Business loan EMI calculator: 5 myths and facts explained

There are several options to repay a business loan. The simplest one is payment is through EMIs. In this method, the amount of credit is divided into fixed equal sums which you can pay every month until repayment of the loan.

The business loan EMI calculator helps in the evaluation of monthly payment on the business loan. The calculator pre-determines the amount that you need to pay after availing a business loan from any financial institution. It facilitates in planning your future resources. Here share four facts associated with the business EMI calculator:

1. Determining business loans EMI

These ate the factors which affect loan EMI:

●        Amount: For the amount that you borrow from financial institutions, the rate of interest is directly proportional to the rate. More the amount, higher the EMI

●        The rate of Interest: The rate of interest is directly proportional to the EMI. Higher rates will result in more EMIs and vice versa.

●        Loan tenure: Loan tenure is inversely proportional to EMI, which means longer loan tenure resulting in low EMIs and vice-versa. In India, the longest tenure for business loans is five years. 

2. Schedule of EMI for Business Loan

It is imperative to understand the amortization table before taking up any bank loans for business. The process of repayment is not that simple, what it appears to be. You might assume that the amount is divided into EMIs, so you are paying an equal amount each month. But this is not how it works. The interest payment and principal payment are not the same every month. Initially, the interest component is high, and the principal component is low. That is why when you check the amount due, the principal amount remains high in the first couple of years.

3. The formula for EMI calculator

To calculate the EMI on business loans, you require the following inputs:

●        Amount of loan

●        Rate of interest

●        Time for repayment

            The most commonly used mathematical formula is:

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

                        Where,

P is the loan amount

R is the rate of interest

N is the time for repayment

4. The Advantages

Following are the advantages of a Business loan calculator:

●        Saves time: You need to enter basic detain, and the calculator will save you from complex calculations.

●        Accuracy in results: If you have entered correct data, the result will be precise.

●        Helps in planning finances for future

6 Important Tips Before Travelling Abroad

At a certain point of life, we save money to ensure that we take that vacation outside India. That experience is something most of us cherish until the end of our lives. However, there are some things you need to consider before travelling abroad. We list six tips you should consider before travelling abroad and how travel guide apps can help with that:

1. Registration and Documents

 Register with your embassy and Share your tour plan with them. They can contact you in case of emergency do need full. You should also leave one copy of the passport at home; they will come in handy in case you lose your original passport. You can also make an electronic copy and save it in your mailbox. There are several apps for travel which allows you to store a digital copy of the passport. It will help you to prove your citizenship in case of emergency.

2. Vital Gadgets

Keep chargers and adapters of every gadget that you are taking abroad. Ensure that you are aware of the various plug points available in the country you plan on visiting. Also, ensure that you have international roaming so you can make uninterrupted calls. Or use the hotel WiFi to make calls on social media apps such as WhatsApp or Skype

3. Monetary Conversion and Credit Cards

Study the money conversion rates and make sure that you compare your currency to the place you are visiting. Then plan your budget accordingly. Check if your credit card is acceptable at the place you visit. Always carry local currency of the place you are visiting because everybody will not accept credit card for payment.

4. Research on Location

Check the weather conditions of the place you are visiting and pack your clothes accordingly. Also, do some basic research on sites you are visiting and make a rough budget of your spending. You can take help of various travel guide apps to plan your trip.

5. Accessible Luggage

You will find an extra layer of security at international airports. You should know what to carry on board your flight and pack your luggage accordingly. Light baggage will make your trip hassle-free. You can also refer to travel guide apps for details.  

6. Health and Medication

Before your foreign journey, make sure that you have consulted your doctor and taken vaccinations, if required. It is advisable to go through a complete body check-up. Furthermore, if you are on a specific medication, ensure that you have enough on you, as getting medicines abroad may require a prescription from a local doctor. Also carry antibiotics and digestion pills. 

Four ways to use online payment apps securely

Online payment apps are gaining a lot of popularity across the country. With the availability of high-speed internet and affordable smartphone, the consumers for such applications are increasing day-by-day. It is imperative to use such apps very wisely because some hackers and cybercriminals can steal your confidential data. Here we give you four tips before you send money online instantly:

1. Say no to a public network

The hackers keep waiting for such to steal your private data online. There is a lot of cybercriminal activities happening in the country. When you operate your payment gateway in public network, it gives an opportunity for hackers to enter your system and manipulate the data

2. Switch-on the firewalls and run antivirus

It is imperative for you to have an excellent operating system with firewall operating at every moment. You should also switch to genuine antivirus software to defend the system from harmful viruses, malware and spyware. You should scan your system occasionally even if the antivirus is unable to detect any problem while running in the background. Keep updating the online money transfer app regularly as the developers consistently fix bugs and patches.  

