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September 2021

Finance

This is How You Choose the Best Personal Loan for You!

When a borrower approaches any financial institution for a loan for a shorter term, no obligation to offer any collateral based upon the borrower’s creditworthiness is termed a personal loan. Here, a financial institution sanctions a loan of a borrower and credits the loan amount to the borrower’s account. Thereafter, the borrower repays the principal and interest in monthly instalments or known as personal loan EMI.

Before applying for a personal loan, there are certain factors that need to be considered:

  1. Eligibility Criteria of Lenders

Every lender’s personal loan eligibility criteria can differ from one another. In such a scenario, a lender that holds eligibility criteria that is not stringent and easy-to-meet can be a good option. This factor can also help to avail an instant personal loan when a fund is required at the last minute.

Furthermore, many financial institutions have a tie-up with renowned organisations to provide loans to their employees without any hassle and based on the company’s goodwill. This approach can benefit a salaried person from such an organisation to apply for a personal loan in those institutions.

In terms of documentation, in the case of a salaried person, one needs to show the latest salary certificate of the organisation they are working at and bank statement for the last three months. For self-employed professionals and businessmen, an income tax return for the last two years is mandatory to show.

  1. Compare Different Interest Rate

Many lenders in the market offer different personal loan interest rates. These interest rates are based on the loan amount, credit score, and repayment ability. A borrower should check all permutations and combinations using a personal loan EMI calculator. It will help you compute the EMI to be paid.

While a borrower seeks to avail a personal loan, the interest rate has to be scrutinised since it contributes largely to the actual amount a borrower will pay during the loan term.

  1. Check Repayment Flexibility

Flexibility in repaying the total loan amount can enable a borrower to pay as per one’s own convenience and affordability. By doing so, the EMI can be broken down so that it will suit the borrower’s budget and avoid any default circumstances.

  1. Inquire About Additional Charges

Various additional charges are associated with a personal loan, such as processing fees, prepayment charges, penal interest, and secure fees. These charges should be checked with the lender, as when charged, it might be more than a borrower’s anticipation.

The above factors will guide you to choose a personal loan offering that suits your requirement. So, don’t. Wait. Apply for personal loan, today.

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Finance

You Should Know About These Home Loan Products in India

In India, buying a house has become the benchmark for getting settled. Now, many people dream of buying houses, and most of them do so with the help of home loans. But did you know there are different types of housing loans? To meet the needs of different sections of society, lenders offer various home loan products.

5 types of home loan plans that are offered by lenders:

  • Home Construction Loan

If you own a piece of land and wish to construct a house on that land, you can apply for a home construction loan. With a basic housing loan, a lender makes a lump sum payment of the loan amount. However, with a home construction loan, the amount is disbursed in instalments depending on the construction project’s progress. Lenders usually approve the loan amount based on the approximate expenses for construction.

  • Land Purchase Home Loan

Land or plot can be purchased by applying for a land purchase home loan. This loan can even be used for constructing a house. Lenders offer these loans for investment or residential purposes. A land purchase home loan can cover up to 85% of the total value of the plot. With a positive credit score and a good repayment record, it is possible to apply for this loan even with existing home loans.

  • Standard home loan

This is the most common and popular type of housing loan that borrowers apply for. You can apply for home loan to buy a house of your choice. Upon fulfilling all the home loan eligibility criteria of a lender, it is possible to receive 80-90% of the total cost of the house. This loan can then be repaid in monthly instalments.

  • Home Loan Balance Transfer

Many borrowers shift their home loans from one lender to another. If you find another lender offering better benefits than your current one, you can opt for a home loan balance transfer. Mostly, the reason for going for a home loan balance transfer is for a better home loan interest rate. Before making the switch, make sure to read the documents required for home loan balance transfer. This is to consider the actual savings made through the new lender after additional expenses such as processing fees and more.

  • Home Expansion Loan

There are many instances where borrowers look to expand their homes. This could include adding a room or even a separate floor to the house. For such expenses, you can apply for a home expansion loan. Even if the house needs certain improvements or a complete renovation, a home expansion loan can provide the financial cover for it. Now, the expenses for a home extension can go into lakhs. Going for a home expansion loan will help avoid spiralling your costs.

