Why is it important to use car loan EMI calculator

The demand for a car in everyday lives has increased due to increased mobility, the uncertainty of public transport and concerns of road safety. A car loan is the most sought after avenue of buying a car since funds usually fall short. However, in determining the suitability of a car loan, it is important to assess the impact it has on your monthly finances. You should decide the principal and the tenure of the car loan in such a way that the equated monthly instalments in no way are above 40% of your monthly income.

You can find out this data using a car loan EMI calculator that is available on the website of all loan providers and third-party loan companies. All you need to do is input the loan amount, tenure and interest rate. There are several advantages of using the EMI calculator, which includes-

• Using an EMI calculator helps you plan your finances around the loan. It helps to make an informed decision and saves you from overshooting your monthly budget.

• It is important to select the appropriate principal amount for a suitable tenure so that you are able to afford the loan. Skipping payments of EMI has a negative impact on your credit score that can create problems in getting your future loans approved.


• The EMI calculator for car loan gives you a comprehensive idea about the entire repayment period with the help of pie charts and tables that include data such as principal, interest, processing fee and the repayment amount. You can compare the changes in EMI by adjusting the tenure and principal amount.

• You can compare the car loans being offered by various companies quickly without any extra charges and choose the car loan that is best for you.


• You can get several results by varying the principal amount and tenure with a car EMI calculator, for free and in an instant. This saves time and helps you plan your money.

The car loan EMI calculator is easily available to everyone. It is an extremely beneficial tool that helps you evaluate your affordability. You can view your monthly repayment schedule. This gives you an accurate idea of the loan you are getting into.

Therefore, with the help of an EMI calculator, you can make an informed decision about your car loan while balancing your luxuries and necessities.

What is NEFT and how to use it?

NEFT or National Electronic Funds Transfer is one of the most convenient ways for transferring money online. You will just need to invest a few minutes of your time and you can get your money transferred in an instant.

How do you use NEFT?

In order to facilitate a smooth electronic funds transfer between the beneficiary bank and the remitter, you need to follow these steps-

• Log in to the respective bank’s official website and select the net banking option. Press on the Profile tab, choose the Manage Beneficiary link and select Inter Bank Payee from amongst all the available options.

• Click on the ‘Add’ option and put in Beneficiary Account Number, Inter Bank Transfer Limit, Beneficiary Name, and Address in the necessary fields.

• Enter the IFSC code of the beneficiary bank by consulting your chequebook or by using the Location option.

• Click on the ‘Accept Terms & Conditions’ option, followed by the ‘confirm ‘option. After this, you will receive a security key number on your registered mobile number for additional security purposes. Use that number as your password to validate your beneficiary.

• After validating your beneficiary, you can now transfer money as and when you like.
Benefits of transferring money through NEFT
Transferring money through the NEFT service can provide you with many benefits.

• The NEFT funds transfer banking service always puts the focus on saving your time and aims towards getting the job done as fast as possible. Generally, it takes around an hour but it can also take around 20-30 minutes. Sometimes, it takes up to 3-4 hours also.

• Additionally, you can use this option anytime and from anywhere you want.

• There are no NEFT charges when it comes to your electronic funds transfer.

• Another bonus is that there are no limits as to how much money you can transfer via NEFT. It is because of all these reasons that NEFT is probably one of the most popular and utilized options in recent times.

The Reserve Bank of India (RBI) provides many pointers regarding how to utilize this service best so it is recommended that you read up on the material before you decide to transfer money.

NEFT funds transfer is one of the best and hassle-free ways of transferring money from one bank to another. If you want to transfer money without the fear of fraud, then definitely go for this option.

How to use a personal loan EMI calculator

Loans can be a godsend for us when we are in dire need of money. It allows us to make emergency payments or necessary payments in general. However, the process of repaying the loan and its EMI's can sometimes be a little complex and confusing at the same time. Read on to understand how EMI's work and what you can do to make the process easier.

What is an EMI?

Equated Monthly Instalment (EMI) is the money amount that a loan taker is required to pay to the bank throughout the duration tenure, for repaying the entire loan amount. You will have to pay a part of the amount along with the interest.

What is a Personal Loan EMI Calculator?

To calculate a personal loan EMI, every financial institution uses a generic mathematical formula. A personal loan EMI calculator calculates the personal loan EMIs based on the information and inputs provided by you.

How to use Personal Loan EMI Calculator

You would need to provide the following information to use the personal loan EMI calculator-

• Loan tenure- Loan tenure is the duration of time selected by the loan bearer for repaying the entire loan amount. Every bank offers flexible loan tenure to make it easier for you. Hence, you have the freedom to choose the repayment duration that is best suited to his needs. Generally, the loan tenure ranges from 1 year to 5 years.

• Interest rate- Interest rates are classified into two parts: floating and fixed. The floating interest rates fluctuate often depending on the base rate and that can cause the EMIs to vary. If the rates are fixed, the rate stays the same all through the loan tenure and causes each EMI to remain equal.


