#Fd loan calculator

[targetstudy]

Which Loan is Best, FD, Gold Loan, Mutual Fund, Personal Loan

What is Loan

Some Types of Loans

FD (Fixed Deposit) Loan

You can take a loan against bank FD without breaking it. In this way, along with the benefit of maintaining the savings deposited in the bank, one also gets the necessary cash.

The interest rates (12–15%) applicable on FD loans are also lower than personal loans. This loan is also easily available immediately. Also, there is no need to submit many documents to the bank for this. Savings also remain intact along with debt.

Gold Loan

Gold loans have become attractive these days as gold prices have reached Rs 75,000 per 10 grams. Now you will get more loan than before on mortgaging jewellery.

READ MORE>>>>

[financeandinvestment]

Why Shriram Fixed Deposit Stands Out as the Best Investment Choice for Women

Fixed Deposits (FDs) are widely recognized as a secure investment option, particularly favored by women, with 58% expressing a preference for FDs, Public Provident Funds (PPF), or savings accounts. This preference is driven by diverse financial goals, liquidity needs, and investment capabilities unique to women. FDs provide flexibility in tailoring payouts to meet specific financial requirements, offering more attractive interest rates compared to savings accounts.

Shriram Fixed Deposit stands out by offering high-interest rates, reaching up to 9.20%* p.a., inclusive of special benefits for women depositors and senior citizens. The Shriram Fixed Deposit Interest Calculator aids in determining the exact interest amount. For those new to investments or unsure about available options, FDs provide a secure path to safeguard financial futures.

Why is FD a Smart Investment? Fixed deposits are considered a smart investment due to their high degree of safety and low risk. The guaranteed predetermined returns, regardless of market performance, make FDs stand out in comparison to riskier options like stocks and mutual funds.

Types of Fixed Deposits: FDs come in two types: cumulative and non-cumulative. Cumulative FDs pay out at maturity with compounded interest, while non-cumulative FDs offer regular payouts, usually monthly, quarterly, half-yearly, or annually, with simple interest.

Comparing FDs with National Savings Certificate (NSC): While NSCs provide stable income, FDs offer higher liquidity, allowing withdrawal in emergencies with nominal charges. FDs, especially for female investors, are preferable due to hassle-free transactions and high liquidity.

Rule 72: Doubling Your Investment: The Rule 72 helps estimate the time it takes for an investment to double by dividing 72 by the annual interest rate. This rule provides clarity on the doubling of an investment over time.

Advantages of FDs Over Other Investments: FDs offer fixed interest rates, shielding from market fluctuations. Highly liquid, allowing withdrawals as needed. Various tax benefits and insurance coverage. Tax-saver FDs with a 5-year lock-in for deductions under Section 80C. Loan facilities available for emergencies.

Shriram Fixed Deposit for Women: Shriram Finance's FD scheme tailored for women investors offers several advantages. These include higher interest rates, flexible tenures (12 to 60 months), low minimum investment (Rs. 5,000), regular or cumulative interest payments, and a loan facility at attractive rates. With Shriram Unnati Fixed Deposits offering rates up to 9.20%* p.a., they provide a secure and lucrative investment opportunity for women seeking steady returns while minimizing risks. In conclusion, Shriram fixed deposits for women present a wise investment choice with attractive interest rates, flexible tenures, and additional benefits. Invest wisely with Shriram fixed deposits.

[monikaji1988]

Moving ahead, the interest rates on this over0 facility are typically 1% to 2% higher than those on the underlying FD. So, for instance, if your FD yields 6% annually, the OD will make 7-8% annually. Again, you can use an online loan against a Fixed Deposit calculator for a clear picture.

[urbanskylinephase2]

Financing Your Dream 4 BHK in Urban Skyline Phase 2, Ravet: Loan Tips

Achieving the dream of owning a 4 BHK flat in Ravet at  Urban Skyline Phase 2, begins with financial discipline. This guide provides essential steps, from smart budgeting to strategic investments, to help you turn your dream home into a reality. To turn your dream of owning  4 BHK flats for sale in Ravet at Urban Skyline Phase 2, into reality, financial discipline is paramount. Your journey begins with the down payment, which can range from 10% - 25% of the property's market value. Here's how to pave the way for your dream home

Start with Financial Discipline

The first step is to accumulate the down payment. This requires prudent financial management. Begin by trimming unnecessary expenses, eliminating wasteful spending, and clearing outstanding debts. 

Stick to a Thoughtful Budget

Creating a budget is essential. Categorize your expenses, compare them to your income, and track your spending habits. A well-structured budget ensures you stay on track financially.

Thorough Market Research

Before you start searching for your dream 4 BHK flat, delve into the current real estate market in Ravet. Understand the prevailing property rates in your desired area. Knowing the market dynamics will help you set a realistic budget for your flat. If a spacious home is not an immediate necessity, consider starting with a smaller one or two BHK unit, as properties on the outskirts are often more affordable for the same square footage.

Strategic Investments

Saving alone may not be sufficient. To reach your financial goal faster, invest wisely. While a regular savings account offers a maximum interest rate of around 4% p.a., fixed deposit (FD) accounts can provide returns starting from 6% p.a. before tax. Alternatively, recurring deposit (RD) accounts offer interest rates ranging from 7% to 8% p.a. before tax. For potentially higher returns, consider mutual fund investments, which can yield between 10% and 15% or more, depending on the fund. Be sure to assess the associated risks.

Allocate Funds for Future EMIs

Securing your dream 4 BHK flat often requires a home loan. These loans come with substantial monthly EMIs, which can exceed your current rent. To prepare, use an online EMI calculator to determine how much you need to set aside each month for loan repayments. This practice ensures that you can comfortably manage your finances while fulfilling your EMI obligations.

Maintain a Healthy Credit Score

A good credit score is not only a prerequisite for securing a home loan but also a bargaining chip for lower interest rates. Given the extended tenures of home loans, even a small reduction in interest rates can translate into significant savings. Conversely, a poor credit score can lead to higher interest payments, making your dream home more expensive in the long run.

Compare Home Loans

When it comes to home loans, not all offers are equal. Interest rates for home loans typically start at 8% per annum especially if you opt for a floating rate loan. Additionally, take into account other factors such as processing fees (usually ranging from 0.25% to 1% of the loan amount), pre-closure charges (up to 5% on fixed-rate loans), and late payment fees. Evaluating these aspects will enable you to assess the actual cost of borrowing. 

