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Personal Loans

Personal loans have gained some weight recently. A personal loan is money acquired from a bank, credit association or online moneylender that you pay back in fixed, regularly scheduled instalments, or portions, normally more than two to five years.

These loans are mostly not secured, that is, not sponsored by guarantee. A loan which is secured by a guarantee, for instance, by a vehicle or house is generally less expensive, however, there is a possibility that you might lose that asset you are willing to promise against. An individual normally utilizes the amount from the loan in any capacity whatsoever.

When moneylenders decide on whether to grant a loan or not, they usually look at factors like credit report, score and income-debt ration proportion. As anyone might expect, purchasers with good credit get the most minimal interest rates, however, a few moneylenders offer only offer loans to individuals with lower scores. Buyers who don’t meet all requirements for unsecured loans might be offered secured or co-signed loans.

You should look at rates from different loan specialists before picking the best fit for yourself. The loans which offer the lowest Annual Percentage Rates (APR) are the most economical — and in this manner, normally the most preferred.

Most moneylenders enable you to see the approximated interest rates while some commercial centres enable you to take a look at all possible options at once. In the event that you qualify for the loan and it gets approved, you may get your money the following day itself.

How Does Personal Loan EMI Calculator Work? How to Use it?

The loan calculator is an efficient way to check how much your loan will cost you because it reduces the chances of inaccuracy and accounts for inflation as well. In an event where you are eager to apply for such loans and need to realize the EMI sum. Before applying for the loan, it is actually possible for you to look at the figures and effectively know the details.

In a true sense, all that you need to do is furnish the details, for instance, the required loan sum, the tenure and the respective interest rate. When you do that, the device will show all the necessary details pertaining to the principal and the interest levied.

What is APR? Why Is it Important?

APR is an abbreviation for ‘Annual Percentage Rate’. While you may feel that the loan interest cost and the annual percentage rate is something very similar, it isn’t always the case. It might be true for credit cards, however not for loans. The APR  is a borrower’s rate of interest on a yearly basis. An APR incorporates the expenses, or rather fee you should pay, for example, the initial charges. It is imperative to figure the APR to know about how much you should actually pay to when you want to avail a personal loan.

How to Reduce Your EMI?

Hefty EMIs may influence your month to month costs until you finally pay all of it back. Some basic advances that can enable you to lessen your loan EMIs and oversee the costs effectively are as follows:

  • Settle on a more drawn out tenure

It will enable you to spread the loan cost over a more drawn outspan and help you pay in smaller instalments. However, on the downside, it may actually draw out more money out of your pocket when compared in absolute terms.

  • Consult with the advance supplier for a lower rate of interest

It is always better when you know someone on the inside, because they may be able to actually help you in providing better schemes or loan plans. If not, try to negotiate with them. Do not finalise the deal in one day, work on it carefully.

  • Try to maintain low credit scores

So as to appreciate lower loan costs and diminished EMIs, one must try to achieve a low credit score since it enables relatively lower interest rates.

  • Look for the best plan for yourself

You should always search for the best arrangements according to your requirements and reimbursing limit. Please try to make it a point to spend tonnes and tonnes of time into getting a scheme which is the best fit for you.

You can likewise utilize the personal loan EMI calculator to realize the payable instalments precisely before applying for your loan.

Why Should You Take a Personal Loan?

A personal loan does not need a collateral. Therefore you may be able to take the loan for various reasons.

  • To Get Rid of Multiple Debts

In case you owe multiple entities or have a huge outstanding credit, you can take a loan for all the pending debts at once. Not only can this help you to get rid of the existing debts, but it also finds you a way out if each of the existing ones is due on different dates. Moreover, you can get out of a financial crisis by planning out the monthly instalments of your loan.

  • Lower Interest Rates

Often times, the interest rates offered by banks are low for loans than for credit cards. This may help people who are debt-ridden in a huge amount of credit generated because of credit cards.

  • Medical Expenses

The personal loans can come into the picture when you have to pay for the medical bills. Medical emergencies are not foresighted events, thus they may occur at any point in time. These type of loans are extremely beneficial for people who do not have life insurance. It covers expenses in departments of dentistry, surgery, ailments etc.

