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How to Use a Personal Loan EMI Calculator to Manage Your Finances

How to Use a Personal Loan EMI Calculator to Manage Your Finances

Borrowing a personal loan (PL) comes with the responsibility of timely repayment. Doing so not only keeps your debt manageable but can also positively impact your credit score.

To effectively manage timely repayments, it is essential to understand the monthly financial commitment even before you apply for a loan. This is where a personal loan EMI calculator can help, as it allows you to estimate your EMIs (Equated Monthly Instalments) over a specified tenure. Knowing the impact of the loan on your monthly finances can help you make informed borrowing decisions.

In this article, we’ll understand how an EMI  calculator for personal loans can aid in solid financial planning and facilitate smoother loan management.

Understanding the Working of a Personal Loan EMI  Calculator 

Well-known financial institutions such as SMFG India Credit offer free-to-use, online PL loan EMI calculator that quickly estimate your monthly payments.

Here’s how it works:

Enter the loan amount: This is the amount of money you want to borrow. This is the principal amount that you will need to repay over the tenure of your loan.

Enter the interest rate: This is the annual interest rate applicable to your loan in the EMI Calculator. While you can try different interest rates, the final interest rate lies at the sole discretion of the lender.

Loan Tenure: This is the period over which you’ll repay the loan (in months or years). You can choose a repayment tenure of up to 60 months.

Once you input these parameters, the calculator will display the principal amount, total interest payable, total amount payable and estimated EMI you'll need to pay to repay the loan on time.

* EMI Calculators give you an estimated figure. Please note that the actual EMI amount may differ based on the lender's policies at the time of evaluating the loan application.  The calculator results should not be considered a substitute for professional advice or loan sanction.

The Importance of EMI Calculations in Personal Finance

Understanding your monthly payments is essential for evaluating whether you can comfortably manage them alongside your existing financial obligations, savings goals, and potential future expenses.

The Personal Loan EMI Calculator provides accurate and quick calculations, eliminating the possibility of errors from manual calculations. By experimenting with different inputs, you can get a realistic picture of how various loan amounts, interest rates, and tenures affect the overall loan cost. This will help you make well-informed decisions to avoid overborrowing, which may lead to financial strain.

Advantages of Using a Personal Loan EMI Calculator

Accessibility and Time-Saving

Since EMI loan calculators for personal loans are typically available online, they can be easily accessed anytime and anywhere. By doing complex calculations in seconds, you save yourself considerable time and effort involved in manual calculations.

Easy Loan Comparison

You can compare different loan options by adjusting loan amounts, interest rates, and tenures to find the most suitable loan option that aligns with your financial situation.

A Comprehensive Insight

In addition to monthly EMIs, the calculator also shows the total amount payable, including both the principal and interest. This gives a clearer insight into the financial commitment you are about to undertake.

Financial Discipline

A clear view of the monthly repayment amount can help you manage the commitment along with your existing financial obligations. It encourages you to balance your spending and saving, ensuring that you can follow the repayment schedule without causing financial strain.

How to Make the Most of the Personal Loan EMI Calculator

Here are some tips for using a personal loan EMI calculator effectively:

1. Ensure Accurate Inputs

Always enter the desired loan amount, interest rate, and tenure to get precise EMI calculations.

2. Experiment With Variables

Adjust the loan amount, tenure, and interest rates to see how each change affects your EMI. For instance, a longer tenure generally lowers your EMI but can lead to higher interest costs. Conversely, a shorter tenure increases your EMI but can reduce the overall interest cost.

3. Consider Additional Costs

While the  calculator estimates EMIs, remember to account for any additional costs, such as processing fees and  value added services or insurance costs, that can affect the overall loan cost. To ensure sound financial planning you should also take into account your monthly income, existing expenses, and savings goals when evaluating your loan options.