No matter which loan you go for, always make it a point to pick a loan plan that is easily repayable. Make use of a home loan EMI calculator to learn about the loan’s EMIs. This will help you in making an informed decision in picking a suitable loan plan!

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Finance

Should we use specialist money transfer services?

One of the most important aspects of overseas travel and overseas stay in the forex. There are several forex services like outward remittance, currency exchange, and travel cards. These services are provided by many forex service providers like banks and forex companies. But why should you go with a specialist money transfer service provider? You can see it for yourself below.

You get better pricing and exchange rates when you prefer a specialist foreign currency exchange service provider. It is because they give priority to forex since it is where they are working their hearts out to serve smiles on their client’s faces. Whereas for banks, forex is an add-on service. And, so the concentration in that area would be comparatively less.

The best foreign exchange companies can help you with solutions crafted for your forex problems. They also provide forex services combined with cutting-edge tech. You can live track the forex rates through their online portal, which enables you to get the best exchange rates while buying and transferring forex. If you can’t get it, dial their customer care and, they can care for you the way you need.

  At last, forex services of these forex companies are easy to use and, the time taken to complete the same is considerably faster. You can opt for a wire transfer or currency exchange sitting at your home using their online service. Their executives will meet you at your place to complete the procedures for the opted services and it will be done in a moment.

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Insurance

How to Choose the Right Term Insurance Plan?

No one can ever predict what the future holds for us and what our condition will be at a certain point in time. Thus, it becomes necessary to prepare for the financial safety of your family. Once you do this, you can live in the moment without worrying incessantly about securing your family’s future.

There are various insurance products available today to prepare for unpredictable circumstances. These products offer several deliverables customised to fit your various requirements.

Among these exhaustive varieties of insurance products, term insurance plans are among the top contenders. In such plans, the policyholder does not receive maturity benefits if the insured amount is not used within the pre-defined term. However, in the event of an unfortunate circumstance, term insurance provides the policyholder’s family with life cover and financial stability, as regards the policyholder’s nomination and realisation in the fixed tenure.

Read further to know more about what term insurance is and how to choose the right fit for you:

  1. Go for Insurers with High Claim-to-Settlement Ratio

It is critical to know the monetary reimbursement plan first-hand before opting for term insurance. Check whether the plan has a good claim settlement process in place, using its claim settlement ratio. If the claim settlement ratio is high, it means that the policyholder’s family has a greater scope of getting the entirety of the total sum assured.

  1. Check the Ratio of Solvency

The ratio of solvency helps you know the organisation’s capability to pay their long-term loans along with interests. The ideal solvency ratio prescribed by the IRDAI is 150%. Your insurer must have a solvency ratio that is close to 150% and not too high either.

  1. Choose Riders for Comprehensive Coverage

A term insurance plan provides benefits after the death of the policyholder. When choosing the plan, you can also opt for some other features that fit your unique requirements.

Some policies have the option to get riders to grow your coverage and minimise your risks. The following are the benefits of a rider that you should look for:

  • Critical illness: This rider covers certain major diseases, viz. paralysis, cancer, artery bypass, heart attack, renal failure, stroke, transplant of any major organ and coma.
  • Premium waiver: This rider helps during situations that result in defaults by writing down premium payments for the future.
  • Disability cover: This rider cover helps you to have a safety net for your future. This insures you from any accidents that could result in disability, due to an unforeseen accident.
  1. Premium Cost

After determining which term insurance plan suits you the best and if you require any rider benefits, knowing the premium costs is now the final factor.

Do not settle for a below-average policy simply to shell out less from your pockets. The best way to know your premium costs is to use a term insurance plan calculator. This lets you know approximately what you might be paying monthly, depending on the premium tenure of your plan.

  1. Number of Members in your Family and your Income Bracket

You must consider your total income, along with the total number of family members depended on you when opting for a term insurance plan. If you are single and living with your parents, your financial condition would differ from the financial conditions in a marital situation. Keep this in mind to choose coverage wisely. More so, this can help you plan your financial goals for the future.

  1. Consider Liabilities

You might have a few liabilities like your vehicle, personal, home or business loans. Thus, you might want to undo the possible pressure of loan payoff that can fall on your family members when starting your future financial planning. It is of utmost importance to mention the total loan amount repayable by you.

