Calculate Fixed Deposit to Know Magnitude of Your Returns

The customers of any bank have the leverage to calculate their returns on fixed deposit. They can do so by using the Fixed deposit calculator which gives them the return on their Principal when interest is paid on quarterly compounding. The effective yield is the actual return which gets actually generated on the Fixed Deposit. It is based on the rate of interest and the frequency of compounding. Many banks in India do the compounding on a quarterly basis and thus the Fixed Deposit Calculator can be used to know the maturity value of fixed income deposits/securities.

Most of the banks in India such as SBI, PNB, ICICI Bank, HDFC Bank, IDBI Bank, Bank of India, Corporation Bank, Bank of Baroda offer fixed deposit schemes and use the FD formula for arriving at the maturity value of fixed deposits.

Compound Interest Formula-

When interest component gets added to the principal amount so, from that moment, the interest that has already been added also itself accrues interest. This interest added to the principal amount is called compounding. The following formula gives the total amount which gives the compounding value as:

A= P(1+r/n)nt

Where,

A = Final Amount that will be obtained

P = Principal Amount (i.e. initial investment)

r =  Annual nominal interest rate (as a decimal i.e. if interest is paid at 5.5% pa, then it will be 0.055)

n = number of times the interest is compounded per year (i.e. for monthly compounding n will be 12, for half year compounding it will be 2 and for the quarter it will be 4).

t = number of years

Note : To arrive at the interest amount you can further use the formula Interest = A - P

Simple Interest Formula-

Simple Interest is used to calculate the FD interest rate on your deposit amount. Interest is always dependent on the original principal amount or sum invested. In this calculator, simple interest is calculated by multiplying the principal amount by the number of periods i.e. time interval.

 SI Interest = (P * R * T ) / 100

SI =Simple Interest

P=Principal amount

R=Rate of Interest

T= Tenure or time period

FD Calculator Monthly Interest-

Fixed Deposit Monthly Interest Calculator is used to calculate the interest you would like to earn based on the Deposit Amount, Rate of Interest and Deposit Period.

Deposit Amount: Whenever a customer opens an FD account, the deposit is made only once and the minimum amount starts as low as ₹ 1000 and can go upto ₹ 10 crores or above.

Rate of Interest : The interest payout or compounding frequencies varies from bank to bank on their FD schemes. The interest rates are usually done on a quarterly, half-yearly or annual basis. However, the interest rate for a tax-saving FD is ascertained at the beginning of every financial year by the government and is identical across the banks.

Deposit Period: The deposit period of FD ranges anywhere between 7 days and 10 years. It differs from bank to bank. The longer the tenure a customer may choose, the higher will be the interest rate subject to the selection of FD.

Deposit Maturity Calculator-

An investment of ₹ 1,000.00 for 12 months will fetch you interest at 6.00% p.a. and will give you a maturity value of around ₹ 1,060.00.

Benefits of Investing in FD-

Guaranteed Returns : FD is a secured investment instrument which gives guaranteed returns on the amount invested.

Develops saving habit : The investment made in an FD is blocked for a fixed time period which inculcates the habit of saving.

Better returns than savings account : It provides better returns as against savings account as the interest rate is higher. In a savings account, you can earn interest upto 4% as compared to the starting rate of 6% in an FD.

Early withdrawal : Invested amount in FD can also be withdrawn earlier prior to the maturity date by paying a penalty charge.

Interest payment available at different tenures :  Interest is payable only at maturity, annually or monthly depending on the time period chosen by the customer.

Flexible tenure: The customers have the flexibility to enjoy different tenure options and block their money as long as they want. They can invest their money for a time period ranging from 7 days to 10 years.

Grow your investment through Fixed Deposit Calculator

Do you wish to know how much interest your principal amount may have at the end of the year? Use fixed deposit calculator to ascertain the total amount of investment you may get after the maturity period. It is a necessary thing to do beforehand as you can decide on the interest rate and tenure for the amount you wish to employ in any of the fixed deposit schemes with your bank. If you start investing early without postponing further, chances of earning fair returns for the longer term becomes stronger.

