4.5 Goal Calculator

This topic describes the information about Goal Calculator option. This option allows the user to identify the amount of money that will need to be saved regularly in order to achieve a certain goal.

The goal calculator helps users to calculate how much money they will need to contribute at a regular frequency in order to arrive at a specific savings goal.

This feature, hence, enables the user to figure out the feasibility of creating a goal based on the regular contribution amount for a defined period.

The user needs to enter the goal details along with his/her targeted amount. The outcome will be based on the values entered by the user.

To calculate a goal:

1. Perform anyone of the following navigation to access the Goal Calculator screen.
   • From the OBDX portal landing page, click the Achieve your Dream with Us , and then click Apply Now .
   • From the OBDX portal landing page, click the Toggle menu, and then click Menu. From the Menu, click Personal Finance , and then click Goals. From the Goals, click Goal Calculator .
2. Navigate to one of the above paths.
   The Goal Calulator screen appears.

   Figure 4-5 Goal Calculator

   
   

   
   Description of "Figure 4-5 Goal Calculator"

   
   

   Note:

   The fields which are marked as Required are mandatory.

   For more information on fields, refer to the field description table.

   Table 4-5 Field Description

   Field Name	Description
   Goal Category	Select a goal category, e.g. Shopping, Education, Vacation etc.
   Goal Fulfilment period in Years	Specify the tenure of the goal in years.
   Goal Fulfilment period in Months	Specify the tenure of the goal in months.
   Goal Amount	Enter the targeted amount of your goal.
   Initial Contribution	Enter an amount, if any, that you are willing to contribute upfront towards the goal.
   Remaining Amount	Application calculates and displays the amount that is remaining after deducting the initial contribution amount from the goal amount.
   Frequency of Contribution	Select the frequency in which you will be making regular contributions towards the goal. The options are Quarterly Monthly Weekly
   Amount To be contributed	Application calculates and displays the amount you will be required to contribute monthly/quarterly/weekly, as generated by the system, based on your entries, will be displayed.
   Goal Tenure	Displays the tenure to achieve the goal.
   We are here to help you achieve goal	Displays the contribution of user in percentage. Also the bar displays the amount paid by you, the amount paid by the bank, and the total savings percentage in the specified period.

3. From the Goal Category list, select the desired goal category for which calculation is to be done.
4. From the Goal Fulfilment Period in Years list, select the tenure of the goal in years, i.e. the time frame in which you plan to achieve the goal.
5. From the Goal Fulfilment Period in Months list, select the tenure of the goal in months, i.e. the time frame in which you plan to achieve the goal.
6. In the Goal Amount field, enter the targeted goal amount.
7. In the Initial Contribution field, enter the amount that you are willing to contribute upfront towards the goal.
   The Remaining Amount is calculated and get displayed.
8. In the Frequency of Contribution field, select the desired option.
   • By default, the Monthly option appears selected.
   • The system calculates and displays the amount that you will be required to contribute regularly in order to achieve your goal. The percentage of the amount that you will be required to contribute towards the goal, as well as the percentage of amount that the bank will contribute towards your goal, will be displayed alongside a bar graph.
9. Click Set your goal Now!, to create the goal.
   • If you have accessed the goal calculator from the pre-login portal page, you will be prompted to log in to the system so as to arrive at the Create a Goal screen where all the values as already defined, will be prefilled.
   • Click Cancel to cancel the transaction.