Mutual Funds are an ideal way to fulfill the needs of investors as per their financial goal. Therefore, it is recommended to study carefully each and every scheme before initiating any investment. As every asset class covered under mutual funds are exposed to a certain degree of risk. This would clearly be able to give a fair idea to investors for choosing their schemes, depending on their risk taking aptitude. Various types of mutual funds categories are designed to permit investors for selecting a scheme based on their risk taking capacity, the investible amount, their goals and the investment duration etc. Let's take a look at some important mutual fund schemes under the following three classifications subject to the maturity period of investment: Open-Ended : This scheme permits investors to engage in buying or selling the units at any point of time at the prevalent Net Asset Value(NAV). These funds do not restrict on the amount of shares issued by the fund. They offer units for sale without prescribing any duration for redemption. If there is high demand, the fund will continue to issue shares, irrespective of the number of investors involved. One of the prime benefits of the open-ended scheme is the liquidity that these funds provide to investors. Debt/Income: In a debt/income plan, a major portion of the investible corpus becomes directed towards investing in debentures, government securities, and other debt instruments. No matter, capital appreciation is low, this is comparatively low-risk return investment option which is suited for investors seeking a regular income. Money Market/Liquid : Money market schemes invest in short-term debt instruments and aim to provide reasonable returns to investors. This is suitable for those investors who wish to utilize their surplus funds in short-term instruments rather than waiting for some better options. Equity/Growth : Equities are a popular investment choice amongst retail investors. Although it possesses a high-risk in the short-term but investors can aim for capital growth in the long-run. If you are at your initial earning stage and focussing on long-term benefits, growth schemes could be your ideal investment avenue. The following schemes are classified under Equity/Growth plans : Index Scheme : Index scheme is a widely preferable concept in the west. These follow a passive investment strategy where your investments track closely proportionate to the movements of benchmark indices such as Nifty, Sensex etc. Sectoral Scheme: These funds invest in particular sectors such as infrastructure, IT, pharmaceuticals, etc. or segments of the capital market like large caps, mid caps, etc. This scheme offers comparatively high-risk return avenue within the equity framework. Tax-Saving : This scheme offers tax benefits to its investors. These funds are entitled to income tax deductions under Section-80 C of the Income Tax Act, 1961 with a 3-year lock-in period. Tax savings are done under Equity Linked Savings Scheme(ELSS) which offer long-term growth opportunities. Balanced/Hybrid: This scheme permits the investors to enjoy growth and income at periodic intervals. Funds are invested in a combination of both equities and fixed-income securities; the proportion is ascertained in advance and divulged in the scheme related offer document. These are suitable for the cautiously aggressive investors. Closed-Ended: Closed-ended schemes have a fixed maturity period and investors can invest only during the initial launch period referred to as the NFO(New Fund Offer) period. On the contrary to open-ended funds, new shares/units are not created by managers to fulfill the demand from investors but the shares can only be bought (and sold) in the secondary market. Capital Protection: The primary objective of this scheme is to seek protection of the principal amount while striving to deliver equitable returns. These invest in high-quality fixed income securities with a minimal exposure to equities with a stipulated maturity period. Fixed Maturity Plans (FMPs): These are the mutual fund schemes with a pre-defined maturity period. These schemes normally consist of debt instruments which have a maturity period relative to the maturity of the scheme, as a result, earning through the interest portion(known as coupons) of the securities in the portfolio. FMPs are usually passively managed i.e. no involvement of active trading of debt instruments in the portfolio. The expenses which are levied on the scheme, are hence, comparatively lower than actively managed schemes. Interval: Interval schemes operate as a combination of open and closed-ended schemes wherein it permits the investors for trading the units at pre-defined intervals. Article Source: https://article.wn.com/view/2017/02/14/Mutual_Fund_Plans_All_you_Need_to_Know/
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Mutual Funds are normally advertised by the companies in newspapers, thereby, publishing the date of the launch of the new schemes. The agents and distributors are then contacted by the investors who wish to invest in those mutual fund schemes. These agents and distributors are available throughout the country work towards furnishing the desired information about mutual funds with the provision of application forms as requested by investors.