Conclusion

While it is a great idea to hear what experts and peers have to say, selecting a term insurance plan must always be based on your own independent needs. Do not think that it is one-size-fits-all when it comes to choosing a term insurance plan for you and your family. Do consider the above-mentioned points before opting for a plan. Get an estimate of your periodic premiums using a term insurance plan calculator. Always remember to read the fine print of your term insurance plan before finalising your tenure.

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Finance

5 Benefits of using a SIP Calculator

Mutual funds have been a boon for those who have invested in these market-linked schemes via Systematic Investment Plan. SIP is a simple and effective way of generating long-term capital appreciation through small fixed investments. What SIP does is that it gives investors the liberty to effectively choose an investment sum that is convenient for them and allows them to invest this sum periodically in a mutual fund scheme of their choice.

A lot of young investors prefer SIP over lumpsum investment because it allows them to overcome market volatility in the long run. Those who invest in mutual funds via SIP do not have to worry about market performance as mutual funds invest in a diversified basket of securities. This means that even if one of the underlying stocks is underperforming, other underlying securities can reduce the overall investment risk and the scheme can deliver returns for its investors. More and more people are turning to SIP investing over conventional investment options like recurring fixed deposits because they are receiving more returns than they ever did from any other investment avenue.

To understand how much returns one can earn from their SIP investments, investors can use the SIP calculator. An online SIP calculator is a free tool that allows retail investors to determine the total returns from their SIP investments at the end of their SIP journey. This is a simple and easily accessible tool that any layperson can use by inputting a few details.

Benefits of SIP calculator

Here are 5 primary benefits offered by the SIP calculator:

  1. It aims to give accurate results

SIP calculator doesn’t take the mutual fund scheme’s expense ratio into consideration while showing the total return on investment. However, it aims to give accurate results. This online SIP calculator is based on the following formula:

M = P × ({[1 + i]n – 1} / i) × (1 + i)

Where,

M is the maturity sum at the end of the investment journey

P stands for the SIP sum

n is the number of monthly SIP investments one makes

i refers to the periodic rate of interest

Using the above formula, the SIP calculator helps investors determine the total returns which can help them figure out whether their current SIP investments are enough to help them achieve long-term goals.

  1. It is less time consuming

If you try to manually calculate your SIP returns, it can get a bit tedious and time-consuming. However, if you use the online SIP calculator, not only will it show correct results, but it will do so in just a few seconds. A SIP calculator gives you the following details in a few seconds:

  • Total investment sum
  • returns on investment
  • Investment sum + returns on investment i.e. your total SIP returns

One single calculation is enough for displaying multiple results and this makes an online SIP calculator a time-saving tool.

  1. Conjecture mutual fund investments

A SIP calculator can help plan their mutual fund investments in a better way as they are forecast their investments for various tenures in a jiffy. For example, it will only take a few seconds to find out how a monthly SIP of Rs. 5000 can fetch total returns over 10 years with an average return rate of 10%. Now you can modify these numbers by modifying the SIP sum, investment tenures, or return rate to get a different result.

  1. Allows investors to make an informed investment decision

Investors can compare the results of various mutual fund schemes by changing the interest rate in the SIP calculator. This can help them draw an estimate on the returns a particular scheme might fetch over the investment horizon. Based on these estimated returns, investors will be able to plan their SIP investments in a better way.

  1. Disciplined investing

Upon finding out the magic of compounding by using the SIP calculator, new investors may immediately begin their SIP investment journey, and estimating future returns may inculcate the discipline of regular investing.

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Finance

SIP and Inflation Calculator – Working and Benefits

Calculators have life simple for humans. They have the ability to compute the most complicated calculations and display results in just a few seconds. Calculators are easy to use and anyone from a school going child to an elderly human can use these tools to their advantage. Now one does not need to buy a calculator from the store physically. Online calculators are freely available and anyone accesses them from a laptop, computer a tablet, or even a smartphone with a decent internet connection.

For mutual fund investors, if they have started a mutual fund SIP or are planning on investing in mutual funds via SIP, they can use an online SIP calculator. Let us find out what an online SIP calculator is and how one can make the most out of this tool.

What is a SIP calculator?