  • Miscellaneous Expenditure

A personal loan may come in handy if you need some liquid cash for goods and services which aren’t as expensive like getting a new air conditioner, or buying a refrigerator or getting married.

Sometimes, people take loans for travelling, vacations or making a large purchase.


While personal loans seem an easy way out to get rid of debts, please remember that you have to repay all the money back. So plan it carefully, after spending a considerable amount of time when you are looking at the possible options. Please be responsible. 

Home Loan Calculator

Property is generally expensive across any country when compared to other assets, especially in India. Therefore, to acquire such high-priced assets, you need to have loads of liquid cash. One can’t simply just buy a house in one go. It occurs after a lot of simultaneous planning and saving.

The banks offer different types of loans depending on the requirements of the clients. Despite the region they live in, almost every individual opts for a loan when he/she is looking to buy a new house. Often times, it becomes very difficult to choose the right one out of all the available options.

How Does the Home Loan EMI Calculator Work? How to Use it?

Opting for the wrong scheme can affect you severely because it includes a hefty sum of money. If you can figure out how the interest on a loan is determined, it enables you to understand how mortgages work and how you can decrease the payments you may incur.

The interest on a home loan is largely determined on a daily basis and then charged towards the end of every month. The bank will take the outstanding amount by the end of every business day and increase it by the rate of interest that applies to your loan, and finally dividing that sum by the number of days in a year.

By the month’s end, the entire interest levied is added and included. Then, charged. To work out how much your loan sums up to, you simply need to input the figures mentioned in the loan calculator.

Benefits of Home Loan

  • Tax Benefits

Under Section 24, 80EE and 80C, one can avail tax breaks under certain conditions. Considering your type of home loan, the loan comprises a huge sum. Therefore, monitoring these tax reductions is beneficial and cannot be ignored. When you use these tax breaks accurately, you will almost certainly spare a lot of your hard earned money. You may be able to access the benefits for the following:

  • Home Loan Principal Repayment

You may be able to enjoy a tax deduction up to INR 1.5 lakhs. However, it is only possible when the property has been constructed.

  • Home Loan Interest Payment

You can avail deductions up to INR 2 lakhs if you are occupying that particular house.

  • The Advantage for First-Time Buyers

Apart from the above two benefits, if you are a first-time homebuyer, you can claim extra benefits under certain conditions.

  • The Advantage for Joint Owners and Co-Borrowers

If you are looking out to save tax, this move can help you save those extra notes. This is a strategic way of planning to some extent.

  • Getting House Rent Allowance and Home Loan

In case of a situation, where you are staying in rented accommodation and building a new house, you may be able to get tax deductions twice.

  • Non-Liquidity

If you are investing such a huge amount of money, all at once, there might be a possibility that you wouldn’t be able to enjoy the liquidity because of such a huge venture. Therefore, seeking a loan is beneficial when you do not want to invest the money all at once. This would act as a measure against the monthly expenditure and liquidity of cash flows.

Capital Appreciation

The main reason why people invest, almost entirely in property is capital appreciation. Alongside the surge in property costs, development expenses and leases have additionally risen over time. These reasons, make investing into a house a more worthwhile arrangement than other speculation alternatives as it can shield you from expansion for a long haul.

Month Opening Balance Amount paid by the Client in a year Interest in absolute terms Principal amount Closing Balance
0 Rs. 25,000 Rs. 3,500 Rs. 1,500 Rs.2,000 Rs. 23,000
1 Rs. 23,000 Rs. 3,500 Rs. 1,200 Rs. 2,300 Rs. 20,700
n 0

An amortization plan displays the details of the monthly instalments made in a year in a tabular systematic structure. When you pay an EMI, a segment of it goes towards the principal sum and a part of it towards the interest on the loan. The ratio of EMI going towards the interest versus the principal can be shown with the help of an amortization plan.

Each EMI you pay is separated among the interest and the principal amounts. However, what is important to observe here is that the sum that goes towards the principal amount fluctuates each time and the cash which is left goes to the interest.