Fixed deposit calculator shows you the road map where your investments are heading to when it comes to planning your investment by deploying only FD as your financial instrument. The compounding of interest every year, if you keep on automating your FD post-maturity substantiate better returns until your retirement period.  

Fixed Deposit Calculator Components-

Fixed Deposit Tenure:

The customers have the flexible option to choose their time period or tenure for which the sum gets invested or blocked. You can get your FD for a tenure ranging between 7 days and 10 years. Different banks or financial institutions provide different tenure options. However, it is best if you compare fixed deposits provided by different financial institutions and banks and then make a  choice wisely. It is to be noticed that the tenure you decide will also help you to select the interest rate which the bank ultimately offers you. The longer the tenure higher would be the FD interest rate.

Fixed Deposit Interest Rate:

The interest rate on FD is higher as against your savings bank account and depends upon the Fixed Deposit amount and tenure. Interest rates on Fixed Deposit differ from one bank to another, however, several customers tend to compare Fixed deposit rates of different banks to make a smart choice. The interest payout or compounding frequencies differ from FD-to-FD, is generally based upon quarterly, half-yearly or annually basis. However, it is to be considered that the interest rate for tax-saving FD is ascertained at the beginning of every financial year by the government and is similar across banks.

Investment amount: Investment in a fixed deposit is made only once and the minimum amount required for opening an FD tends to differ from different banks and financial institutions. However, customers are required to start with as low as ₹ 1000 and invest even upto ₹ 10 crores and more.

Benefits of Fixed Deposit Calculator- Let's see how you make your investment grow in leaps and bounds by using fixed deposit calculator:

Accuracy: Fixed deposit calculator helps you to ascertain the accurate results which can be calculated by taking into account both the interest rate and the sum of maturity. With a mere entry of the principal value, the rate of interest, period of deposit and compounding frequency, the calculator shows you the expected maturity sum which includes the interest component.

Easy to Use: The calculator is simpler and easier to use while entering the details of principal, tenure and rate of interest. And then what happens, you may get spontaneous result from the calculator which is expected to achieve at the end of the maturity period.

Time-Saving: The calculator saves your precious time by eliminating all the requirements of getting the result arriving out from a complex formula. The entry of key variables such as principal amount, interest rate and tenure, will let you calculate the sum.

Now you know about fixed deposit calculator, next to know about several interest rates and tenure which the most trusted and widely chosen bank deploys the same in the financial marketplace.

SBI Fixed Deposit Interest Rates-

State Bank of India is the largest, reputed and the strongest banking institution of India. It is widely considered by customers across India with an assured belief that their money strive to get protection. which are in accordance with the Governmental rules and regulations. Whether you are a salaried or a self-employed businessman or a non-working professional having small or big dreams, fixed deposit is the best investment avenue where you can park away your money to get handsome returns in the longer term.

The interest rates applicable to general public are as follows :

• 7 days to 45 days the rate of interest is 3.75%
• 46 days to 210 days the rate of interest is 3.85%
• 211 days to less than 1 year the rate interest is 4.00%
• 1 year to less than 3 years the rate of interest is 6.00%
• 3 years to 10 years the rate of interest is 5.50%

The interest rates applicable to senior citizen are as follows:

• 7 days to 45 days the rate of interest is 4.25%
• 46 days to 210 days the rate of interest is 4.35%
• 211 days to less than 1 year the rate of interest is 4.50%
• 1 year to less than 3 years the rate of interest is 4.75%
• 3 years to 10 years the rate of interest is 4.75%

Check HDFC Car Loan Interest Rates & Eligibility Here!

