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How Can A Home Loan Calculator Make It Simple To Plan For A Home Loan?

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2 years ago

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Applying for a home loan is a big financial commitment – one that usually lasts decades. A home loan allows buyers to finance their purchase without draining their savings or compromising their dream house. However, your home loan planning doesn’t end with choosing the right home loan provider.

It involves a lot of financial and budget planning, from selecting a property that fits your budget to deciding on an affordable loan amount accordingly. And picking a suitable loan tenure and planning your EMIs is one of them. Why? Because before opting for a loan, you must know how much you can afford to pay as EMIs so that it is easier to plan your monthly budget accurately.

Using a home loan calculator is a simple way to estimate your EMIs. It is a free online tool that lets you calculate your monthly EMIs by using three key factors-

  • Principal amount
  • Loan tenure
  • Rate of Interest

Borrowers can enter various combinations of loan amount and tenure to arrive at an EMI amount that works best for them. It is an excellent money-management tool that allows borrowers to plan their repayments conveniently.

How can a home loan calculator make financial planning easier?

  1. Easy to use

A home loan calculator is resourceful and easy to use. You can access this online tool on most lender websites. All you have to do is enter your loan amount, loan tenure, and the interest rate offered by the lender. And the calculator will show you the estimated EMI amount within seconds.

Besides, you can check different combinations to determine an EMI that fits your budget.

  1. Determine the right tenure and loan amount

Your home loan tenure, interest rates, and the loan amount you apply for directly affect your EMI amount. While the interest rate is fixed by the lender and depends on various eligibility criteria, you have to choose the loan amount and repayment tenure.

You must settle on a loan amount based on your needs and affordability. It would help to create a budget to arrive at an affordable amount. Similarly, loan tenure directly impacts your EMI – the shorter the tenure, the higher your EMI.

So, you can use the online home loan calculator to determine how much you can afford to borrow and for how long. If you can easily manage higher EMIs, go for a shorter tenure. Otherwise, if you have too many financial obligations, it is best to choose a longer term to make the repayment affordable and avoid the risk of default.

  1. Know the EMI beforehand

With a home loan calculator, you can estimate the EMI amount and the total interest outgo before the loan is sanctioned. This helps you to plan your monthly budget – you can decide if you need to cut down on expenses to manage the EMI payments better.

Not knowing your EMI obligations beforehand can significantly affect your finances; you might end up applying for a higher loan amount where the EMIs turn out to be higher than expected. This will not only make repayment difficult but late payments or defaults can also hurt your credit score.

  1. Borrowers can compare loan offers

With different lenders offering competitive interest rates and attractive loan terms, choosing the right lender that fits your needs can get overwhelming. Apart from lower interest rates, flexible loan terms, and nominal charges, you must compare various lenders based on your prospective EMIs.

A loan calculator can help borrowers estimate the amount of EMIs they will have to pay with each lender, making it easier for them to choose a lender that offers the most affordable loan.

  1. Manage loan prepayment

During your home loan tenure, there might be times when you receive some extra funds, maybe a cash bonus, or increased profits in business. In such a situation, you can consider prepaying a big chunk of your loan to reduce your liability substantially.

A home loan EMI calculator can help ascertain how the loan prepayment before the tenure can impact your remaining EMIs. You can calculate the new EMI for the remaining tenure and adjust your finances accordingly.

You can rely on an online home loan calculator to produce accurate results.

Final Words

When you’re looking to apply for a home loan, a home loan EMI calculator is a handy tool that assists your financial planning. Equipped with the right insights, your loan repayment will become much more manageable.

Check out Tata Capital Home Loans with the most competitive interest rates and a wide range of products. With flexible repayment tenure and structured EMI plans, you can get a quick loan starting from Rs. 5 lakhs. Use the home loan EMI calculator to plan your finances according to your loan needs.

