What factors affect personal loan EMI calculator?

What is a personal loan?

A personal loan is an unsecured loan that can be availed to meet fund needs. A personal loan does not come with any conditions attached to it. The funds from a personal loan can be used for any purpose, i.e . business or personal.

But how can you check the installation costs that will result from a personal loan? To find out the monthly repayment burden, you can use a  personal loan EMI calculator. There are many such EMI calculators available online. A personal loan calculator is usually free of cost to use, and there is no obligation to take a loan from the company for using their loan calculator.  

How does a personal loan calculator work?

The formula for calculating EMI is:

P x R x [ (1+ R)^ N] / [ (1+ R) ^ N-1]

Where:

P= Principal or loan amount
R= Rate of Interest on loan
N=Tenure of the investment in years  

A personal loan EMI calculator does not display the formula to calculate EMI. You have to input the loan amount, the tenure in years, and the rate of interest on the loan. The calculator automatically computes the EMI and returns the answer.    

Thus, by using a personal loan calculator, you can find out the monthly payout for a personal loan within a matter of few seconds.

The EMI depends on two factors:

• Principal or Loan Amount
• The rate of interest on the loan 

These factors depend on:

• Individual need
• Credit score
• Repayment capability,  i.e. income earned by the applicant 


Principal or Loan Amount:

Most lenders give out loans up to INR 20 lakh. Some lenders even give out loans up to INR 30 lakh. The final loan amount disbursed depends on the income earning capacity. If you have a higher salary, the chances of you getting a higher loan approved are higher.    

A  personal loan EMI calculator is helpful even when you have not decided the loan amount. The calculator will show the monthly payout, and a repayment schedule, bifurcating between interest paid and principal repaid. This can help you plan the loan.     

The rate of Interest: 

The rate of interest for unsecured loans ranges from 10% to 20% depending on the lender, and the repayment capacity. If you have a greater ability to service the loan, you can negotiate with the lender for a favourable interest rate.         

The personal loan calculator will show the change in EMI depending on the change in interest rate. This is helpful while finalising the loan.   The interest component in EMI is higher in the initial months, and at the end of the period, the principal element of EMI is higher.  

Gift card – who offers them and smartest ways to use it

Gifting something as per his/her taste is the most daunting task. No, seriously. If we do not find anything suitable, we zero down on offering cash. This scenario is prevalent, especially during weddings. Again, the question arises how much of money is enough money? Thanks to the invention of gift cards, a considerable pressure is eased off from our shoulders.

What is a gift card?

The rectangular card has prefilled amount that can used at single or multi-chain stores. A gift card is available for every product from movie tickets to branded shops to travel and so on. Also, you can buy either the physical or a digital variant of the card. You can buy gift card paying via net baking, credit/debit card and cash. It is recommended to purchase gift cards with longer validity and of smaller value so that they can be used in instalments. Gift cards are usually valid anywhere between 1 to 3 years.

Who offer gift cards?

1) Single retailer gift cards: Such cards are bought at a particular branded store. For example, Shoppers Stop offers either vouchers or physical card for certain amount that cannot be redeemed against all products. Retailers provide gift cards anywhere between INR 250 to INR 50,000.

2) E-commerce gift cards: These are highly popular and almost every e-commerce portal offer gift cards, either in digital or physical form. Myntra, Amazon give away cards for special occasions such as weddings, birthdays, anniversaries, etc. Even coupon websites like Grabon and Woohoo provide e-gift voucher that are purchased extensively. E-commerce website gives e-vouchers for the range of INR 10 to INR 20,000.


3) Bank gift cards: Banks such as HDFC Bank, ICICI, etc. have their set of gift cards. A bank gift card is prepaid that comes with a PIN. For acquiring the gift card, you need not be their customer. You have to load a minimum amount of INR 50 that extends up to INR 50,000. Just like credit/debit card, you can check the balance in the card. However, you cannot withdraw money. They come with a restriction: you can use the gift card only at Visa, and MasterCard enabled outlets.

