Finance is an important aspect for any individual. There are many components that make your financial portfolio. It is buying power for any financial product which would fetch you returns in the future. These products re from different categories which give returns according to their exposure to risks related to the market. It is important for you to know what these financial tools are and how do they work so that you can make complete use of it to maximize the benefits. There are many ways to calculate your finances and its returns in the future. This would help you to manage your finances and make you take the right decision to invest in the right schemes. Let us look at them in detail.
There are many types of financial tools which can help with your financial goal. It is only a matter of knowledge that you should know and use them to the core.
This is a calculator which is helpful to you in calculating the EMI that you would need to pay for the home loan that you have taken. The basic calculation begins with the loan amount you have taken and is multiplied by the interest each year you would pay on the outstanding loan and the amount is divided into the tenure you apply for the home loan. This is how you land up with an EMI for your home loan. However, the component for the EMI is also broken down into two aspects. This is based on the ratio that goes towards the interest and principle amount. Usually, the interest component is higher in the initial few years from the start of the loan so that the bank or the financial institution can cash in on some profits and the end years are more inclined towards the principle amount so that the payments can be finished on time.
This is kind of loan which is not tagged for any reason. It can be used for any purpose such as marriage of children, higher studies, buying furniture, renovation of the house, payment of outstanding loans, business requirements, world tours or for any reason which is important for the loan applicator. This calculator helps you to calculate the actual EMI amount along with the total payment that would have to make when you apply for a personal loan. It is necessary for you to know all such things so that your finances are not affected, and you can stay rooted in the future. The process to calculate the personal loan EMI is the same. You need to enter the loan amount along with the interest rate and finally the tenure at which you would apply for the loan. Once you put all this, it would give you the right EMI amount to be paid for the tenure you decide.
This is a great facility offered by the banks and financial institutions, so that you can get rid of the current outstanding loans or bills and get some additional time to repay them to your creditors. You need to transfer the outstanding balance for a period decided by you so that the banks and financial institutions can give you that time and add the interest component accordingly. All such transactions are done for the benefit of earning some returns. The banks and financial institutions ensure that you are charged a good interest rate as such short-term loans are very expensive and therefore are popular among debtors. You can enter the amount that is outstanding and the tenure at which you would need it along with the interest rate charged by the banks and financial institutions so that the EMI can be calculated. The best part about such calculators is that you need not wait for the banks and financial institutions to give you the amount and you can plan your finances accordingly. There is a slight possibility for an EMI to change unless the inputs change. Also, the MEI is equated monthly installments and the ratio of changes internally for the interest and principle amount gets adjusted without the consumer knowing about it.
Gold is a metal which is expensive and there are many investors who are into it. Since it is expensive in nature, there is a value assigned to it which keeps on fluctuating and can make a profit for an investor. If you are in dire need of funds, then you may also mortgage such gold as a collateral to the banks and financial institutions so that they offer you money in return for the value of the gold mortgaged or even at a lesser value of the gold. This would help the banks and financial institutions to get their profit when someone does not repay the loan and the gold needs to be sold to settle the dues. These calculators would give you the right value of EMI that would be charged when you apply for a gold loan. This gold is kept in safe vaults by the banks and financial institutions so that it can be stored for the loan borrower and returned when the loan closes. You can enter the value of the loan you desire, along with the rate of return and the tenure at which you would repay the loan amount. This would give you the loan EMI upon calculation. You can also reclose the loan by paying the outstanding value at one go as per the terms and conditions of banks and financial institutions. Unlike other loans there is hardly and pre-closure charges for such transaction.
Cars have become a necessity with the current situations of travel. You can buy a car with ease with a basic salary or income. Banks and financial institutions are ready with car loans to be disbursed upon your agreement with them. There is cut throat competition among banks and financial institutions and they would agree to all your conditions if you take a car loan from them. Car loan also works on similar lines just as personal loans do. You need to enter the amount of car loan that you need along with the rate of interest and the tenure when you would repay the complete loan. The EMI would come with such a calculation which would be due each month for the car loan borrower. The collateral for car loans is the car itself and therefore no collateral is asked by the banks and financial institutions. The car would be in your name, but the hypothecation would be in the name of the loan provider. You would get up to 80-90% of the car value as loan depending on your relationship with the banks and financial institutions. If you have a good relationship with the banks and financial institutions, then you can also get a 100% loan of the car value. In case of the earlier option the remaining amount becomes the down payment of the car and needs to be paid by the loan borrower.
Education has become the crux of our lives and we should consider better opportunities whenever we come across it. These days education has become a global affair and students wish to purse their higher education in different parts of the world. This would cost them dearly but that is the future for such students. Keeping this need in mind, banks and financial institutions have come up with many optins to offer education loans to such students who have higher goals in life. This education loan can also be extended to students for local or national education as well. It is the need that takes care of the loan requirement. You can look for your EMI that would be charged to you when the payment starts. For an education loan your EMI starts either from two years of finishing the course duration or when the job starts whichever is earlier. Also, if you are sound financially, you can continue to repay the loan as and when it is disbursed. The calculation stays the same as the other calculators with amount of loan, interest, and tenure being the inputs for calculation.
Property is a great way to make assets for yourself and for your children. But if you already have a property and need funds, it can be used to mortgage the same and get some funds for use. A loan against property EMI calculator would help you to get a loan with ease and also give you the repayment schedule. The inputs are the same with loan amount, interest rate and the tenure being the inputs to calculate the EMI.
Compound interest is a powerful financial tool which would help you to calculate and multiply your investments at a faster rate. So, if you have invested in any banks and financial institutions schemes and are being offered a compound interest rate, you can use this financial tool to know how much interest you would be receiving and getting as a return. The inputs for such a calculation would be the investment amount, the interest rate at which you would invest and the tenure at which your investment would be held by the banks and financial institutions. This can be used to receive compound interest through you as well.
Fixed deposits are a great way of savings. It is the safest and the oldest methods of investments for banks and financial institutions. You would have seen your ancestors and even fathers investing in bank fixed deposits to be sure of their investment being safe and multiplying at a good rate. You can use this calculator even before you approach banks and financial institutions for the amount you wish to invest. It would save you the agony of stepping into the bank or finding ways to invest in the fixed deposit. You can enter the amount of investment you wish to invest and put the rate of interest you would get upon such investment and the tenure you would keep it blocked with the banks and financial institutions. This would give you the total interest received and the total amount of returns on your investment.
This is a slow but steady method of investment. It is just like the fixed deposit but does not have a single-entry point. It can be invested each month for the tenure you fix and would be given an interest based on pro rata basis. This recurring deposit calculator would be helpful in calculating such interest rates which are tricky as each month the invested amount increases and the calculation for interest return needs to be done repeatedly. The inputs are similar, but the calculation differs a little which is done at the backend. So, you need not worry about it and get your total returns on the invested amount.
Bikes are a great vehicle which fulfil our travel requirements for short distances majorly. However, it depends on the person using it to decide the same. Bike loans are like car loans and work in similar fashion. All you need to do is find a suitable bike for your purchase and contact the banks and financial institutions of your choice to get the bike loan approved. Just like car loans, bikes are kept as collateral and in case of nonpayment it is taken away by the loan provider to settle the pending dues. So, make the most of such bike loans and get your bike keys in your hands with ease.
All such financial tools help you to calculate your payment or receipt well in advance so that you can be sure and plan for your future finances even before you apply for it. There are other financial tools apart from the ones mentioned above and you may consider them as well depending on your needs and requirements.