Personal loans are among the most popular options for fulfilling financial needs, owing to their flexible and highly accessible nature. Just like any other loan product, once it is availed, it needs to be repaid in EMIs till the end of the tenor. However, sometimes, when borrowers have access to surplus funds, they consider paying off the outstanding principal before the loan end date.
One crucial feature that most of the borrowers look out for while applying for a personal loan is the prepayment and foreclosure facility. This facility enables borrowers to reduce the overall cost of the loan.
- India’s personal loan market is expected to grow at a rate of 10% between 2021 and 2025.
- By August of 2020, the volume of personal credit stood at Rs.5,07,684 crore.
However, the decision to make a prepayment should be based on multiple factors including, loan interest rate, remaining repayment tenor, prepayment and foreclosure charges and tax benefits. Borrowers can gauge prepayment’s impact more accurately with a personal loan prepayment calculator. To make the most of such a financial tool, borrowers must become familiar with its USP.
Prepayment of loan calculator – In brief
Typically, prepayment can be defined as early repayment or repaying a loan amount before its due date. This directly helps to lower the outstanding principal amount.
Usually, borrowers opt for this facility to benefit from any of these options –
- Lower EMI amount
- Reduce loan tenor
To determine how prepaying existing loans can help borrowers, they must utilise a part-payment calculator online. It is essentially an online tool that helps understand the repercussions of repaying an outstanding loan amount before its scheduled date.
Such a calculator requires users to enter details like loan amount, tenor, interest rate and prepayment amount to check the outcome. An effective prepayment loan calculator provides insight into details like revised monthly instalment and repayment tenor.
It also shares information about how much a borrower is likely to save in terms of overall EMI. While some borrowers may consider prepaying loan a means to plan personal loan EMI better, they must become familiar with it in detail for better understanding.
Steps to use a part-prepayment calculator
An existing personal loan borrower decides to prepay the outstanding loan amount. However, before initiating the request formally, he decides to use the prepayment calculator to understand the final impact on the existing loan amount.
He follows these steps to use the online tool –
Step 1 – Visits the official website of a reputed financial institution.
(Individuals who have installed the personal loan app of their lender online can access it to use the said calculator in similar ways)
Step 2 – Navigates to the calculator page.
Step 3 – Enters the principal loan amount, i.e., the sum of money you borrowed from the financial institution.
Step 4 – Enter the applicable interest on the borrowed amount of money.
Step 5 – Provides detail of the repayment tenor.
Step 6 – Enters the amount of money the borrower wishes to prepay.
Note that the prepayment amount should be at least 3X of a monthly instalment.
Once these steps are completed, the outcome will appear on the screen within seconds and help facilitate ways to manage debt.
Example: Suppose an individual who had availed a loan amount of Rs.10 lakh for 5 years @11.75% decides to prepay Rs.5.6 lakh. On using the prepayment calculator, the individual found out – the revised amount would be Rs.9732, savings in monthly instalments may amount to Rs.12386, and the new tenor would be 23 months.
Generally, leading financial institutions like Bajaj Finserv lay down simple requirements to avail the facility to loan prepayment. They also provide customers with pre-approved to ensure a hassle-free loan application procedure. Such an offer can be availed on financial products like personal loans, credit cards, business loans, etc. Check your pre-approved offer in a few seconds with your name and contact number.
Besides checking the offer, borrowers may also use the Bajaj Finserv loan app to track their repayment schedule and loan account with increased convenience.
While at it, they should also find out about the procedures when closing a personal loan. For instance, assessing personal loan eligibility for prepayment or foreclosure can help greatly. This will help borrowers to initiate the process involved with more convenience.
Borrowers can also use other financial tools like prepayment calculators as and when required to simplify their borrowing experience to a great extent.
How Long Does It Take To Pack Up for a Move?
Whether you’re looking for a fresh start, an upgrade in your surroundings, or a new climate, moving is a great way to do it. On top of providing a change of pace, moving can be a fun and exciting experience—after you pack up, that is.
Packing is often the most stressful part of moving prep, as you first have to decide what to pack, then how and when. And then you still have to find the time to do it all!
That’s why it’s so important to have a well-thought-out packing plan for your move. Read on to learn when to start packing, as well as a few tips for making the process easier.