A personal loan EMI calculator is a smart way to plan for your finances before committing to a personal loan. It provides accurate estimates of monthly payments and allows you to evaluate different loan options, helping you make informed decisions about which loan best suits your needs. Incorporating this tool in your financial planning can help ensure you borrow an amount that aligns with your financial capacity and maintain stability throughout the loan tenure.

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Navigating Personal Loan Eligibility: Are You Qualified for a Personal Loan?

According to a 2023 study, 53% of Indians took their first personal loan (PL) before turning 30, while 22% did so before the age of 25.

This rising demand for personal loans to address various financial needs is quite evident. However, to mitigate the risks involved in lending, lenders are quite selective about the applications they approve.

Several factors determine personal loan eligibility. Applicants must meet lenders' criteria regarding age, income, residency, credit score, and employment to secure personal loans with favourable terms.

In this article, we'll understand the importance of navigating loan eligibility and help you understand whether you qualify for a personal loan.

Why Should You Check Your Personal Loan Eligibility?

Personal loans are commonly used to cover unexpected expenses or major life events like medical bills, home improvements, or weddings. If you are not aware of your personal loan eligibility before submitting your application, you risk rejections for reasons such as:

Submitting incomplete or incorrect documents

Applying for an unsuitable loan amount

Not meeting the lender's borrower profile (e.g., income, credit score)

Avoiding rejections is crucial not only for saving time and effort but also for preserving your credit score. Each rejected application can result in a hard inquiry, which may negatively affect your credit score over time.

To protect your creditworthiness and increase your chances of approval, it's best to apply for a personal loan only after confirming you meet the eligibility criteria.

What Are the Personal Loan Eligibility Requirements?

Although specific PL loan eligibility requirements can differ from one firm to another, there are some basic criteria that you must meet. Let's take a look at the basic requirements of SMFG India Credit, one of India's leading financial institutions:

Nationality: Applicants must be residing citizens of India.

Age: Applicants must be at least 22 to apply for a personal loan. Their age must not exceed 65 at the time of loan maturity.

Work Experience: Applicants must be salaried and have at least 12 months of work experience. Additionally, they must have been in their current job for at least 6 months.

Income: Applicants who reside in Delhi or Mumbai must earn at least INR 25,000 per month. Applicants from other cities should meet the minimum monthly income requirement of INR 20,000.

EMI as a Fraction of Income: The EMI amount should not exceed 60% to 70% of the total monthly income of applicants.

*Please note that these are the basic eligibility criteria. The final eligibility depends on several factors including SMFG India Credit's policy at the time of loan application.

What Is an Online Personal Loan Eligibility Calculator?

A personal loan eligibility calculator is an online tool designed to help you estimate the maximum loan amount you're likely to qualify for. It can give you a realistic sense of your borrowing capacity based on factors such as income, preferred loan tenure, and existing financial obligations.

SMFG India Credit offers a free, user-friendly personal loan eligibility calculator to assist applicants in determining their loan eligibility. Here's how you can use it:

Access the SMFG India Credit personal loan eligibility calculator.

Choose whether you're salaried or self-employed.

Specify your age.

Select your net monthly income (after taxes) by dragging the bar.

Indicate your monthly obligations using the bar.

Adjust the bar to select the interest rate.

Choose your preferred loan tenure.

The calculator will display the personal loan amount you may be eligible for on the right side.

*Please note that the calculator only offers an estimate and is only for information purposes.

Summing Up

Ensuring that you meet the lender's criteria before formally submitting your personal loan application can lead to faster approval and favourable loan terms. In contrast, neglecting these requirements may result in rejection, which can negatively impact your credit history.

You can check online eligibility calculators offered by reputed lending institutions to quickly assess your eligibility and make an informed decision. If you find that you don't meet the eligibility criteria, take steps to improve your credit score, reduce existing debt, or explore alternative finance options. This proactive approach can increase your chances of qualifying in the future and securing better loan terms.

*T&C apply. Loan eligibility, loan terms, and loan disbursement processes are subject to the lender's policy at the time of loan application.

