ROI (Return on Investment) is a financial performance metric used to evaluate the profitability of an investment relative to its cost. It is expressed as a percentage and is calculated by dividing the net profit from an investment by its initial cost and multiplying the result by 100.
ROI can be used to compare the profitability of different investments, and it can also help investors make decisions about where to allocate their resources in order to maximize their returns. However, it is important to note that ROI does not take into account the time value of money or other factors such as risk and opportunity cost, and should be used in conjunction with other financial metrics to make informed investment decisions.
Advantages of using ROI:
Easy to understand: ROI is a simple and straightforward financial metric that is easy to calculate and interpret, making it a popular tool for investors and businesses.
Helps in making investment decisions: ROI can be used to compare the profitability of different investments and help investors make informed decisions about where to allocate their resources.
Encourages efficiency: ROI can help businesses focus on projects or investments that generate the highest returns, which can lead to increased efficiency and profitability.
Measures financial performance: ROI provides a clear picture of a company’s financial performance and can help investors and stakeholders evaluate its success over time.
Disadvantages of using ROI:
Limited in scope: ROI only considers the financial returns of an investment and does not take into account other factors such as risk, time value of money, and opportunity cost.
Ignores non-financial benefits: ROI does not consider non-financial benefits such as improved customer satisfaction or brand reputation, which can be important in certain investments.
Can be manipulated: ROI can be easily manipulated by adjusting the inputs to the calculation, such as the cost of investment or the net profit.
Does not reflect long-term impact: ROI may not reflect the long-term impact of an investment, especially if the returns are not realized immediately.
Overall, ROI is a useful tool for evaluating the financial performance of an investment or project, but it should be used in conjunction with other financial and non-financial metrics to make informed decisions.
Formula for ROI
Numerical Example.
ROI = (Net Profit / Cost of Investment) x 100
For example, if you invested $10,000 in a business and earned a net profit of $12,000, your ROI would be:
ROI = ($12,000 / $10,000) x 100 = 120%
This means that for every dollar you invested, you earned $1.20 in profit. A higher ROI indicates a more profitable investment, while a lower ROI indicates a less profitable investment.
Namsan Tower, also known as N Seoul Tower, is an iconic landmark located in the heart of Seoul, South Korea. The tower is situated on top of Namsan Mountain, offering panoramic views of the city from its observation deck. It is a popular tourist destination, attracting millions of visitors each year.
The tower was first opened to the public in 1980 and has since become one of the most recognizable symbols of Seoul. It was built as part of a government project to promote tourism and develop the city’s infrastructure. The tower stands at a height of 236 meters (774 feet), making it the tallest point in Seoul.
Visitors can reach the tower by hiking up Namsan Mountain or taking the Namsan Cable Car, which offers breathtaking views of the city. The tower features several observation decks, including an indoor observation deck located on the tower’s third floor, and an outdoor observation deck located on the tower’s fourth floor. The outdoor deck offers panoramic views of the city, including popular landmarks such as the Han River and the Gyeongbokgung Palace.
In addition to its observation decks, Namsan Tower is also home to several restaurants and cafes, as well as a gift shop and a digital art gallery. The tower’s restaurants offer a range of cuisine, including Korean, Japanese, and Western dishes, and are popular destinations for romantic dinners and special occasions.
One of the most unique features of Namsan Tower is its “Locks of Love” exhibit. Visitors can purchase padlocks from the gift shop and attach them to the fence surrounding the tower’s outdoor observation deck. The tradition of attaching padlocks to the fence dates back to the early 2000s, and is a symbol of love and commitment between couples. It is now a popular tourist attraction, with thousands of padlocks attached to the fence.
Namsan Tower is also a popular destination for events and celebrations. The tower is lit up in different colors during major holidays and events and hosts a range of cultural performances and festivals throughout the year. In addition, the tower is a popular spot for fireworks displays, particularly during New Year’s Eve celebrations.
Overall, Namsan Tower is a must-visit destination for anyone traveling to Seoul. It offers stunning views of the city, unique cultural experiences, and a romantic atmosphere that makes it a popular destination for couples. Whether you’re looking for a romantic dinner with your significant other, or simply want to take in the breathtaking views of Seoul, Namsan Tower is the perfect place to do so.
Pu La Deshpande (Purushottam Lakshman Deshpande) was a renowned Marathi writer, humorist, and actor from Maharashtra, India. He was born on 8 November 1919 in Mumbai and passed away on 12 June 2000. He was known for his contributions to Marathi literature, especially his humorous writings and plays.
He started his career as a teacher, but he soon realized that writing was his true calling. He began his writing career as a journalist and later started writing short stories, plays, and novels. His writing style was unique, and his works were infused with humor and satire. He was also known for his mastery of the Marathi language, and his ability to convey complex ideas in a simple and witty manner.
His most famous works include his humorous essays and articles, which were published in various Marathi newspapers and magazines. These essays covered a wide range of topics, from politics to everyday life, and were immensely popular among Marathi readers. Some of his most popular collections of essays include “Batatyachi Chal” (Potato’s Movement), “Vyakti Ani Valli” (People and Relationships), and “Asa Mi Asami” (I am That Name).