Smart ways to use a gift card:

1) Spend sooner than later: What if the store shuts down due to uncalled circumstance? Or the retail shop is going under loss? It is advisable to use the gift card as soon as possible.

2) Can regift/resell the card: If you feel the gift card is of no use or there are stores around your area, you can get rid of it by reselling/regifting. Sites like cardpool.com and so on allow users to resell their gift cards online.


3) Do not overspend/underspend: Just because you have gift card that has balance of INR 30,000 does not mean you purchase items that hold no value to you on a day-to-day basis. Best way is to plan what you require and approach retail shops when they have promotions/sales running.

You do not have to go through the question ‘what kind of gift I present him/her?’ anymore. Go to any e-commerce website or retail shop or bank and buy gift cards for your near and dear ones today! 

Best taxi booking apps in Mumbai

Flapping your arms and calling for a taxi, it is a been there done that moment for all of us. Who knew we would reach a stage where cabs will arrive at our doorstep by reaching out to our pockets. Be it running late for work or being plain lazy; there is a taxi for every occasion. Taxi companies like Ola, Uber, have left Mumbai’s ‘kaali-peeli’ way behind in the game.

There are several taxi booking app that enables you to reach your destination in a jiffy. In fact, we are spoilt for choices. It has also become easier to make price comparisons especially with variants like pool (sharing cabs), on the go cab (solo travel), SUVs (family cab), etc. in the offering.

So, which are the apps to consider in order to book taxi online?

1) Meru: They have been the face of online cabs in India since 2007. One of the best features of Meru is their timely service. While people nowadays complaint of time management followed by taxis, Meru cabs arrive on time most of the time. It is sophisticated and safe, especially for those travelling in the night to/from airports.

2) Uber: They are considered to be direct rivals of the ‘kaali-peeli’ premier taxis. Uber is the most favoured taxi booking app for its range of services. If an affordable ride is what you are searching for, Uber Pool and UberX are accessible. Meanwhile, luxury car lovers can opt for Uber Black. 

3) Ola: User-friendly interface and instant communication are the USP of Ola. In fact, they are available at affordable rates, giving a stiff competition to Uber. What's more? Ola has also started providing Ola kaali-peeli and Ola auto-rickshaw services off late. And if you want to listen to your kind of music, there are radio and selected music on their mini TV. These are the primary reasons why the office goers consider Ola to be the most preferred taxi app.

4) Taxi for sure: They offer point to point travel services and are mostly found around the airports. Taxi for sure app is the ideal solution for in-city tour. It is available across metropolitan cities such as Mumbai, Delhi, Bengaluru, Chennai, Kolkata, Pune, Indore, Chandigarh and so on.

5) Tab Cabs: There was a time when Meru and Tab Cabs owned the streets until Uber and Ola entered the fray. Be it bulk booking or regular ride; Tab Cab app is the one to go for.

There are currently 1.6 billion licensed cabs operating in India. In fact, even women cab drivers have started making their way onto the streets. Keeping in mind women’s safety, the ladies can book taxi online via Priyadarshini, Viira or Womencabs services.

5 points to remember before shopping grocery online

Gone are the days when people went to a vegetable/fruit seller and bought the best ones’ home. With the advent of technology, every and any product is available online. The user-friendly online grocery websites such as Big Basket, Grofers, Nature’s Basket or online portals such as Amazon offer groceries online and at competitive price rates.

You need not dread to visit the supermarket anymore. All the items such as fresh produce, frozen food, dairy products, pre-made gourmet meals and even eggs can be bought online. Consumers are finding online grocery shopping to be reliable and convenient.

However, there are some points to remember before making the payment on the go:

1) Safety first: Before you get started, find the best grocery store online. Security should be a priority on the list. Metropolitan cities have more options for purchasing products online. However, it is advisable to get reviews and opt for a reputable online grocery store. Always remember, you will be providing your payment details on these websites. As the saying goes, ‘looks can be deceptive.’ In this scenario, brand name can be deceptive.