• Loan amount- The sum of money you borrow from the bank is known as the loan amount. An interest rate is applied on your loan and is segregated into EMIs, which you will have to pay monthly throughout your tenure. In order to determine the amount you will need to pay, simply enter your loan amount into an EMI calculator and get the desired results. Keep in mind that your EMI amount should not exceed 40% of the total monthly income.

In order to calculate EMI for your personal loan, you will have to know your interest rate, your loan tenure and your personal loan amount. Operating a personal loan calculator and calculating your EMI is much easier and more convenient method to find out how much you would need to pay.

The best travel booking apps in India

Travelling is something almost everyone is keen on. Many people consider it therapeutic. Travelling to different places and exploring all its facets can teach us many things about life and people in general. However, planning for a trip can be confusing and much of a hassle sometimes. Thankfully, there are many travel booking apps in the market these days that make our jobs a bit easier. Listed below are the some of the best travel booking apps you can use-

1. MakeMyTrip- MakeMyTrip is probably the most popular travel-booking app in India. This is because it is a one-place app, on which you can book trains tickets, flight tickets, bus tickets, cabs, and hotels. The app offers you the best price for your bookings. MakeMyTrip also offers you several discounts on the purchase of combo offers of flights and hotels.

2. TripAdvisor- Currently, TripAdvisor is one of the most reliable and trust-worthy travel apps in the market. As the name signifies, it advises you for ensuring your best trip. You can search for multiple hotels, restaurants, trains, destinations, and flights. The best feature of this travel app is that it gives you access to many user reviews. This helps you choose the best destinations to travel to and the best places to stay in.

3. Tripoto- Tripoto is a mobile-based travel-booking app that provides a smooth and convenient access to the customer-created travelogues and itineraries. This app also encourages and supports a social network of travellers. If you are someone who likes to explore local places and connect with local people, then this travel app is tailor-made for you. The travelogues and itineraries generally include user comments, reviews, photographs etc.

4. IRCTC Connect- Trains are the most used form of transport in and across India with hundreds of people utilizing it every single day. The Indian Railway Catering and Tourism Corporation Limited or IRCTC is the largest train travel network in the world. The IRCTC Connect app helps in unifying the many features that contribute to making train travel a lot easier for passengers. It also has its own mobile app, which you can use for checking your PNR status, train schedules, and book tickets.

Travelling means taking a break from the monotonous routine you lead every day. Travelling means relaxing, away from the chaos and commotion of your everyday life. You should not feel stressed out from booking your flight or train tickets. Use these travel booking apps to make sure that you have the best trip and vacation ever.

What is Sukanya Samriddhi account scheme? Know all about it

The Sukanya Samriddhi scheme is an insurance scheme introduced by the Government of India.  The scheme aims towards securing the girl child’s future and providing education to them.

How to open an account with Sukanya Samriddhi Scheme

You can open a Sukanya Samriddhi account in any of the authorized branches of commercial banks or in a post office. People belonging to the lower-income wage groups can also opt for the Sukanya Samriddhi scheme as this is a government-backed scheme and will ensure many benefits for your daughter.

You can open an account for your daughter during the time of her birth or when she turns 10 years old. A mandatory deposit of Rs.1000 is required for opening and maintaining the account and Rs.1.5 lakhs should be deposited in a financial year.

One of the positives of this scheme is that it guarantees an equal share to a girl when it comes to the savings and resources of a family. Once your daughter turns 21 years old, she will be able to withdraw 50% of the savings from the Sukanya Samriddhi account.

Benefits of the Sukanya Samriddhi account scheme

The benefits of the Sukanya Samriddhi account scheme are-

• Interest post maturity- One of the biggest benefits of the Sukanya Samriddhi account scheme is that you will receive interest on the money even after your account reaches its maximum maturity. You will continue to get this interest unless you close your account.

• Ensured maturity benefits- When your account reaches its maturity age, you will receive all your money along with all the interest. This acts as an important tool for supporting and empowering women.


• High-interest rate- Sukanya Samriddhi scheme offers an interest rate of 8.6% which when compared to other small savings schemes, is the highest. Every year, the Government of India announces the interest rate for the current financial year and this interest is compounded yearly, which means it will also be credited yearly.

• Lock-in period- The lock-in period is one of the best features of this scheme. Once you turn 21 years old, you can withdraw 50% of your funds from the account. However, if you need to withdraw money before you turn 21, then you can only do so to pursue higher education (only after you turn 18 years old). Keep in mind that you will only be able to operate this account until the time you get married.


• Income tax savings- You will be eligible for tax exemptions if you have Sukanya Samriddhi account, under Section 80C of the Income Tax Act. Exemptions can be availed during the time of withdrawal and on interest.