A Systematic Investment Plan (SIP) is one of the two ways to invest in mutual fund schemes (the other way being lumpsum investing). Anyone who wishes to invest small fixed sums regularly instead of making a large principal investment can opt for the SIP option. Let’s say you want to build a corpus of Rs. 6 lakhs to buy a new car. Assuming that the mutual fund scheme in which they invest offers an average return of 8%, a monthly SIP of Rs. 9000 should be enough for them to achieve the desired corpus at the end of their investment horizon. And such calculations can be easily done using an online SIP calculator.

An online SIP calculator is a simple and easy tool that lets potential mutual fund investors determine the total returns earned from their SIP investments over a certain period of time. This calculator is easily accessible to which any layman can use by just putting in a few details.

How does the SIP calculator work? 

The formula on which the SIP calculator is based is stated below:

M = P × ({[1 + i] n – 1} / i) × (1 + i)

Here –

  • M’ stands the total sum that you receive upon maturity
  • P’ is the sum you invest at periodic intervals
  • n represents the number of monthly SIPs you have made during your investment journey
  • i is the periodic rate of interest

While calculating future returns is crucial, it is equally important for investors to consider the rate of inflation. For example, if your investment scheme offering an average return of 6% and the estimated rate of inflation is 4% then your actual returns are only 2%. Investors can plan their finances more adequately by using an online inflation calculator.

What is an inflation calculator?

An online inflation calculator is easily available, and anyone can use it freely. Anyone can easily use this calculator to determine the purchasing power of a certain amount. A time-saving tool, the online inflation calculator calculates your queries and displays results within a few seconds. If you want to manually calculate the purchasing power of a certain amount it may take a while before you derive to the conclusion. However, using an inflation calculator saves time as this online tool produces results almost instantly.

How to use the online inflation calculator?

As mentioned earlier, it is easy to use the inflation calculator and one needs to follow these simple steps to get desired results–

  • Investors first need to enter the amount whose future spending power value they want to determine
  • Next, they must enter the number of years after which they want to determine the purchasing power of the specified amount

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Finance

SIP Calculator – Calculate SIP Returns & Invest in SIP

When we are investing our hard-earned money in investment products, we are keen to find out how much corpus we can earn at the end of our investment journey. By figuring out the total estimated capital gains, investors can determine whether their investments are sufficient to nurturing their life’s short-term or long-term financial goals. Similarly, when it comes to mutual fund investments since these are market-linked schemes whose returns fluctuate from time to time investors want to know how much wealth they can create.

Investors who start a SIP in a mutual fund scheme can use the SIP calculator to determine the total returns (approximate) one can earn over a stipulated period. Today we are going to discuss the SIP calculator and how investors can use it to their advantage to calculate SIP returns. But before that, let us understand what SIP is.

What is SIP?

A systematic Investment Plan (SIP) is a simple and easy way to invest small fixed sums in mutual fund schemes. A retail investor does not need to have a large sum to invest in mutual funds via SIP. Some mutual funds even allow investors to invest an amount as low as Rs. 500 per month through SIP. An investor can either start a SIP in mutual funds or can make a one-time lumpsum investment. A lot of investors opt for SIP over lumpsum because it allows them to buy more units over time and averages out their cost of purchase.

The following example might help you understand how the SIP in mutual fund works –

Suppose you want to collect Rs. 15 lakhs to send your child abroad for higher studies when they turn 18. Let us assume that your child’s current age is 8. This means you have 10 years in hand before you need the money. Assuming that the mutual fund scheme will deliver an average 8% annual return, a monthly SIP of Rs. 8200 will help you to build the education corpus over the course of the next 10 years.

Now that we are quite clear on the concept of SIP, let us move ahead to the SIP calculator?

What is a SIP calculator?

As its name suggests, an online SIP calculator is a free online tool that any layman can find and use without any technical difficulties. It gives SIP investors an estimate of the total returns they can earn through their monthly SIP investments. However, while calculating the total returns, the calculator doesn’t take the mutual fund scheme’s expense ratio into consideration.