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Rising Medical Inflation and the Impact on Health Insurance Premiums

We all know that medical inflation is on the rise in a country like India. As it increases, several insurance companies are now required to pay more money for health treatments. But it’s not the insurance companies who suffer but the policyholders who invest in these plans. Note that higher cost leads to an increased amount of insurance premiums. Welcome to this post that outlines how the rise of medical inflation is impacting health insurance premiums. 

Increased Medical Premiums: Why Does It Occur?

It is a terrifying condition for policyholders who have to give so much money as premiums of health insurance plans these days. Having health insurance policies is no longer a piece of cake, for it can affect your financial health drastically. 

Newer technologies, better medicines, and simplified treatments are the reasons why healthcare solutions in India have become so effective. But these have also increased the demand for healthcare solutions, which give rise to medical inflation. But here’s a trick. One needs to understand the policies before selecting it. That way, you can select deductibles as well as co-payments to manage the coverage accordingly.

Health insurance premiums have been rising due to medical inflation, more specifically seen after the COVID-19 pandemic. Here’s why.

Why Is India Witnessing Medical Inflation These Days?

The rising medical inflation may be because of the following reasons:

Increasing Healthcare Demand 

The COVID-19 has taught us that our health is important. But it has also allowed medical service providers to charge more from patients owing to the demand for healthcare. Other factors that have contributed to medical inflation are lifestyle changes, long-term diseases, and more. These are the reasons why medical providers charge more these days.

Increased Expenses of Raw Material

Raw materials used in the healthcare sector have also seen an upsurge in the price figure. In fact, the warehouse costs have increased, and so have import tax amounts. All these aspects lead to medical inflation.

Innovative Technologies

The healthcare sector benefits from technological development with newer medical tools and equipment. The technologically advanced devices can treat diseases and diagnose the conditions more accurately than the bygone days. 

Treatment Costs are Rising

The cost per patient has also increased, thanks to innovative technologies. This has been influenced by altering treatments. Such changes give rise to costs of hospital supplies and other charges.

Medical Tourism

Another reason behind medical inflation in India is due to the rising medical tourism. The country has become a destination for medical purposes. People travel from far and wide to get top-notch treatments in the nation at affordable prices. This has influenced the medical industry and resulted in medical inflation.

After Everything Else

These days, patients can get more effective medical services due to simplified diagnoses, advanced processes, and sought-after ways of diagnosing a condition. All these factors increase the chances of survival when it comes to life-altering diseases. But these services are now available at higher costs. After all, you cannot expect lower costs given the increased efficiency and quality of medical services. So, it has a drastic impact on the insurance premiums. 

These days, insurance companies have started countering the increasing premiums of medical insurance by offering better solutions. They are planning to bring wider coverage options in order to keep the policyholder happy, healthy, and, most importantly, satisfied.

So, it is your duty to choose an insurance company that offers maximum perks. Now that you have learned how medical inflation is impacting your premiums, conduct your survey accordingly before you choose the service provider to buy the best health policy.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. This information does not constitute a financial advice.

Deutsche Telekom Digital Labs’ “We-Rise” initiative is aimed at helping women on a career break return to work with ease. Whether stepping back to focus on personal growth, caregiving, or other priorities, these breaks often leave women facing significant challenges when they choose to re-enter the workforce, especially in the tech industry. This initiative provides women with the tools, support, and flexibility they need to transition back to work with ease.

Participants are paired with mentors who provide guidance, encouragement, and practical advice, helping women regain their footing in the professional world. Additionally, the program includes training modules designed to acclimate participants with the latest industry trends and modern workplace demands.

Women re-entering the workforce often juggle personal and professional responsibilities. DTDL’s We Rise offers flexible work arrangements such as part-time roles, remote options, and adjustable hours. The program ensures participants can return at their own pace and adapt to the changes.

The participants also receive specialized technology training, equipping them with insights into modern digital transformation and the latest industry-relevant skills.

Why Use Python for AI and Machine Learning?