Towards the beginning of the loan, an enormous lump of each EMI is dedicated to the interest. As the loan develops, a higher segment of EMI goes towards the principal. However, the calculator is unable to provide you with information about the bank’s amortization plan.

An amortization plan contains all the important data identified with home loan payments, for example, the loan amount, the time of planned instalments, and the outstanding balance.

Further, it gives information on the breakup of EMI. It is set up by financial organizations which use complex numerical figurings for calculations. This timetable enables borrowers to settle on choices identified with prepayment of the loan or refinance and furthermore, gives information about the tax rebates.

The Stakeholders

  • Rate of Interest

This is the rate at which the bank charges you the interest, for example, 5% p.a. A few loan schemes include a diminished financing cost for a starting period, which at that point returns to the standard rate.

  • The Borrowed Sum

The greater the sum you borrow from your bank, the more premium you should pay. For instance, 10% of INR 5 crore will dependably be a bigger sum than 10% of  INR 5 lakhs.

  • The Outstanding Payment

As you pay off the debt, you will pay interest on a smaller amount of loan sum and your following instalments will along these lines gradually lessen. For instance, the interest you pay when you first begin satisfying a INR 10 lakhs loan will be a lot higher than when you’ve satisfied a portion of your principal sum, say INR 5 lakhs.

  • The Days in a Month

Most banks figure interest on loans every day and subsequently charge that interest to you every month. In light of this, you could pay relatively less interest for February (with 28 days in the month) than you would in July (with 31 days).

  • The Tenure of the Loan

The time you take to clear your credit will influence the measure of interest you pay – paying your loan off over a shorter timeframe will advantage the overall sum you pay.

  • Reimbursement Recurrence.

Most loan dealers enable you to make payments on a weekly basis, fortnightly or month to month, so the measure of interest you pay each time will change contingent to your plan. The more regularly you repay, the less interest you will pay on your loan.


Before you settle on a loan plan, we urge you to look at the following factors:

  • Look at all Possible Options

Researching the topic gives you a better idea of the market and the price movements. It also gives you information on the various terms and jargons you might come across.

  • Loan Eligibility

Try to search in advance about the schemes that you might be able to avail to maximize your savings by minimizing the tax.

  • Additional Charges and the EMI

The most important part is how much the interest adds up to and any sort of additional charges on the transactions or processing fee.

Car Loan Calculator

Although Indian cities are turning into metropolitan ones, the road is still the most common form of transport. An average Indian aspires to enjoy the luxury of travelling to his work using convenient and hassle-free methods.

Unlike the west, buying a car is still considered a luxury in India. Even if it is a second-hand car, we treat it as brand new. But more importantly, having a car is often used as a measure of the wealth of an individual to the extent that the fuel efficiency of the car also counts.

Often times, people tend to borrow money in the form of loans from different banks offering different schemes. Mostly, people just save enough to pay for the down-payment of the car, but in this article, you can figure out how you can effectively save money the right way.

What are EMIs?

EMI stands for ‘Equated Monthly Installment’, are the fixed sum that you are supposed to pay on a month to month basis to the loan provider until the entire loan is repaid, that is the car loan matures. EMI is the form of how every loan is to be generated and repaid. For repaying the loan, the interest is computed by the principal sum and rate of interest.

It is the EMI that a borrower would be subject to pay, for a short – to medium-term, contingent upon the time for which the loan has been taken by the borrower.

A lower EMI is appealing to the crowd while a higher EMI for a shorter period of time may be increasingly reasonable. What is obvious at this point is that the inclination for EMI is highly subjective. Since the choice of selecting a specific vehicle loan scheme depends generally on the EMI, the EMI calculator has turned into a need if you are looking to buy the vehicle for credit.

What Is a Car Loan Calculator?

For the convenience of the growing demand of the country, the banks offer various loans in the market. It becomes a bit difficult at times which loan to opt for, there are so many in the market.

The option of a car loan comes into picture when you are not looking into invest such a huge sum all at once. Moreover, mostly middle-class people in India do not enjoy the liquidity of cash. Hence, getting a new car is not an easy option.