Even banks and post-offices are actively involved in providing mutual schemes to investors through the facility of an online subscription. Investors are, therefore, required to equip themselves about the objectives of mutual fund investment which infact directly relates to their financial goals. Cost associated with investing in mutual funds Entry and Exit Load: There are some charges levied by mutual fund companies to float, operate and administer a find. These charges are collected from the investors as a percentage of their total investment which are known as loads. There are two types of loads : entry load and exit load. Entry load and exit load are the charges borne by the investors to enter(purchase) the scheme and exit(redeem) the scheme. Entry load now-a-days are not pertinent on any mutual fund schemes whereas exit load varies from 0.50%-3% subject to the holding period by investors. Fees or Fund Management: The mutual fund company levies a fee which is a small percentage of the fund's total value to manage the investments on the behalf of investors. This amount is basically the fund manager's fee for taking care of all the management procedure related to the mutual fund. The fee is chargeable as a percentage of the fund's value on an annual basis. Expense Ratio : The percentage of total assets levied for administering a mutual fund is known as the expense ratio. As returns from bond funds are similar, expenses become a critical factor while comparing bond funds. Transfer/exchange fee : Investors have to bear the transfer fee at the time of shifting their investment from one mutual fund scheme to another one. Best Way to Invest in Mutual Funds in India- Invest through SIP : Systematic Investment plans are the best options to start investing in mutual funds. Every small amount invested on a monthly basis generates the capacity of giving good returns over a specified period of time. For example : An investor putting ₹ 5000 per month through SIP in equity fund with an annualized returns of 12% can fetch ₹ 25 lakhs in 15 years. Invest based on risk appetite: Investors consider to invest depending on their risk taking capability that would yield higher returns. For example : High-risk appetite investors aim to invest in equity funds, moderate risk appetite investors aim to invest in hybrid funds and low-risk investors prefer investing more in debt related funds. Invest in various categories of funds : In several market scenarios, large cap, mid-cap and small-cap funds perform relatively over a specified period of time. Hence, investors would be able to gain maximum returns by investing in different categories of such funds. Invest in sectors that are expected to outperform : High-risk funds such as sector funds are considered by those who are willing to take high risks. Such sectors have the likelihood to outperform in the near future and investors thus prefer to invest in these funds. For example : Infrastructure funds or banking funds are ideal for the investors having a short-term to medium-term horizon of 3 to 5 years. Invest in funds based on one's financial goal: Lack of understanding about mutual funds can often mislead the investors which in turn, leads to choosing the wrong funds or failure of holding the fund for the longer tenure are some of the mishaps encountered while making mutual fund investment decisions. Investors shouldn't rely upon investing just because a mutual fund scheme has given 100% returns in one year. There exists a likelihood of erosion in the capital amount of an investor in case there is a market crash. It is, therefore, advisable to invest based on the financial goal. Use STP for lump sum mutual fund investments : Investing the lump-sum amount in equity funds is one of the biggest mistakes an investor makes. This may possibly be a good strategy taken towards market corrections. However, when markets are booming or when an investor is unaware of the market's direction, the best strategy lies in investing a lump-sum in short-term debt funds or do STP(Systematic Transfer Plan) to equity funds over a stipulated period of time. By doing SIP to equity fund from debt fund leads to risk minimization of investing a lump sum in the mutual fund. Article Source: http://wishfinblogs.kinja.com/mutual-fund-investment-your-suitable-investment-vehicl-1792291491 car is a dream that dominates our thought whenever we hustle around in public transport like bus, metro, and other mediums. The convenience and the style statement that emanate from a car is inexplicable, to say the least. To encash this dream, we usually apply for car loan as it allows us to ride our dream 4-wheeler with easy-to-pay installments. These installments constitute a portion of both interest and principal amount payable on a monthly basis. As far as lenders are concerned, there are plenty in the market ranging from small to large players looking to cater your car need. Different lenders have different offers with respect to interest rate, loan amount, processing fee and others. For example- An interest rate difference of 2%-3% on a 7-year car loan of ₹ 5,00,000 can result in an EMI difference of ₹ 1,000-₹ 1,500. While the difference between the overall interest outgo could be around ₹ 60,000 or so. I hope, you are aware of the critical role that interest rate plays in your car loan journey. Similarly, other factors are also important. So, before opting for a car loan, ensure you are clear of each and every factor associated with the same. Summary of Car Loan Offers at Several Lenders HDFC Bank Car Loan-