  

3. Update your phone immediately when prompted

The operating system of your phone will ask for occasional updates. You will not feel any change in the interface, but the update is there for a reason. The developers try to develop a security mechanism for the phone and fight a constant struggle with the cyber-criminals. When hackers enter into the system, developers make a new arrangement.

4. Never keep a password for too long

Keep your password very secure. They are the key for the safe under which your wealth exists. Do change the password occasionally to eradicate any chance for hackers to enter your phone. Never write down your passwords for internet banking and other mobile money transfer app.

Top 10 Helpful Apps while Travelling Alone

Solo trips are fun provided, you plan well and ensure you are well-versed with the dos and don’ts of travelling alone. One constant companion on these trips is your smartphone, which you use to take pictures that are shared on social media platform. Also, most travel apps are built keeping smartphone technology in mind. 

We list six travel apps to consider in 2019 that will add to the memories you will bring back with you on these holidays:

1. Google Trips

The most significant advantage of this travel app is that you can access saved information offline. Google Trips organises your travel information at one place and synchronise Gmail to keep you updated with online tickets and last-minute changes in the schedule of flights and trains among others 

2. TripAdvisor

This travel app allows you to search places based on your interest and budget. You have the option of reading visitor reviews that give you an unbiased opinion of a place you may want to book.  

3. MakeMyTrip

MakeMyTrip is a one-stop shop for booking flight tickets, buses or train tickets, as well as hotel rooms. The interface is user-friendly, and it is one of the most popular trip-planning apps in India.    

4. Oyo Rooms

This app is perfect for travelers who are looking for low-cost accommodation. This app is operational across more than 500 cities across the world. They provide essential amenities at affordable rates.

5. Cleartrip

Cleartrip is a tour-planning app where you can browse for weekend hangout places near your location. The app also facilitates ticket bookings for flight, trains and buses. You can select hotels in sync with your reservations and make the payments as well.

6. Google Maps

If you are using an Android OS on your handset, the google map is available in all phones. For iOS and Windows-enabled phones, you need to install this app. Google Maps are one of the best travel apps for navigation across the world as it reduces the dependency on printed sheets.  

5 Reasons to apply for a two-wheeler loan

If you are not willing to pay all amount for your newly purchased two-wheeler, you can choose to finance it. It is very convenient, and the processing is comparatively swift. Here we are listing down five reasons why you should apply for a two-wheeler loan:

1. Hassel-free processing

With the availability of smartphones and high-speed internet, the processing of loan has become very convenient. You are no longer required to run around, with hard copies of your document, to the showroom and the offices of the financial institution which is providing the loan. You can download the two-wheeler loan app and fill up the digitalized application right from your doorsteps.

2. The low rate of interest

The interest rate applied to two-wheeler loan is comparatively low. In general, the price of bikes and scooters are not more than Rs. 2 lakh. The amount is small in comparison to other loans which you can take for the loan term. For examples: a car loan or a home loan. The interest rate varies for a different financial institution, and the rate of interest after considering the following parameters:

●       Model of the vehicle

●       Income of the person applying for the loan

●       Payment history

3. Easy to access

The processing of two-wheeler loans is comparatively high-speed. If the financial institution authenticates your identity and source of income, you will get the finance, for the two-wheeler, within days. You can apply online for the loan and submit the soft copies of the documents. Even if you belong to a moderate or low income-group, there are high chances that you will get the bike finance on the contrary to the other categories of loan which involves a significant amount.

4. Nominal down payment

As mentioned earlier that the amount required to purchase a bike in low in comparison to other loans, the down- payment required is also very nominal. Some financial institutions provide motorbike finance without any initial payment. You will have to finish the formalities before the key of the two-wheeler is handed over. You can decide the amount of EMIs based on your income and pay accordingly.

5. Suited for low-income group

The two-wheeler is a necessity for daily commuting even if you belong to a low-income group. The advantage is that the loan for the same is accessible for you all well. There is minimal involvement of credit score and the income. You will get the loan provided the income is stable, and identification is authentic.