If you also want to know how Machine Learning is implemented with Python or you want to learn AI with Python, connect with Pickl.AI.

Artificial Intelligence (AI) and Machine Learning (ML) are the new blacks of the technology domain. The development of these technologies has been overwhelming, and it has sent strides across different industries. The growing applications of AI and ML across the business spectrum puts forward a new wave of change that the industry is undergoing. While most of the tech discussion hang around AI and ML application, we also need to have a look at powerful programming languages like Python that backs the algorithms and coding instigating seamless functioning of AI and ML models. The prevalence of this programming language in AI and ML is worth the attention.

Why ML and AI with Python?

 If we have to pick one of the most popular and universal programming languages, Python will win with the majority. It has emerged as the holy grail for the developers.

Role of Python in AI and ML

Python’s role in AI and ML is vital. Its features, like ease of use, readability, and versatility, make it apt for Artificial Intelligence and Machine Learning Algorithms Python programing.

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Permanent Life Insurance or Term Life Insurance: Weighing the Pros and Cons of Each to Decide What’s Best for You

Financial protection is a prerequisite for every family, regardless of the number of family members. However, the sheer number of plans available in the market can be confusing. So, if you want to choose between a permanent life insurance policy and term plans, this post is for you. Here, we will present the key differences between permanent and term life policies. So, let's learn the details from the points below.

Term Insurance Plan – What Is It?

Term insurance offers coverage for a certain timeframe, such as 5 to 30 years. The policyholder can pay an annual or monthly fee for the insurance.

The beneficiaries will get death benefits from the insurance provider if the insured member passes away before this period expires. It's worth noting that his policy has no maturity benefit. The premiums only cover the insured member for the duration of the policy. As a result, it is less expensive than permanent insurance policies.

Pros-

Presented below are some benefits of investing in a term plan:

More affordable premiums make a great fit for individuals who want to get maximum coverage at the lowest cost.

If you wish to have a time horizon considering your insurance plan, a term insurance plan offers great benefits (coverage for a specific timeframe).

More straightforward to understand than other plans (it does not include any complicated contracts).

Cons-

These are some drawbacks of term life policies:

If you survive the policy term, you won't get any cash value (premiums don't include investments or savings).

Premiums increase during the renewal period.

This type of plan might not be suitable for people who are looking for a dual benefit of savings and flexibility.

Permanent Life Insurance in a Nutshell

As the name suggests, a permanent life insurance plan has no expiration date or set time. It has a higher premium than a term life plan but offers more inclusive coverage.

Also referred to as wholelife insurance, this insurance plan offers coverage for an insured's lifetime. It lasts as long as premiums are paid timely. That means the plan lasts until the insured dies. These insurance plans can accumulate cash value over time as compared to term policies.

Pros-

Here are a few advantages of this policy:

Offers lifetime insurance coverage

Accumulates cash value over the years

Cons-

The following are the downsides of this plan:

More expensive than any other life insurance policies, including term plans

More challenging and complex to understand than any other policies

A Table Illustrating the Difference Between Term Life Insurance and Whole Life Insurance

If you wish to learn the difference between term life and permanent life insurance, you must learn the key parameters. Below is the table mentioning the key differences between term life and whole life insurance policies:

A Table Illustrating the Difference Between Term Life Insurance and Whole Life Insurance

Final Verdict – The Decision Is Yours

Ensuring your loved ones are in good financial health after your sudden demise is crucial. That's the prime reason to invest in a term plan. On the other hand, someone who wishes to offer protection and get investment opportunities may opt for permanent life policies. So, considering your requirements, you can choose the plan accordingly.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. This information does not constitute a financial advice.

Learn how to use Python for AI and Machine Learning

Artificial Intelligence (AI) and Machine Learning (ML) are the new blacks of the technology domain. The development of these technologies has been overwhelming, and it has sent strides across different industries. The growing applications of AI and ML across the business spectrum puts forward a new wave of change that the industry is undergoing. While most of the tech discussion hang around AI and ML application, we also need to have a look at powerful programming languages like Python that backs the algorithms and coding instigating seamless functioning of AI and ML models. The prevalence of this programming language in AI and ML is worth the attention.