Apart from his essays, Deshpande was also a prolific playwright. He wrote several plays, including “Teen Paishacha Tamasha” (The Spectacle of Three Coins), “Pudhcha Paaul” (Next Please), and “To Mee Navhech” (I am not Him). These plays were hugely successful, and are still performed in Marathi theaters today. Deshpande was not only a writer but also an accomplished actor. He acted in several Marathi plays and was also a popular television and film actor. He starred in several Marathi films, including “Gupchup Gupchup” and “Var Dhagala Lagli Kala”. He was also a popular television personality and hosted several TV shows, including “Pu La Deshpandeanchi Mati” (The Soil of Pu La Deshpande).
In addition to his literary and acting career, Deshpande was also a social activist. He was actively involved in various social causes and used his writing and public speaking skills to raise awareness about issues such as education and rural development.
Deshpande received several awards and honors for his contributions to Marathi literature and culture. He was awarded the Padma Bhushan in 1990, and the Sahitya Akademi Award in 1987, for his book “Vyakti Ani Valli”. He was also awarded the Maharashtra Bhushan Award and the Sangeet Natak Akademi Award for his contributions to Marathi literature and theater.
Pu La Deshpande was a beloved figure in Maharashtra, and his contributions to Marathi literature and culture continue to be celebrated today. His unique writing style and sense of humor have influenced generations of Marathi writers and readers, and his legacy remains an important part of Marathi culture.
Jyotirlinga is a term used in Hinduism to refer to twelve holy shrines that are dedicated to the worship of Lord Shiva. The term “jyotirlinga” translates to “lingam of light,” which refers to the radiant energy that is believed to emanate from these shrines. There is a distance of 2383 km between Kedarnath and Rameswaram. But all these temples fall in almost the same parallel line. After all, thousands of years ago, the technology with which these temples had been built in a parallel line is a mystery to this day.In this article, you can read about the 12 Jyotirlingas below:
Somnath Jyotirlinga: Located in the state of Gujarat, Somnath Jyotirlinga is considered to be the first among the twelve jyotirlingas. The temple has been destroyed and rebuilt several times throughout history.
Mallikarjuna Jyotirlinga: Located in the state of Andhra Pradesh, Mallikarjuna Jyotirlinga is situated on Shri Shaila Mountain. The temple is considered to be one of the holiest shrines in South India.
Mahakaleshwar Jyotirlinga: Located in the city of Ujjain in Madhya Pradesh, Mahakaleshwar Jyotirlinga is one of the most famous jyotirlingas in India. The temple is known for its unique architecture and rich history.
Omkareshwar Jyotirlinga: Located in the state of Madhya Pradesh, Omkareshwar Jyotirlinga is situated on an island in the Narmada River. The temple is famous for its unique location and beautiful natural surroundings.
Kedarnath Jyotirlinga: Located in the state of Uttarakhand, Kedarnath Jyotirlinga is situated in the Himalayas. The temple is considered to be one of the holiest shrines in the country and is visited by millions of pilgrims each year.
Bhimashankar Jyotirlinga: Located in the state of Maharashtra, Bhimashankar Jyotirlinga is situated in the Sahyadri Mountains. The temple is known for its beautiful architecture and stunning natural surroundings.
Vishwanath Jyotirlinga: Located in the city of Varanasi in Uttar Pradesh, Vishwanath Jyotirlinga is one of the most famous temples in India. The temple is known for its beautiful architecture and rich history.
Triambakeshwar Jyotirlinga: Located in the state of Maharashtra, Triambakeshwar Jyotirlinga is situated in the Western Ghats. The temple is known for its beautiful architecture and stunning natural surroundings.
Baidyanath Jyotirlinga: Located in the state of Jharkhand, Baidyanath Jyotirlinga is situated in the town of Deoghar. The temple is known for its unique architecture and rich history.
Nageshwar Jyotirlinga: Located in the state of Gujarat, Nageshwar Jyotirlinga is situated on the coast of the Arabian Sea. The temple is known for its beautiful location and rich history.
Rameshwaram Jyotirlinga: Located in the state of Tamil Nadu, Rameshwaram Jyotirlinga is situated on an island in the Gulf of Mannar. The temple is known for its beautiful architecture and stunning natural surroundings.
Grishneshwar Jyotirlinga: Located in the state of Maharashtra, Grishneshwar Jyotirlinga is situated near the famous Ellora Caves. The temple is known for its beautiful architecture and rich history.
Each temple is unique in its own way and has its own rich history associated with it. For example, the Somnath Jyotirlinga is believed to have been built by the moon god, Chandra, to seek forgiveness for the curse he received from his father-in-law, Daksha. The Kedarnath Jyotirlinga is believed to be the place where Lord Shiva appeared in the form of a bull to bless the Pandavas after the Kurukshetra war. Pilgrims from all over India and the world visit these shrines to seek the blessings of Lord Shiva and attain spiritual enlightenment.
The significance of the twelve jyotirlingas is not only limited to their religious importance but also to their historical and cultural value. These temples are considered to be a representation of the rich cultural heritage of India, and are an important part of its history. Visiting these shrines is also believed to be a spiritual journey that can bring about a sense of peace and enlightenment.
The capybara is a large, semi-aquatic rodent native to South America. It is the largest living rodent in the world, with adults typically weighing between 35 and 66 kg (77 and 146 lb). They are herbivorous animals and feed mainly on grasses, aquatic plants, and fruits.