2) Reliable customer service: One of the crucial aspects of online grocery shopping is the arrival of the products in excellent condition. For example if the item is damaged, ensure there is an appropriate customer care service available to address your grievances. This service is useful even if the products have not arrived or the order needs to be changed.

3) Fee structures: Online grocery websites have a different fee structure in place. Some allow you to make payment online, some follow cash on delivery policy, and some follow unlimited delivery for the set subscription period. Look out for these payment policies as they can save those extra money.

4) Coupons and codes: The primary reason people opt for the online mode is the comparison of prices and deals. While websites like Amazon and HDFC PayZapp runs offer every month, official sites provide deals periodically. Some of these stores have mobile applications as well. Grocery shopping app provides further discounts than the portals. Watch out for those deals before you start your shopping.

5) Crosscheck the order: Imagine a scenario where the delivery guy hands over your products. One of the iterm is missing out from the list. You blame the delivery guy for the mishap. And you realise you forgot to add that particular product in the cart at the time of shopping. To avoid such circumstances, always crosscheck your order, maybe twice or thrice.

Apart from the above steps, always remember to do online grocery shopping from a website that will deliver to your area. Shopping has never been so easy, right?

Top 4 DTH recharge portals

In a world of smart technology, everyone is opting for the online procedures. It is hassle-free, convenient and simple. Recharging mobile phones, DTH, paying utility bills are only a click away. It saves time and the effort of walking up all the way to your mobile store or electricity/gas connection office. 
With almost nil usage of cable networks nowadays, DTH networks have gained immense profit. To make life simpler, these networks associate themselves with online recharge portals such as Paytm, Freecharge, HDFC PayZapp, etc. to provide lucrative DTH recharge offers to the customers. 

Some of the frontrunners in the DTH recharge field are:

1) Paytm: It is one of the leading portals in India that enables users to recharge and pay bills instantly. Now, you can also make safe bank transactions via Paytm. It has coupons, deals running almost every day that are not available offline. For example, they have various dish tv recharge offers presently such as 100 per cent cashback up to INR 50 on bill payment for first-timers. They also have the ‘lakhpati’ offer for dish tv users where you can win up to INR 1 lakh on recharge or bill payments. The customer will receive INR 60 cashback on DTH, mobile postpaid and electricity.

2) FreeCharge: Another leading portal, FreeCharge, has several offers on DTH recharge such as INR 75 cashback if paid with UPI using code UPI75. They are offering 100 per cent cashback up to INR 75 for the first-time users. Meanwhile, Axis Bank users will receive INR 100 cash back on first transaction.

3) Mobikwik: By making use of Mobikwik’s secure digital wallet, you can avail several offers and discounts. From the plethora of offers on DTH recharge, Mobikwik users can choose any of the deal from their portal. They have a special cashback offer running through which the customers receive 10 per cent SuperCash by recharging for INR 100.

4) Indiancashback: One of the benefits of online recharge is comparing the deals and opting for the best one. Indiancashback.com allows you to do just that. Users can check for best offers on DTH recharge under one roof. They provide the best deals from Mobikwik, Paytm, FreeCharge, etc. to bail you out from confusion. The customers will be given promo codes to reduce your payment.

Stop wasting extra energy and money by standing on long queues. Just like we make optimum use of the sale for branded clothes, start using the DTH recharge offers online to save those extra expenses.

Best mobile recharge offers for June 2018

Usage of the internet has been on a rise of late. We require mobile data almost 24X7: at office, college, home or anywhere else. It has almost replaced the television sets at home. In a workaholic city like Mumbai, the common man has no luxury of sitting on the couch to watch any live event. Most of the times you will spot office goers watching a movie/football/cricket match on their mobile phone either through their telecom networks TV apps or other television channel apps.

