Choose a car loan that fits your budget, keeps EMIs manageable and saves you money on interest, not just one with attractive festive offers.
'Existing borrowers who have surplus cash should make partial loan prepayments to offset the impact of rising EMIs and reduce the overall interest burden.'
Used-car financing has seen significant growth, but borrowers must be aware of higher interest rates, conservative loan-to-value ratios, shorter tenures, and the risk of owing more than the car's depreciated value. Understanding these factors is crucial for making informed decisions.
Under bullet repayment, the principal remains outstanding and unpaid interest raises the liability over time. This makes the LTV ratio more vulnerable to a sharp fall in gold prices.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
LAMF allows investors to access liquidity while staying invested.
'First-time applicants may witness longer approval times or higher rejection rates and requests for more documentation.'
Understand your travel insurance policy before travelling abroad this summer. This article outlines what travel insurance covers, including trip cancellations, missed connections, and medical emergencies, and what it excludes, such as war-related disruptions and pre-existing conditions.
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.'
Those who have binged on credit must spend less, cut discretionary expenses, and focus on repayment.
'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.
Investors can meet cash needs without selling their securities.
'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.'
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.
File a written complaint with the bank's grievance redressal officer and secure an acknowledgement.
Borrowers should consider switching from an MCLR-linked to a repo rate-linked loan.
'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.'
Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
'Choose an FD tenure that provides a balance between returns and the horizon for which you can invest.'
'The rise in SIP contributions has created a pool of long-term MF assets that can be pledged for loans.'
'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.
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
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.
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.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
'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 the cashless request is denied, the entire cost may need to be paid for planned treatments.
'If the portfolio growth rate is higher, take this loan. If it is lower, liquidate your investments.'
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
'Save the entire chain of e-mail exchanges so that you have documented evidence to show you informed the bank about the issue.'
FDs are not advisable for long-term wealth creation as their post-inflation, post-tax returns are not very attractive.
'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.'
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.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
Personal loans and credit card loans provide quick access to money when it is urgently needed, but they also carry risks for borrowers.
Enhancing your credit score is the key to improving loan eligibility and securing a favourable interest rate.
