How to use bike loan calculator

A bike is one of the most convenient modes of transport and a lot of people first buy a bike and then move on to buying a car. A bike loan is a convenient way to purchase a bike. There are many tools to find out the monthly liability on taking a car loan. Before you take a bike loan, it is better to check the monthly outgo through a bike loan EMI calculator online. These calculators usually have different inputs such as the loan amount, the bike model number, the manufacturer of the bike, the rate of interest. With the help of all of these, the bike loan calculator calculates the monthly outgo.

How to use bike loan Calculator?

Using a bike loan calculator is very simple. These calculators have been made very simple so that even a layman would understand how to operate them.

There are a few things you absolutely need to know before you use a bike loan EMI calculator:

● Cost of the bike (landed or ex -showroom)
● Rate of interest on the loan
● Tenure of repayment

Some other things that you should know are:

● Manufacturer of the bike
● Model number

Not all calculators ask for the manufacturer and model number. Most of them calculate the bike loan EMI in with the loan amount, interest rate, and repayment period.

Once you know these, you can input them in the bike loan calculator and it will show the EMI amount. The calculator does not show the formula for calculating the EMI. It simply calculates the EMI and makes it simple for the user. It is easy to change the loan, interest, and tenure and see the impact on the EMI. It is to be noted that for smaller repayment period, the EMI will be higher, but the interest component will be lower since more amount of the EMI will go towards repayment of principal.

Some bike loan EMI calculators also show the amortization schedule, which shows either the monthly or yearly bifurcation into interest and principal. This helps to know the amounts paid as interest and the changes in this depending on the change in interest rate or repayment period.

A bike loan calculator can also be used in case you already have a bike loan and are thinking of pre-paying. If the loan calculator provides an amortization schedule, you can know the amount you will need to pre-pay and the added EMI in case the repayment tenure is changed.

5 ways to transfer money

With the ease in online transactions, transferring money is not as complicated as it used to be in earlier times. From pure cash transactions to cheque to online money transfers, it has become easier to transfer money. If you’re wondering how to transfer money online, there are several modes. In fact, you don’t even need to transact through a computer. There are several online money transfer apps that facilitate money transfers.

Here are 5 ways to transfer money:

1. NEFT:
NEFT stands for National Electronic Fund Transfer. It is now possible to use an online money transfer app for NEFT as well. To use NEFT, you need to add a beneficiary to your bank account. After the beneficiary is added, up to Rs. 50,000 can be transferred in the first 24 hours and up to Rs. 1,00,000 can be transferred in the first 48 hours. Once the beneficiary is added, then there are no restrictions on the transactions that can be done. NEFT transactions are settled in hourly batches every day.

2. RTGS:
RTGS stands for Real Time Gross Settlement. RTGS is used for high value fund transfers where the value is more than Rs. 2 lakhs. These transfers are final fund settlements, they cannot be reversed since they are affected in RBI’s books. If you want to know how to transfer money online in real time, then RTGS is the mode you should use.

3. IMPS:
IMPS stand for Immediate Payment Service. It can be affected through any bank’s online money transfer app. You need a 7-digit IMPS identifier code to receive payments via IMPS. Each customer gets their own unique Mobile Money Identifier (MMID). While making the transfer, the system matches the mobile number and MMID of the beneficiary. Only if these two matches, the transaction goes ahead. IMPS is available 27/7. Fund transfer in IMPS is immediate.

4. UPI:
UPI stands for Unified Payments Interface. If you’re wondering how to transfer money online via UPI, it can be done through the UPI app. Each customer has to create his own UPI ID and an identifier code. This online money transfer app uses the receiver’s UPI ID to make the payment. Each transaction is verified by the identifier code before the transaction proceeds. Once the user verifies the transaction, payment is debited from the bank account. Fund transfer is immediate.

5. Wallets:
Wallets became a popular way of transferring money, especially after demonetization. Money can be transferred from one wallet to another by using a mobile number or a QR code. Wallets have evolved to become complete payment ecosystems now, with bill payments, online purchases, and merchant integrations. Wallets are refilled through a bank account.

5 top online shopping apps of 2018

In today’s world, purchasing via shopping apps has become commonplace. Buying from an app during a sale generates such a high volume that sometimes, even the best of apps crash. The ease of use for online shopping apps, the integrated payment systems and the choice makes them a natural choice.

The number of shopping apps available to mobile users is vast. With such a variety, picking the best apps becomes a big hassle. The megastore shopping apps have already cemented their place, but here are some innovative online shopping apps that are looking to be big disruptors in 2018.