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Finance

Goodwill Wealth Management Unveils Irresistible Post-Diwali Offers

Published

6 days ago

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November 11, 2024

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As the festive season continues, Goodwill Wealth Management Pvt. Ltd. is delighted to announce a series of incredible offers designed to make investing more accessible and rewarding than ever before. Known for its comprehensive trading and investment services, Goodwill Wealth Management is now offering even greater value to both individual and business investors.

Unbeatable Post-Diwali Offers:

  • Trade at an Unprecedented Rs. 15 per Order: Goodwill Wealth Management is setting a new standard in the industry with its incredibly low brokerage fees. This groundbreaking offer makes trading more affordable than ever, allowing investors to maximize their returns.
  • Zero Account Opening Charges: Begin your investment journey without any upfront costs. Goodwill Wealth Management has waived all account opening charges, making it easier for investors to get started.
  • Zero AMC for One Year: Enjoy a full year of free Annual Maintenance Charges (AMC) for your Demat account, further reducing the cost of investing.
  • Customer Support in Your Own Language: Goodwill Wealth Management is committed to providing personalized support. Clients can now receive assistance in their preferred language, ensuring clear communication and a seamless experience.
  • 60+ Branches Across India: With a growing network of branches across the country, Goodwill Wealth Management offers convenient access to its services and expert guidance.
  • Free Trading Webinars: Sharpen your trading skills and knowledge with complimentary webinars conducted by experienced market professionals.

These new offers complement Goodwill Wealth Management’s existing suite of comprehensive services, including:

  • Free Demat Account: Open a Demat account at no cost and gain access to a wide range of investment options, including equity, derivatives, commodities, currencies, and mutual funds.
  • Expert Guidance: Benefit from personalized investment strategies crafted by experienced financial advisors.
  • Flexible Trading Options: Trade anytime during market hours, anywhere using Goodwill’s user-friendly online platform and mobile app.
  • On-Time Support: A dedicated support team is available to provide prompt and efficient assistance whenever needed.
  • Research & Fundamental Training: Access in-depth research reports and participate in fundamental training programs to make well-informed investment decisions.

Open a Free Demat Account Today:

Don’t miss out on these exceptional offers! Visit Goodwill Wealth Management’s website at gwcindia.in or contact them at customersupport@gwcindia.in to open your free Demat account and start investing today. Download the GIGAPRO app from app stores for a seamless trading experience on your mobile device.

About Goodwill Wealth Management Pvt. Ltd.

Goodwill Wealth Management Pvt. Ltd. is a leading provider of financial solutions and expert advisory services, dedicated to helping investors achieve their long-term financial goals. With a commitment to transparency, flexibility, and exceptional client support, Goodwill Wealth Management continues to empower investors with the tools and knowledge they need to succeed in the financial markets.

Disclaimer: Investments in the securities market are subject to market risks. Read all related documents carefully before investing.

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InPrime Finserv Selects Scienaptic AI Credit BRE Platform for Enhanced Credit Decisioning

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1 month ago

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October 16, 2024

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Scienaptic AI, a leading global AI-powered credit decisioning platform provider, today announced that InPrime Finserv, has chosen its AI-powered platform to enable sharper credit decisions through Scienaptic’s AI models and execute on credit decisioning policies on the platform’s in-built Credit Rule Engine (BRE).

InPrime Finserv, a PSL (Priority Sector Lending) lender, is focused on providing essential financial services to India’s emerging middle class, particularly within the informal economy. Targeting around 50 million households with an annual credit need of Rs. 5 Lakh Crores, InPrime aims to support this segment by offering customized financial products tailored to their evolving needs. Combining traditional lending methods with digital innovation, InPrime emphasizes customer-centric solutions, swift turnaround times, and comprehensive risk management, while promoting financial empowerment through digital literacy programs. Scienaptic’s platform will enable InPrime to seamlessly read and integrate bureau and Account Aggregator data, execute its credit decisioning policies, and leverage AI models for bureau and Account Aggregator scores.