Capybaras are social animals and typically live in groups of 10-20 individuals, though larger groups of up to 100 individuals have been observed. They are excellent swimmers and spend much of their time in and around water. They are also capable of holding their breath for up to five minutes underwater, making them well-adapted to their semi-aquatic lifestyle. They have a distinctive appearance, with a round, barrel-shaped body, short legs, and a short, blunt snout. They have webbed feet that help them navigate through the water and reduce friction when swimming. Their fur is short, dense, and varies in color from reddish-brown to grayish-brown.
In the wild, capybaras are found throughout much of South America, living in a variety of habitats, including forests, savannas, and wetlands. They are preyed upon by a variety of predators, including jaguars, pumas, anacondas, and caimans.
Capybaras are important prey for many species in their ecosystem, and they also play an important role in maintaining the health of their habitats. They are considered keystone species, meaning that their presence or absence can have a significant impact on the biodiversity of their environment. They are also important to humans in several ways. In some areas, they are hunted for their meat, which is considered a delicacy in some parts of South America. They are also sometimes kept as pets, although they require specialized care and can be difficult to keep in captivity.
Capybaras are also important in the field of science, as they are often used as a model organisms in studies of animal behavior, ecology, and physiology. They have been used in studies of thermoregulation, social behavior, and the evolution of mammals, among other topics.
Despite their importance, capybaras face several threats in the wild, including habitat loss and hunting for their meat and fur. In some areas, they are also considered agricultural pests, as they can damage crops and compete with livestock for food.
Efforts are underway to conserve capybara populations and their habitats. In some areas, they are protected by law, and conservation organizations are working to educate people about the importance of these animals and the need to protect them.
Kamakhya Temple is a Hindu temple dedicated to the goddess Kamakhya, located in the city of Guwahati in the northeastern state of Assam, India. It is a significant Hindu pilgrimage site and a cultural icon of Assam. It is not only a place of worship but also a symbol of the rich cultural heritage of the region.
According to Hindu mythology, the temple is the site where the goddess Sati’s womb and genitals fell after her body was dismembered by the god Shiva. The temple is thus considered to be one of the Shakti Peethas or holy sites where the body parts of the goddess Sati fell to earth.
The temple is one of the most important pilgrimage sites for Hindus, especially those who worship the divine feminine. The temple complex consists of several smaller shrines and buildings, but the main temple is a large structure made of stone and brick. The temple has a unique design, with a dome-shaped roof and walls made of red sandstone. The main shrine inside the temple houses a rock formation that is said to represent the goddess Kamakhya. The rock is covered with a red cloth and is surrounded by images of other Hindu deities. The temple also has several smaller shrines dedicated to other deities.
The temple is famous for its annual Ambubachi Mela, a festival held in the month of June or July to celebrate the goddess Kamakhya’s menstruation. During the festival, the temple is closed for three days as it is believed that the goddess is menstruating during this time. Devotees from all over the country come to the temple to offer their prayers and seek the blessings of the goddess.
Apart from its religious significance, Kamakhya Temple is also known for its stunning architecture and beautiful surroundings. The temple is located on a hill and offers a panoramic view of the city of Guwahati and the Brahmaputra River. The temple complex is surrounded by lush green forests and is home to several species of birds and animals.
In recent years, the temple has also become a popular tourist destination, attracting visitors from all over the world. The Assam government has taken several measures to improve the infrastructure around the temple, including building new roads, parking areas, and hotels.
Ministry of Education is celebrating Shikshak Parv, 2022 from 5th to 30th September 2022 in the country. All the States and UTs are participating in this event conducting various activities engaging students and teachers to mark the occasion and show respect to our teachers following the Guru-shishya Parampara of our country. DIETs, Block Resource Centres and Cluster Resource Centres are being involved and engaged for discussion and interaction on innovative pedagogies with teachers.
As a follow-up of the National Education Policy 2020, four National Curriculum Frameworks (NCF) are being developed using bottom-up approach, wherein States and UTs are also involved in providing the inputs for the NCFs. The four areas of NCFs are- School Education, Early Childhood Care and Education, Teacher Education and Adult Education.
A Tech Platform has been built to facilitate the entire process of development of curriculum frameworks in a paperless manner using a bottom-up approach including consultations and preparation of reports at all levels. The platform also utilizes Machine Learning (ML) for consolidation and summarization of consultations / opinions. Digital Survey for National Curriculum (DiSaNC): Based on the recommendation of NEP-2020, the process for formulation of National Curriculum Framework (NCF) is being undertaken and is available on https://disanc.ncert.gov.in/.
While consultations with various stakeholders such as universities, civil society groups, experts, teacher educators, teachers, parents, students, etc., for seeking inputs for NCFs are ongoing, an interaction with Awardee Teachers, who have accomplished milestones with their contributions in School Education was organised on the occasion of Shikshak Parv, 2022.
NCERT led this interaction on some of the major recommendations of the National Education Policy, such as implementation of new curricular and pedagogical structure 5+3+3+4, multilingual education, holistic assessment, innovative pedagogies, etc. Discussions were held on the themes encompassing core competencies at four stages of school education, cultural rootedness in curriculum, multilingual education, flexibility in choice of subjects at secondary stage, innovative pedagogy and holistic assessments.
