You can instantly calculate EMI. It is also known as Equated Monthly Installment, it is the amount which is divided into monthly installments to pay the loan amount- it includes principal amount as well interest amount- to a lender. When a borrower decides to take a loan, be it personal, home, gold, or loan against property, the next is decision one takes is what will be the EMI on his/her loan. EMI is also an important factor that helps in deciding loan amount and loan tenure. To help select all these, there are several personal loan EMI calculators available which calculate the EMI, the calculators are free to use and the calculations are displayed instantly within no time. Before we learn how to calculate the personal loan EMI we need to understand the features and benefits of the same:-  

Salient features of personal loan EMI calculator

1. Easy to calculate the EMI which needs to be paid 

2. EMI calculation helps you plan the budget and manage the finances 

3. EMI calculator helps you decide the loan amount, as it shows how much total interest to be paid and how much principal amount will be paid. 

Benefits of personal loan EMI calculator

Convenience: Rather than using a traditional calculator with which you will have to make multiple calculations, a personal loan EMI calculator is a convenient option. In the personal loan, EMI calculator all you need to do is enter the loan amount, loan tenure and interest rate, and results will be in front of you within milliseconds. 

No mistake: With the personal loan EMI calculator there are no chances that there could be a mistake, until and unless there is a technical problem with the website. The calculations are 100 percent accurate.

Fast calculation: We need to thank technology, for the task for which earlier we used to spend hours now it is done within seconds that too with one mouse click. Once you have received the result you will not have to re-check them.

Choose the best offers: EMI calculator will help select the best offer. You can fill in the details received from different lenders and you can compare who is providing you with the best offer. Whose loan amount and tenure suit your need. 

Free of cost: To calculate the personal loan EMI all you need is a smartphone or a laptop and an internet connection. Whenever you need to check you can do it at your own convenience, any holiday or any time.

Amortization table: The EMI personal loan calculator provide the amortisation table. It is a table that has periodic loan payments, it shows the principal amount and interest amount which has to be paid till the maturity date. It gives you a fair idea of your personal loan.

How to calculate personal loan EMI:-

Step 1: Log in to any website that calculates EMI for personal, Myloancare, Axis Bank, HDFC Bank, and many more. Then select the loan amount using a slider.

Step 2: If there is a box for then fill in the interest rate, if there is a slider then select the interest rate using it. 

Step 3: Choose a loan tenure using a slider. Keep in mind the higher the loan tenure the lower the EMI and vice versa. 

Make sure to fill in the accurate information.

The formula used for calculating the EMI:

The formula used to calculate the EMI is as follows:-

E = [P x R x (1+R) ^ N] / [(1+ R) ^ N – 1] 

E= Equated Monthly Installment 

P= Principal loan amount 

R= Rate of interest 

N= Number of months 

Results:

As a result, the personal EMI calculator shows a break up of:-

• Loan EMI

• Total interest payable

• Total payment (Principal amount + Interest amount)

• Repayment table- The repayment table illustrates every detail related to loan repayment. It contains every detail like principal+interest to be paid in a month and how much balance is left.
  

Conclusion

A personal loan EMI calculator will surely make the process to calculate the EMI easy. It will not only help you select the EMI but also ensure that you select the loan tenure and EMI which are according to your needs.

EPF funds or Employees’ Provident Fund provides retirement benefits to private and public sector employees. Employees contribute 12% amount of their basic salary along with dearness allowance. Moreover, employers also contribute 8.33% to Employee Pension Scheme and 3.67% to Employees’ Provident Fund.

Even though the primary objective of EPF funds is to serve as an employee’s retirement plan, individuals can withdraw PF online within their employment period. Accountholders can also withdraw funds after leaving a job. This happens when their PF balance doesn’t get transferred from the old employer to a new one.

It should be noted that if EPF is withdrawn before 5 years, then TDS will be applicable at a rate of 10% if the amount is more than Rs.50,000.

Here is some detailed information about EPF withdrawal.

EPF withdrawal process:

EPF withdrawal application can be made by two types of submission -

Physical submission

Two different forms are available to withdraw EPF funds by physical form submission -

1. New composite claim form (Aadhar)

By using the new composite claim form (Aadhar), you can withdraw funds without any such attestation of your employer. All you need to do is to fill-up the form and submit it to the jurisdictional office of EPFO.

2. New composite claim form (Non-Aadhar)

If you want to proceed with the new composite claim form (Non-Aadhaar), the authorisation of your employer is compulsory.

Self-certification by the accountholder is only required for partial withdrawals in both cases.

After withdrawal, you can invest your PF corpus in savings schemes like fixed deposits. Make sure you know the pros and cons of investing in FD before opting for the same.

Online submission

EPFO also has an online procedure to help subscribers withdraw PF online. Nonetheless, there are some conditions that need to meet before availing the online process –

• You must have already activated your Universal Account Number or UAN.

• Your registered mobile number must be active.

• KYC documents must be linked to your UAN.

To do that, you need to click on the “Manage” tab after logging in your EPF account. Next, click KYC to check whether the documents are linked and verified.