A car is so much more than just being a transport. It is a travel partner, a companion with which a long distance journey becomes a memorable one. Having said that, almost everyone wants to have a car oh his own but sometimes we fall short of money when we want to buy an expensive car. So, if you also planning to buy a new car or an old one, a car loan can from HDFC Bank can really help you in getting a dream car for yourself.

In India, there are n number of banks and NBFCs that provide car loans but what makes the car loan scheme of HDFC Bank different is that it provides new car loan, pre-owned car loans (used car loans) and also loan against a car at an affordable rate, isn’t it amazing? Well, a borrower always wishes for a rate that he can afford and the loan amount that can fulfill his needs and HDFC car loan can really prove to be a great deal for you in all these cases. Below is the interest rate for a new car loan and old car loan, so have a look.

HDFC Car Loan Interest Rates-

For New Cars: 9.25%-11.25% p.a. (Monthly Reducing Balance)

For Old Cars: 14.50%-17.50% p.a. (Monthly Reducing Balance)

Just like any other loan, there are certain factors that affect the car loan eligibility at HDFC Bank. Having said that, the eligibility criteria is subject to change from one person to another. To start with, have a look at the factors affecting the eligibility for a car loan.

Factors Affecting Car Loan Eligibility-

Income: The loan amount is largely based upon the income of the borrower. So, the higher your earnings are the better deal you will get.

Stability: If you have been a stable employee then it is a plus point.

Car Type: The type of car you are planning to but decides the loan amount you can get. Having said that, if you are taking this loan for a new car and an expensive one, you can get a higher loan amount.

Car Model Type: The amount of loan you are eligible is also dependent upon the model you choose to buy. Since depreciation takes off around 10%-20% of the car's value in the first year and more in the years to come, HDFC Bank lends you more on the vehicle with a higher resale value and less on the model with a lesser value.

Credit History: The applicants who maintain a healthy credit or CIBIL score are more likely to get the loan approval without any hassle.

Employment Status for Salaried: Salaried professionals are required to have a minimum work experience of 2 years with a year of experience with 1 year of experience with the existing employer.

Business Longevity for Self-employed: Self-employed professionals or businessmen must stay in the same line of business for a minimum of 2 years.

Relationship with Lender: The efficacy of relationship with the lender can either be beneficial for you. So make sure you have a good relationship with the bank so that you can negotiate for a higher loan amount at competitive interest rates.

Category of Your Employer: If you are working in a Top Fortune 100 company of India, the chances of getting a higher amount of loan from HDFC Bank is more. However, if you do not belong to such companies but have a good income, you can still get a good deal.

HDFC Car Loan Eligibility-

The eligibility criteria for a car loan under which an individual can apply at HDFC Bank is as follows:

For Salaried:

• The age of the applicant should be between 21-60 years
• The minimum annual income of the applicant should be at least ₹1,80,000
• The minimum work experience of 2 years is required in addition to at least 1 year of experience with the existing employer.
• Telephone at Residence or Office/Post Paid Mobile Connection is also mandatory

For Self-employed:

• The age of the applicant should be between 21-65 years
• The minimum annual income of the applicant should be at least ₹60,000-₹1,50,000
• The minimum experience of 2 years is required in the same profession
• Telephone at Residence or Office/Post Paid Mobile Connection is also mandatory

How to apply for HDFC Car Loan Online-

The application process to apply for a car loan at HDFC Bank is very simple. All you have to do is follow the below steps:

• Visit the official website
• Click on ‘Apply Now’
• Mention the personal and professional details correctly
• Submit the form along with the scanned copy of required documents

Thus, with all the above details, you can also apply for a car loan and get your dream car home. So, apply online now!

Check HDFC Home Loan Interest Rates & Apply Online Now

A home is where the heart is irrespective of the cost of the house. Yes, be it a 1 BHK flat or a big villa, a home is a home and a place that binds together the family in a real sense. Having a home of one’s own is hence everyone’s dream but sometimes falling short of money can be a little disheartening at times. However, a home loan facility really makes things turn your way round and one of the leading lenders of home loans in today’s market is HDFC.