Awardee Teachers provided inputs for shaping up of NCF based on their grass root level experiences. Awardee Teachers participated in the discussion in the presence of officials and faculty members from Ministry of Education and NCERT.
Personal loans are an unsecured form of credit that is popular to meet immediate requirements. It is multi-purpose in nature and therefore can be used for various purposes including wedding, home renovation, travel purposes and more. Moreover, there is no restriction for the amount borrowed and can be used for any purpose they want. In fact, a personal loan can help you build your credit faster when compared with other forms of credit. This is because of the risk it carries due to being unsecured.
All in all, a personal loan can offset any temporary financial crisis.
Benefits and Features of Personal Loan
No collateral required
One of the benefits associated with an online personal loan is that it is unsecured in nature. This means you don’t need to pledge any collateral for your loan. Although this can be a reason for your interest rate, you can get a low-interest personal loan easily if you meet the eligibility requirements.
Minimal Documentation
In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval.
Easy Approval
You can get personal loans that are quick and easy in approval. This is why it is the best bet in times of financial emergency. Moreover, the process has become digital; thus reducing time in the verification process.
Multipurpose in nature
A personal loan can be used for anything except for investment and illegal activities. Apart from that, it is multipurpose in nature and can be used for anything. Other forms of credit when taken are for a specific purpose and can be used only for the same. For example, a home loan is used for purchasing a house whereas a car loan is taken to buy a car. However, a personal loan can be taken to offset any immediate requirements.
Personal Loan Eligibility
Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements. However, there are certain criteria that are common for all financial institutions. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are:
Age
18/21 years – 60/65 years
Employment Type
1. Salaried 2. Self-Employed professionals
Credit score
750 or above with a good credit history
Minimum Net Income (Monthly)
₹15,000(non-metro cities)
₹20,000( metro cities)
Loan Amount
Up to ₹50 lacs depending on the credit profile
Work Experience
Salaried
Employed at current company for at least 6/12 months
Self-Employed
Business tenure of at least 3 years (continuous)
ITR of last 3 years
Documents Required for Personal Loan
The common documents required for an online personal loan approval are given below:
For Salaried Individuals
1. Identity & Age Proof
2. Completely filled personal loan application with photograph
Here is a comparison table of the popular personal loans online along with their processing fees, preclosure charges and interest rate:
BANK/NBFC
Interest Rate(pa)
Loan Amount
Processing Fees
Part Payment
Pre-closure Charges
Locking Period
Tenure
IDFC First Bank
12.00 % to 21%
1 Lakhs to 40 Lakhs
Up to 2.0% of the loan amount
Up to 40% of loan amount every year
5% on your principal outstanding + GST
1 Month
12 to 60 months
HDFC Bank
11.25%- 17.75%
50k to 40Lakhs
Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-
Up to 25% of Principal Outstanding allowed
13-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding
>48 months – 0%
12 Months
12 to 60 months
ICICI Bank
11.50% – 17.25%
50k to 25 Lakhs
Up to 2.25% per annum of loan amount plus GST
Not available
5% per annum of principal outstanding plus GST
6 months
12 to 60 Months
Bajaj Finserv
12.49% -15.30%
1 Lakh to 20 Lakhs
Up to 2.0% of the loan amount
Normal Loan – Should be more than 1 EMI (2% + applicable taxes on part-payment amount paid) Flexi Loan – Unlimited part payment Allowed (Min. Rs. 100 ) without any charges
4% plus applicable taxes on Loan amount
1 month
12 to 60 Months
Kotak Bank
10.75% -17.99%
1Lakh to 30Lakhs
Up to 2.5% of the loan amount + GST and other applicable statutory levies
–
5% of the outstanding amount + GST on principal outstanding
12 months
12 to 60 Months
TATA Capital
11.25%-18.75%
75K- 25 Lakhs
From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax
Part-payment up to 25% of the principal outstanding (No part-payment charges) More than 25% of the principal outstanding (2.50% part-payment charges on the part-payment exceeding 25% of principal outstanding)
*Maximum of 50% of the principal outstanding permissible
>6 months – 3.5% of principal outstanding
For Loan amount >=7Lacs – NIL Preclosure
BT – 5% of the principal outstanding
6 Months
12 to 72 Months
IndusInd Bank
11.50% -19.0%
1Lakh to 25Lakhs
Up to 3.00% of the loan amount plus tax
–
Salaried: 4% of the principal outstanding after repayment of 12 EMIs.
1 Year
12 to 60 Months
Fullerton
11.99% – 25%
65k to 25Lakhs
Upto 4.5% of the loan amount plus GST
Within 7 months to 17 months – 7%
Within 18 months to 23 months – 5%
Within 24 months to 35 months – 3%
After 36 months – NIL
6 Months
12 to 60 Months
RBL Bank
11.99%- 18.0%
1Lakh to 20Lakhs
1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal)
NIL
NIL
12 months
12 to 60 Months
Yes Bank
10.99% – 15.99% (BT Special rates – 10.75%)
1Lakh to 25Lakhs
Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes
• 20% Principal Outstanding for 12 – 24 months
• 20% Principle Outstanding for 25 – 36 Months
• 25% Principal Outstanding for 37 – 48 Months
• 25% Principal Outstanding for 49 – 60 Months
1% plus applicable taxes on part payment amount paid
13 – 24 months – 4% of principal outstanding
25 – 36 months – 3% of principal outstanding
37 – 48 months – 2% of principal outstanding
>48 Months – Nil
12 months
12 to 60 Months
*The figures provided in the table are indicative subject to change from time.