If you have already met these aforesaid conditions, you can proceed with the following steps –

1. As a first step, you have to open the online portal of EPFO.

2. After that, you can log in by providing your UAN and password.

3. Click on “Online Services”.

4. From the drop-down menu, you need to select Claim (Form-31, 19 and 10C).

A screen will appear with all the details of the member.

5. In the next step, you need to provide the last 4 digits of your bank account to authenticate.

6. Now, on “Yes” to accept the terms and conditions and proceed with the online process of claim.

7. Under “I Want to Apply for” tab you have to select the type of withdrawal you are opting for such as full or partial or pension withdrawal of PF online.

8. Owing to some service criteria, if you are not allowed to avail any of the above-said services, you need to select PF Advance (Form 31). Along with this, you also need to provide the purpose of your withdrawal, address, and amount.

9. Lastly, click the checkbox below and proceed with the submission.

If you are withdrawing your EPF funds after your retirement, you should also know where to invest in to plan your post-retirement life.

If you seek to reinvest your PF after retiring for more growth, you can opt for fixed deposits. There are several types of fixed deposit; opting for non-cumulative FDs will be beneficial for senior citizens and they can receive interest returns in multiple intervals.

Bajaj Finance is an NBFC that provides non-cumulative Fixed Deposits. Senior citizens can enjoy a lucrative rate of interest that can help their retirement corpus grow.

To sum it up, you can withdraw EPF funds entirely either after your retirement or if you are unemployed for more than 2 months. However, partial withdrawal can be done under circumstances like marriage, education, home renovation, etc. Also, it is preferable to withdraw PF online as this process is easier and less time-consuming.

Have you ever thought about trading in gold bullion online? Or are you someone who is actively engaged in trading of gold online? Or are you someone who is seriously considering online trading of gold for investment? Whatever the case is, the truth of the matter is that gold is a kind of investment that always retains decent value. 

The rise of digital trade has also made it easy to buy gold bullion bars online from anywhere in the world at any hour of the day. Before we go further to buy gold online, let’s take a look at some of the key benefits of parking your investments in gold.

1. Gold is always regarded as the investment option that retains its value.

2. From ancient times, gold has been used as the bartering item, especially during times of emergency.

3. In many countries, gold is exempted from value-added taxes, unlike other precious metals like platinum or silver.

4. As compared to other precious metals in the market, gold is preferred by all the leading central banks in the world for converting their cash reserves. 

5. Gold has a real physical value, which makes it an even better option than the hard cash.

6. Financial institutions don’t regulate gold, rather its value is dependent on the market forces.

7. A vast majority of international economic experts term gold as the best alternative to the real estate investment. 

8. Just like real-estate, gold is also considered as a long-term investment option.

9. There are many economic experts who anticipate and predict another great depression, and they believe gold would be the best barter item during that period.

10. Psychologically speaking, the gold investors are regarded as the long-term thinkers, who have the mental strength to bear the ups and downs of this journey.

The truth of the matter is that gold is time-tested precious metal which has survived the worst of times in the history of mankind. Whether it was the Great Depression of the previous century or the era of emperorship, gold remained the symbol of the riches and the highest of status in society. Whenever the world faced trying times, the currency lost its value but gold always rose to unprecedented levels. It has become the general norm of the world. Even the real estate investments slump in an economic downturn, but gold has nothing to do with all this. It keeps its top flight, no matter what happens to the world. The world has seen very few instances of a slump in gold prices. Even today, the gold price is hovering around its historic peak. International stock markets analyst company, Roche predicts that gold price is set to appreciate by 30 percent by the Year 2020.

Things to Ponder Before Buying Gold Online

The idea of investing in gold bullion does sound like a lucrative deal, but there are a few things that you should keep in mind before entering the world of gold trade.

1. The first and the foremost thing to keep in mind is the fluctuation in the prices of gold. The fluctuation or volatility in gold rates presents both opportunity and risk at the same time. The fluctuation depends on multiple factors, of which, change in currency rates holds the key. A decline in the gold price in U.S. dollars doesn’t mean at all that the gold you possess holds no value. In the past few years, traders have found safe heavens in different currencies like dollars and euro, but gold was still on top of their shopping list. The main reason behind their decision was the fact that gold not only holds its value in the darkest of economic times but also keeps its sheen and shape in the worst environmental disasters.

2. Before you invest in gold online, you should be aware of its different products, including bars and jewelry. The prices of gold jewelry and gold bars are different. It is always recommended to purchase the gold bars as the leading financial institutions also keep big gold bars for the banking trade. 

3. Always make sure to purchase top quality gold from a reputable dealer. The right dealer will let you know beforehand about the merits and demerits of the gold product you want to purchase. 

4. If you’re looking to put all your eggs in one basket, thing again! Instead of investing the whole chunk of your savings in bullion, you should prefer to maintain a portfolio that might include stocks, currencies, and cryptocurrencies.

The Final Word

At the end of the day, we all know that gold is never out of fashion and never out of favor. This is one precious metal that ensures you a great return on investment in the long run and even the world’s political turmoil as well as economic downturn can’t hurt its ability to produce the riches for its holders. You’re never late to get the most out of the precious metal. So what are you waiting for? You can conveniently purchase gold online through a number of websites and join the bandwagon to the profits.