Following are the top 5 best online shopping apps:

1. PayTM Mall:
PayTM mall is already a very popular online shopping app. Users can shop for a wide variety of things here. Payment is conveniently routed through the PayTM ecosystem. This app is very popular for shopping because of the hefty discounts it gives to the customers. There are frequent offers in the PayTM mall which make it one of the best online shopping apps.

2. HDFC PayZapp:
HDFC’s PayZapp is fast becoming a reliable shopping app for customers. The app is flexible and allows the customer to link any credit or debit card for payment. The app integrates shopping from a number of apps at the same time, which makes it convenient to shop from the best marketplaces at the same time.  Each purchase earns cashback which can be redeemed on future purchases.

3. Tata Cliq:
This shopping app is fast becoming one of the best online shopping apps, especially for electronics. It offers deep discounts on purchases, especially of the Tata brand. It sells a whole range of other products and is ramping up its presence in the luxury sector. Tata Cliq also provides seamless payment options.

4. Facebook Marketplace:
This is Facebook’s foray into the fast-growing online shopping ecosystem. Anyone can sell his or her products in the Facebook Marketplace. The only thing is payment options and delivery depends on each seller selling their products. Facebook has integrated its features such as messenger with the marketplace such that it is possible for buyers to chat with sellers in real time. This makes it one of the best online shopping apps in 2018.

5. Yono by SBI:
This app is an upcoming app for SBI card users. Yono provides a host of discounts on different types of shopping. The app has a convenient interface and has partnered with different shopping portals to make their products available in one interface for its customers.

5 things to remember before sending money online

Sending money online has become a convenient way to fulfill payment obligations. Because of easy money transfer apps, it has now become commonplace to send money online as compared to using traditional modes of payment, such as cash or cheques. Using apps such as UPI, or mobile banking, it is possible to send money online instantly to accounts all over the world.

The number of people who have shifted to online money transfers is large. Most youth and businesses find it cheaper and more convenient to send money online for whatever payments they need to make. But for a first time user looking to send money online instantly, there are points and tips that need to be remembered for a satisfactory user experience.

Following are 5 things to remember before sending money online:

1. Create your unique login:
Using easy money transfer apps requires logins. Each app works on a different basis. To use UPI, you need to create a UPI ID and a unique code. To use RTGS, NEFT, or IMPS via a bank’s mobile banking app, there is a unique login. Before sending money online, it is important to pick the app to send money online instantly and create a unique login for it.

2. Money transfer is immediate:
One important point to remember is that while sending money online, the transfer is immediate. With payment systems such as NEFT, money is credited in a few hours, but it gets debited from the account immediately. With payment systems such as wallets, RTGS, IMPS, UPI, the money transfer is immediate. That’s why these methods are used to send money online instantly.

3. Recheck the recipient’s details:
This point is very very essential. Most transactions involve instant debits and almost instant credits. This means those transactions are settled. They can’t be cancelled like a cheque. This is why, before you send money online instantly, recheck the recipient’s details that you enter. There are system checks like in IMPS, where the mobile money identifier is matched with the mobile number, but for transfers like NEFT and RTGS that depend on bank accounts, one wrong number can cause an irrevocable payment.

4. Failed transactions:
Even with easy money transfer apps, there is a chance of failed transactions, especially while using netbanking to pay bills or shop online. These are mostly due to internet issues. If an amount is debited but the transaction does not go through, remember to contact your bank and get the transaction reversed.

5.  Monetary limits:
Before using easy money transfer apps, there are limits on transactions for each mode. The minimum limit for RTGS is Rs. 2 lakhs and the maximum limit for IMPS is Rs. 25,000.

5 things to know before opting for grocery apps

The ease and convenience of online shopping has translated into people using online shopping for a wide variety of things. This has spread to using online shopping for groceries as well. Whether it is toiletries, or staples, or even fruits and vegetables. The number of grocery apps is increasing which has made it convenient to buy groceries in a few clicks.

Grocery delivery apps take in orders at any time and ensure there is no need for the person to go to the market or various shops to buy anything. Everything is available on the app and can be ordered at the person’s convenience.

Ordering from a grocery app is very simple, but there are a few things to know before you order from a grocery delivery app.

Here are 5 things to know before opting for grocery apps:

1. Large variety of brands available:
Even the best grocery apps have a whole range of products available. While selecting, it may get confusing. But it is also an opportunity to discover new brands. With most of the grocery apps providing similar brands in case your brand of choice is unavailable, it is a chance to try out new brands and new products.

2. Check for discounts or promo codes:
Most of the grocery apps have a range of discounts to first time buyers and also run frequent sales during festive periods such as Independence Day, Diwali etc. These offers can lead to substantial savings while making purchases. Before opting for grocery apps, check the prices for the products in regular brick and mortar stores and then take a call on ordering them. You can also opt for extra discounts on purchases from apps like HDFC’s PayZapp which gives an extra 10-15% discount on BigBasket purchases.