“At the heart of our mission is the financial upliftment of India’s emerging middle class. This is more than just providing credit; it’s about empowering millions of hardworking families with the tools they need to grow and thrive. Our partnership with Scienaptic AI marks a significant step forward in our journey,” said Rajat Singh, CEO of InPrime Finserv. “The platform will bring in capabilities to pull credit bureau reports and incorporate Account Aggregator data instantly, run that data through AI models, and deliver full-fledged real time credit decisions including loan limit assignments, and detailed policy reasons. This will enhance our ability to provide more accurate and timely credit decisions, ultimately improving credit access and customer experience while minimizing risk.”

“At InPrime, we are thrilled to partner with Scienaptic, as we see a shared vision and alignment in leveraging synergies that empower us to fully harness the power of machine learning and AI. With Scienaptic AI, we are deploying advanced behavioral models that deliver deeper insights into customer behavior, enabling us to drive more intelligent and personalized financial solutions,” added Sneh Thakur, Co-founder, InPrime Finserv.

“We are excited that InPrime Finserv has chosen us to support their mission of financial upliftment,” said Joydip Gupta, Head of APAC at Scienaptic. “Through our platform, InPrime can seamlessly integrate application details, credit bureau data, and Account Aggregator insights via API. Our AI models will process this data in real time, delivering precise credit decisions, loan limits, and policy recommendations. Our inbuilt Business Rule Engine (BRE) will remove the friction points in the underwriting process to enable fast and flexible loans via a fully digital process. These advanced capabilities will empower InPrime to make faster, data-driven decisions, drive financial inclusion, and bring responsible and timely credit to millions of emerging middle-class households across India.”

About Scienaptic AI

Founded in 2014, Scienaptic AI was built with a mission to drive financial inclusion at scale through AI-driven credit decisioning. The platform encapsulates a decade of technological innovations, integrating more data into decision-making processes, utilizing advanced machine learning algorithms, and supplementing them with rigorous risk and fair lending monitoring processes.

Used by India’s largest microfinance institutions (MFIs), leading non-banking financial companies (NBFCs), prominent fintechs, and major banks, Scienaptic processes over Rs85,000 crore in loan decisions every quarter. This enables millions of underserved individuals with limited or no credit history to access personal loans, credit cards, vehicle loans, MSME loans, and MFI loans.

Scienaptic’s credit BRE platform puts robust underwriting capabilities at the fingertips of in-house underwriting teams. Today, more than 145 lenders rely on Scienaptic’s platform to enhance the accuracy and efficiency of their underwriting.

For more information, visit www.scienaptic.ai

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UrbanMoney Microloans for Young Students: Unlocking Potential and Creating Opportunities

Published

2 months ago

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September 9, 2024

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In today’s dynamic and competitive world, young students face numerous challenges, particularly when funding their educational pursuits and entrepreneurial ambitions. Traditionally aimed at small business owners in developing economies, Microloans are increasingly being recognized as a valuable tool for students. These small, accessible loans can help young individuals cover educational expenses, start small ventures, and develop the skills necessary for future success. This blog explores the benefits, features, and impact of urbanmoney.co , a micro-loan provider for young students and salaried employees.

The Concept of UrbanMoney for Students

Microloans for students are small, short-term loans designed to meet the specific financial needs of young individuals. These loans can be used to pay for tuition, textbooks, living expenses, or even to fund small business ideas and projects. Unlike traditional student loans, microloans often have more flexible terms and are easier to obtain, making them accessible to a broader range of students.

Benefits of UrbanMoney Microloans for Students

  • Access to Education: UrbanMoney can help bridge the financial gap for students who might otherwise be unable to afford higher education. By covering tuition and other expenses, microloans enable more students to pursue their academic goals.
  • Encouraging Entrepreneurship: Many young students have innovative business ideas but might lack the capital to bring them to life. UrbanMoney provides the necessary funding to launch small ventures, fostering a spirit of entrepreneurship and self-reliance.
  • Skill Development: Managing a microloan can teach students important financial skills, such as budgeting, planning, and holding financial responsibility. These skills are invaluable as students transition into adulthood and the workforce.
  • Flexibility and Accessibility: Microloans are often easier to obtain than traditional student loans, with less stringent eligibility criteria. This makes them accessible to a wider range of students, including those with limited credit history or financial support.
  • Supporting Diverse Goals: Whether a student needs funds for a specific project, study abroad program, or to cover living expenses while interning, UrbanMoney offers the flexibility to support a range of educational and professional goals.