When to Start Packing
As you might have guessed, there’s no one-size-fits-all answer to the question of when to start packing. After all, homes come in a variety of shapes and sizes and every household is different.
That said, you can make a rough estimate of how much time you’ll need to devote to packing depending on the number of rooms in your home.
- Studio home/apartment: 1 day
- One-bedroom home: 1-2 days
- Two-bedroom home: 2-3 days
- Three-bedroom home: 3-5 days
- Four-bedroom home: 4-6 days
- Five-bedroom home: 7 days
Keep in mind that this doesn’t mean you can pack a house with three bedrooms in three days in between work and other responsibilities. It means at least three days completely devoted to packing.
In addition, if you own a lot of fragile items that require extra care during the packing process, you’ll need to tack on an additional day or two.
How to Make Packing Faster and Easier
The best moving prep we can give to those short on free time is to set aside money for professional movers. Professional movers can handle the entire packing and transportation process for you, removing any packing stress you might have entirely.
If you don’t have the budget to hire removalists, don’t be afraid to reach out to friends and family to help you pack for a move. You can show your appreciation by providing lunch and snacks, and play music to make it a party!
Last, when it comes time to pack a home, one of the worst things you can do is overthink the project. Make a point to touch everything you own only once.
As you pick up each item, think about how it will serve you in your new home. If the answer is that it won’t, consider selling or donating it. Depending on the room, decluttering your home can be emotionally taxing, but a project well worth tackling nonetheless.
It’s Never Too Early to Pack Up For a Move
Living in a cluttered mess of packing materials and half-furnished rooms isn’t anyone’s dream scenario, but when it comes to moving, it truly is never too early to pack up.
As soon as you decide to move, you should at least start planning your packing strategy. It might seem like a hassle now, but you’ll thank yourself for thinking ahead when you’re packing process is smooth and stress-free.
Looking for more tips and tricks for making your next move as smooth as possible? Be sure to check out our blog!
The Importance of Hiring Commercial Electrical Installation Services for Your Business
Electric shock is a dangerous cause of injuries. And, for a business, it is very important to avoid these kinds of incidents as they entail serious liabilities. So, when the need arises, you should not hesitate to hire commercial electrical installation services, instead of doing the job on your own. They will have the appropriate solutions you need to keep your business running safely and efficiently at all times.
The Chief Benefits of Hiring Professional Electricians for Your Business
Whether you are constructing a new building that needs a new electrical system or need to repair or update an existing one, it is always a good decision to let the professionals do the job for you. Here are the reasons why you should hire commercial electrical installation services.
Of course, the main reason why you would decide to hire professional electricians is the safety of your establishment and everyone in it. If you work with electricity using the wrong approach, you will be creating long-term hazards that would entirely ruin your business sooner or later.
Licensed commercial electricians are trained in installing and maintaining business electrical systems. In fact, they undergo continuous training to keep themselves updated with current technologies used in the industry.
So, when choosing commercial electricians Brisbane businesses trust, you will be getting a team of individuals who…
- Know the proper system your establishment should have.
- Understand the current safety issues and know how to deal with them using ways that are compliant with government guidelines.
- Know how to diagnose and correct a problem swiftly, and prevent them from reoccurring.
Furthermore, qualified electricians also have access to the right tools and equipment of the trade, reducing the time taken to complete your project as well as decreasing the possibility of damage.
While it can be tempting to go the DIY route to save money, it could actually cost you more if you do it incorrectly. You will just end up calling the professionals after a failed installation or repair work. What’s worse, you could have caused damage that will make the project costlier.
You will be able to save a significant amount of money by getting the job right the first time with a certified electrician.
Work that is done by professional electricians is usually guaranteed, which means that if a problem arises on the system they installed, updated, or repaired, they will come back to fix the issue. When you hire electrical companies Brisbane businesses trust, you will have the peace of mind to enjoy a form of warranty for the electrical services you receive.
Fewer Downtimes for Your Business
As a business owner, you definitely know how power interruptions can hurt your bottom line. Fortunately, you can prevent or, at least, reduce operational downtimes by having a reliable electrical system in place.
And, in the event that you need your system repaired or updated, a team of highly skilled electricians can perform the job quickly and efficiently.
Not only do licensed electricians know how to install, update, and repair electrical systems properly, but they also advise you on which fixtures and appliances to use to achieve energy efficiency.
