Since the global economic crisis in 2020, individuals are finding it challenging to repay their outstanding EMI amounts. This is mainly because approximately 21 million people lost their jobs between April and August 2020. According to reports, 40.1% of auto-debit transactions failed in October, worsening from a bounce rate of 31.5% in February.
Individuals planning to avail of a personal loan can take the help of personal loan calculators to compute their EMIs and plan a budget accordingly. Mentioned below are the top 4 benefits of using a personal loan calculator.
Top 4 benefits of using a personal loan calculator
A Personal loan EMI calculator is handy, accessible, and produces error-free results within no time. It also displays the principal and interest components of each installment that a borrower pays. To use it, individuals need to visit the official website of the lending institution, find their EMI calculator, and enter basic details like the loan amount, preferred tenor, and applicable interest rate. Let’s take a look at the benefits that an individual enjoys by using a personal loan EMI calculator-
1. Easy to use
A personal loan EMI calculator has a friendly interface and is easy to use. Individuals using it can easily understand what to do to derive the results. One does not have to be tech-savvy to use this application.
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2. Error-free results
Manual calculations are time-consuming and increase the room for errors. The result derived by using a personal loan calculator is entirely reliable and accurate as long as the borrower enters the values correctly. Borrowers must remember that even a slight error in computation can lead to miscalculations. That can ultimately mislead the borrower and even cost him/her money. However, with these calculators, one can completely get error-free results.
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This is the greatest advantage an individual can enjoy using a personal loan calculator. Although individuals can calculate their monthly instalments using the relevant formula, it can take a lot of time. Nevertheless, personal loan calculators can reduce time and effort, and individuals can derive correct results within a few seconds.
4. Aids in taking better financial decisions
While availing of a loan, individuals primarily check the tenor of the loan, loan amount and interest rate as the most important factors. Additionally, these three factors determine the EMI amount which the borrower has to pay.
A change in any of these factors will result in a different EMI amount for borrowers. One can use a personal loan calculator to enter various values in these factors to determine which alternative works best for them.
Suppose an individual figures outs that they can afford Rs. 5000 as the EMI amount at a given time. But, now they have to assume the loan amount and interest rate. Using these values in the personal calculator, one can understand the best tenor so that they can afford the loan amount.
Now that individuals know the benefits of using a personal loan EMI calculator, they must also know how to apply for a personal loan.
Steps to apply for a personal loan
According to their convenience, borrowers can either avail of a personal loan online or offline. To apply for the loan offline, individuals need to visit the office of the financial institutions and talk to their representatives for the best offers and discounts. In addition, borrowers must remember to check with different lenders to get a personal loan at the most affordable rate.
Step 1: Check the eligibility criteria and documents needed for a personal loan and understand if they meet them
Step 2: Checking the interest rates and other charges like processing fees, etc.
Step 3: Use an EMI calculator to compute EMIs.
Step 4: After completing the above steps, individuals must fill out the online application form.
Step 5: In the last step, borrowers must wait for their loan approval.
Besides knowing the steps to apply for a personal loan, borrowers must also know the features and benefits of a personal loan.
In order to make the personal loan process easy, several lending institutions offer pre-approved offers to their customers. Individuals can get the lowest interest rate on personal loans by availing of these offers. To check the pre-approved offers, customers need to enter their names and contact numbers on the lending institution’s website.
Borrowers must keep in mind to calculate their EMIs using personal loan calculators to manage their finances easily. Keeping a fair knowledge of the monthly EMIs and other expenses will help borrowers manage their expenses smoothly.
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How to Calculate Two Wheeler Loan EMI?
Indians have an unadulterated love for motorcycles. But in recent years, the popularity of bikes in the nation has increased exponentially. The primary reasons are the increasing cost of living and the incessant increase in fuel prices. Hence, even the well-off are choosing to buy a bike over a car.
This sudden shift in the market didn’t go unnoticed by motorcycle manufacturers in India. To make the most out of this opportunity, bike brands in India have increased the prices of their product line-ups. Hence, the situation currently looks like this. Even the entry-level 100 CC commuter bikes entail hefty price tags. Thus, it is natural for people to apply for two wheeler loan schemes.
Why people should not buy motorcycles with cash?
People should avoid buying bikes with cash as financing a motorcycle has many benefits. Some of those benefits are mentioned in the sections below –
- When a person applies for a bike loan, lenders tend to complete processing the application within a day. How? Well, most lenders in India have shifted to paperless loan procedures. It means that from application to submission of pertinent loan-related documents, everything is online.
- Motorcycle loans these days entail flexible debt repayment options, affordable EMIs, reasonable interest rates as well as customizable tenures. Hence, one can conclude that applying for a bike loan won’t act as a financial burden for the borrower.
- Bike loans can also allow one to buy a bike they want. One would not have to settle for a bike that is within their ‘budget’.
- Bike loans can allow one to buy a bike whenever they want.