Securing financing for your dream 4 BHK flat in Ravet at  Urban Skyline Phase 2, Ravet, requires careful planning and financial discipline. By following these tips, you can navigate the financial journey with confidence, ultimately turning your dream into a reality. 

[digitalbankingindia]

Why should senior citizens invest in Fixed Deposits?

Fixed Deposits are a safe and known investment choice for senior citizens because they provide guaranteed returns and are authorised by the government. Senior citizens are considered low-risk investors, so banks offer higher interest rates on FDs. They are beneficial for senior citizens for several reasons. Here are reasons why senior citizens should open a Fixed Deposit for investments:

High returns and interest rates

Generally, FD offers senior citizens a higher interest rate than regular investors. Besides that, they can also opt for an auto-renewal facility while opening an FD. This assists in proceeding maturity while it is getting reinvested. Hence, the returns multiply.

Financial assistance

Senior citizens might have other financial expenditures besides meeting daily expenses as a retiree. For instance, hosting a wedding, property purchase, Loan repayment, etc. Hence, senior citizens can count on their FD to pay their expenses over varying tenures once aligned. This helps them handle their needs with ease.

Emergency assistance

Emergencies can arise anytime in our lives. For senior citizens, these come as medical treatments. FDs can be helpful as they can act as collateral, and senior citizens can apply for a Personal Loan against them. This way, they can quickly address their emergency and adhere to the investment policies.

Guaranteed returns

Unlike other investments, FDs are not linked to the market. Hence, the interest rate on an FD remains unchanged throughout the tenure, so the returns are assured. They can also quickly determine your returns by using an FD calculator. This will not only ensure guaranteed returns but also help plan the finances.

Easy investment

Senior citizens can invest in an FD through a Banking app without hassle. They need to fill in and submit the form and make the payment. This can be done from the comfort of their home online. They can also visit their nearest branch and invest through their Credit or Debit Cards.

Hassle-free monitoring

As mentioned, FD rates remain unchanged throughout the tenure period, so senior citizens need not monitor the performance of their investments regularly. They can enjoy a hassle-free investment experience by investing online, keeping an eye on the maturity of their assets, availing of doorstep services, and more.

Conclusion

To ensure a financially secure life, senior citizens should consider a Fixed Deposit Account and include it in their investment portfolio. The reasons mentioned make FD a lucrative investment option for senior citizens as it offers safe, secure, and guaranteed returns with zero risk involvement.

[financelatestnews]

Apr Vs Apy - What Are The Differences?

We have to pay interest to the lender for credit and loans. On savings or money accumulated, the bank pays us interest –The concepts of Annual Percentage Rate (APR), and Annual Percentage Yield (APY) are linked to lending and savings respectively. 

You’ll see APR and APY terms used in conjunction with credit cards and loans. It is easy to confuse both these terms as both involve interest rates. But what are they, and why are they important? In this guide, we explain all you need to know.

Let us understand each concept in depth. 

What is the Annual Percentage Rate (APR)?

In simple terms, the annual percentage rate is the amount of simple interest rate you’ll be charged by a lender. APR not only includes interest rate but also any additional fees levied such as lending fees, loan origination, processing fees, settlement charges, and more. The entire amount is calculated on a yearly basis and is expressed as a percentage. One can get an estimation of true costs of borrowing from the lender and helps you look past initial rates and fees. 

You’ll need to take expected fees and interest on loan into consideration while calculating APR. 

The formula for calculating APR is – 

APR = ((Fees + Interest / Principal) / n) * 365) * 100 n = the number of days included in the loan term. Principal = the total amount of loan taken up. Interest = total interest payable/ paid over the lifetime.

Must Read: Difference Between Reducing Balance and Flat Rate Interest

What is Annual Percentage Yield (APY)?

The Annual Percentage Yield is an indicator of total money earned by taking compounding interest into consideration. Financial institutions usually use APY to describe an interest rate compounded on savings accounts, investments or FDs.

The formula that is utilized for the calculation of APY is – 

APY = (1 + r / n) ^n – 1 r = the period rate. n = the number of compounding periods.  Now that we have understood these 2 concepts, let us understand what is the difference between annual percentage rate and annual percentage yield. 

APR V/S APY:

Rate of Interest – While APR is used in the context of borrowing, APY generally discusses money earned from investments and deposits. In the case of APR, the interest rate when lower, is better. It is because APR indicates the money that is owed by you, and lesser money paid works economically for you. On the other hand, the higher the APY, the better it is. Here, it means that if the APY is high, the money you earn on your savings and investments is higher. Thus, it works in your best interest. 

Calculation –  APR and APY both have a common factor of interest rate but there are additional factors to weigh into which affect their calculations. In APR, interest payable on the loan amount is not the only expense. Other charges like lending fees, settlement costs, processing fees, and other charges are included. In APY, the interest rate is the main criterion but the compounding factor is included thereby giving an accurate idea about the earning potential. In APY, compounding is factored in whereas APR does not include the same. 

Variation In Rates –  If the interest rate is fixed then the chances of alteration in the same are unlikely. On the other hand, if it is fluctuating it can affect your pocket deeply. Fluctuations in APR and APY can be caused due to market fluctuations. 

Conclusion:

For effective management of your finances, understanding the concept of APR and APY is crucial. The power of compounding needs to be weighed and the difference between the APR and APY rates needs to be evaluated. Comparing rates provided by various lenders helps you understand what will be favorable for you. It is important to be aware of the different rates to make well-informed and wise decisions relating to your finances. To know the APR for your loan, you can use our free APR calculator.

*Terms and Conditions apply. Loans are disbursed at the discretion of Fullerton India.

Source URL: https://www.smfgindiacredit.com/knowledge-center/apr-vs-apy.aspx

[india7d]

Unlock Financial Potential with ICICI Bank's Loan Against FD: A Remarkable and Secure Product

ICICI Bank, a trusted name in the banking sector, offers a unique and innovative financial product known as Loan Against Fixed Deposit (FD). This offering provides customers with a dual benefit - while paying the interest on their loan, they continue to earn interest on their FD. This remarkable feature makes Loan Against FD an excellent choice for individuals looking for secure and flexible financing options. Furthermore, this loan appears as a completely unsecured facility in your credit report, further enhancing its appeal. In this article, we will explore the benefits and features of ICICI Bank's Loan Against FD, focusing on its competitive interest rates and the advantageous financial synergy it offers. This product is for personal loan as well business loan 

The Synergy of Interest Rates

One of the most appealing aspects of ICICI Bank's Loan Against FD is the unique synergy between the interest rates on the loan and the FD. While you pay the applicable rate of interest on the loan, the bank continues to pay interest on the FD, ensuring that your savings remain intact and continue to grow. This feature allows customers to maintain a balanced financial approach, leveraging their existing assets without depleting their savings.