SBI Car Loan-
ICICI Bank Car Loan-
Kotak Mahindra Bank Car Loan-
So, these were the offers of top car loan financing companies in India. Keep a close eye on the car loan interest rate, processing fee and other charges to be borne before choosing a car loan offer. Now that you have the information on your hand, we hope you would make a sound decision on the car loan. Owning a home is the most cherished dream of people. But most people drop this idea due to lack of funds. Now there is no need to compromise on your dreams as LIC Housing Finance home loan is there to assist the aspirant home buyers. The company helps the potential home buyers by providing home loans at competitive rates. The company provides the home loan for the purchase, extension, construction and repair of the house. The customer can apply for the housing loan as per his requirement. The details of loan schemes are given below:
LIC Home Loan Details: Loan Amount - The company grants 85% of total cost of the property for loans up to ₹ 20 Lacs; 80% of total cost of the property for loans above ₹ 20 Lacs and up to 75 Lacs; 75% of total cost of the property for loans above ₹ 75 lacs with minimum amount subject to ₹ 1,00,000. Repayment Period - The maximum loan tenure for the salaried individuals is 30 years while for self-employed the repayment term is restricted to 20 years. Processing Fees - The company charges zero percent processing fee on the loans. Mode of Repayment - The loan amount is to be repaid in form of Equated Monthly Installments LIC Housing Loan Interest Rates: The interest rate prevalent on various slabs is given below:
Eligibility Criteria: In order to take the loan, the applicant must meet the standards set by the lending company. The eligibility criteria for availing the benefit of housing loan from LIC Housing Finance is mentioned below:
Documents Required for LIC Home Loans: Loan applicants have to produce the following documents in order to apply for the LIC home loans: 1. General Documents
2. Salaried Applicants In addition to the aforestated documents, salaried applicants must provide the following documents:
3. Self-Employed Applicants Apart from providing general documents, self-employed applicants need to submit the documents as under:
LIC Housing Finance EMI Calculator: The borrower can compute the installment amount he has to pay each month to settle the loan availed using the EMI calculator. The housing loan calculator is an automatic device that aids in the computation of EMI amount. The computed EMI amount constitutes a part of principal repayment amount and interest amount. It even reveals the total repayment amount the borrower will be paying by the end of the loan tenure. It tells how much interest the borrower has to pay on a certain loan amount. The calculator makes the calculation quick and simple. It is easy to use the calculator. The user just has to enter the information regarding the loan amount, tenure and rate of interest in the relevant fields. After processing the data the results will be displayed on the screen. Features & Benefits LIC Housing Finance Home Loan: The features and benefits of the housing loan provided by the company are as follows:
Article Source: http://www.imfaceplate.com/aashnabatra/revamp-your-housing-dreams-with-lic-housing-finance Do you need immediate funds for your daughter’s marriage? Do you want to go on a mini vacation to Milan but don;t have enough money? Do you wish to provide your child with the best education? Want to repair your old house? Do you require urgent money for medical treatment of your family member? Is shortage of finance is forcing you to put everything on hold. If yes, don’t let your dreams and wishes die when axis bank personal loan is there to fulfil them. Yes you read it correctly. Axis bank offers timely loan to eligible applicants who are in need of a financial assistance. The maximum and minimum amount that can be secured from the bank is Rs. 15 lakhs and Rs. 50,000 respectively. The tenure for the same lies in the range of one to five years. You even have the provision to carry over your existing loan from any other bank to Axis bank. You can earn reward points when you obtain a loan from the bank. Check out this article for more information about the product.