- When a person applies for a bike loan, they are offering themselves a financial cushion to fall back on. It means that a bike loan allows one to keep their emergency funds like their FD or their savings intact. In simple words, a bike loan lets a person have a secure financial future and buy a bike they like.
- With the help of a bike loan, a person can build their credit score. At the same time, when the debt is repaid to the lender through EMIs, one is building their credit history. A high credit score and a healthy credit history are necessary as lenders use these details to approve loans. If one needs to borrow a large sum someday, a high credit score and spotless credit history would help.
How are two-wheeler loan EMIs calculated?
Borrowers planning to apply for a bike loan can calculate the EMIs for their loan scheme with an EMI calculator.
A bike loan EMI calculator is a digital tool that one can find on the official website of leading lenders. These tools can also be found on top bike portals. These tools can be used free of charge.
An EMI calculator tool is programmed to run on the mathematical formula –
P x R x [(1 + R)N/((1 + R)N – 1].
The variables used in the formula above stand for –
- Principal amount (P)
- Interest rate (R)
- (N) Tenure of the loan (in months).
How to use an EMI calculator?
- Assign values for each variable mentioned in blank spaces in the EMI calculator tool.
- Verify the variables once entered and then press the ‘calculate’ button.
The tentative EMI for the bike loan one is interested in will be displayed by the EMI calculator tool.
Why it is important to check the EMI of a bike loan?
Bike loans are categorised as financial obligations. Hence, borrowers should learn the tentative EMIs their bike loan would entail. By learning about the tentative EMIs of a bike loan, one can make necessary financial preparations. A prepared borrower is a smart borrower. A prepared borrower will never fail to pay the EMIs for their bike loan on time. Furthermore, with the help of timely payments, borrowers can keep their credit scores high and credit histories spotless.
For more details, please consult with a financial advisor.
Biggest Challenges in Launching a Web3 Gaming Platform
Even though the market is slow right now, there is no doubt that more and more people are playing blockchain-based games with NFT components. Dappradar says that VCs put more than $2.5 billion into blockchain gaming in the first quarter of 2022. Since more people are using Web3 and more money is being put into the industry, now is a good time to find a Web3 Development Company in the United States.
Building Up the Blockchain Industry
Recent data shows that the market for video games is more significant than the combined markets for music, TV, and movies, and it grows by 10% yearly. The gaming industry rents out goods for $100 billion a year. Thanks to web3, this industry will soon have a $1 trillion economy.
The sector does, however, face several problems, such as:
As NFT gaming platforms have grown in the US and other countries, people have become more aware of how vital orders, or requests for trades, are in the NFT market.
The maker orders are kept in an order book until any exchange, including the NFT market, gets a taker order. “Taker order” is the order that comes after the first.
A market’s liquidity can be determined by how quickly a maker order is filled.
Most NFT markets are currently making their order books with liquidity that is kept separate. Because of this, many NFT games face a huge problem, but blockchains like Immutable X are coming up with solutions, such as a global protocol-level order book.
Big Data and Blockchains
Recent data show that blockchain gaming is still prevalent, even though the crypto market is in a bear market. But most transactions happen in games that use protocols like WAX, Hive, BNB Smart Chain, Solana, and Ronin.
Users of the other five are most interested in using WAX and Binance Smart Chain because they are both fast and have reasonable prices. If you want to make NFT games in the US, choose the suitable blockchain.
Make a unique platform for NFT gaming.
An Excellent User Interface
There are both B2B and B2C transactions in blockchain gaming. But most video games only care about making a user interface that works well for B2C. To improve the B2C user experience, the gaming interface must have a wallet and make it easy to buy things in-game. Also, the game must have APIs that web2 companies can use for business-to-business (B2B).
Hackers went after DeFi in the first half of 2022, which cost the company $1.4 billion. Because of this, blockchain players know much more about keeping their games safe. So, using blockchain on systems like zk-rollups with built-in security features will stop bridges from making the game less safe.
We are one of the best companies in the US at making NFT games, so we only use secure blockchains.
Design for Scalable Economies
It involves using blockchain technology and games to make a popular play-to-earn economy.
Gamers play games to get unique features and make NFTs, which they can sell on NFT marketplaces. This means that players can get paid for the time they spend playing games.
Play-to-earn games give people in many countries the chance to start making money from what they do.
However, the initial cost of games like Axie Infinity went up as they became more popular. Gamers who can’t pay the upfront fee can get help from well-known guilds like YGG and Guidi.
The program has become more popular because gamers can borrow virtual characters to play games or make them better. The cryptocurrency-based gaming industry needs more projects like these.
In the last few months, players and investors in the blockchain gaming sector have seen an apparent rise in players and investors. Now is your chance if you’ve been waiting for an opportunity to get into the market. The industry is growing at a rate that has never been seen before.
If you need a web3 game development company in USA or anywhere else in the world, the experts at RisingMax Inc. can help you reach your business goals. We can make your vision come true because we offer services focused on making money. This is true whether you want to launch a move-to-earn game, a play-to-earn game, Web3 Game Development services, or any other NFT game.