HDFC Home Loan is one of its as it has the rates that are affordable at a starting rate of 8.50% p.a., the loan amount which is the most important thing when it comes to home loans, and flexible tenure up to 30 years, isn’t it amazing? Well, HDFC is popular for its understanding of a loan borrower as what the applicant needs when he comes to a housing loan. Now coming to the housing loan scheme offered by HDFC, there is a certain eligibility criterion for borrowers. So, let us have a look at it.

HDFC Home Loan Eligibility-

The eligibility criteria to apply for a home loan at HDFC is as follows:

1. HDFC home loan application is made either individually or jointly. All proposed owners of the property will have to be co-applicants. However, co-applicants need to be a close family member.
2. The maximum period of repayment of a loan shall be up to 30 years for the Telescopic Repayment Option which is applicable only to the Salaried/Self-employed individuals under the Adjustable Rate Home Loan. For other home loan products, the maximum repayment period shall be up to 20 years.
3. The tenure of the loan is also based upon the applicant's profile, the age of applicant at maturity of the loan, age of property at loan maturity, depending upon the particular repayment scheme as may be decided for and any other terms applicable subject to prevalent norms of HDFC.

Documents Required-

• Identity Proof- Valid Passport/Voter ID Card/Aadhar Card /Valid Driving License/PAN Card
• Address Proof- Valid Passport/Voter ID Card/Aadhar Card/Valid Driving License
• Income Proof- Last 3 months' Salary Slips, Last 6 months' Bank Statements, showing salary credits, Latest Form-16, and IT return
• Additional Documents- Employment Contract / Appointment Letter in case current employment is less than 1 year old, Last 6 months' Bank Statements showing repayment of any ongoing loans, Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across, Cheque for processing fee favouring ‘HDFC Ltd.’
• Property Related Documents- Copy of the Allotment Letter/Buyer Agreement, Receipt of the payment made to the developer

HDFC Home Loan EMI Calculator-

A home loan calculator or a loan EMI calculator is the tool that is used to calculate the EMI (Equated Monthly Installments). A borrower can make the right choice with the help of this calculator as it helps you know the loan affordability and then choose the offer that suits your purpose and budget. The calculator takes into account the following details:

• Loan Amount (in ₹ Lakh)
• Number of Months
• Interest Rate (in %)

Once you have mentioned the above details, you will get the detailed information on the monthly installments, the total interest outgo and the total amount (principal + total interest).

For example, is you are a salaried employee working in an MNC wishes to invest in a property which has not been identified yet. However, you want to avail a loan of ₹20 lakhs beforehand so that when you finalize the property to invest you would have funds ready in your hands. With an annual income of ₹12 lakhs, HDFC will charge an EMI of ₹18,317 for a loan tenure of 20 years and at a rate of interest of 9.25%.

How to Apply for HDFC Home Loan Online-

After doing the research of how much EMI you will have to pay, you can apply for a home loan at HDFC. You can apply both online as well as offline but since everything is digitizing now, the online process is more convenient. So let us have a look at the online process:

• Visit the official website of HDFC
• Click on ‘Apply Now’ via your mobile or computer
• Fill in the personal, professional, property details
• Upload the scanned documents

Add Power to Your Dreams Through Bajaj Finance Personal Loan

Having several necessities required to run your daily life but the scarcity of funds tighten your belt? Don't let yourself emotionally drained? Go for Bajaj Finance Personal Loan where loans get instantly transferred in your bank within 72 hours that comes along with minimal documentation processes and friendly assistance from this financial institution.

A personal loan is one such loan which you can obtain it for the purpose of utilizing for yourself and your family needs. Whether it is buying a new home theatre, a wedding in the family or for a dream vacation, Bajaj Finance Personal Loan ensures to cover all the purposes of life. Even faced with an unforeseen calamity, don't lose hope, just remember Bajaj Finance and their representative will be by your side at the time of your financial need.