Here’s the formal on which the SIP calculator is based:

M = P × ({[1 + i] n – 1} / i) × (1 + i)

Where –

  • M’ is the total sum that you receive upon maturity
  • P’ is the sum you invest at periodic intervals
  • n’ is the number of monthly SIPs you have made during your investment journey
  • i’ is the periodic rate of interest

As mentioned earlier, these are just estimated figures and investors should bear in mind the actual returns may vary depending on the performance of the mutual fund. Also, one should consider inflation while calculating returns as this will give them a better understanding of the value of their corpus at the time of redemption.

The best way to earn returns with mutual funds is by starting a SIP. SIPs are flexible which allows investors to start or stop their SIP investments anytime. SIPs can inculcate the discipline of regular investing and new investors who are new to financial planning should consider opting for SIP in mutual funds.

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Finance

SIP Calculator – Systematic Investment Plan Calculator Online

These days young investors do not want to invest in conventional investment avenues like their parents and grandparents. They seek other investment options that may not guarantee returns but have the potential to generate far better capital appreciation than bank fixed deposits and public provident funds. Mutual funds are a great investment tool that allows retail investors to generate capital appreciation over the long term. These are market-linked schemes that predominantly invest in equity and equity-related instruments of publicly listed companies and across various money market instruments like government bonds, company fixed deposits, debentures, treasury bills, etc.

Mutual fund investors have the option of either making a lumpsum investment or opting for a Systematic Investment Plan. Systematic Investment Plan or SIP is an effective investment model that allows retail investors to save and invest a fixed sum periodically in mutual fund schemes. All an investor has to do is complete all the reinvestment formalities, decide on the monthly investment, and decide a date on which they wish to invest. After this, every month on a fixed date, a predetermined SIP sum is debited from the investor’s savings account and electronically transferred to the mutual fund.

Mutual fund investors who wish to start their investment journey by starting a SIP in mutual funds can also refer to the SIP calculator, a free tool that is easily available online. Let us find out more about this free calculator and how investors can use it to their advantage.

What is a SIP calculator?

As mentioned earlier, the SIP calculator allows investors to estimate the total returns that they will receive at the end of the SIP investment journey. Investors must understand that these are just approximate returns and original returns can vary. The SIP calculator doesn’t consider the expense ratio while showing the results.

How does the SIP calculator work?

The online SIP calculator is based on the following formula:

Here’s the formal on which the SIP calculator is based:

M = P × ({[1 + i] n – 1} / i) × (1 + i)

Where –

  • M’ represents the total sum that you receive upon maturity
  • P’ stands for the sum you invest at periodic intervals
  • n is the number of monthly SIPs you have made during your investment journey
  • i refers to the periodic rate of interest

How to use the SIP calculator?

SIP calculator can be goal-based or it can be based on the amount an investor wants to invest and see how much wealth they can create in the long run.

If you are using a goal-based calculator:

  • Input the corpus that you want to achieve
  • Input the number of years/months you have in hand to achieve that corpus
  • Input the expected rate of return

The calculator will show the SIP sum that you need to start investing regularly to achieve that corpus over the stipulated period.

For example, if you wish to build a corpus of Rs. 10 lakhs in the next 5 years to achieve one of your financial goals and you expect the mutual fund scheme to deliver an average annual return of 8%, a monthly SIP of Rs. 13,160 should be enough for you to achieve that goal.

Now if you want to use the SIP calculator to find out how much wealth you can create you need to input:

  • The amount that you can invest per month
  • The number of years/months you wish to invest this amount
  • Expected rate of return

The SIP calculator will show your initial investment sum and the wealth that you will create.

For example, if you invested Rs. 5000 for 1 year and with an expected rate of return of 12%, your invested amount will be Rs. 60,000 and the total wealth created will be Rs. 63,413.

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Crypto

Benefits of Using Crypto Exchange

Thanks to modern technologies, we now can get access to various services or products that we couldn’t get in the past. Yes, cryptocurrency is liberating due to the basic principles of the work of blockchain technology.

It’s difficult to find a person today who wouldn’t know about the existence of digital money. Most people follow crypto news to sell one coin and buy another to increase their profit. For example, when exchanging eth to btc, or usdt to doge, etc.

Most modern people have cryptocurrencies in their wallets. But what to do if you want to gain another type of crypto coin? In this case, you have mainly 2 options:

  1. Mine currency you want.
  2. Exchange fiat money (or available digital coins) for the cryptocurrency type that you wish to receive.