Eligibility criteria: In order to eligible for the loan, the applicant should belong to any of these-
Documents required: Completing the documentation work is a very important task while availing a loan. Have a look at the documents needed for a personal loan here-
Interest rates and processing fee: Axis bank offers a personal loan to suitable applicants at an interest rate between 15.50% to 24%. The processing fee for the same is up to 1.5% to 2% of the loan amount availed along with the applicable service taxes. There are no prepayment or foreclosure charges as such. Axis bank personal loan EMI calculator: A wise man has said to always look for the EMI before obtaining a loan. This holds a lot of prominence. After all, you need to be aware about the amount of installments you will be paying each month to repay the amount you have taken. What if the EMI causes a hole in your pocket and disturbs your monthly budget? Calculating the EMI can turn out to be a very complex process for anybody. But why to worry when axis bank personal loan EMI calculator has been made to calculate your installments. The tool gives you information related to your EMI within few seconds. And the best part is you have to simply do nothing but enter your desired loan amount, rate of interest and term period. Then you have to wait for the magic to begin. You will soon get to know about your EMI. still not clear with the tool, let’s make it easier with the help of an example. Suppose Ria Jain, an English Literature professor at the University of Delhi wants to go on a trip to Paris. She approaches Axis bank for a finance of Rs. 2 Lakhs. The bank gives her the same after completing all the formalities, at an interest rate of 16% for a period of five years. Now, let’s check out the magic of this tool. After the instant calculation, you can find out that Ria will have to pay an EMI of Rs. 4,864 each month to fully repay her loan. This hassle free calculation has been only possible due to this very useful EMI calculator. Article Source: https://wishfin.blogspot.in/2017/02/render-all-your-dreams-with-axis-bank.html A mutual fund is an investment which permits all investors to access a well-diversified portfolio of equities, bonds or other securities wherein each investor has a share in the surplus or deficiency of the fund. The allotted units are issued and can be redeemed as required. The fund's Net Asset Value(NAV) is ascertained each day.
The mutual fund companies receive your money and invest it in the financial markets. It is a suitable mechanism for people who wish to invest but scared of the complexities involved in the markets. The beauty of mutual funds is then only when a person with an investible surplus of a few thousand rupees can invest and realize same returns as anyone else. Mutual Funds can be open-ended and closed-ended. But most people acknowledge all mutual funds to be open-ended, while considering closed-ended funds in another category. Open-Ended Funds: These funds are issued and redeemed their shares at any time. They are sold off at the prevailing NAV from and to the mutual fund, on any business day round the year. It generates a high degree of liquidity to investors. Closed-Ended Funds: These funds come up with a fixed maturity period. An investor has the provision of buying these funds only when New Fund Offer(NFO) gets released in the market. Afterward, the redemption of units is possible only at their fixed maturity date. These funds can readily be liquidated by investors through buying and selling them on the exchange where they are listed. Load: This is a form of an expense which is collected from an investor as a percentage of their total investment made towards the fund purchased or sold, referred to as a load. These are the charges required to be paid by an investor in order to float, operate and regulate a fund. Entry load and exit load are the charges levied on the investors to enter(purchase) the scheme and exit(redeem) the scheme. Entry load now-a-days are not applicable on any mutual fund schemes whereas exit load varies from 0.50%-3% depending on the holding period by investors. Benefits of Investing in Mutual Funds India: Small Investments : Even with small denominations as low as few thousand rupees can be used for investment, which is invested across the markets. Professional Management : The professional experts from financial industries manage the money collected in a mutual fund. They assess the markets for selecting best pick investments that reap better returns to investors. Risk Diversification : An investor with a small amount of money can only be able to invest in one or two stocks/bonds, thus increasing risk. However, a mutual fund will diversify the risk by investing in several sound stocks or bonds. A fund usually invests in companies across a broad range of industries, so this leads to spreading of risk. Transparency : Mutual funds provides a complete picture of the investments made by their several schemes and the proportion invested in each category of asset. The information is acquired by the investors in order to assess the right pick for themselves in order to help them achieve their financial goal. Liquidity : Open-ended funds generate liquidity once it gets sold to mutual funds at NAV based prices based on their exit loads whereas closed-ended funds can be sold on the stock exchanges where they are traded. Choice: The funds can be selected from a vast category of mutual fund schemes. This allows the investors to select the best pick as per their risk and return expectations. Systematic Investment Plan: It is a type of investment scheme provided by several mutual fund companies. An investor can invest a small amount at regular intervals (weekly,monthly, quarterly) into their chosen mutual fund. For a retail investor, SIP provides a disciplinary and passive approach to investing for creating wealth in the long-term. Here, the power of compounding rule works well for building wealth. Since the amount is invested periodically (often on monthly basis), it also minimizes the impact of market volatility. Benefits of SIP over Lump-sum investment:
The returns realized through mutual fund investment can be achieved in the following ways: Dividends: The dividends are earned by the unit- holders through mutual funds. The dividends are distributed from the income generated through dividends on stocks and interest on other instruments. Capital Gains : Investors derive capital gains on mutual funds. If the fund sells appreciated value of securities, it earns capital gains. These capital gains are distributed by most of the funds to investors. Profit from higher NAV: The NAV of the fund increases if there is an increase in the value of fund's assets. This way, investors can make the profit by selling back their units to the fund house. Article Source: https://article.wn.com/view/2017/02/09/Get_Started_Investing_in_Mutual_Funds_India/ Riding a car with friends is what we all want to experience on most occasions. But even more important is to remove the hassles of public transport in our day-to-day run from home to office and vice-versa. How can you do that? By buying your own car. For that to happen, you may have to apply for a car loan. Paying the full price of the car may not be feasible for most as it requires to cough out lakhs to crores at one go, depending upon the models one chooses to buy.