Bajaj Finance Personal Loan Interest Rates-

There are certain parameters which are to be taken into consideration while the personal loan is offered to an applicant. There are several factors such as credit history, salary, and your borrowed amount become compulsory to maintain while applying for personal loan. The lowest personal loan interest rate starts from  12.75% p.a. for loans upto ₹  25 lakhs. There are additional charges which  also accrue on your personal loans such as processing fees, EMI bounce charges, penal interest, and security fee(only for online). These are vital to be rendered as a payment towards your personal loan.

Bajaj Finance Personal Loan Eligibility-

• The age limit of the borrower should fall between 25-58 years.
• The borrower needs to be a salaried employee by profession.
• The net monthly income of an applicant should be average ₹  35,000 (Subsequent to vary depending upon the location and employer)
• The minimum net salary need to be ₹ 40,000 per month for cities such as Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane
• The minimum net salary needs to be ₹ 35,000 per month for cities such as Chandigarh, Cochin, Jaipur, Nagpur
• The minimum net salary needs to be ₹  30,000 per month for cities such as Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag.

Bajaj Finance Personal Loan Eligibility Calculator-

Now you can determine your eligibility online, enter the below details as required :

1. Your Date of Birth

2. Your Current City of Residence

3. Your Company/Employer Name

4. Your Net Salary

5. Your Combined Monthly Loan EMIs

6. Your Combined Outstanding amount on Credit Card

7. You need to mention whether you are availing Home Loan or not

After filling the above details, proceed further to check whether you are eligible or not.

Bajaj Finance Personal Loan Calculator-

The personal loan for your needs is calculated by using EMI calculator. This calculator furnishes you with elaborated information about the monthly installments, the total interest outgo and the total amount (principal+interest). It is the calculator which is responsible for giving you the accurate details about your installments once you press the 'Apply Online' button.In order to check your monthly installments, select the below data in the calculator:

• Loan amount
• Tenure
• Interest rate

For example, if you have  obtained  a personal loan of ₹3,00,000 for the tenure of 5 years at the interest rate of 12.75 % p.a. The EMI, Total Interest Outgo, and Total Amount will be:

EMI-₹6,788

Total Interest Outgo-₹1,07,255

Total Amount-₹4,07,255

Bajaj Finance Personal Loan Apply Online-

• Go to the Personal Loan section of Bajaj Finserv website
• Click on the button 'Apply Online'.
• Type your complete and accurate details such as reference Pin code, residence city, residence state, PAN Card, Mobile number, Date of Birth, your First Name, Middle Name, Last Name, your official email address, select your company name(employer name) and enter the net salary credited for the last two months.
• Finally, click the 'Submit' button to submit your online application.

Steps to Check your Bajaj Finance Personal Loan Status-

There are only two methods of checking your Bajaj Finance Personal Loan Status :

Step I

1. Visit the Personal Loan Section by going to Bajaj Finserv website  and click on “Apply Online”. Once you are directed to the page, then click  “ Track Application” given above on the top of the webpage.

2. Type your mobile number and reference number.

3. Click the 'Go' button in order to view your application status.

Step II

1. Click the Bajaj Finserv link : http://mysite.bajajfinservlending.in/Contact-Us/FileStatus.aspx

2. Enter your case id/loan id/file id.

3. Click the 'Submit' button.

Documents Required for Bajaj Finance Personal Loan-

1. KYC Documents:

• Identity proof(Any one of the below)

• Passport / Voters ID card / Driving license / PAN card

• Address proof(Any one of the below)

• Passport / Driving license / Ration card / Latest mobile bill / Letter from employer (with HR / Admin sign)

2. Salary slips of the last 2 months

3. Salary account bank statement of the last 3 months

4. Employee ID card to furnish as employment proof