These apps have special offers that run every month. Here are some of the offers on mobile recharge for June 2018:

1) BSNL’s Monsoon plan: BSNL has a unique scheme running for prepaid mobile users. Their ‘monsoon offer’ is for limited period that lasts from June 16 to August 18. It triples the users mobile data in this period. The validity period for each of the following mentioned plans varies. Some of them are:
- Plan 186: 1GB data tripled to 3GB data
- Plan 485: 1.5GB data tripled to 3.5GB data
- Plan 999: 1GB data tripled to 3GB data

2) Jio’s ‘Double Dhamaka’ offer: JioTV app, a dedicated Live TV app for Reliance Jio users, has announced a ‘Double Dhamaka’ offer where the mobile users receive 3GB data every day on selected plans until June 30. The scheme has been rolled out specially for the ongoing FIFA World Cup 2018. Customers can also seek additional mobile recharge data for either INR 149, INR 349, INR 399 or INR 499. Users receive additional benefit of high-speed internet and free voice SMS.

3) Idea’s ‘jeeto bejhijak’ scheme: Over the past few months, telecom companies have been nothing less than a genie providing best offers on mobile recharge. Idea Cellular has come up with ‘jeeto bejhijak’ scheme concentrating on mobile data. It assures INR 20 cashback for every prepaid customer by recharging for INR 100. The scheme is applicable for recharge offer of INR 199 and above as well.

4) Paytm offer: One of the leading mobile recharge apps, Paytm, has a special cashback offer of INR 20 running for the month. The user has to insert the promo code of MONTHLY20 on recharging their phone. 

5) HDFC PayZapp offer: HDFC’s PayZapp is a complete payment solution for mobile recharge, booking movie tickets, paying utility bills, etc. One of the offers running for the mobile recharge on their end is INR 25 cashback on recharging 4 times in June. All the user has to do is include the promo code ‘ACTIVE.’

So, if you have been missing out on all FIFA action or finding the mobile data plans expensive, go for the above schemes to keep your pockets light.

6 tips to secured mobile banking

With every industry etching their mark in the digital world, the banking profession is not behind. Today, customers need flexibility and ease of services, irrespective of the date, day and time. One of the major boons the banking industry has received through technology is the availability of their services online as well as on customers’ smartphones.

Although net banking is one service that is widely used, mobile banking is slowly finding its way to the top. Finance companies are building customer-centric solutions to ensure the mobile experience is smooth and trustworthy.

Customers are not as convinced to use mobile internet banking to that of net banking. The rectangular box comes with several complications and challenges. Mobile apps generally contain many security layers and should support different Android, iOS and Microsoft versions. Below are 6 tips to a secured banking over smartphone:

1) Additional security feature: A 4-digit password would not suffice in today’s time. Any hacker can crack the code and log in to your bank account. It is crucial to have an additional layer of security such as fingerprints or One-Time Password (OTP). This way nobody can deceive your account. 

2) Use of NFC-embedded SIM card: An NFC-based SIM card is a way of downloading all your credit/debit card information into the Near Field Communication (NFC) SIM card. You can protect your account’s overall information without the usage/swiping of your card. It also means you are storing all your account information to the mobile internet banking.


3) Real-time SMS and email alerts: One of the best ways to secure mobile banking is by linking your accounts to an updated mobile number and email id. In case any fraudulent activity takes place, the bank will alert you over SMS or email. This way your account information will not get compromised.

4) Behaviour analysis: Your laptop, tablet or smartphones have your email and account details stored in the device. Whenever a secondary person tries to log in to your account or email from another location, you get notified about the same. You bank raises the red flag if they notice any suspicious activity.

5) Secure access: Users should use secured connections such as HTTPs that will store customer’s information safely between the browser and website. This avoids malicious activities as well.

Mobile banking can get better and safe if banks keep adopting newer technologies. Banks should also educate the customers and encourage them to use banking via smartphones.