dire consequences.

The above mentioned reasons should provide enough cause for people to avoid illegal money loan givers. The repercussions of getting involved with such illegal lending can be bad. When it comes to borrowing money, one should always go through banks or financial institutions. They offer competitive personal loan interest rates, and authentic legal papers to borrowers. They also expect timely returns in the course of the loan term that has been decided.

Protecting yourself from fraud when using credit cards

A credit card is used by a card holder to pay for all the goods and services that he purchases or enjoys by virtue of his salary in the bank account. Credit cards have become a valuable asset to all. Thus, it is a very important card which should be kept with optimum security for if it goes into the hands of the wrong person, they might misuse it, while the consequences will have to be paid by the victimized original credit card owner.

Some measures that one can take in order to protect their credit card from miss use are given below:

• It is very difficult to shield all our private and personal information but it is important to take some precautions when we go online be it for shopping or for net banking or other purposes. Here are a few things that you can do to protect yourself when shopping online-
*Try to clear all logins and passwords.
*It is advisable to pay via credit cards rather than debit cards as they are guaranteed under the federal law.
* Avoid providing information to any fake unrecognizable company advertisement that asks for personal information.
*It is better if one secures their email and verifies the mailing address whenever possible with the post office in order to avoid the credit card thieves from changing it. This prevents any notice from reaching your residence.

• A small way to avoid the loss of credit card is by keeping it in a different more secure place rather than your wallet so that even if the wallet gets stolen, the credit card remains safe.

• Report any kind of questionable purchases that may have been made by the credit card that you are not aware of.

• Monitor all the bank and credit card statements and reports regularly so that any unfamiliar purchases can be noticed immediately and be reported.
If someone has already become a victim of credit card identity fraud or identity theft where one individual card holder’s ownership has been assumed by some other individual, it is important to know that that person whose identity has been stolen is entitled to free credit monitoring.

• Avoid keeping any form of private records or statements. These records should be disposed as soon as possible. Most preferably they should be shredded, so that they do not fall in the wrong hands.

It is very important to take such preventive measures while handling credit cards for precaution is always better than cure. It is better to be safe rather than sorry.

What are the different tools that will help you get an ideal personal loan?

A loan that is unsecured, in other words a loan that is borrowed by individuals from a bank or a money lender without securing it against any asset like a car or a house is called a personal loan and is also known as an unsecured loan. In order to get an ideal personal loan, there are some things or tools that a person should refer to and keep in mind before applying or during the application of a loan.

Loan tools help calculating the personal loan effectively. One can also make comparison between the interest rates offered by different banks with the help of loan tools. They are-

• Loan calculator or an EMI calculator the personal loan EMI calculator is very efficient in comparing different types of loans. EMI stands for equated monthly instalment, which is the fixed amount that is to be paid to the bank or any lending institution until the entire amount loaned is completely paid off.

The personal loan EMI calculator makes complicated calculations easy and simple.

• Budget calculator- it is very difficult to keep track of all the monthly expenses that one has and this is where a budget calculator comes in handy. The budget calculator breaks down the person’s finances and then offers tips to help the person make optimum utilisation of his total income.

• Credit Report-Several credit bureaus gather data and information regarding a person’s credit history to create credit reports on the basis of which the money lenders or banks often determine whether they can sanction a loan or not and how much interest rate should be offered on the loan sanctioned. These reports are available online and even at different credit report companies.

There are other ways of acquiring an ideal personal loan. A person may not receive the same rate as advertised by a company or bank as it is based on individual credit scores. A person may apply for the best rate loan in order to find out the rate of interest he is eligible for. Opt for a best rate loan that doesn’t use risk-based pricing. If there’s any way to repay the loan early, one should opt for the best-rate loan which does not have any early repayment charges.

Borrowers may also take help from debt advice agencies or get official help from the pension’s ombudsman service, which will take into consideration all the complaints that the person might have regarding his or her loan. The agency will also give suggestions as to how to repay the loan and effectively use the tools.