Competitive Interest Rates

ICICI Bank offers competitive interest rates on their Loan Against FD, making it an attractive option for borrowers. The interest rates are typically lower than those for conventional personal loans, primarily due to the security provided by the FD. The specific interest rate will depend on factors such as the loan amount, tenure, and creditworthiness of the borrower. It is advisable to consult with ICICI Bank representatives to understand the applicable rates and terms based on your individual requirements.

Enhanced Creditworthiness

One of the notable advantages of Loan Against FD is that it appears as an unsecured loan in your credit report. This means that when potential lenders or creditors evaluate your creditworthiness, they will see this loan as a completely unsecured facility. This can have a positive impact on your credit profile, as it demonstrates your ability to manage multiple credit lines responsibly. Additionally, this unsecured status of the loan can help borrowers maintain a healthy credit utilization ratio, further boosting their creditworthiness.

Flexible Repayment Options

ICICI Bank provides flexible repayment options for their Loan Against FD, allowing borrowers to choose a repayment schedule that aligns with their financial capabilities. You can opt for regular monthly installments or even opt for a bullet repayment, where the principal is repaid at the end of the loan tenure. This flexibility empowers borrowers to customize their repayment strategy based on their cash flow and financial goals. Conclusion ICICI Bank's Loan Against FD is undeniably an amazing product that offers numerous benefits to borrowers. The unique synergy of interest rates allows individuals to pay the applicable rate of interest on their loan while simultaneously earning interest on their FD. This balanced approach ensures that savings continue to grow while meeting immediate financial needs. The competitive interest rates, coupled with the loan appearing as an unsecured facility in your credit report, further enhance the appeal of this offering. ICICI Bank's Loan Against FD is a secure, flexible, and advantageous financing option that provides individuals with the financial freedom and peace of mind they desire. To explore this remarkable product and unlock your financial potential, reach out to ICICI Bank and discover the possibilities it can offer.

Calculation

To calculate the difference in interest rates and the corresponding EMI for a loan at 10.5% reducing ROI and an FD earning a compound interest rate of 7% flat ROI for a 5-year tenure, we'll need to consider the loan amount. Let's assume the loan amount is Rs. 1,00,000. Loan Details: Loan Amount: Rs. 1,00,000 Loan Tenure: 5 years Interest Rate: 10.5% (reducing ROI) EMI Calculation: To calculate the Equated Monthly Installment (EMI) for a reducing ROI loan, we can use the formula: EMI = P * r * (1+r)^n / ((1+r)^n - 1) Where: P = Loan Amount r = Monthly Interest Rate n = Loan Tenure in months First, let's calculate the monthly interest rate for the reducing ROI loan: Monthly Interest Rate = (Annual Interest Rate / 12) / 100 = (10.5 / 12) / 100 = 0.00875 Using the formula, we can calculate the EMI: EMI = 1,00,000 * 0.00875 * (1+0.00875)^60 / ((1+0.00875)^60 - 1) EMI ≈ Rs. 2,071.78 (rounded to the nearest rupee) FD Details: Principal: Rs. 1,00,000 Interest Rate: 7% (flat ROI) Tenure: 5 years To calculate the maturity amount for the FD, considering compound interest, we can use the formula: Maturity Amount = Principal * (1 + Rate)^Time Maturity Amount = 1,00,000 * (1 + 0.07)^5 = Rs. 1,40,255 (rounded to the nearest rupee) Interest Earned = Maturity Amount - Principal = Rs. 1,40,255 - Rs. 1,00,000 = Rs. 40,255 Difference in Interest: The difference in interest can be calculated by subtracting the interest earned on the FD from the interest paid on the loan: Difference in Interest = (Loan Amount * Interest Rate * Loan Tenure) - Interest Earned on FD = (1,00,000 * 10.5% * 5) - Rs. 40,255 = Rs. 52,500 - Rs. 40,255 = Rs. 12,245 Therefore, the difference in interest between the loan at 10.5% reducing ROI and the FD earning 7% compound ROI over 5 years is Rs. 12,245. Please note that the calculation provided is based on the information provided and is for illustrative purposes only. The actual values may vary based on the specific terms and conditions of the loan and FD offered by the bank. Read the full article

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What Is A Recurring Deposit Calculator?

A recurring deposit is a type of savings scheme that allows you to make a regular monthly investment for a long period of time. It is on the investor to choose the monthly investment amount and the tenure of the deposit. Recurring deposits are popularly known as RDs, much like FDs. Typically, you have to open an RD account in a bank account or any financial institution. To invest in RDs, you have to give a standing instruction to debit the money from your savings account and credit it into the RD account.  

RD investments can be seen as SIP investments as it inculcates the habit of regularly saving money.  

The formula used in recurring deposit calculator is M = R[(1+i)^n-1]/(1-(1+i)^(-1/3)].  

In this formula, M stands for maturity value, R stands for monthly instalment amount, N is the number of quarters and I is the rate of interest / 400.  

So let’s say your monthly investment is INR 5000, the investment tenure is one year and the rate of interest is 8% then the RD calculator will give the value of M as INR 62,647.

The benefits of RD are as follows:  

1. A recurring deposit can be used as collateral while availing of loans. In most cases, you get up to 80 or 90% of the total RD value.  

2. There’s no lock-in period in RD accounts. You can set your tenure and even prematurely withdraw your investment. You will have to pay a small penalty but it is still an option.  

3. The rate of interest offered on RD is slightly higher for senior citizens. Typically, it is 0.5% higher than the rate of interest offered to everyone else. Therefore, RD is a good investment option for senior citizens. If you are using the RD calculator online, do choose the senior citizen option to get accurate calculations.  

4. In RDs, you get the flexibility to choose a tenure of your choice. From 7 days to 10 years, you have complete freedom. That’s why, RDs are preferred by short-term investors as well as long-term investors.  