A car loan is inevitable so does the cost that comes with the same. The costs of EMI, interest, and others are important considerations for an enjoyable car loan journey. You can calculate all that. Do you know, how? Any answer, buddy? Don't know. It's the car loan calculator that will do all the calculation for you. So, let's get started with the nitty gritty of car loan calculator. What is Car Loan Calculator? Car Loan Calculator is a simple tool to find 'What' and 'How' of a car loan. In simple words, it defines the actual cost to be borne by a borrower towards a loan. But the definition of car loan calculator does not end here. It also says how much loan can you get for your dream 4-wheeler. Further, it demonstrates as to how much you have to pay on interest and principal portions year-on-year till the expiry of the loan tenure. Types of Car Loan Calculator: Based on the variations in functions, there can be different car loan calculators. Basically, these include Car Loan Eligibility Calculator, Car Loan EMI Calculator, and Amortization Calculator. Let's discuss each of them separately. Car Loan Eligibility Calculator: The eligibility calculator determines the amount of loan a lender can disburse you based on your income and savings. Well, the general rule says, more the income greater will be the eligibility. But as different people can have varied saving patterns, the loan eligibility can be higher or lower than one expects to. For example- You earn a salary of ₹ 30,000 per month and save upto ₹ 12,000. The calculator will initially calculate the per lakh EMI on the existing interest rates and the longest repayment tenure. Suppose if you apply for a car loan at SBI, which offers an interest rate of 9.20%-9.25% per annum for a maximum period of 7 years, then per lakh EMI will be 1,619-1,622. The loan eligibility will be calculated via a formula as shown below. Loan Eligibility- ₹ 1,00,000 x savings/per lakh EMI - ₹ 1,00,000 x 12,000/1,619= ₹ 7.41 lakhs - ₹ 1,00,000 x 12,000/1,622= ₹ 7.39 lakhs So, expect to receive a loan worth ₹ 7.39 lakhs-7.41 lakhs to buy your favourite car. Car Loan EMI Calculator: The EMI calculator or say interest calculator will indicate the repayment amounts in terms of principal and interest each month. EMI, an abbreviated form of Equated Monthly Installment, consists of both principal and interest amounts payable towards the loan. There is a formula below by which you can calculate the EMI. [ P x R X (1 + R) ^ N] / [ (1 + R) ^N – 1] P= Principal Amount R=Interest Rate N= Number of Monthly Installments Let us take an example to understand the function of the calculator. Example- Shivam wants to apply for a 5-year car loan of ₹ 7 lakhs at HDFC Bank, which offers him the same at 9.65% per annum based on his eligibility. The indicative EMI will be ₹ 14,753, while interest outgo and overall repayments are expected to be ₹ 1,85,760 and ₹ 8,85,760. Car Loan Amortization Calculator: The amortization calculator enables you to get an idea of the interest and principal repayments, while also indicating the outstanding balance of the loan each year. The year-on-year track of loan repayments can help you plan your loan journey better. Benefits of Car Loan Calculator: The benefits of car loan calculator can be gauged from the points below.
Article Source: https://article.wn.com/view/2017/02/09/Did_You_Know_These_Facts_About_Car_Loan_Calculator/ Going on a long drive in your own car is such an exuberant feeling, right? The feeling can’t even be described in words, it can only be felt. Having a car at your disposal eliminates the need to use public transport or private cabs. You no longer have to stand in the crowded metro or wait for your colleague to pick you up, when you have your own car.