Features of UrbanMoney Microloans for Students

  • Quick Approval Process: UrbanMoney approves loans within minutes with their streamlined application process.
  • Flexible Loan Amounts: UrbanMoney allows you to borrow only what you need, with loan amounts ranging from Rs.500 – Rs.50,000
  • Competitive Rates: Enjoy low-interest rates a UrbanMoney that make repayment manageable.
  • Simple Repayment Plans: Students can choose from various repayment options that fit their budget and timeline.
  • No Credit History Required: We understand that many students are just starting out, so UrbanMoney offers loans without requiring an extensive credit history.

The Impact of UrbanMoney Microloans on Students

Despite certain challenges such as risk of debt, repayment pressure, etc., UrbanMoney microloans have the potential to make a significant positive impact on young students:

  • Success Stories: Many students have successfully used microloans to fund their education or start small businesses. These success stories highlight the potential of microloans to transform lives and create opportunities.
  • Empowering Underserved Students: UrbanMoney microloans were benefitted students particularly from underserved communities who face greater barriers to accessing traditional financial services. By providing financial support, UrbanMoney microloans promote inclusivity and social equity.
  • Boosting Innovation: By enabling students to pursue their entrepreneurial ideas, UrbanMoney contributes to innovation and economic development. Young entrepreneurs can bring fresh perspectives and creative solutions to the market.
  • Long-term Benefits: The skills and experiences gained through managing microloans and entrepreneurial ventures can have long-term benefits for students, enhancing their career prospects and financial stability.

Conclusion

Microloans for young students represent a promising avenue for fostering educational and entrepreneurial opportunities. By providing access to much-needed capital, UrbanMoney loans empower students to pursue their dreams, develop essential skills, and contribute to their communities. While challenges exist, the potential benefits of microloans underscore their importance as a tool for supporting the next generation of leaders and innovators.

As we move forward, it is crucial to continue exploring and expanding the availability of microloans for students. By addressing the challenges and building on the successes, we can ensure that more young individuals have the financial support they need to unlock their potential and create a brighter future for themselves and society.

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String Metaverse (Bio Green Papers, BSE: 534535) Reports Q1 FY25: Rs 50.02 Cr Revenue, Rs 5.38 Cr PAT

Published

3 months ago

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August 20, 2024

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String Metaverse LTD, following its merger with Bio Green Papers Limited (BSE: 534535) as approved by the Honourable National Company Law Tribunal (NCLT) under the scheme of arrangement of the Insolvency and Bankruptcy Code (IBC), has reported robust financial results for the first quarter of FY 2025. The company achieved consolidated revenue of Rs 50.02 crores and a profit after tax (PAT) of Rs 5.38 crores.

Backed by Spacenet Enterprises LTD (NSE: SPCENET) and 63 Moons Technologies Ltd (NSE: 63MOONS) step down subsidiary 3.0 VERSE Ltd. investments, String Metaverse will be the first Web 3.0 enterprise to start trading on BSE main board.

String Metaverse has global offices in Gift City, Hyderabad, UAE and HK.

The merger has strengthened the company’s position, leading to a consolidated revenue of Rs 151.21 crores and a PAT of Rs 10.82 crores for FY 2024, highlighting the successful integration and growth potential of the combined entity.

The Evolution Web 3.0

Web 1.0: Primarily focused on email and messaging, laying the foundation for digital communication.

Web 2.0: Marked by centralized social communities such as Instagram, Facebook, and WeChat, where monetization is predominantly controlled by large corporations like Meta, Microsoft, and Google.

Web 3.0: Digital communities are created for the people and by the people, enabling users to share, create, and transact within decentralized communities.