5. The best part about RDs is that there are no minimum investment criteria. You can invest as low as Rs. 10 in your RD account.  

6. RDs also have tax benefits. The RD maturity amount is eligible for 10% TDS in one financial year. However, interest up to Rs. 10,000 is exempt.  

There are many RD calculators online that you can choose from. While using the RD calculator, you will have to input the monthly investment amount, the number of months, and the RD interest rate. Within seconds, the recurring deposit calculator will give you the total deposited amount, total interest, and finally the maturity value.  

When you use the RD calculator online, you will realize the returns are lesser than market-linked investments. This is because the risk involved is low and comes with assured returns. To know more about recurring deposit calculators, reach out to the experts of investments – Motilal Oswal.

[digitalvision]

How to Plan Your Finances Studying Abroad?

With countries like the USA, UK, Australia, and Canada emerging as educational hotspots with great universities, more and more students are looking to pursue their education abroad. Additionally, Education in foreign countries focuses more on practical-based learning which usually allows students to be more creative. That’s why students want to study abroad to get professional teaching with an advanced education system. If you also want to study at the top university abroad, contact Intstu Aspirations, one of the best study abroad consultants in Surat.

When planning to study abroad, every student should consider various factors including tuition costs, housing costs, and living expenses. That’s why whenever you are planning to study abroad, it is important to manage your finances. Sometimes, parents can't sponsor their child's education either fully or partially. However, the dream of studying abroad can come true if planned in advance. Because advanced planning for your studies will enable you to be financially prepared. If you set your career goals at a young age, you will have to work to achieve them financially.

Studying abroad is your future investment. Like any other type of investment, it requires proper planning, careful management, creativity, diligence, and commitment. Here are some insights to help you prepare financially and fulfill your dream of studying abroad.

1. Do proper research and plan accordingly

Well from the beginning, you should search for accurate and authoritative information on everything, especially from funding arrangements to the cost of living and studying abroad. There are plenty of options available to arrange funds such as financial institutions and banks. You can also take guidance from advisors to plan your fund. Intstu Aspiration is one of the best ielts best classes in surat.

2. Draw your budget

Creating a budget outlining how much you will spend each week on food, souvenirs, travel, and accommodation will help you plan your weekly needs. So that you can manage your funds according to your expenses. And it will also help you save money by preventing unnecessary expenses. Before deciding to consider financial matters, it is important to decide on a budget for the aspirant and his family. Candidates can then calculate the total cost and plan accordingly.

3. Self-funding option

The student should be financially able to manage some expenses through self-funding. The remaining amount can be managed by opting for education loans or other options like scholarships, part-time jobs, etc. When you opt for self-funding as part of the statutory requirement, official documentary evidence like a bank solvency letter, FD certificate, and bank statement will be required.

4. Education loan

Educational loans are the best way to help students avail of higher education. This educational loan includes tuition fees and any other fees charged by the university. In collaboration with the RBI and other banks, the Government of India provides low-cost educational loans to students studying in India or abroad. Most banks offer student loans at an interest rate of less than 7%, which is affordable.

For educational loans, students must qualify as per the eligibility guidelines to avail of the loan which evaluates the institution's accreditation, approved programs, collateral requirements, repayment terms, etc.

5. Apply for a scholarship

Many institutions offer scholarship programs to help students financially. If you are studious and an excellent student and want to study at a top abroad university, you can apply for several scholarship programs. Universities and colleges abroad offer reserved grants and scholarships to international students. The Government of India also sponsors limited student places in special programs.

6. Plan to secure a part-time job

A part-time job is a great way to cover your expenses while studying abroad. Joining a part-time job will give you the real-life experience of working and earning money and taking responsibility at a young age. The aim of doing part-time jobs is to build your profile and help you to learn and earn at the same time. It also helps you to become independent so that you can reduce your fund hassle.

These are some ways you can manage your studying abroad finance. If you want to study at a top university abroad, start saving today. Your savings don't have to be huge but even the small amount you save every month will take some weight off your shoulders. If you want more guidance to manage your finance, you’ll contact Intstu Aspirations for the overseas consultancy Surat.

[digitalvision05]

How to Plan Your Finances Studying Abroad?

With countries like the USA, UK, Australia, and Canada emerging as educational hotspots with great universities, more and more students are looking to pursue their education abroad. Additionally, Education in foreign countries focuses more on practical-based learning which usually allows students to be more creative. That’s why students want to study abroad to get professional teaching with an advanced education system. If you also want to study at the top university abroad, contact Intstu Aspirations, one of the best study abroad consultants in Surat.

When planning to study abroad, every student should consider various factors including tuition costs, housing costs, and living expenses. That’s why whenever you are planning to study abroad, it is important to manage your finances. Sometimes, parents can't sponsor their child's education either fully or partially. However, the dream of studying abroad can come true if planned in advance. Because advanced planning for your studies will enable you to be financially prepared. If you set your career goals at a young age, you will have to work to achieve them financially.

Studying abroad is your future investment. Like any other type of investment, it requires proper planning, careful management, creativity, diligence, and commitment. Here are some insights to help you prepare financially and fulfill your dream of studying abroad.

1. Do proper research and plan accordingly

Well from the beginning, you should search for accurate and authoritative information on everything, especially from funding arrangements to the cost of living and studying abroad. There are plenty of options available to arrange funds such as financial institutions and banks. You can also take guidance from advisors to plan your fund. Intstu Aspiration is one of the best overseas education consultants in Surat.

2. Draw your budget

Creating a budget outlining how much you will spend each week on food, souvenirs, travel, and accommodation will help you plan your weekly needs. So that you can manage your funds according to your expenses. And it will also help you save money by preventing unnecessary expenses. Before deciding to consider financial matters, it is important to decide on a budget for the aspirant and his family. Candidates can then calculate the total cost and plan accordingly.

3. Self-funding option

The student should be financially able to manage some expenses through self-funding. The remaining amount can be managed by opting for education loans or other options like scholarships, part-time jobs, etc. When you opt for self-funding as part of the statutory requirement, official documentary evidence like a bank solvency letter, FD certificate, and bank statement will be required.