So you must be saving some amount from your monthly income to buy a brand new car, right? After all, a certain amount of money has to be given to the dealer as down payment. With so many lenders in the market offering you a car loan, you are bound to get confused. Is the high interest interest rate forcing you to apply a brake on your car dreams? If yes, then you should not bother about it any longer. SBI car loan has been specially designed to meet the aspirations of people who wish to buy a car of their choice. Want to get more information about the product offered by SBI, read this article. I have given brief details about the different types of schemes offered under a SBI car loan. SBI New car loan scheme- Are you thinking of buying a stylish new car? If your answer is in affirmative, then you need to secure this loan as soon as possible from the bank. Anybody, whether a salaried individual or a self-employed individual or an individual engaged in any agricultural activity can avail this scheme from SBI. the age of the applicant should be between 21 to 65 years. You can purchase a passenger car or a multi-utility vehicle or even a sports-utility vehicle with this loan product. Salaried individuals are required to earn an annual income of at least ₹ 2.5 Lakhs if they wish to secure finance from the bank. For self-employed individuals and people engaged in agricultural activity, the net annual income should be at least ₹ 4 Lakhs. The applicants can add the income of the co-applicant in their net annual income. The interest rate for the same lies in the range of 9.20% to 9.25%. The processing charged is 0.50% of the loan amount along with the applicable service taxes. This amounts to a maximum of ₹ 9,100 and a minimum amount of ₹ 450. SBI Loyalty car loan scheme- If you want a scheme that can offer you 100% finance, then you should opt for this one. This scheme has been designed for SBI Home loan borrowers. Applicants falling in the age group of 21 to 65 years can apply for this loan product. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities are eligible to obtain loan from the bank. Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The repayment tenure for the same is seven years. The bank charges an interest rate between 9.10% to 9.15% for the same. The processing fee charged is 0.25% of the loan amount sanctioned plus the services taxes applicable. It can be a maximum of ₹ 4,500 and a minimum of ₹ 450. Certified Pre-owned car loan scheme- In case, you want to buy an old car or a second hand car, then this product has been tailor made for you. You just have to ensure that the already used car you are buying is not more than five years old. In order to be eligible for the loan, you should be an individual falling between the age group of 21 to 65 years. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities can avail a loan from the bank. Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The maximum tenure period for the scheme is five years. The interest rate for the same is 12.65% and the processing fee charged is 0.50% of the loan amount availed along with service taxes. It can be a maximum of ₹ 9,100 and a minimum of ₹ 450. Documents required to avail a SBI car loan: Completing the documentation work has to be the top priority of any interested loan applicant. Check out the required documents here-
Article Source: https://wishfin.blogspot.in/2017/02/sbi-car-loan-best-affordable-option-to_9.html Want to give your daughter an exotic honeymoon trip? Need finance to sponsor your child’s IIT dreams? Want to give a new setting to your house? Do you wish to visit Dubai and enjoy a memorable vacation? If you have any of these wishes but have to neglect them due to the shortage of required funds, then I have a news which can bring the glow back to your face. HDFC personal loan has been specially designed to meet all your personal needs. HDFC bank, one of the well known private sector banks is always ready to give wings to the dreams of its customers. You can secure finance from the bank for your personal requirements up to Rs. 15 lakhs for a tenure of five years. Check out all the important information about the product offered by HDFC here- Eligibility criteria: In order to successfully avail a loan from the bank, the applicant has to meet the eligibility norms. It will be based on the loan requirement of the applicant, the income he earns each month and the profession he is part of.