“In this new age of the Attention Economy, individuals are rewarded for the time they spend engaging online, transforming their attention and time into digital assets”

“New technological innovations are set to dominate global equity market caps. Disruptive technologies such as Web 3.0’s ‘Public Blockchains,’ Energy Storage, Artificial Intelligence, and Robotics currently have a combined market cap of approximately USD 19 trillion. This is expected to grow to USD 220 trillion by 2030, in contrast to non-innovative companies, whose combined market cap is projected to grow from USD 98 trillion to USD 140 trillion” according to a research report by ARK Investment.

“With Web 3.0 and Next-Generation technologies growing at an unprecedented pace, we are confident of achieving a CAGR of 100 per cent growth for the next 3 years,” stated Krishna Mohan Meenavalli, Founder of String Metaverse Ltd.

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AamDhanE secures investment in Pre-Series A Funding Round from the Michael and Susan Dell Foundation (MSDF), Tamil Nadu Emerging Sector Seed Fund (TNESSF) and Founders

Published

3 months ago

on

August 5, 2024

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AamDhanE, a pioneering tech-enabled job matching & fulfilment platform focused on the blue-collar workforce based out of Coimbatore, has raised an undisclosed amount in its pre-Series A funding round. The investment in the round was by the Michael and Susan Dell Foundation (MSDF), prominent impact investor in India’s education, financial services and livelihoods space known for its commitment to transforming the lives of resource-constrained families & improving livelihoods. And TNESSF, a venture capital fund managed by the Tamil Nadu Infrastructure Fund Management Corporation Limited (TNIFMC)- Government of Tamil Nadu and the Founders.

Aamdhane was assisted by PricewaterhouseCoopers (PwC) India, Talwar Thakore & Associates & Inval Capital.

MSDF and TNESSF were assisted by AZB & Partners and BDO India

Founded in 2021 by a team of close-knit alumni from IIT Kanpur, INSEAD and London Business School, AamDhanE is revolutionizing the blue-collar job market in India. Using a combination of their proprietary tech platform & physical outreach, the start-up has onboarded 1.5L workers from across 8 states, enhancing transparency and choice for blue collar industrial workers.

“AamDhanE is targeting the bottom of the pyramid of Indian workforce. To address the gap between demand and supply caused by unorganized recruitment channels and geographical disparities, we have developed tech-based solutions with the aim to enhance discoverability across India’s diverse labour markets.” said Krishna Gupta, co-founder and Chief Executive Officer, AamDhanE.

AamDhanE integrates technology with on-ground support to connect blue-collar job seekers with industrial employers. Specializing in sectors such as manufacturing, e-commerce, construction, and textiles, AamDhanE has placed over 40,000 individuals, with 40 per cent of them being female workers and partnered with 400+ factories, providing employer clients with end- to-end services encompassing manpower sourcing, payrolling, and custom staffing solutions.

“MSDF is committed to AamDhanE’s initiative to organize the industrial blue-collar workforce of over 220 million workers from marginalized backgrounds. AamDhanE’s tech- driven platform enhances productivity and worker retention, while its partnerships with state governments and training centers build strong recruitment channels.”, said Sanjay Modi, Director, MSDF.

“TNIFMC supports Tamil Nadu’s USD 1 trillion economy goal through AamDhanE’s partnerships with governments for training and industries for developing a job-ready workforce.”, said Krishna Chaitanya, CEO, TNIFMC.

“AamDhanE’s mission to improve livelihood opportunities for blue-collar workforce is crucial for scaling the industrial workforce.”, said an Inval Capital representative, the exclusive advisor for AamDhanE’s Pre-Series A round.

Aamdhane is part of the PSG Ganga Naidu group (Coimbatore), a reputed business house since 1910 diversified in various sectors. The group has businesses across warehousing and food storage – funded by GIC Singapore, renewable energy and e-mobility.

For More Information

For more information about Aamdhane, please visit aamdhane.com or contact our support team at support@aamdhane.com.

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