Why ML and AI with Python?

 If we have to pick one of the most popular and universal programming languages, Python will win with the majority. It has emerged as the holy grail for the developers.

Role of Python in AI and ML

Python's role in AI and ML is vital. Its features, like ease of use, readability, and versatility, make it apt for Artificial Intelligence and Machine Learning

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The Intersection of Artificial Intelligence and Health Insurance: Improving Diagnostics and Affordability

The healthcare industry is rapidly adopting artificial intelligence (AI) to improve patient outcomes, lower costs, and make processes more efficient. One area that stands to benefit tremendously from AI is health insurance. From accelerating claims processing to detecting fraud, AI has the potential to transform health insurance plans.

Improving Diagnostic Accuracy

Artificial intelligence promises to significantly improve diagnostic accuracy in healthcare. One example is using advanced machine learning systems to analyse medical images and patient data. Research indicates that these AI tools could reduce errors in diagnosis by 30-50% or more. By catching conditions earlier and recommending targeted treatment plans, such systems can greatly improve patient outcomes. Some areas where AI diagnostics are proving valuable include:

Detecting Cancer

Using deep learning, AI systems can analyse scans and detect malignant tumours with expert-level accuracy. By speeding up diagnosis, this allows treatment to begin sooner, improving survival rates.

Assessing Bone Health

AI tools can evaluate bone density scans to measure risks of fracture or breakage. This data helps insurers offer preventative care to high-risk individuals.  

Reading Radiology Scans 

Automated interpretation of complex radiology scans makes diagnosis efficient. Instead of waiting for a radiologist’s manual review, AI systems can analyse images immediately.

By improving the accuracy of diagnoses, insurers can ensure patients get targeted treatment faster, leading to better outcomes.

Streamlining Claims Processing  

Another major area for health insurance companies is claims processing. AI promises to make filing, assessing the legitimacy, and settling claims quicker. Natural Language Processing (NLP) techniques can extract information from doctors’ notes, lab reports, and medical bills to validate claims and speed up approvals. 

Some key applications include

Automating Data Entry: AI can pull relevant data from forms and medical documents to auto-populate insurance claims, eliminating manual entry.

Checking for Errors and Fraud: Machine learning algorithms can run claims data against established rules to systematically check for duplicate claims, errors, and fraud. This further reduces manual reviews.  

Settling Claims: By pulling data from systems and cross-referencing policies, AI can offer on-the-spot settlements for straightforward claims instead of making customers wait.

By taking over administrative tasks, AI systems enable insurers to settle legitimate claims faster, improving customer satisfaction.

Increasing Affordability with Risk Assessment 

For health insurance companies, calculating an individual’s risk profile is necessary to decide premium amounts. AI is helping make this process more accurate. By analysing clinical data, medical history, and lifestyle information, AI systems can build detailed health profiles. 

Consider a few cases

1. Finding Adverse Drug Interactions – AI can run a patient’s medications against their conditions and genetic data to alert doctors about potential adverse interactions, preventing hospitalisations.

2. Identifying Disease Risk Factors – Machine learning models can isolate key risk factors for conditions like heart disease, stroke, and diabetes by finding patterns in population data. High-risk individuals can then be advised of preventative steps.  

3. Offering Personalised Premiums – Detailed risk modelling by AI allows actuaries to offer targeted premiums based on an individual’s predicted healthcare costs. For healthy policyholders, this increases affordability.

By supporting granular risk assessment using the latest medical research data, AI enables insurers to correctly price policies based on an individual’s health profile. This results in a fair and transparent mechanism that increases affordability.

The Bottom Line 

AI is ushering in an era of improved efficiency, accuracy, and customisation across healthcare. For insurance companies, the benefits range from minimised costs to healthier policyholders. However, to unlock AI’s full potential, the technology needs abundant high-quality data to learn from regarding patient outcomes. As healthcare providers digitise their practices and consolidate medical data, it sets the stage for AI innovation to continue transforming the global insurance industry.

