Online Tool for home loan EMI calculator

Most people take home loans when they are buying a property, and for the same they would want to calculate the EMI or Equated Monthly Instalment precisely. Doing the calculation manually is a tedious job and one can go wrong anywhere. It is, therefore, safe to use the home loan EMI calculator- an online tool that will help you learn about the EMI as quickly as possible.

The home loan EMI calculator online tool requires minimal inputs and assures customized results. 

What are the parameters that are required to use the loan EMI calculator? 

• You need to include the tenure of your home loan repayment procedure by moving the slider. 

• Also, write the loan amount on the slider tool. 

• Input the interest rate in the designated field. Since the entered area is earmarked with the percentage (%) sign, you do not have to manually input it.

• When using the EMI home loan calculator, bear in mind about prepayments. You have to choose any of the options, yes/no, which shows as the final input. 

The reasons why you should use home loan EMI calculator is that it has many advantages which include speed, simplicity of the process, free to use and experimental since it is capable of testing different interest rates along with varying tenure combinations. 

Using the EMI home loan calculator, you can easily manage home loan repayments. How? 

EMI home loan calculator is user-friendly and is particularly designed to simplify the tedious job. The calculation is performed in the shortest possible time. It is the best online tool to manage your home loans better than you had ever imagined. Now that we have discussed about EMI home loan calculator, let’s understand the formula used for calculating home loan EMI. 

The basic formula to calculate the monthly instalment of your home loan is:

E= P x r x (1+r)^n/(1+r)^(n-1)

What is P? 

P is the principal amount which is borrowed. 

What is r?

R is the rate of interest which is provided on a monthly basis. Remember that the interest rate is provided annually. To include the interest rate on a monthly basis, you should use r=(annual interest/12)x100. 

While this formula is used to manually calculate the EMI, it may not be accurate as the home loan EMI calculator. 

How the online tool works? 

The online home loan EMI calculator is a convenient and user-friendly interface. The essential inputs are loan tenure, loan amount, applicable processing fee, applicable interest rate, and along with this you have the choice of ‘yes’ or ‘no’ for pre-payment option. Then, click on the ‘’Calculate’’ button and you will get the desired result. 

What are the benefits of home loan EMI calculator? 

• The calculator helps to understand the differing financial charges like the processing fee value and total interest paid. 

• The home loan EMI calculator enables to ascertain the EMI amount in seconds. With inputs such as rate of interest, loan amount and loan term, you will know the EMI amount payable.
  
• If you know the EMI value, it will help you choose the tenure of the loan. If the tenure is small, the EMI is higher. 

• Also, the home loan EMI calculator helps you in loan management. If you have a special objective to pay off the loan before time, then the EMI calculator will help you make your choice. 

Thus, using the home loan EMI calculator serves as the best way to calculate EMIs and to know how easily and quickly you can pay off the loan.

Tips to get a Car loan from SBI

Many of us wish to buy our dream car. A car loan from SBI can help you make your dreams come true. Take an SBI car loan that brings with it many benefits in order to realize your dream. SBI bank offers you the best deal on car loan and it charges very low interest rates, thus ensuring lowest EMIs. Also, SBI bank assures quick disbursement of loan and minimal paper work.

Follow the tips mentioned below before seeking SBI car loan

1. Look out for special offers during the festive seasons. For instance, SBI offers special loan schemes during festive seasons. The bank introduced a scheme under which it recently introduced 8 percent interest rate in the first year and along with it 10 percent interest rate for the next two years. It is also better to wait for year end to buy a car as car dealers offer great discounts during Christmas and year end to clear off stocks. Banks like SBI tend to reduce the interest rates during this time, thus enabling buyers to enjoy lower SBI car loan EMIs.
   
2. Get the cheapest loan by opting for SBI car loan. For a fact the bank offers affordable EMIs, depending upon the loan amount and the tenure. For instance, if a person has taken SBI car loan of Rs. 4 lakhs for three years, with interest rate of 8.87 percent, then the monthly instalment would be of Rs.12,535, which is the cheapest. On the other hand, if you are opting for a loan tenure of more than three years, may be of five years, then prefer choosing Canara Bank. The average interest rate charged by Canara bank is 9.2 percent and the EMI of the first year comes out to be Rs.8207. Therefore, if you choose a short tenure for repayment of loan then SBI car loan is the best.
   