With the help of a car loan calculator, one may be able to understand how they can optimize the money to get the car of their choice. It helps you to frame and organize your money and spending beforehand.

These calculators are readily available on the internet for free. Any candidate can utilize this device for nothing as it is accessible on the official sites of the banks,  and other financial foundations like third-party companies which provide loans and compares them.

How Accurate Is It?

The car loan calculators are a way of providing information and estimates on how to place your finances properly. It also helps you in understanding how the principal sum and the interest vary over time.

What is crucial to note is that the potential investments are just approximations and not offers to a contract.

Since they are reliant on the precision of the data you enter, they might not resemble what a car dealer may truly offer you. The best use for these calculators is in helping you look at the different vehicles.

Further, you may be assisted with the financial crunches you have to bear every month which the vehicle could cost you. While the outcomes may not be completely exact, you will get a short outline which can enable you to choose which vehicle best suits your budgetary circumstances.

The Stakeholders

In case of a calculator, the key components you need to worry about are as follows:

  • Principal Sum

The monthly investment you are trying to look at is the first parameter to finding the right plan. Here, you decide how much you are willing to invest in for your car.

  • Interest Rate

The interest rate at which the bank lends you the money is one of the most important factors where clients, especially first-timers get mistaken. It is absolutely necessary to calculate how much the entire amount sums up to. Sometimes, you might as well agree to a scheme where the interest is more than even the value of the car.

  • Tenure

You should always try to finish up the loan as early as possible because as the tenure increase, so does your interest rates. Therefore, the time period in which your loan must mature is absolutely important.

How Does it Work?

A car loan calculator is very simple to use. All you need to enter are the particulars which include the monthly principal investment sum, the interest rate you want to invest in and the time for which you would like to take the loan. It will compute your entire investment plan and your month to month EMI in a split second.

Features of a Car Loan Calculator

  • No Possibility of Human Error

The calculator ensures accuracy since the technological aspect removes any chance of error. Now, you don’t have to spend hours calculating the instalments on paper before you make your decision.

  • Calculates in a Split Second

You can achieve the results instantaneously, with the help of one click on the mouse. It is highly convenient, especially when you are looking at all the different options at one time.

  • You Can Compare Data

With the help of the car loan calculator, you can either compare data on different kinds of vehicles being offered by different companies. The second option is that you can also compare different schemes being offered on the same vehicle, at the different principal sums or different interest rates, as you wish.

  • Accounts for Inflation

Most of the calculators in effect today do account for inflation which may be observed in the years to follow. You have the option to avail this at the time of calculation. It gives a better look at the picture because we all know that inflation cannot be ignored, especially if you are living in India.

Why Should You Consider Using It?

  • Get your Dream Car

If you start saving on time, with the help of this tool, you can actually get your desired car. The car you have been eyeing for so long can be achieved and it is totally possible.

  • Not investing a Large Sum at once

The loaning schemes help you when you are not looking in to lose so much of your finances all at once. Therefore, you can avoid those financial crunches by investing in some amounts on a monthly basis.

  • Great for people who don’t enjoy Liquidity

In most middle-class households, you cannot see most of them enjoying the attribute of liquidity, that is, they do not have liquid money or cash in simpler words. They generally have more or less the same income, hence they cannot afford to invest in such a huge amount of money in one go.

  • Gives you a Better Idea

These loan calculators prevalent in the market are open to everyone to use. There are no restrictions. Hence, even if you are planning to buy a car after the next five years, you can still keep a tab on how the market is running currently. Moreover, it does not hide any information from the user.


If you looking to buy a new car, or you even aspire to buy one someday, you should definitely try to understand the market and what all it has to offer. The price changes are subjective, with periods of highs and lows undefined. Try to shop in the ‘best’ times of the year, which is characterised by sales and lucrative deals.

You should also try to see how much the interest actually amounts up to. The calculator comes handy in this aspect. We highly recommend you to check the total amounts in absolute terms, especially if you are dealing with this for the first time.


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