For example, they would recommend using energy-efficient lighting systems, such as motion-detected LED bulbs, light timers, dimmers, and thermostats. These components will definitely help cut your business’s monthly energy bills.
Vetting a Commercial Electrical Installation Service
When hiring commercial electricians for your business, you should ensure you are having the right team for the job. Remember that electrical installations are a specialised industry, thus require skilled and knowledgeable individuals. So, how will you pick the best contractor for your business?
First and foremost, you should verify if the company has a licence. This ensures they have undergone proper training and are certified to offer commercial electrical services. So, when assessing electrical contractors Brisbane has today, check their licence information with the Queensland government’s Electrical Licence Register.
Also, you should also ask if the contractor is covered by insurance. This will protect you from financial liability in case any of their team members gets injured on the job or if damage has been incurred while the project commences. This will also give you coverage if the contractor were not able to complete the job.
Apart from checking their licence and insurance, you should also validate the quality of their work by seeking out references. Try to speak with their previous clients to know the kind of experience they had with the company. Of course, you can also visit review sites to gather feedback and visit the contractor’s site itself to read some testimonials they might have.
The importance of hiring commercial electrical installation services for your business cannot be stressed enough. Not only that it ensures your establishment has a reliable electrical system in place, but it also eliminates potential fire hazards and saves you from the risk of doing dangerous tasks.
While you might feel that it will cost more than the DIY route, at first, it is actually not the case. Professional electricians will offer you high-quality work that ensures your system will stay up to date and will not get damaged any time soon. So, it saves you money in the long run.
For more tips and information that you can use in making your business more efficient, check out the other articles on our site!
Why Hire a Local Moving Company?
Did you know that most people consider moving more stressful than divorce? Moving doesn’t have to be a nightmare!
If you’re planning to move within the next few months, hiring a local moving company can make your transition significantly simpler.
Keep reading as we walk you through some of the biggest reasons why hiring local movers is the best move…for you and your community!
You’ll Save Money
Local movers tend to charge less than their national competitors. As such, you’ll get the same great moving help you’d receive with a big-name chain for a fraction of the price.
So what’s the reason for the more affordable price? Local movers tend to charge by the hour. Since larger brands have name recognition, they realize they can charge more and often at a flat rate. If you are moving within your current state, you still need to prepare for the same logistical concerns you would face with a long-distance move. It’s just as important to do your research and make sure you’re using reputable services that give you the best value for all moving services. What size truck(s) will you need? Are you packing your belongings, or do you want the movers to do that? Will you need to rent a storage facility upon arriving in your new location if your home doesn’t have enough space for all of your belongings?
That means more money to spend on furnishing and decorating your new place!
You’re Supporting a Local Business
By shopping close to home, you’ll be able to make a discernable impact on your local economy. Every penny that goes to a small business makes a difference in your community.
So not only are you making your life easier, but you’ll be doing a good deed, too!
What’s more, finding a local business to support is easy. Just type in your area followed by ‘movers’ and you’ll get dozens of results in seconds. Most businesses, like this Local Moving Company in Louisiana, use region-specific keywords on their website so they’re easier for locals like you to find.
They’ll Make the Move Easier
The last thing you need on moving day is the stress of trying to give your movers directions. You already have enough on your mind!
Since local movers know the area, you can rest assured that they’ll have no trouble getting to your destination quickly and safely. This consideration alone can save hours of time and countless headaches.
Movers Know How to Protect Your Belongings
Let’s face it, most people just grab a box and toss their stuff in it, tape it up, and call it a day. If they’re feeling really feisty, they may even label the box.
While that may shave time off of your packing, it’s going to make unpacking so much worse for two reasons.
First, tossing everything haphazardly into boxes is a surefire way to make sure your belongings end up destroyed. Even if you’re somewhat thoughtful with your packing, a sharp turn or a pothole in the road could send things tumbling.
Second, all you have to do is label your boxes, then let your movers pack up and load/unload your items. This makes the unpacking process an absolute cinch and takes the guesswork out of unboxing.
Hire a Local Moving Company for an Easy, Stress-Free Move
Whether you’re worried about your budget or you’re just looking to keep your cherished items safe, enlisting the help of a local moving company is a great choice. It’s a win-win scenario that can make your move an absolute breeze.
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