'Look not just at the interest rate but also the processing fee.'
Personal loans and credit card loans provide quick access to money when it is urgently needed, but they also carry risks for borrowers.
While the RBI's guidelines aim to streamline the loan closure process, borrowers must remain proactive.
For women, it is important to build an emergency fund and a financial independence fund independent of the couple's joint goals and plans.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
Be wary of co-operative banks which have historically been most vulnerable.
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
While most borrowers calculate the gain they stand to make from switching to a lower interest rate, they often fail to take into account all the costs.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
'Banks will continue to increase FD rates to attract more deposits and meet the increasing demand for credit.'
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
Make sure that the person you are buying the plot from is the rightful owner.
The advantage of leasing is that you can get a new car every few years. You can also get to drive a high-end car without paying its entire price.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
If you don't have a specific goal, but want intermittent liquidity, then ladder your FDs, that is, invest in FDs of varying maturities, such as one, two, three, five or even 10 years. Laddering ensures FDs mature at regular intervals.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
'If you wish to make a big-ticket purchase on EMI without having to pay additional charges, no-cost EMI would be the right choice for you.'
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
If you pledge market-linked instruments and their value plummets, you will have to provide additional collateral, points out Sanjay Kumar Singh.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
Founded by Arjun Shetty, Rati Rajkumar and Adhil Shetty, BankBazaar.com is a leading financial services, technology and Internet play that enables consumers to avail of the best possible deals whilst applying for loans online.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
While investing in PPF, investors must remember to put in the money at the right time to maximise the return they earn from it.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
A home loan is a long-term contract, so do shop around before signing on the dotted line, advises Sarbajeet K Sen.
'Stick to FDs of shorter tenures, preferably one-two years.'
Gold loan is currently the fastest-growing loan category (among the various types disbursed to individuals). On February 26, 2021, the outstanding loan against gold jewellery stood at Rs 56,596 crore. By February 25, 2022, it had risen to Rs 71,408 crore, a year-on-year growth of 26.2 per cent, according to the Reserve Bank of India's (RBI's) data. Several factors are driving the demand for gold loans.
A car that gives you a better resale value will reduce the cost of your next purchase, points out Bindisha Sarang.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
A balance transfer to another lender entails substantial cost and time.
If your total EMI payments exceed 35-40 per cent of your monthly income, use these strategies to avoid a Squid Game like debt trap, suggests Bindisha Sarang.
You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
When looking for alternatives, consider several parameters -- your investment horizon and liquidity requirement, post-tax returns, and risk.
There can be as many as six co-applicants in a joint loan.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Managing your money in January will set the trend for rest of the year, says Adhil Shetty.
Almost all banks that issue contactless cards provide users with a 100 per cent liability cover.
From 50 stores Vimal Textiles aims to have 150 in 3 years.
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