4. Education loan

Educational loans are the best way to help students avail of higher education. This educational loan includes tuition fees and any other fees charged by the university. In collaboration with the RBI and other banks, the Government of India provides low-cost educational loans to students studying in India or abroad. Most banks offer student loans at an interest rate of less than 7%, which is affordable.

For educational loans, students must qualify as per the eligibility guidelines to avail of the loan which evaluates the institution's accreditation, approved programs, collateral requirements, repayment terms, etc.

5. Apply for a scholarship

Many institutions offer scholarship programs to help students financially. If you are studious and an excellent student and want to study at a top abroad university, you can apply for several scholarship programs. Universities and colleges abroad offer reserved grants and scholarships to international students. The Government of India also sponsors limited student places in special programs.

6. Plan to secure a part-time job

A part-time job is a great way to cover your expenses while studying abroad. Joining a part-time job will give you the real-life experience of working and earning money and taking responsibility at a young age. The aim of doing part-time jobs is to build your profile and help you to learn and earn at the same time. It also helps you to become independent so that you can reduce your fund hassle.

These are some ways you can manage your studying abroad finance. If you want to study at a top university abroad, start saving today. Your savings don't have to be huge but even the small amount you save every month will take some weight off your shoulders. If you want more guidance to manage your finance, you’ll contact Intstu Aspirations for the ielts best classes in surat.

[legal-blogs]

Simple ways to avoid paying income tax in India

Proper tax planning is one of the best ways to avoid paying income taxes in a particular year.The Income Tax Act allows for a wide range of expenses, investments, and savings plans to be deducted.In India, major tax deduction strategies can be utilized to save money on income taxes. Find more about NRI taxation in India.

Venture choices under Area 80C

These are the most well known charge reserve funds choices for NRIs (Non-Occupant Indians) and nearby citizens.You can claim deductions of up to Rs. in accordance with Section 80C of the Income Tax Act.1.5 lakh per year on various expenses and investments.

FD that saves money on taxes:

You can deduct up to Rs by investing in FDs with a five-year tax break.1.5 lakh.In India, interest earned on domestic and NRO fixed deposits is subject to taxation.As a result, non-resident Indians who earn interest on NRO fixed deposits may also receive a deduction of up to Rs.1,50,000 from the Public Provident Fund (PPF) under Section 80C:Due to the fact that the public provident fund allows for a deduction of up to Rs.1.5 lakh in accordance with Section 80C. The public provident fund is a government program that can be found in most banks and post offices.The PPF account typically has a 15-year lock-in period.

If you opened a PPF account before you became an NRI, you can keep it open until it matures, even though NRIs cannot open one.

Certificate of National Savings:

The NSC is a fixed-income plan with numerous tax advantages.The annual compound interest rate for the NSC currently stands at 6.8%.Like the PPF, if a NSC account holder becomes a non-resident Indian (NRI) while the account is active, the account can be continued until maturity on a non-repatriable basis. This means that you can take advantage of tax breaks on both the amount invested and interest earned.ELSS Funds:Equity Linked Savings Schemes, or ELSSs, are one of the most widely used tax-deferred investment options.Equity-focused mutual funds invest at least 80% of their assets primarily in equity.India allows residents and non-residents to invest in ELSS funds to lower their taxable income.

These funds' returns are subject to a 10% LTCG tax.You can get a deduction of up to Rs.1.5 lakh per fiscal yearNRIs and regular residents alike are eligible for tax exemption under Section 80C.

Prices for LIC:

Up to Rs. 1,000, life insurance premiums are tax deductible.1.5 lakh.If the insurance cover is at least 10 times the annual premium, premiums for various insurance policies, such as ULIPs, term insurance, and endowment policies, can be deducted.

NPS: 

The National Pension SystemYou can deduct up to Rs from the NPS, which is a retirement fund supported by the government.1.5 lakh for the NPS contribution.The National Pension Scheme also allows NRIs to make contributions.Fund for employee benefits:The Rs are calculated using the contribution to the Employee Provident Fund (EPF).1.5 lakh limit under Area 80C.

Home advance reimbursement:

A housing loan principal repayment is eligible for a tax deduction of up to Rs.1.5 lakh annually.Schemes for saving money on taxes other than Section 80C In addition to the deductions allowed by Section 80 of the IT Act, there are other deductions that can help you save money on taxes.

Cost of medical insurance:

a deduction in excess of Rs.Under Section 80D, premiums paid for medical insurance are eligible for a reimbursement of 25,000, or Rs.50,000.A person who pays premiums on behalf of both themselves and their elderly parents is eligible to claim a combined deduction of up to Rs.75,000 annually.

Home loan interest is as follows:

A home loan's interest is tax deductible up to Rs.2 lakh annually under the Income Tax Act's Section 24.Additionally, a deduction of up to Rs.50,000 in 80EE-related home loan interest.

Earnings from interest on NRE accounts:

Indian NRE accounts allow foreign earnings to be deposited by non-resident Indians.In India, interest on NRE savings accounts and fixed deposits is exempt from tax.As a result, non-residents can save money for tax purposes in an NRE account.

Donations to informed organizations:

Donations to charities are tax-deductible.Contributions to charitable organizations can be deducted from taxable income without a cap.The majority of donations to non-governmental organizations are limited to 50% of the donation and up to 10% of your adjusted total income.Although there are a number of ways to avoid paying income tax in India, it can be difficult for non-resident Indians (NRIs) to comprehend tax laws due to the country's complex tax system and frequent revisions.NRIs may not claim benefits like deductions.We at SBNRI comprehend this struggle.You can connect with our NRI tax experts by downloading the SBNRI App to learn more about the new TDS/TCS rules for NRIs. Additionally, you will receive complete assistance with NRI tax filing.

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Easy stock profit calculator

Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Exchange investor redressal or Arbitration mechanism. are not exchange traded products / services and ICICI Securities Ltd. The non-broking products / services like Mutual Funds, Insurance, FD/ Bonds, loans, PMS, Tax, Elocker, NPS, IPO, Research, Financial Learning, ESOP funding etc. The CAGR return calculator will provide you with an annual growth rate that you can compare to a benchmark return. For example, if you have a mutual fund that has appreciated over time, you can use the calculator to determine the rate of return on your investment. The Compound Annual Growth Rate formula is used in this application's calculations (CAGR formula). Anyone who wants to estimate the return on investment can use the CAGR calculator. Keeping this common application of the calculation in mind, it is prudent that investors find a convenient way to calculate CAGR. Despite this, the CAGR calculator is widely used to compare alternative investments. In most cases, an investment cannot grow at the same rate year after year. Therefore, CAGR is a representative number, not an accurate return. When calculating CAGR, profits are assumed to be reinvested at the end of each year of the time horizon. CAGR is a helpful tool for investors because it precisely measures investment growth (or decline) over time. It shows you the average rate of return on your investments over a year. CAGR (Compound Annual Growth Rate) measures your investments' average annual growth over a given period.