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6 Must-Know Tips for Picking the Best Family Health Insurance

Many lifestyle changes have come about in the modern era. A fast-paced lifestyle is a result of city urbanisation. The globe has improved, yet this progress has brought several health problems. Everyone knows how easily hospital bills and medical expenses may deplete all of your cash. 

Only the best health insurance can afford today's spiralling health care costs. Given this, it is impossible to overstate the significance of having quality health insurance for families. But if you look into the insurance sector now, you'll find dozens of insurers ready to sell you their family health plans. 

How do you choose from the health insurance plans for family when all seems like a good deal? Take no worries, as this article highlights expert tips to pick the best family health insurance policies in no time. So, let's start.

Check The Coverage and Benefits

When shortlisting health insurance plans for your family, ensure they include coverage for various healthcare expenses, including hospital stays, surgeries, diagnostic procedures, ambulance rides, and pre- and post-hospitalisation expenditures. 

See if the policy covers treatment for critical medical conditions like cancer and kidney failure. Also, experts advise reviewing the policy's incentive package, which includes pre-existing disease coverage, pregnancy benefits, and extra riders that expand the policy's cover protection. 

If you have elderly family members, consider health insurance plans that address their unique medical requirements. Age-related illnesses and chronic ailments that frequently afflict the elderly may be covered by such insurance.

Pick a Plan That Comes With Value-Added Benefits and Discounts on Premiums

Value-added perks increase your coverage without raising the cost of the plan. Features like free health exams, organ donations, and automatic renewal of the insurance amount are a few examples of these.

Choose a Plan That Offers Flexibility To Add New Family Members

An individual purchasing a family health insurance plan should consider the ease of adding new family members. The remaining family members can keep using the same plan without sacrificing any of its benefits if a senior member becomes ineligible for coverage or dies.

Look For Affordability

The plan's cost-effectiveness is another important consideration that needs to be made. Certain features are shortlisted when you select a package based on your needs. Additionally, certain plans with all these benefits may come with a hefty premium that is difficult on your wallet. 

Consider A Policy Offering Smooth Claim Settlement

When picking health insurance plans for families, go for the one offering a seamless, hassle-free claim settlement process. Also, ensure the insurer has a reputation of having a high claim settlement ratio in the market. 

The claim settlement ratio is nothing but a comparison between the aggregate number of claims the insurer settled and the aggregate number of claims they received. The company will likely support you during trying times if it has a high claim settlement ratio.

Co-Payment Clause Is Also Important

In terms of health insurance, co-payment refers to the portion of the agreed-upon amount that the policyholder would pay out of pocket. The insurance company pays for any outstanding hospitalisation costs. The buying policy without a co-payment provision is an option.

Conclusion

To sum up, selecting health insurance for your family is an important choice that needs careful thought. So, it is essential to take your time and thoroughly review the conditions stated in the insurance plan. Opting for the insurance plans offered by Acko can be a wise move. 

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Operational Streamlining 101: Transforming Dental Clinics with Advanced Management Software

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Operational Streamlining 101: Transforming Dental Clinics with Advanced Management Software

Advanced Management Software

In the fast-paced world of healthcare, dental clinics are no exception to the demand for operational efficiency and streamlined management. Advanced management software has emerged as a game-changer, revolutionizing how dental practices operate.

Let’s explore the benefits and implementation strategies of leveraging cutting-edge software to transform dental clinics into well-oiled machines.

The Need for Operational Streamlining in Dental Clinics

Dental clinics face unique challenges in managing patient appointments, records, billing, and day-to-day operations. Manual processes, outdated systems, and paperwork can lead to inefficiencies and errors and hinder delivering high-quality patient care. The need for operational streamlining in dental clinics is evident, and advanced dental management software provides a comprehensive solution.