The RBI has flagged concerns over rising volatility in gold prices and advised lenders to exercise caution in the gold loan segment.
'Pick a sum insured that realistically covers major hospitalisation costs in your city.'
'Buy early and review the sum insured regularly.'
'Combining individual or family policies with corporate cover, along with top-ups and wellness programmes, can help maintain strong health protection throughout life.'
Those who have binged on credit must spend less, cut discretionary expenses, and focus on repayment.
Before signing up for a BNPL plan, read the fine print carefully and watch for red flags like unclear repayment terms, vague information on interest or late fees, and marketing that downplays the cost of default.
Investors can meet cash needs without selling their securities.
'Do exhaustive research and then select the one that best fits your budget and requirements.'
Use these loans to meet emergency needs, and not to fund holidays or luxury purchases.
'Some buyers get carried away by festival offers and purchase higher variants or larger vehicles than they truly need, which impacts running cost and long-term affordability.'
File a written complaint with the bank's grievance redressal officer and secure an acknowledgement.
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
Borrowers should consider switching from an MCLR-linked to a repo rate-linked loan.
'LAP is suited for borrowers with a steady income, sound repayment discipline, and a clear repayment plan.'
Some products offer terrorism cover as part of the base offering, while in others it is an optional cover.
'The rise in SIP contributions has created a pool of long-term MF assets that can be pledged for loans.'
'Choose an FD tenure that provides a balance between returns and the horizon for which you can invest.'
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
While festive offers can reduce costs, borrowers should also consider the lender's transparency and service quality. Customers need to be mindful of their repayment capacity.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
Experts say you should be certain of living in a city and locality for a long time before purchasing a home.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
'If the borrower can't repay the loan due to lack of income or losses from speculative activities, they risk defaulting on it.' 'This could lead to the bank seizing the property.'
If the cashless request is denied, the entire cost may need to be paid for planned treatments.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
'Lack of self-control over spending leads to a credit card debt trap.' 'People think they have money and spend using a credit card, but when it's time to pay, they realise they don't have the money.'
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
Maintain a proper record of documents that can act as proof of the cost of acquisition of the property, cost of improvements made to the property, expenses related to transfer of the property (like brokerage and registration charges). These will come in handy in case of a dispute with the taxman.
Customers who possess gold jewellery but are either being denied a personal loan or are being asked for a high interest rate due to their poor credit profile may consider a gold loan.
If you fail to make the lump sum deposit before April 5, do so at least before the 5th of the next month (May). That way you will only lose out on the interest for April.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
Longer-tenure FDs generally give higher returns. Nonetheless, going for a tenure higher than two to three years is not advisable.
Begin the year-end review by assessing whether your portfolios are on track to achieve your life goals.
'Try to obtain a secured personal loan or credit card by offering some collateral, such as a fixed deposit or gold.' 'Not only will this improve your eligibility, but the lender may even offer a lower interest rate.'
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