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How to Calculate Two Wheeler Loan EMI?

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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.

Admin John is a full-time Blogger and writer on trendtuch, he writes about many topics like News, Tech, Lifestyle, Digital marketing, etc to share his valuable knowledge with their readers.

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Cryptocurrency

Biggest Challenges in Launching a Web3 Gaming Platform

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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:

Liquidity Problems

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).

Safety

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.

Conclusion

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.

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Cryptocurrency

How Can Blockchain Transform Procure-To-Pay Cycle

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How Can Blockchain Technology 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.

Rapid response

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.

Final Reflections

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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Finance

Why Do People Have An Unwavering Faith In Fixed Deposits?

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Fixed deposits have been one of the oldest forms of investments. People have seen previous generations sparing money from their income and simply entrusting it with banks in the form of Fixed deposits. 

Other investments have been explored much later. Thus, the trust in saving your hard-earned money with FDs is still 100%. If you ask anyone for financial advice, one of the key suggestions for saving your money in one of the safest and most profitable accounts is the Fixed deposit account.

Let us read why the faith in FDs is still unwavering.

11 Reasons Why Fixed Deposits Are Trusted Investments

  1. Your Money Is Safe in The Fixed Deposit System

It is difficult for people to trust other sources of investments where the risks are quite high. 

Your bank investment is protected by the Deposit Insurance and Credit Guarantee Corporation (DIGCC) scheme. So even if the bank has unlikely problems with an FD, your money is safe, and returns are guaranteed.

  1. Risk Aversion

FDs are among the safest investment options with minimum volatility compared to other market-based instruments. 

Fixed deposit investments keep your wealth safe, guarantee a stable return, and are not influenced by internal or external forces.

  1. Tax Benefits

Fixed deposit interest or the return earned is tax-free up to Rs. 10,000 in a fiscal year. In addition, a fixed tax-saving savings account – with a blocking period of 5 years – is exempt under Section 80C of the Indian Income Tax Act, 1961, which provides an exemption of up to Rs. 1.5 lakh per year.

  1. Financial Goals

An FD is one of the most trusted sources of investment, especially to support long-term goals like retirement, the wedding of children, a child’s education, or medical expenses in the later stages of life. 

Senior citizens traditionally prefer term deposits because, at this age, they favour Security and guaranteed returns. 

PNB Housing offers one of the highest rates of interest on FDs, starting from 6.76% for 24-35 months which can reach up to 8.45% for 60-71 months, after which it is compounded each year.

  1. Gives Security

In addition to risk aversion, funds security is also assessed using the ratings offered by organisations such as CRISIL.

Additionally, the FAAA rating is higher for investment schemes, indicating excellent FD interest rates, an ideal way to balance your money without limiting your earnings, and providing fund safety.

  1. Flexibility

Early withdrawal is allowed in the case of FDs, and you don’t necessarily have to wait for the tenure to get over. In case of financial difficulties, you have easy access to FDs.

  1. Build a Relationship with Your Lending Institution

Financial institutions prefer doing business with people with a credit history. With this, the borrower gets further benefits like the best deals on loans, provision of other financial products and services, etc.

  1. Compound Growth

Compounding can be huge, ranging from a small asset over a few months to many years of compound interest reinvested with the principal. 

Fixed deposits offer compounded, and high-interest rates and are much better than a savings account.

  1. Fixed Deposits Are Easy to Understand

The process is simple, popular, and easily understood. You don’t need any financial or banking skills to process an FD.

  1. Loan Against FD

You can avail of loans up to 75% of your FD amount. There is minimal documentation, and the rate of interest is 2% per annum above the deposit interest rate and any additional charges applicable on such deposits, as long as the deposit has run for a minimum period of 3 months.

  1. Simple Documentation

Anyone can easily open a fixed deposit account using Aadhar and PAN cards. The best part is that you don’t have to visit the physical branch and wait in line. 

Thanks to the internet, you can open an FD account online via video KYC.

Conclusion

Fixed deposits are a sound investment option that guarantees the growth of wealth at a steady pace. The compounded interest and low-risk factors, along with guaranteed returns, are some key factors that people still trust FDs rather than other sources of risky investments.

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