Representative Example:
With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments. Monthly repayments of ₹ 21618.
Types of Personal Loan:
Here are the different types of online personal loan:
Personal Loan for Home Improvement There’s something that can be always done to your home and this is where an instant personal loan can help you fulfill them. From remodelling your kitchen to making your house a perfect mix of comfort and durability, a personal loan for home renovation can be the solution.
Personal Loan for wedding In India, a normal wedding cost ₹25 lakhs on an average! Exhausting all your savings for all the wedding expenses is not an ideal option. This is where you apply online personal loan and cover the expenses. Now, planning a wedding is now easy.
Personal Loan for Travel Apart from home renovation or wedding, you can get personal loan to cover your travel expenses. Since it is convenient and an economic option, it can be an open option. Moreover, it can alternate your uses with your credit card and help you save on interest costs.
Fresh Funding Meeting working capital requirements can be a daunting process and without raising fresh funds, the everyday operations can get affected. A personal loan can be the best alternative option to meet your short-term working capital requirements such as cover accounts payable, wages, etc
Top Up Personal Loan Top up personal loan is a facility provided by financial institutions to customers that allows you to borrow a certain amount of money over your personal loan. The interest rate for a top up loan is slightly higher than the regular personal loan.
Personal Loan Balance Transfer Did you know you can save thousands on your interest costs on a personal loan? Well, that is what a balance transfer can help you with. You can pay off your existing loan with a new loan at a lower-interest rate. Please note there is a charge associated with a personal loan balance transfer. .
Applying for a personal loan involves three simple steps:
Step-1: Fill the eligibility form
In the first step, the customer needs to fill in the eligibility form which includes filling the following details:
Full Name(As per PAN Card)
Email Address
Current Residence Pincode
Employment Type
Current Company Name
Monthly in-hand salary
Mobile Number
Step-2: Select from the multiple offer(s)
You will be given a list of lenders based on the information provided by you in Step-1. The offer could be one or more than one based on your profile. Out of the list, select the lender you wish to go ahead with. Please remember to consider the following points when choosing the lender:
Interest rate offered
Loan amount
Loan Tenure
EMI
Step-3: Apply for the loan
This step is an extended version of Step-1 where you have to give more details on your application. This is where you give a detailed information about your personal details and bank details.
Once you submit your application, our representative will contact you to cross verify the details before sending the application to the respective lender.
Best Personal Loans in India
S. No.
Bank Name
Interest rate (p.a)
Loan Amount
1
Yes Bank
10.99% – 15.99% (BT Special rates – 10.75%)
₹1 lakh – ₹25 lakhs
2
ICICI Bank
11.50% – 17.25%
₹50k – ₹25 lakhs
3
HDFC Bank
11.25% – 17.75%
₹50k – ₹40 lakhs
4
Kotak Bank
10.75% – 17.99%
₹1 lakh – ₹30 lakhs
5
Tata Capital
11.25%- 18.75%
₹75k – ₹25 lakhs
6
IndusInd Bank
11.50% to 19.00%
₹1 lakh – ₹25 lakhs
7
IDFC First Bank
12.00 % to 21%
₹1 lakh – ₹40 lakhs
8
Bajaj Finserv
12.49%-15.30%
₹1 lakh – ₹20 lakhs
9
RBL Bank
11.99% – 18.0%
₹1 Lakh – ₹20 Lakhs
10
Fullerton
11.99% – 25%
₹65K – ₹25 Lakhs
*The figures provided in the table are indicative subject to change from time.
Yes Bank Personal Loan
YES Bank personal loans are personalised, faster and easier.
Particulars
Salaried Individual
Interest Rate
10.99% – 15.99% (BT Special rates – 10.75%)
Loan Tenure
12-60 months
Age
22 to 60 years (at the time of loan maturity)
Processing Fee
Up to 2.50% of the loan amount subject to a minimum of ₹999/- plus taxes
Lock-in period
12 months
Prepayment/ Preclosure charges
13 – 24 months – 4% of principal outstanding
25 – 36 months – 3% of principal outstanding
37 – 48 months – 2% of principal outstanding
>48 Months – Nil
*The figures provided in the table are indicative subject to change from time.
ICICI Personal Loan
ICICI personal loans are flexible, quick and convenient and have competitive interest rates.
Particulars
Salaried Individual
Interest Rate
11.50% to 17.25%
Loan Tenure
12-60 months
Age
23 years to 58 years
Processing Fee
Up to 2.25% per annum of loan amount plus GST
Lock-in period
6 months
Prepayment/ Preclosure charges
5% per annum of the principal outstanding plus GST
*The figures provided in the table are indicative subject to change from time.
HDFC Personal Loan
HDFC bank personal loan is one of the popular products of this bank. The personal loans are easy-to-get, hassle-free and superfast.
Particulars
Salaried Individual
Interest Rate
11.25% – 17.75%
Loan Tenure
12-60 months
Age
21 years – 60 years
Processing Fee
Up to 2.50% of the loan amount subject to a minimum of ₹1,999/- & Maximum of ₹25000/-
Lock-in period
12 months
Prepayment/ Preclosure charges
13-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding
>48 months – 0%
*The figures provided in the table are indicative subject to change from time.