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Perks of using an online RD calculator explained!

Recurring Deposits, commonly known as RDs, are a popular type of investment that enables individuals to save money gradually. With an RD Account, you can deposit a fixed amount of money regularly, typically monthly, for a predetermined period and earn interest. Once the RD matures, the accumulated amount and the interest earned get credited to the depositor’s Savings Account.

Using the RD calculator, it is easy to calculate the total amount you can earn upon maturity. The interest rate is generally fixed for the entire deposit duration, making it an attractive savings scheme as the rate does not fluctuate, unlike some other investment products. Here are the perks of using it:

Accurate calculations

The calculator can perform accurate calculations, considering the principal amount, the RD tenure, and the interest rate. It helps users to get a clear idea of the expected returns on their investment. No matter how often you change the variables, you get accurate results. It saves time and offers instant access from anywhere.

Saves time

The Recurring Deposit calculator saves many users’ time as they need not perform manual calculations to get the maturity amount. You only need to enter the values as requested by the calculator, which provides the expected returns in no time.

Easy to use

This calculator is easy to use. Enter the monthly investment amount, tenure, and interest rate to get the maturity amount quickly. You can enter it manually or adjust the sliders to modify the values.

Moreover, it is accessible on the Banking app, which lets you track your income, investments, and other financial obligations from any corner of the world. It is a user-friendly tool enhancing your experience and making you aware of your finances.

Helps in financial planning

You contribute to financial planning when using deposit calculators to calculate FD and RD returns. These tools let you plan your savings by providing a clear idea of your investment returns, enabling you to make better financial decisions.

Freely available

Deposit calculators are available for free on most banking portals and apps. You need not pay money to use them. You can endlessly alter the variables to find a suitable combination for your financial needs.

Cost-effectiveness

One of the benefits of investing in deposit schemes is the cost-effectiveness. You can use the RD interest calculator to compute the amount you can borrow as Loan against the deposit. Banks accept 80% to 90% of the RD amount as Loans, considerably reducing your financial worries. Premature withdrawals are also possible after paying a penalty to the bank.

Final words

Using the calculator on the Personal Banking app enables you to adjust the investment amounts and tenures according to your budget, finances, and savings while earning guaranteed returns in the form of interest. You can also compare several schemes on this calculator to assess which suits your goals and make informed investment decisions.

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How to use microsoft excel for research on cars

HOW TO USE MICROSOFT EXCEL FOR RESEARCH ON CARS PROFESSIONAL

Such as your passport details, bank account numbers, voting card, Aadhar card etc. So that after you, someone will not find it difficult to know about you and your assets.Įven if you don’t want to handover, it to others, it will also help you to find data related to yourself that is needed in various government and private works and services. You can set up your personal contact details, personal IDs, passwords details, your gold assets, land, FD’s, stocks, and various other assets, personal and financial details. In this personal sheet or database or excel file. So, you can use excel in your personal life or it’s one of the best personal uses of excel. And you can handover it to your child or others or even you can collaborate with them or you can also give access to them. A personal database is your personal management that you can use, track, manage and protect. A database is a place where you can store data automatically or manually and then access it in various applications or queries or through code.ĭue to some limitations in excel as a database is used in small data management applications or in data entry work.īut it’s perfect for personal database management. Might be you have listened or known about customer database or website database or SQL or any other. This is one of the most unique ideas that I only got while writing this post. You can also use it as a monthly calendar and time management tool. You can also list important steps to take each day or month. In Microsoft excel you set up daily, monthly, yearly goals. But not all track their progress and are not able to plan effectively. Goals and planning are very important parts of our personal development or life. In this sheet, you can create a program in which you can track income sources, collection, percentages, savings, and investment planning.įor this, you can use the template in excel and you can also create one for your own as per your needs. This sheet will also help you during income tax filing. Even if you’re getting only a salary, then it’s also important to track and notice the progress. If you’re self-employed or earning from various sources then it’s very important for you to track the progress. The goal of this income or money sheet is to track your income growth, cash flow, and pending payments. Similar to the monthly expenses budget you can also create separate money or income management sheet. To create a travel plan you can use travel planner or holiday planner templates if you’re new to excel. It’s also used to create customers database, enquiries details and for sales. Even you can list the contact persons, holiday, sightseen and various others that is a part of the trip.Įven many travels agency and tour operator companies use Microsoft Excel to manage their clients travel plan and itinerary. You can create day by day itinerary in excel with a budget or expenses. Use to create personal and family holiday planners:ĭue to the availability and calculation functionality of rows, columns(cells) in excel, you can use it to create your personal or family holiday or travel plan. And this is one of the best and most popular personal use of Microsoft excel. You can include every expense in excel sheets such as rent, credit card payments, petrol, car loan, and various other home or personal expenses. Creating personal expenses budget in excel will help you to manage, track and be aware of your personal financial liabilities. You can create a table or you can use a budget template in excel to create a monthly budget. You can use Microsoft Excel to manage your personal weekly, monthly, quarterly and yearly budget. Importance of Microsoft Excel in Businessīut in this post, we’re fully focused on the personal uses of excel, so let’s begin: Top 5 Personal uses of excel: 1. Importance of Microsoft Excel for Students Top 8 Most Productive Uses of Microsoft Excel in daily life We already have written various uses of excel applications. Learning Microsoft excel is important for students, teachers, business managers or small business owners.

HOW TO USE MICROSOFT EXCEL FOR RESEARCH ON CARS PROFESSIONAL

You can use Microsoft Excel in various personal and professional work. Excel is one of the most productive applications in the Microsoft 365 cloud or older versions.

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ALL YOU NEED TO CONSIDER BEFORE BUYING A PROPERTY

Let’s say, you spotted this property ad in the newspaper and were super impressed with it. You immediately went over to take a look at the property, and now, you really want to buy it. The first question that pops in your head is, ‘Can I afford it?’ And the answer to that question is never binary and requires a lot of analysis. For someone who is not so keen on the real estate market and news, all of this can seem extremely new and daunting. That’s why we decided on helping you with a detailed analysis of all you need to consider before buying a property. Read on!