The Sukanya Samriddhi scheme allows parents to provide education to their daughter and helps countless girls to achieve their dreams. Apart from education, this kind of scheme also helps in regulating child marriage and helps girls in moving in the right direction in their lives.

A summary on loan against LIC policy

Life Insurance Corporation or LIC is the largest insurance company in India and the most popular one amongst people looking to purchase life cover policies. Along with insurance policies, it also provides loans against LIC policy making it the most sought-after insurance company of this country.

Eligibility for a loan against LIC policy

A loan against an LIC policy is one of the easiest and simplest loans to avail in the finance market, currently. In order to avail loan against LIC policy, you need to fulfil the eligibility criteria mentioned below-

• The applicant should be a valid LIC policyholder
• The applicant should be a resident of India
• The applicant must be aged 18 years or above
• At least 3 years of insurance premium should be paid in full by the applicant
• The chosen policy should be an endowment policy with a surrender value. The maximum loan amount cannot cross 90% of the concerned surrender value. In the case of paid-up plans, it will be 85%.

Terms and conditions for a loan against LIC policy

Before going for a loan against LIC policy, you must have a very clear idea about all the terms and conditions.

• The interest will be paid twice a year
• The minimum tenure is 6 months
• In the case of the policyholder’s death, the interest will be calculated until the date of his/ her death
• The loan amount provided by the LIC is up to 90% of the surrender value and 85% in case of paid-up policies
• If you have gone for a long-term loan, then you will have to pay 6 EMIs prior to repaying your loan
• If your policy matures, then your maturity amount could be utilized to pay off your principal amount

Terms and conditions of a loan will differ based on the policy agreement and document

Benefits of a loan against an LIC policy

Some of the benefits of a loan against an LIC policy are the following-

• Applicants with a low credit score can breathe a sigh of relief, as LIC does not check credit scores before giving a loan. So, do not worry if your credit score ratings are not that impressive.
• Since the policyholder is technically borrowing his own money, the process of loan disbursal will be fast.
• A guarantor or third party is not mandatory.
• It provides a substantial amount of financial flexibility since the policyholder will have to pay the loan interest semi-annually.
• Compared to other banks, LIC does not charge any money for prepayment of loans or processing fees. This allows the policyholder to save a lot of money.
• The interest rate is 9% to 11%, which is quite low as compared to the other options in the market. Other banks charge around 16% to 24% interest on loans.
• You can also apply for a loan against LIC policy online, which makes it more of a convenient option for you.

LIC is one of the most reliable and reputable companies in the Indian market. If you choose to take a loan from here, you can rest assured that you will be in safe hands.

What are the rules related to fixed deposit schemes?

Despite the fluctuating rate of interest, a fixed deposit scheme remains a very lucrative option for customers who want guaranteed returns on their investments. A fixed deposit investment comes with different maturity periods, ranging from 7 days to 10 years. Opening a fixed deposit account is not really a difficult thing. However, you must be aware of certain rules that come with this service.

• Joint fixed deposit
If you have a joint fixed deposit account, then the Tax Deducted at Source or TDS will be deducted from the first account holder’s PAN. In addition, the interests are also paid to the first depositor and the tax liability is measured on the first applicant’s name only.

• Interest income clubbing
The interests earned on your fixed deposit account are clubbed across all the branches of the respective bank. This is done for determining the applicability of the TDS and for evaluating the total interest accumulated during a financial year.

• Overdraft/ loan facility
Many banks offer overdrafts/ loan facility up to 90% of the principal deposit. In such cases, the banks charge 1% hiked interest rate compared to the interest rate earned on the respective fixed deposit account.

• Deposit insurance
Deposit insurance is defined as a protective cover that you generally get on your bank deposits. It is offered by a subsidiary of the Reserve Bank of India (RBI) known as Deposit Insurance and Credit Guarantee Corporation (DICGC). This premium is paid by the bank itself and in case it fails to do so, it has to pay a maximum amount of Rs.1 lakh to each depositor for both interest and principal amount.

• TDS factor
The interest imposed on your fixed deposit scheme is taxable. This signifies that your interest income will be added to your income and taxes will be imposed on it, based on additional tax slabs. Generally, banks deduct 10% on the interest earned in case the annual interest income is Rs.10,000. If any of your refunds are due, then you will have to file an income tax return to claim it.

• Accounts for minors
If you want to open an independent account, then you will have to be 10 years or above and should have the ability to read and write. If not, then you will have to open a joint account with your legal guardian. The maximum amount that you can deposit in your account should not be more than Rs.1,00,000. There are no limitations when it comes to minors aged above 14 years.

Fixed deposit investment can go a long way in helping you save money not just for the present but the future too. Since you are investing your hard-earned money in this account, it is always ensured that you get sufficient and lucrative returns for that. Therefore, do not shy away from opening a fixed deposit account today. In case you have any doubts or questions, you can call on your bank’s helpline number and consult them.