3. Delivery:
Each grocery delivery app has different dates for delivery. Some may charge for express delivery and some deliver products within a couple of hours. Before ordering from these apps, make sure you check the delivery time and ensure you are at home to collect the delivery.

4. Types of payment offered:
Most of the grocery apps offer a wide range of payment systems such as wallets, credit card, debit card, and payment through apps like PayZapp by HDFC. These payment apps make it simple to check out and reduce hassles and worries as regards to payments.

5. Return policies:
Each grocery app has their own return policies for products. Before opting for grocery apps, it is best to check their return policies for spoilt products.

5 things to consider before applying for an education loan

Getting a higher education is a privilege. Even with the increasing costs of education, both in India and abroad, a significant number of students opt in for higher education. Taking a student education loan is one of the ways to meet the education costs.

A large number of lenders provide student education loans, for both education in India and abroad. Most of these loans provide loans for tuition and some also provide for living expenses.

5 things to consider before applying for a student education loan are:

1.Total cost of education:
By total cost of education, it is not only the cost of tuition, but living costs such as accommodation, food, local transport, that needs to be considered. If you take a student education loan only for the amount of tuition, you will have to pay living expenses and food expenses out of your own pocket. Along with this, another important point to consider is whether the lender will lend for the course you would like to study. Most lenders cover a wide variety of courses, but still, before you apply for the loan, it is better to check it once.

2. Rate of Interest and Loan sanctioned on education loan:
One of the most important considerations for an education loan is the education loan interest. The standard education loan interest varies between 8.5% to 15%. Different lenders have different rates. It is best to take one with a reasonable interest rate.

Not all banks give out loans for the entire tuition cost or cost of education. While finding a lender, it is important to check the loan amount they usually disburse for a student education loan. That way, if one lender provides a loan for partial amount, it means you need to raise the balance funds through a second education loan.

3. Repayment period:
Most education loans have a concept of moratorium, which means a certain amount of time before which repayment starts. For example, if you avail a student education loan and the moratorium is 36 months, it means repayments will not start for 36 months after the loan is disbursed.

4. Scholarships and other benefits from the University:
Most foreign Universities have provisions for scholarships. There are a lot of such scholarship programs which meet a part or full tuition cost. While applying for a student education loan, it is important to see if you qualify for a scholarship.

5. Government schemes and loans:
The Central Government provides a subsidy scheme where students who are from poorer backgrounds get subsidy on education loan interest. This scheme is only open for student whose parents have a gross income of less than Rs. 4.5 lakhs.

5 reasons to opt for apps for booking movie tickets

With the advent of online shopping, the movie ticket shop has also gone online. With various movie tickets booking apps, it has become very simple to book movie tickets online. There are a number of apps that provide booking facility for movie tickets. Most payment apps have the facility to book tickets.

But why should one opt for a movie tickets booking app? There are a few reasons why a movie tickets booking app trumps going to the theatre to book tickets.

Here are 5 reasons to opt for apps for booking movie tickets:

1. Convenient:
Booking a movie ticket online is very convenient. It is a matter of a few clicks and a ticket can be booked. It is not necessary to physically visit the theatre and get a ticket. It can be done through the app. It saves effort and time. It can even be done on the way to the theatre, thus ensuring confirmed tickets. Most apps also have the facility to book tickets and pay at the theatre.

2. Provides information about all movie theatres at once:
The best reason for using a movie tickets booking app is that it provides all information about theatres and shows at once. There is no need to visit the theatres or find incomplete or incorrect information in newspapers. A movie tickets booking app provides information all at once, which makes it easy to take a decision on the movie.

3. Cashback and other offers:
Different apps frequently run offers on movie tickets. Sometimes apps combine with credit and debit cards to provide special discounts. There may be cash backs, or offers such as buy one ticket get another free. These are app specific and are given to attract people to booking movie tickets online. But as a user, making use of these offers can reduce the overall cost of tickets.

4. Possible to select seats:
One of the drawbacks of going to the theatre is not having the liberty to select seats. It is possible to view seats per screen per show on an online movie ticket booking app.  Depending on the show and the availability, it is possible to select seats. Most apps allow for booking multiple tickets in each transaction.

5. Wide range of movies:
Newspapers and other media display information only about a select few movies, whereas there are a whole range of movies that release every week. Using a movie tickets booking app, you can see movies from all languages, which makes it easier to take a decision. Having movies from different languages on one platform ensures every movie gets an equal chance of being booked, which is beneficial for the movie too.