3. SBI car loan is not offered on floating rates. The company offers loan at attractive interest rates which is fixed for the entire tenure. Avoid floating rates because such rates are subject to changes and volatility of interest rate changes.
   
4. Make sure that the bank you choose is offering either 100 percent finance or close to it for the on road price of the car. In this regard, it is also important that the borrower has a clear credit history. It should be known that this type of offer is meant for only a few cars. Usually, these include cars that have fantastic resale value. It is advisable that when borrowers are taking car loans, they should avoid long tenure loans, instead take short term loans, like the ones SBI offers. Therefore, SBI car loan for a short tenure is advisable.
   
5. Finding the right match. Every bank has its own conditions when it comes to offering car loans. For instance, some banks prefer giving loans to people who are salaried-professionals, while other banks offer it to self-employed professionals as well. You should know which is the best for you and then chose from IDBI or Canara bank or SBI car loan or any other loan option.
   
6. Check if the bank has foreclosure or prepaid charges. For instance, SBI and even Union Bank of India do not have any foreclosure charges or prepayment charges. This means if you want to repay the loan before time, you will not have to pay any penalty. Therefore, seeking SBI car loan is advisable.

Therefore, SBI car loan involves many advantages that should be taken into account while paying the loan. SBI is one of the largest banking institutions of the country and so SBI car loan gives you the advantage of enjoying easy loan repayments along with trustworthy services.

What is floating interest rates of DHFL Home Loans?

There are several home loan providers in the market trying to mark their name in the competitive environment. One of those is DHFL which is doing great business these days. The bank belongs to the private sector but the facilities offered are one of the best in the market which make people look forward to avavil a loan from the bank. One of the major advantages that the bank provides is low rate of interest. The DHFL home loan interest rates are always at the lowest level making customers feel secured. However, the interest rates vary according to the type of the loan.

The best interest rate for loan

While there are different interest rates for different home loans, the best rate offered is 8.60% currently. This is flexible interest rate and will vary according to the market rate of interest and the margin mentioned by RBI. The effective rate of interest starts from 9%. This makes the EMI per month really low and makes it easy for anyone to afford a home at that EMI. Lower interest rate will also increase your eligibility as EMI is determined based on your paying capacity. 

DHFL home loan interest rates

Home loan interest rate for salaried and self-employed people may vary and the tenure can be 1 to 30 years. DHFL home loan interest rates usually start from 9% onwards. 

For salaried individuals

The interest for salaried individuals start from 9% per annum and that is applicable for loan amount up to 75 lacs. If you want to take a loan of more than 75 lakhs but less than 1.5 crore, the interest rate will be 9.15%. From 1.5 crores to 3 crores, the interest rate is fixed at 9.35% and for bigger amounts the interest will be 9.75%. 

For Self-Employed

For people who are self-employed,, the interest rate is a bit higher compared to the salaried employees. The interest rate for up to 75 lacs is 9.10% while for the range of 75 lacs to 1.5 crores; the rate is fixed at 9.25%. For loans over 1.5 crore and less than 3 crores, the rate of interest charged by the bank is 9.45% and for any amount more than that you will have to pay an interest of 10%. 

Apart from the home loan interest, a borrower also needs to pay a processing fee of Rs.5000 for a loan up to 30 lacs. For a loan up to 75 lacs the processing fee is Rs. 10,000 and for amount more than that the processing fee is Rs. 20,000. This is a nonrefundable amount charged by the bank and it is charged only once. There are some other charges too that depend upon the terms and conditions of the loan. 

There are several reasons why people choose DHFL as their home loan partner. One of those reasons is that the bank is a user friendly one and the interest rate is quite low too. The bank makes sure that the burden is lower for the borrower and thus tries to offer the best rate in the market. Apart from that, the processing of the loan is done quite early making it a convenient option for the borrower who wants things to be wrapped up as early as possible. The representative of the bank will guide you in every step of processing the loan and doorstep service is offered to customers who are unable to visit the branch. The documentation process is easy and hassle free and that is the reason why it has become easy to take a loan from DHFL.