Kotak Bank Personal Loan
Kotak bank personal loans are quite popular in India. It provides personal loans at minimal documentation and flexible EMI’s.
Particulars
Salaried Individual
Interest Rate
10.75% – 17.99%
Loan Tenure
12-60 months
Age
21 years – 58 years
Processing Fee
Up to 2.5% of the loan amount + GST and other applicable statutory levies
Lock-in period
12 months
Prepayment/ Preclosure charges
5% of the outstanding amount + GST on principal outstanding
*The figures provided in the table are indicative subject to change from time.
Bajaj Finserv Personal Loan
The Bajaj personal loans are non-collateral loans with minimal documentation. Moreover, the loans are available at flexible EMI’s ranging from a year to 5 years.
Particulars
Salaried Individual
Interest Rate
12.0% to 21%
Loan Tenure
12-60 months
Age
25 years – 58 years
Processing Fee
Up to 2.0% of the loan amount
Lock-in period
1 month
Prepayment/ Preclosure charges
4% plus applicable taxes on principal outstanding
*The figures provided in the table are indicative subject to change from time.
IDFC First Bank Personal Loan
Particulars
Salaried Individual
Interest Rate
12.49% to 15.30%
Loan Tenure
12-60 months
Age
23 years – 60 years
Processing Fee
Up to 2.0% of the loan amount plus GST
Lock-in period
1 month
Prepayment/ Preclosure charges
4% plus applicable taxes on Loan amount
*The figures provided in the table are indicative subject to change from time.
RBL Personal Loan
Particulars
Salaried Individual
Interest Rate
11.99% to 18.00%
Loan Tenure
12-60 months
Age
25 years – 60 years
Processing Fee
1.5% of the loan amount (Non Refundable fee of Rs 7500 Upfront, Rest at the time of disbursal)
Lock-in period
12 Months
Prepayment/ Preclosure charges
NIL
*The figures provided in the table are indicative subject to change from time.
Tata Capital Personal Loan
Particulars
Salaried Individual
Interest Rate
11.25% to 18.75%
Loan Tenure
12-72 months
Age
25 years – 60 years
Processing Fee
From ₹999/- Up to 3.00% of the loan amount and applicable Service Tax
Lock-in period
6 months
Prepayment/ Preclosure charges
>6 months – 3.5% of principal outstanding For loan amount >= 7lakhs – NIL Preclosure BT – 5% of the principal outstanding
*The figures provided in the table are indicative subject to change from time.
A home loan is an instrument that helps you buy residential property at today’s prices rather than waiting until you’ve saved enough and then buy at typically a multiple of today’s property prices.
Peace of mind
Peace of mind cannot be quantified. And there are very few people who would prefer to keep staying on rented property all their lives. What happens when income ceases after retirement? Why invite the unnecessary burden of rentals post-retirement? And hence, most people purchase their own property during their working lives. For many, paying EMIs means owning your own home at the end of the loan tenure while paying rent means owning nothing in the end.
Establishing a credit record
Also, as you pay your EMIs on time, you create your track record of being a responsible borrower. Which means you can seek substantially lower interest rate (and hence lower EMIs) a few years into your loan tenure. Quite simply, your new credit profile would want many banks to entice you to transfer your outstanding loan balance. This pressure itself can force your existing lender to reduce rates – often at the end of a simple phone call.
Tax benefits
Moreover, there are several tax benefits available on loan repayment that you may become eligible for depending on your specific income bracket. You can claim deduction on home loan interest up to Rs 2 lakh under Section 24(b) and tax deduction on the principal repayment up to Rs 1.5 lakh under Section 80C.
Subsidy
And now, there is also a home loan subsidy. Under the Credit Linked Subsidy Scheme (CLSS) of the Pradhan Mantri Awas Yojna (PMAY), eligible borrowers can avail a home loan and save up to ₹ 2.67 Lakh
Prepayment flexibility
Today’s home loans also offer great flexibility. You have an option to pre-pay your outstanding balance (or a part of it) when you earn a higher income – thereby reducing your loan tenure.
Risk assessment opinion
While one must always do one’s own due diligence before purchasing any property, when one applies for a home loan, one gets a helping hand from the bank. RERA has reduced risks of buying under-construction property that has a RERA registered number but the risks are not completely eliminated and depend at least partly on the builder’s financial position. Who better than a seasoned bank to lend a helping hand in assessing these risks?
Most likely avenue to leverage
Unlike companies, individuals have limited avenues to leverage their future income and use it for making other investments (stocks, bonds and other assets). Often the best option is to seek a home loan. Because the purpose here is to borrow money for one’s family to stay in a home, banks perceive a significantly lower risk of default and hence give their best rates. This is also why home loans are substantially cheaper than loan against property (whose purpose is often unknown).
Even if you are yet to identify the property that you intend to purchase, it is a good idea to get a pre-approval on your home loan. This would ensure that when you find an opportunity to buy the right property at the right time, you don’t miss out on a great deal because you are struggling to arrange for your loan disbursement
For pre-approval on your home loan, only two things matter: what the bank thinks of your ability to repay the loan and what the bank thinks of your willingness to repay the loan
Unless you earn a salary in cash, it is fairly straight-forward for a bank to assess ability to pay. Bank statements and Income Tax Returns are usually sufficient for the bank to assess the future income earning potential and hence the ability to repay your loan.
