Personal loans are unsecured loans provided by financial institutions to meet the financial needs of individuals. The interest rate for personal loans is usually higher than those of other types of loans as they are unsecured. The interest rate for personal loans is calculated based on several factors, such as the borrower’s credit score, employment history, and loan amount.
Calculation of personal loan interest rate
The formula for personal loan interest rate calculation is:
Interest Payable = Principal x Rate of Interest x Tenure
Principal refers to the loan amount borrowed
Rate of Interest refers to the interest rate charged by the lender
Tenure refers to the duration for which the loan is borrowed
The interest rate can be calculated in two ways:
Flat interest rate: In this method, the interest rate is calculated on the entire loan amount and remains constant throughout the loan tenure.
Reducing balance interest …
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Whether you have a small enterprise or a big firm, opening a current account is a must to conduct seamless business transactions. Small business owners often think they can manage without a current account and use their savings account for all their business-linked transactions. However, later they tend to realise that having a current account is a must to streamline their withdrawals, deposits, and various other business transactions.
If you are one of those looking to open a current account, ensure to keep these important checkpoints in mind –
- Check the minimum balance requirement
Generally, you must maintain a minimum average balance in your current account. So, before you zero in on any account type, ensure to check the current account’s minimum balance requirement. Usually, a current account has a higher minimum balance requirement than a savings bank account owing to the provision of higher benefits. A few important benefits are …
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For any company, current account opening is essential as through this account, conducting daily transactions becomes easier. A current account comes with zero cap on daily transaction limit and provides various benefits like free NEFT, IMPS, RTGS transactions, overdraft facility, free cheque book, waivers on cheque deposit fees, waivers on cash withdrawal fees, etc. So, if you have a business and looking to open an offline or online current account, understanding the current account requirements is crucial. Here are some special facilities of current account you must be well-versed with.
Important features of a current account
- Unlimited transactions
Businesses require dealing with various number of transactions and transfer of money on a regular basis. A current account makes it simpler as it has no caps on the transaction as well as withdrawal limits making it simpler for you to conduct your company’s daily operations smoothly.
You even get the flexibility …
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