Are Debit & ATM Cards the same thing?

Having cards, rather than cash in pockets is quite necessary. First off all, cards are easy to carry since they are light and you can swipe or tap the card at any store or ATM according to your convenience to make payment or withdraw cash. It is good to be aware of all the uses and facilities offered by Debit cards and ATM cards. The question is- are the two types of cards- Debit and ATM cards are the same? It is important for you to know that both of these types were created for similar purpose.

There are several features of ATM cards and Debit cards. 

1. ATM cards are connected to bank accounts and even debit cards are related to bank accounts. 
2. ATM cards are not accepted everywhere, while Debit cards are usually accepted at all stores. 
3. Both ATM and Debit cards are used to receive a bill and pay at the same time. 
4. Both Debit and ATM cards do not charge any interest. 
5. The best part is both ATM and Debit cards do not affect credit scores. 

Unlike a debit card which can be used anywhere, an ATM card can only be used at the ATMs. There is a big difference between a debit card and ATM card. Follow the explanation below to learn more about it. 

ATM Card

ATM cards can be used only at ATMs. These types of cards are used to withdraw cash that are there in your savings accounts of different banks. If you do not have an ATM card, it is advisable that you get one. 

This type of card does not help you to “float” funds. This means that if you are using the card, money will be debited in real-time and at the exact moment similar to accessing the cash. 

There are two types of fees involved with ATM cards. Most of the cash withdrawals always come with a cost. The first fee is paid by the financial institution and the second type of fee is paid by the owner of the ATM machine, if the bank and the ATM owner are not the same. 

Debit Cards

Using a debit card means you can use the card anywhere, but for the same a minimum deposit in your bank account is necessary. If you do not have access to any kind of credit, you can still enjoy getting rewards and other facilities of paying through a credit card via a debit card. 

Having a debit card means you will require a PIN, personalized identification number, to complete your purchase transaction. The PIN is usually a 4-digit code that you should memorize. 

Debit cards are tied up with checking accounts. This means once you use the debit card, funds will get deducted from your bank account. 

Using a debit card will help you know whether your purchase is approved by the bank with which you have your savings account. If the bank does not approve the purchase, the cashier will let you know that you do not have authorization for the purchase. Another reason why you should link your debit card to any checking account is for overdraft protection. 

Although, you can use your debit card as credit card and earn reward points or cashback, you should know that you are still using your own money to make pay for the purchase made, thus it saves you from the worry of spending extra. Your spends are under control while you are still eligible to earn rewards and cash back. 

Therefore, it is important to mark the difference between ATM card and debit card, doing it will help you maximize your benefits with optimum usage of the cards. 

7 ways to save loads of money using credit cards

For many, credit cards is only a method to make payment, while the savvy users are aware of how to maximize benefits and services from the various credit card offers. The types of facilities offered by credit cards are insurance, free travel, cash back, and other numerous services to help you save loads of money.

7 Important ways how you can save money using credit cards 

• First, choose the best card such as the HSBC credit cards that suit your lifestyle. There are different types of HSBC credit cards and other cards offered by other companies. A fuel card is useful for those who travel in their car to office, cash back offers on credit cards are best for avid shoppers and a shopping card is suitable for people who live in a joint family and need bulk shopping. In a way, HSBC credit cards are favourable for saving lots of money and getting rewards using the cards. 

• Another suitable way to save money is to avoid paying interest. Do not have too many credit cards, but only a limited number with an overall credit limit. This is because your overall credit limit should not overwhelm your monthly income, otherwise that would be a problem. 

• Whether you have HSBC credit cards or other types of cards, you should avoid debit and cash transaction with the cards. Every time you go to a shop, it is better if you pay through credit cards instead of via cash or debit cards. Using credit cards offers you extra interest accumulated on your savings account balance while also guaranteeing rewards and benefits. 

• It advisable to make payment of credit card bills at the end of billing cycle and leave it for the last few days. This can be a great method of keeping your credit utilisation limit minimum while using credit cards. If you postpone payment of bill on credit cards, you can earn additional interest on the savings account for the grace period. Remember, you need not worry about clearing cheques since payments can be done through mobile banking or net banking anytime. 