Key Takeaways:

Understanding how much you can afford, and then planning your budget accordingly is crucial for home buying and running your daily life.

An insight into the present real estate market and an understanding of the near future based on the forecast is an important evaluation to make.

While the property to buy and its price are on the table, it’s necessary that you also assess other financial implications and lifestyle changes that are bound to occur and include them in the plan.

1.How to plan your budgeting?

For an investment as huge as buying a house, planning your finances is the biggest worry. But with a clear understanding of your present lifestyle, incurring expenses and savings, you will be able to analyse how much you can afford, and that could be of great help with planning your budget. Here are a few things to keep tabs on:

Debt to Income Ratio:

If you have adequate cash to purchase a house, then there’s no stopping you from buying it if all the papers are clear. If not, which is often the case, don’t worry. We have housing loans. One of the foremost requirements for availing a housing loan is getting the loan request approved. What eases this process is a standard called debt to income (DTI) ratio, which is what the banks, lenders and other financial institutions use to determine one’s repaying capacity. By definition, it is the ratio of the monthly debt payments to the gross monthly income (without tax deductions) of the borrower.

The lower your DTI, the better chances you have for getting your loan approved. This is because your DTI is proof enough that you have a perfect balance between your payout obligations and income. Here’s what your DTI means to your lenders and what you can do about it:

DTI

How lenders see you

What steps you can take

Below 35%Favourable candidateGet your loan approved and buy the house.

36% – 49%A candidate who is often considered. One with a lower DTI is preferable as they can better handle unforeseen expenses that may come their way.

Making a larger down payment

Reducing your DTI by paying off extra for existing loans to reduce overall debts.

Having a high credit score by settling your credit card dues on/before time to increase trustworthiness.

Talk at your workplace to initiate your pay hike earlier to reduce DTI.

Above 49%A risky candidate whose application is often rejected.

Move your purchase a few months down the year by talking to the property owner asking for more time.

Simultaneously, reduce your DTI by negotiating a salary hike at work or by covering present debts with higher EMIs.

Avoid acquiring new loans in this period.

Calculate your DTI every month to check for a drop.

Let us take you through an example to make this simple to understand:

Rajesh is on the lookout for a new house for himself. But presently, he has an ongoing personal and a car loan (in the closing stage) and is paying ₹8,000 and ₹25,000 as EMIs. Before heading to banks and lenders, he wants to understand if he could avail a loan and calculates his debt to income ratio. His total EMI is ₹33,000 (personal loan EMI + car loan EMI), and his gross monthly salary without tax and charges comes up to ₹80,000. Now, Rajesh’s debt to income ratio expressed in percentage comes up to 41.25% (total EMI ÷ monthly salary). Since his DTI falls under the range of 36% to 49%, he has a good chance of getting the loan if his credit card statements are clean, and he has a lump sum in his savings for making a huge down payment.

Down payment:

Let’s talk about the elephant in the room that one cannot ignore while purchasing a house. A down payment is the upfront payment or deposit that you need to make at the early stages of buying, to block a property. By making a large down payment, you waive yourself off a huge amount of money that you may otherwise have to repay your lender as interest.

In India, to ensure that the borrowers are committed to repaying the lenders and financial institutions, the RBI has set 20% of the property’s purchase price as the minimum down payment amount. This is, however, liable to change based on the age of the property you are purchasing – the older the building, the lesser is the loan sanctioned. This will be purely based on the valuation of the property at that point of time.

Let’s take Rajesh’s example to understand how beneficial down payment can be for repaying home loans. He recently decided on buying a house and came across one that fits all his expectations for ₹70,00,000 (exclusive of registration fees). He has approached a bank for a loan and got the approval. The loan processing fee, rate of interest and tenure are 1% (maximum ₹25,000), 6.5% and 15 years, respectively. Since he has been planning to buy a house for years now, he managed to save about 30 lakhs for the same (including his investments) and is ready to shell out ₹20,00,000 as down payment, which is more than the required 20% of the property price, including the processing fee charges (₹14,00,000 + ₹25,000). With his principal loan amount coming down to ₹50,00,000, his EMI comes up to only ₹43,555, which without the down payment would have been ₹60,678.

Now that you know the importance of down payment, here are a few tips on how you could arrange for the same:

Start planning early so that you can save up and use a huge portion of your savings, leaving enough for emergency needs, monthly personal expenses, loan processing fees, EMIs, associated costs like stamp duty and registration fees, etc.

Turn to your investments. Sell off a few well-performing shares or use your FDs, mutual funds and stocks as security to get a low-interest loan that settles your down payment while also allowing your investments to grow continuously.

Getting a soft loan with very minimal or no interest from relatives, friends or your workplace could be of great help.

Consider the Pradhan Mantri Awas Yojna (PMAY) scheme to get low-interest-rate loans for affordable housing. Since your monthly EMIs are lower in this plan, you can pay the down payment using these funds without arranging for additional funds.

Apply for a personal loan with no collateral by showing your credit score, DTI and other criteria. Keep this as the last resort as it is the costliest means.

Research on all the various banks and loan schemes before zeroing down on one to get the lowest interest rates and avail other benefits like low or no processing fees, offers for first-time and woman buyers, etc. This can reduce the pressure of keeping a huge amount in hand for a down payment.

Planning your EMIs:

If you have decided to loan money, you need to plan your EMIs. Reserve a contingency amount along with the down payment for your first few EMIs to ease you off the burden of worrying about repayments when the time comes. You can also try prepayments to bring down the EMIs further down the tenure, if it doesn’t mean a financial crunch. Apart from these, there are a lot of other options too that you can explore. Some banks offer Flexi Hybrid Home Loan plans that allow you to pay just the interest amount as the EMI for the first few months of the loan period. Now, all banks allow you to transfer your home loan balance from their bank to another if you find the interest rate at theirs too high and burdensome.

2.What’s the real estate market looking like?

Once the money matters are sorted, you need to delve deeper into seeing this as a real estate investment. Being able to just cash off your purchase is not a reason enough for you to buy a house. You need to check if it’s a worthy investment, and for that, you need to understand the real estate market scenario.