The easiest way is, of course, exchanging one type of currency for another. Mining is a difficult process that mainly requires a ton of electricity and expensive equipment. You also need to figure out which pool to join since it’s more difficult to mine alone. And there are other difficult things to take care of when it comes to mining.

And that’s why most people prefer exchanging! Check out the article to learn more about how crypto exchanges work and how to use them.

How do Crypto Exchanges Work?

The idea is simple, similar to the way ordinary exchanges work, but without huge fees. To start exchanging, you need an account. To create one, you will have to prove your identity. No information about you will be released or sold/transferred to third parties, but ID verification is required to prove that you are a real user. It’s also a protection measurement.

When you have the account, you simply choose what currency you want to sell and what type of crypto money you wish to receive. Then you just choose the number of coins to trade, and you will see how much you get in return for the currency you want to receive.

Depending on the type of platform you use, you pay a higher or lower fee. If it’s a p2p, the fees are lower, but you can’t exchange whenever you want. With centralized platforms, you pay a bit more but may exchange anytime you prefer.

Why Use Crypto Exchanges?

Here are just a few reasons why it’s more beneficial to exchange than to mine:

  • No expenses on electricity, mining equipment, etc.
  • You can quickly sell or buy coins you need considering the market situation.
  • It’s extremely easy.
  • Most platforms work 24/7.
  • It’s safe and convenient.

A crypto exchange is one of the best ways to invest in a currency you prefer. It’s easy, convenient, and doesn’t require any effort!

http://joxi.ru/gmvPQzwHdZXY6A

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Forex

The perks of Forex bonus program – different types of Forex bonuses

Forex trading is booming these days. And brokerage companies are fiercely competing to attract clients through various bonus programs. That’s why we would like to remind you of the different types of bonuses applicable in Forex trading to make the most of your trade.

1.  The initial / welcome bonus

The Instant Bonus is often the juiciest bonus in Forex trading. It’s a type of bonus immediately added to your Forex account. For example, you get into Forex trading with an initial capital of € 1,000 on a platform offering an instant 20% starting bonus.

Your Forex account will therefore be opened with an initial capital of € 1,000 plus 20% (€ 200), for a total of € 1,200.

It is generally accessible at a specific rate for any seed capital investment.

Some brokers like LBLV offer quite massive welcome bonuses of 30%. So get a sneak peek into LBLV review for more details about their trading conditions and bonus offer.

2.  The pending bonus

The pending bonus is a bonus that cannot be used immediately for trading. Instead, you have to trade a certain number of positions to unlock it.

Once unlocked, you can then either cash it in or reinvest it. For example, a broker may offer you a pending bonus of 30%, which you will only be entitled to from a certain negotiated amount.

These bonuses may seem less attractive because they are not immediate, but they are often higher and more attractive in the long term. Remember that even if Forex trading relies on the foreign exchange market’s volatility, investments in Forex are generally made over the long term, the time to learn all the strategies necessary for a safe and less risky investment.

3.  The no deposit bonus

The No Deposit Bonus is the only bonus in the Forex world that takes the form of real money. Like the instant bonus, however, you must trade a number of positions before you can cash it out.

However, brokers rarely use it because it does not encourage you to reinvest with them, which is against their interests. It is therefore generally used for purely marketing purposes. It is, therefore, necessary to be wary of it.

4.  The reload bonus

Finally, the reload bonus, uncommon, is the promise of another bonus from the broker in exchange for a new deposit from you.

It’s generally accessible to regular clients. For example, your broker may offer you a 25% reload bonus for every deposit. It’s an instant bonus that you will be entitled to with every deposit.

This bonus can be very interesting for experienced traders who are already familiar with effective strategies in Forex.

What are the benefits of bonuses in Forex trading?

First of all, you can trade bigger lot sizes. More invested money, more return you can expect. Furthermore, you can use more leverage.

Finally, if you just aim to explore the trading platform and brokerage service that interests you, using a bonus on a small deposit opens you more wiggle room for testing. Also, you can better test trading outcomes and strategies along with testing the withdrawal process.

Last but not least, always read carefully trading conditions regarding the bonuses to make sure you understand the rewarding system of a specific brokerage platform.

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