How Can Blockchain Transform Procure-To-Pay Cycle
Blockchain is a distributed and decentralised public ledger that stores transactions in a way that makes information forgery, hacking, and theft challenging. By connecting the blocks using cryptographic hash functions, it increases the security of both information and transactions.
Blockchain Procure to Pay Solution
The procurement and financial processes for products and services follow an ordered phase structure known as procure-to-pay (P2P). Blockchain Development Services are the best option to streamline the associated operations because the procure-to-pay technique as it is now practiced has some shortcomings.
The procure to pay blockchain technology can adapt to changing customer needs. It ensures the safety of networks and data. A blockchain procurement solution speeds up the management of purchase orders while supplying the necessary accuracy, security, and clinical effectiveness.
Traditional P2P Process Problems
The procure-to-pay procedure has several steps. The procurement process, in which the purchase order is prepared and confirmed, is typically the first step. The subsequent operations that are carried out in the same order are the ones for receiving items, confirming orders, and paying for and issuing invoices. Nearly all corporate organizations depend on their procurement and supply chain operations.
Hundreds of procedures are currently being carried out concurrently by corporate organizations. Additionally, as the processes evolve, changes also do, and these must be managed individually. The inability to control the changes has an effect on the P2P process as it currently stands. The dynamic criteria and characteristics make the P2P process exceedingly complex and have an impact on the results’ level of quality. Both the routing and processing are done by hand. The P2P cycle now responds more slowly as a result.
Greater likelihood of inaccuracy
Risks are increased by manual data management, data entry, and other activities. With increasing prices per invoice, there are more risks of errors. Cost increases have a negative impact on the business’s profit and loss statement. Continuous money leakage will result from ongoing invoicing inaccuracies.
Solutions for procurement built on the blockchain are ground-breaking technologies. The problems businesses have with the conventional P2P procedure can be solved by the blockchain procure to pay solution.
Introducing Blockchain for Procurement and Supply Chain
The handling and administration of the supply chain are currently being transformed and revolutionized by a technology called blockchain. Blockchain-based supply chain solutions have increased system transparency and visibility.
Through the elimination of middlemen and resources used in the procurement process, blockchain reduces issues that slow down the entire cycle, such as difficult negotiations, managing information at every level, local verifications, etc.
Benefits of a Blockchain-based Procure to Pay solution
Suppliers, clients, and other business entities can gain from blockchain-based supply chain and procurement solutions. These may provide several benefits, such as the following:
Speeding up the purchase order procedure
The supplier network of an organization may include hundreds of suppliers. The process of selecting and shortlisting the provider might be challenging. Additionally, choosing the wrong vendor might lead to poor supply chain management. Blockchain expedites the management of purchase orders and can quickly identify the most appropriate and affordable vendor in accordance with the needs of the organization. The business firms experience a boost in sales and earnings as a direct result of the quickened pace.
Protecting the procedure
Information security threats and attacks have an effect on supply chain networks. Modern blockchain-based supply chain and procurement solutions can protect the entire procure-to-pay process. Authorization and authentication of vendors can be done via the front-end system that customers and suppliers can use. Advanced authorization can be used to prevent any problems with data breaches or other security assaults.
Stop the deception and manipulation
Through the use of Blockchain technology, end-to-end visibility and transparency are made possible, and the risk of fraud and manipulation in the procure-to-pay processes is also removed. Businesses can enhance their relationships with suppliers and customers by enhancing visibility, accuracy, and security. To have a competitive advantage in the market, a corporate organization needs both of these networks to be robust.
Preservation of client confidence
The frequency of security problems and attacks results in a decline in client engagement and trust. Such circumstances frequently favor the rivals. With a blockchain solution for procure to pay, these occurrences and incidents can be simply prevented.
Reduction of related complexity
Blockchain facilitates the synchronization of the complete inventory and data sets, resulting in the removal of related complexity. Blockchain networks provide total traceability, from source to destination and back. Real-time discount calculations for the entire purchase are possible with the blockchain-based procurement systems. To address security issues, digital and physical information are combined on one platform.
Supply chain solutions built on the blockchain help businesses gain this advantage. A blockchain procurement solution increases confidence between supplier networks and outside stakeholders.
Blockchain is a new technology that has favorably impacted the entire world. For better client experiences, we must keep up with cutting-edge technologies like blockchain development, metaverse development and their applications like Metaverse store setup, p2e game development and many more. Blockchain technology can be effectively used in procedures like supply chain management and procurement.
A blockchain solution for procure to pay can address the problems with the conventional procure-to-pay process, including its lower accuracy, poor visibility, security problems, compliance problems, manual errors, etc. All parties involved in the process stand to gain from it. Customers and business organizations benefit from working with reliable and affordable suppliers. End-to-end visibility and transparency are also provided to suppliers and procurers.
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