Of course, real estate is a safe long term investment plan with so much to offer. But this is subject to change based on recessions and disasters like the most recent pandemic. So, if you are expecting a rise in property value with time, you need to take all of this into account, along with your mortgage repayments, maintenance costs, property development, etc.

The effect of the recent pandemic has eased the financial constraints of buying a house to an extent. Some of the buyer and builder trends that will thrive in 2021 include:

Affordable housing has become the best choice for both consumption and investment. Developers are offering a number of amenities at reasonable prices, and the recent festive season has boosted the demand for this segment. Another factor supporting this trend is the government PMAY scheme that helps buyers with annual incomes ranging from below ₹3 lakhs up to ₹18 lakhs by providing loans with interest subsidy ranging from 3% to 6.5%.

With the new norm of work from home and the series of lockdowns in the past year, buyers have shown interest in larger homes, integrated townships and gated communities. This is because of the need for security and easy access to basic facilities during a time of crisis. So, buyers are looking for properties that promise them a holistic living with all the necessary amenities, all at an affordable price.

The pandemic delayed and halted several construction projects, instilling a sense of fear in the investors and buyers, making ready-to-move homes the preferred choice.

Interest rates in banks have been at an all-time low to attract buyers along with several other offers (women, first-time home buyers) and waive offs (reduction in processing fee, etc.).

The government has also extended its support to boost the real estate industry by giving a 6 – 9 month deadline extension for project completion through RERA (Real Estate Regulation Act) 2016, relaxing tax rules for houses costing up to ₹2 crores to encourage sales, extending interest subsidy for the MIGs (Middle Income Groups), reducing stamp duty charges, etc.

With metro construction underway and commercial & industrial development on the rise, the Chennai suburbs like Porur, Perumbakkam, Poonamallee, Padi, Pallavaram, Shollinganallur, etc., are gaining momentum as residential hubs.

The demand for 2BHK houses followed by 3BHK and then 1BHK, and an increasing interest in plot purchase in areas like Thirumazhisai, Avadi, etc. (for investment purposes) are on a high.

With the high demand to supply ratio, the future seems favourable for you, the buyer. However, with construction and raw material costs increasing, you can expect an increase in property prices too. Based on the above-mentioned trends and the economic outlook, take a call on whether now is the time for you to buy your dream house or not. Right now, the market is slowly getting back to good speed after the huge blow last year. When you know that the price is low, and you’re convinced about striking a good deal, then it probably is the right time to make the investment.

3.What are the lifestyle changes you may have to make?

What comes along with all the financial obligations is a transformational lifestyle change. Often overlooked, this is an important point of discussion that has to happen before buying a house.

Right now, Rajesh and his wife may be okay with living in a 2BHK. But in the future, when they have to accommodate their parents or kids, they may need a larger space with more rooms. They might even want to look at properties close to reputed schools and hospitals and have good connectivity to recreational centres, malls, railway stations, and the airport.

Thus, it is important to foresee your future requirements and lifestyle changes along with your present way of living while making a housing choice. Based on this choice you make, you may also have to revise your present lifestyle a little to manage your finances and maintain your DTI. This could be anything from cutting down on regular fancy dinners, having a personal gym trainer, splurging in malls, etc.

So, let’s revisit the same question that we started with – ‘Are you ready to buy a house?’ We can hear your thoughts. Yes, the process involves way more attention to detail than we ideally think but trust us; this early understanding will save you a lot of costly mistakes. Lay the foundations right to enjoy a stress-free house-buying process.

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5 Tax Saving Techniques You Need to Pay Attention to

Each year taxpayer is required to file their Income Tax Return (ITR). The Income tax return comprises the information of your annual income along with the payable tax which you require to file. Under different sections of the Income Tax Act 1961, there are some tax rebates and exemptions are being provided by the Government of India.

The key purpose for the same would encourage people to invest in a bigger way. Different ways are there which we can follow for dipping the tax outgo some of them are:

Some of the Tax saving techniques are:

1. Invest in tax-saving instruments Underneath section 80C of the income tax act, the government of India authorizes some tax deductions upon the invested amount for some instruments. It is revealed that you can claim the tax deduction up to a maximum of Rs 1.5 lakh on the investments thru in these instruments. Following are some tax-saving approaches for investment in 2022:

Public Provident Fund (PPF)

Employees’ Provident Fund (EPF)

Equity Linked Savings Scheme (ELSS)

National Pension System (NPS)

Sukanya Samriddhi Yojana (SSY)

Senior Citizen Savings Scheme (SCSS)

5 years or more Fixed Deposits (FDs)

You could not only save your tax by investing in the aforesaid schemes nevertheless also you could build your long-term financial wealth.

2. The specific tax rule In the existing times, there are two tax rules available for Indian citizens. During ITR filing you may choose either of them. But to have maximum tax savings it is vital to select suitable tax rules. A new tax rule would offer a lower tax rate however, it does not allow tax deductions. Hence, if you are looking for tax deductions under section 80C of the income tax act then you must go for the old tax rule, and if not then you may choose the new tax rule to diminish your income tax. If you are disordered about the new and old tax rules then you may take support from the online income tax calculator.

3. Health insurance can be owned for yourself and your beloved ones Buying health insurance policies for yourself along with your family will also facilitate you to save the tax. Under section 80D of the income tax act, a taxpayer can be advantage of a deduction of up to Rs 25,000 for paying the health insurance premiums for themselves and their loved ones. Beneath the same section, a senior citizen as an assessee can claim a tax deduction up to Rs 50,000. If you will pay health insurance premium for your parents then you could save an additional amount of Rs 50,000.

4. Tax benefits on home loan can be claimed If you yield a home loan from any bank or non-banking financial institution then from your taxable income you are eligible to claim the deductions with respect to your loan’s interest and principal amount. This law permits maximum deductions of Rs 2 lakhs below section 24 with reference to the home loan interest and Rs 1.5 lakhs under section 80C of the income tax with the reference to the home loan principal.

5. Filing ITR within specified timelines Everybody requires to file the Income tax return on and before 31st July of every year or the date specified by the income tax department. A penalty will be imposed if you forgot or miss or fails to file the ITR within the defined timeline. The similar would assist you to file the ITR within the due date since it is necessary for supplementary objectives, like acquiring a housing loan, applying for immigration documents, conducting high-value transactions, and others.