After meeting the eligibility norms, the applicant has to ensure that he completes the documentation work imposed by HDFC bank. Check the documents required here- Identity Proof- photocopies of Voter ID Card/Driving License/Passport Residence Proof- photocopies of Telephone Bill/Ration Card/Passport/Rental Agreement/Electricity Bill Income Proof- Latest salary slip along with a salary certificate which is current dated with latest Form 16 Bank Statement of the previous three months or passbook statement of six months is needed Interest rate: The bank offers a personal loan to salaried employees at an interest rate between 15.75-20% for a period ranging up to 60 months i.e. 5 years. You are given flexible repayment options depending upon your profile. The interest for your loan is calculated on a monthly reducing balance method. Processing fees: The bank charges a processing fee up to 2.5% of the loan amount you secure from it. It can be a minimum of Rs. 1,000 and the maximum amount can go up to Rs. 25,000 for any salaried individual. In case you want to pre-pay your loan, I have to tell that prepayment of loan is not allowed before you complete 12 EMIs. Suppose you want to prepay the amount between 13 to 24 months, then the charge imposed on is going to be 4% of the principal amount which is outstanding. In case, you feel like prepaying between 25 to 36 months, the prepayment charge is 3 percent of the principal amount outstanding. The charge for any kind of prepayment above 36 months is two percent of the principal which is outstanding. HDFC Personal Loan EMI Calculator: One of the most important things you have to keep in mind, while taking a loan, is the amount of monthly EMIs you will have to pay. Availing the loan, without thinking twice about the installments can prove to be detrimental for you. You will end up disturbing your budget if you don’t pay heed to it. Calculating the EMI can turn out to be very confusing and complex. But you need not worry when HDFC Personal loan EMI calculator has been developed to give you instant details about your EMI. You have to do nothing but just enter your desired loan amount, interest rate plus the tenure. This will provide you with information relating to your monthly EMI, total interest you will have to pay and the total amount you will submit to the bank. Let’s take the help of an example to throw more emphasis on the same- Suppose Sushmita Gupta, a teacher wants to secure a personal loan for her daughter’s marriage. She approaches HDFC and avails a loan of Rs. 3 Lakhs at an interest rate of 15.80% for a tenure of five years. This is where the tool is going to exhibit its magic. Within seconds, the monthly EMI has been calculated. Sushmita will have to deposit an installment of Rs. 7,264 and the total interest payable is going to be Rs. 135,814. This means she will have to pay a total amount of Rs. 4,35,814 to the bank for taking a loan of Rs. 3 Lakhs within five years. Why wait and neglect your dreams? Go and avail best interest rates from HDFC and fulfill all your dreams. Article Source: http://www.artipot.com/articles/2051990/fulfill-all-your-wishes-with-hdfc-personal-loan.htm Human beings have many wishes which they eagerly wait to come true. You too must have some wishes, right? Whether it’s a long vacation to your favourite foreign location or a destination wedding or to provide your child the best education. Keeping this mind, State Bank of India has designed SBI Personal loan so that finance does not act as an obstacle in the path of your dreams. With its affordable EMIs and easy documentation work, the product has become one of the most popular amongst loan applicants. Both self-employed individuals and salaried employees can fulfil their desires by availing finance from the bank. To gain more knowledge about the product, have a key look at this article. Types Of SBI Personal Loan:
Xpress Credit Loan- If you require funds that can be available at your disposal whenever you need then this scheme is perfect for you. Whether it is an all of a sudden vacation or a medical emergency in your family, Xpress Credit loan is there to fulfil your needs. You are not required to furnish any kind of security. Loan Amount: An applicant can secure a minimum loan amount of ₹24,000 and the maximum amount that can be taken is ₹ 15 Lakhs. Eligibility Criteria: Following are the eligibility norms imposed by SBI. Check them out-
Documents needed: Check out the list of documents needed to avail a loan here-
Repayment Tenure: The minimum tenure period is six months and it goes up to a period of five years i.e. 60 months. Interest rate and processing fees: The personal loan interest rate is charged on a daily reducing balance by the bank and lies in the range of 12.90% to 14.90%. The bank also charges a processing fee up to 1% of the loan amount sanctioned along with the service taxes. No penal interest is charged on loans up to ₹ 25,000. SBI Pension Loan: This scheme has been specially designed for the State or Defence or Central pensioner who is drawing his/her pension through a SBI branch. The loan can be availed for any sort of personal requirement. Loan Amount:
Repayment Tenure:
SBI Personal Loan EMI Calculator: It is essential to keep a check on the amount of EMIs you will have to pay to the bank for repaying your loan. SBI Personal Loan EMI Calculator is the perfect tool when it comes to calculating your monthly installments. You have to enter the details like the desired loan amount, rate of interest and tenure. After that, you will receive information about your EMI and total interest payable. This will allow you to design your monthly budget accordingly as you can keep the EMI out of your income each month. Article Source: https://wishfin.blogspot.in/2017/02/open-door-of-your-dreams-with-sbi.html |
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