• Credit cards offer you the scope of earning reward points. For every purchase that you make, you can get reward points. Later you can accumulate all the reward points and encash it against other products that you buy. Some of the best credit card options are HSBC credit cards, Standard Chartered Manhattan credit cards, ICICI Instant Platinum cards, SBI Simply Click Credit Cards, Citibank Premier miles Credit cards, etc. 

• Try and increase credit payment cycle. The longer is the grace time for payment through credit card, the more you can actually delay the payment. This will help you to accrue more interest. It is better if you can negotiate with your bank and enhance the grace period as much as possible. It is better if you upgrade to a higher end card and see how the grace period increases by 10 days. As a result, the half-yearly interest credits will increase naturally. 

• Also, you can save lots of money on credit cards since the card protects you from damages and all kinds of thefts. The best part is credit cards can offer price matching services. Remember, different companies have varying policies on their credit cards. Sometimes, it is possible that your credit card will track prices for you and offer you credit for the difference in price automatically. 

Credit cards have more uses than you could have imagined. This article will help you focus on those areas on how to maximize benefits on credit cards and make the most of it.

Are Business Loans Effective, or Useful?

Every business requires funding at several stages and for various needs. You need funds for starting up, running day-to-day operations, expansion, and more. However, getting sufficient funding is not easy. There will be times when your business is going through a financial crisis and your investors might not have an interest in your plans. Mostly, it is a question of bridging the gap between what you need and what funding you have managed to accumulate. In such situations, business loans can be highly useful. They can pull you out of financial difficulties and give you time to analyse the situation and revive or expand your business.

There are several factors to keep in mind when applying for a business loan. Here is a quick overview of the most important ones.

• Borrow only what you require. Excess borrowing leads to further complications that are likely to become a financial burden.

• Explore all other options before applying for a business loan. This might consume some of your time but it will also help you avoid unnecessary debt that you could do without. The extra time may also help you make better decisions.

• Read the documentation carefully, and once approved, examine the loan account statements regularly. Smart businessmen always keep track of their accounts and outstanding loans in particular as it keeps them in touch with their financial condition.

• It is advisable that you try to repay your loan within the given time. Delays in paying off your loans can seriously hamper your credit rating. This will further obstruct the business’s ability to expand.

Effective and Useful

Here is more detailed look at the various ways in which a business loan can be effective and useful.

Setting up a New Business

The contribution from entrepreneurs to the nation’s economy is increasing day by day. Emerging small and medium scale businesses have had a significant impact on the economic scenario. A large part of the recent national economic growth is a direct result of this phenomenon. Many young entrepreneurs have given wings to their dream and are establishing businesses of their own. The efforts of the government have also had a major impact in promoting them. New policies and schemes have made the business loan market more flexible and the process less troublesome. Now, it has become much easier to get your business idea approved. Unfortunately, funding has not kept pace across all sectors. For all of those start-ups and small businesses, business loans have been a lifeline and helped people transform their business ideas into reality. Borrowing money from private lenders at high interest rates has become a thing of the past. Now, you can go directly to the banks and present your business idea for a suitable business loan.

Expansion and Relocation

Business expansion is a diversified process. It involves inventories, equipment, machinery, and relocation of assets. Expansion can be an expensive proposition as a result. Fresh capital from a business loan can help the business expand and this, in turn, will help generate more profits. Such requirements are the essential for a growing business. Only business loans can provide immediate funding for such needs. Instead of purchasing inventory and machinery on credit, it is always better to take out a business loan. As your business becomes more capable, it will grow, achieving increased productivity with significantly decreased costs. This ultimately results in more revenue and profit generation.

Working Capital

Working capital is the money a business requires for its day to day operations. Sometimes the finances of businesses are stretched so thin that they find it hard to even fund these basic operations. Such a situation poses a major hurdle for many small-scale businesses, often pushing them to the brink of shutting down. A lot of banks give loans to small businesses to help them get off the ground or to maintain their flow of funds. This affords security so they can have the opportunity to do better in the immediate future.

Marketing Campaigns

Marketing is an important tool for any business. Strong and sustainable marketing campaigns are important for their success. This is an investment that gives concrete results. Regular and steady funding is essential for such campaigns. Business loans can make this happen in no time.