Willingness to repay is normally assessed based on your track record – that is your credit history. Had you taken a loan in the past and were you prompt in your EMI payments? Have you been regularly paying your credit card outstandings on time? Through credit bureaus, banks have access to all these details about you.
Property already identified
A pre-approval on your home loan is always granted on a “subject to” basis. In other words, it is conditional. If you have a pre-approval, to be able to get the loan amount disbursed, you will need to fulfill the conditions. This would only be possible once you identify the property and are able to provide the related property documents.
If you have already identified your property before approaching the bank, the process followed will be a comprehensive approval including checks on your ability to repay, your willingness to repay and the quality of your potential property rights (as established from the relevant property documents).
Ideally, since you are making a property purchase, it is in your interest to consult a lawyer yourself to advice you on the quality of property rights you will own after the transaction.
And when you borrow from a bank, it is also in the bank’s interest to assess the quality of the property rights. For a bank, a home loan is a risk that is secured by property rights as a collateral. Hence, the bank would want to assure itself that the property you wish to purchase has no encumberances. Often, such an assessment would require the bank to seek legal advice. In case your property is in large projects, there is a good chance that the bank has already done this assessment in a past case – and this will save you time.
In case of a fixed rate home loan, the applicable interest rate is constant right through the tenure of the loan. Theoretically, this means that market risks related to rise in interest rates in the future are borne by the lender and your EMI remains constant. But often, there is fine print that allows the lender to raise rates in certain circumstances and you must do your due diligence before signing.
In case of a floating rate home loan, the applicable interest rate fluctuates with market fluctuations and your EMI may rise or fall depending on the prevailing conditions. So you could benefit from fall in market interest rates and get hurt with a rise. In practice, the RBI Monetary Policy Committee meets six times a year and sets the repo rate. If there are changes to this repo rate, commercial banks adjust their retail prime lending rate on which your floating rate home loan is benchmarked. Critics often argue that when RBI increases repo rates, banks are quick to increase their prime lending rates but when RBI reduces the repo rate, banks are slow to pass the benefit to the consumer.
So what is better – fixed rate home loan or floating rate home loan? The optical value of a fixed rate loan is always higher than a floating rate loan because of the interest rate risks that the bank takes. So does this mean that a floating rate loan is always better? The answer is “it depends”. If you believe that inflation in India is currently as high as it potentially can get and over the tenure of your loan is likely to slow down, you can assume that RBI will bring down repo rates in the future. This would mean that a floating rate home loan is likely to enjoy a lower interest rate in future. However, if you are concerned about future inflation, you should not take risks on interest rates and must opt for a fixed rate loan. Also, it is noteworthy that for a small fee, most banks allow a switch from fixed rates to floating rates and vice versa.
Current rates
As of June 2022, RBI repo rate is 4.90%. This follows two recent rate hikes – the first in May 2022 of 0.40% and a second in early June of 0.50%. This has resulted in several banks increasing their benchmark lending rates by close to 0.90%. Depending on one’s credit profile and quality of property documentation, banks would quote a certain “spread” on top of their benchmark rates. Thus, it is possible for you to get a better rate than your neighbour at “Bank A” and for your neighbour to get a better rate than you at “Bank B”. If you have the time to shop for a home loan, you must get quotes from multiple banks. Remember, tenure on your home loan could range from 20 to 30 years. Hence, a supposedly small difference in interest rate could make a difference of lacs in repayment amount.
Repayment of a home loan typically follows a monthly schedule where equal amounts of money need to be paid over the loan tenure. The key here is whether the EMI payment is to be made in advance or in arrears. When EMIs are paid in advance, the loan is often disbursed after netting off the first EMI payment (and also netting off the processing fee if applicable). The advantage is a lower EMI each month thereafter. When EMIs are paid in arrears, nothing other than processing fee is netted off at the time of disbursement and the first repayment typically begins 30 days later.
EMI Calculations
The simplest way to determine EMI is to look up the EMI per lac table that’s applicable to you and then multiply your loan amount (in lacs). For e.g. If the EMI per lac for you works out to ₹645 then the EMI applicable on a ₹40 lac loan will be ₹25,800
Blockchain technology has revolutionized the world of finance by creating a decentralized system that removes the need for intermediaries, reduces costs, and increases efficiency. One of the most exciting innovations in the blockchain space is decentralized finance (DeFi), which has seen explosive growth in recent years. In DeFi, smart contracts automate financial transactions, allowing for more transparent, secure, and accessible financial services. However, one major challenge for DeFi is the lack of reliable and secure data feeds, which are essential for executing smart contracts. This is where Chainlink comes in – a decentralized oracle network that provides a secure and reliable bridge between smart contracts and external data sources. In this article, we will explore the benefits of Chainlink for DeFi. If are you interested in bitcoins trading then Join Immediate Edge Trading Platform.
Chainlink is a decentralized oracle network that connects smart contracts with external data sources, such as price feeds, weather reports, sports scores, and more. In other words, it acts as a bridge between on-chain and off-chain data, allowing smart contracts to access and use information from the real world. Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis, and it has since become one of the most popular oracle networks in the blockchain space.
How does Chainlink work?
Chainlink works by connecting smart contracts with decentralized oracles, which are nodes that retrieve and verify data from off-chain sources. These oracles are incentivized to provide accurate and timely data through a system of staking and reputation. When a smart contract needs to access external data, it sends a request to the Chainlink network, which then selects a set of oracles based on their reputation and availability. The oracles retrieve the data from the external sources, verify its accuracy, and then send it back to the smart contract. This process ensures that the data used by smart contracts is reliable and tamper-proof.
Benefits of Chainlink for DeFi
Reliable Data Sources
One of the biggest challenges for DeFi is the lack of reliable and secure data feeds. Smart contracts rely on accurate and up-to-date information to execute financial transactions, such as trading, lending, and insurance. Chainlink solves this problem by providing a network of decentralized oracles that retrieve and verify data from multiple sources, ensuring that the data used by smart contracts is accurate and tamper-proof.
Decentralized Oracle Network
Chainlink’s decentralized oracle network is one of its key strengths. Unlike centralized oracles, which are controlled by a single entity and can be subject to manipulation or censorship, Chainlink’s oracles are distributed across multiple nodes, making it highly resistant to attacks and failures. This also ensures that there is no single point of failure, which makes the network more reliable and secure.
High Level of Security
Security is paramount in DeFi, as the value of assets at stake is often significant. Chainlink’s oracle network uses a combination of cryptographic techniques and economic incentives to ensure that data used by smart contracts is secure. The system uses a reputation-based model, where oracles with a good track record are rewarded, while those that provide inaccurate data are penalized. Additionally, the system uses advanced cryptography to ensure that the data is not tampered with or manipulated during transmission.
Flexibility and Customization
Chainlink is highly customizable, allowing developers to create their own oracle networks and customize them to their specific needs. This flexibility means that developers can design their own data sources and customize the parameters of their smart contracts to fit their requirements. This allows for more complex and sophisticated smart contracts, which can perform a wide range of functions.
Cross-Chain Interoperability
One of the most exciting features of Chainlink is its ability to work across different blockchain networks. This means that developers can create smart contracts that interact with multiple blockchains, which increases the flexibility and scope of DeFi applications. Additionally, Chainlink can integrate with traditional financial systems, providing a bridge between the old and new financial worlds.
Use Cases for Chainlink in DeFi
Chainlink has a wide range of use cases in DeFi, including:
Decentralized Exchanges (DEXs)
Decentralized exchanges (DEXs) rely on accurate and up-to-date price feeds to execute trades. Chainlink provides a reliable and secure source of price data, which ensures that trades are executed at the correct price.
Insurance
Insurance is an important application of DeFi, but it requires accurate and reliable data to assess risk and calculate premiums. Chainlink provides a secure and tamper-proof source of data, which can be used to create innovative insurance products.
Lending and Borrowing
Lending and borrowing are key functions of DeFi, but they require accurate and up-to-date information to assess creditworthiness and calculate interest rates. Chainlink provides a reliable source of data, which can be used to create sophisticated lending and borrowing platforms.
Prediction Markets
Prediction markets rely on accurate and timely data to make predictions about future events. Chainlink provides a secure and reliable source of data, which can be used to create prediction markets for a wide range of events.
Gaming
Gaming is an emerging application of DeFi, but it requires secure and tamper-proof data to ensure fairness and prevent cheating. Chainlink provides a reliable and secure source of data, which can be used to create innovative gaming platforms.
Challenges and Criticisms of Chainlink
While Chainlink has many benefits, it is not without its challenges and criticisms. Some of the key challenges include:
Centralization: While Chainlink is decentralized in theory, the reality is that a few large nodes control a significant portion of the network. This could potentially lead to centralization and reduce the security and reliability of the network.
Complexity: Chainlink is a complex system that requires significant technical expertise to understand and use. This could limit its adoption and make it less accessible to developers with limited experience.
Cost: Chainlink’s decentralized oracle network can be expensive to use, particularly for small-scale applications. This could limit its adoption and make it less accessible to developers with limited resources.
Conclusion
Chainlink is an important innovation in the DeFi space, providing a secure and reliable source of data for smart contracts. Its decentralized oracle network and reputation-based model ensure that the data used by smart contracts is accurate and tamper-proof, while its flexibility and customization allow for sophisticated and complex applications. While there are challenges and criticisms, Chainlink has the potential to transform the DeFi landscape and create new opportunities for financial innovation.
FAQs
What is Chainlink?
Chainlink is a decentralized oracle network that connects smart contracts with external data sources, allowing for more reliable and secure financial transactions in DeFi.
How does Chainlink ensure the security of its data feeds?
Chainlink uses a reputation-based model and advanced cryptography to ensure that the data used by smart contracts is secure and tamper-proof.
What are some of the use cases for Chainlink in DeFi?
Chainlink has many use cases in DeFi, including decentralized exchanges, insurance, lending and borrowing, prediction markets, and gaming.
What are some of the challenges facing Chainlink?
Chainlink faces challenges with centralization, complexity, and cost, which could limit its adoption and accessibility.
How does Chainlink compare to other oracle networks in the blockchain space?
Chainlink is one of the most popular and widely used oracle networks in the blockchain space, but there are other competing oracle networks, such as Band Protocol and API3.
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