Consumer durables retailers and manufacturers may end up bearing the cost of the Reserve Bank of India's (RBI's) tightening on easy personal loans, as their margins are expected to be impacted by higher borrowing costs. During the recently passed festival season, consumer durables companies started offering longer tenure loans, zero down payments, and zero interest on a wider assortment of products than ever before, making the products more affordable. While 18- and 24-month easy monthly instalment (EMI) options were available earlier, companies offered them only on select products; now, they are being extended to a larger section of products.
'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.'
Under the new provision, an EPF subscriber being a member of a co-operative or housing society with at least 10 members can withdraw up to 90 per cent from the fund for purchase of a dwelling house or flat or construction of a dwelling house and acquisition of site.
As a result of this moratorium, individuals' EMI payments of loans taken will not be deducted from their bank accounts, providing much needed liquidity to borrowers whose income has been disrupted due to the lockdown till May 31.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
Top four consequences for you to keep in mind before you miss a mortgage payment
Given here is an example explaining how the repayment of your home loan EMI reduces your loan amount during the repayment period leading up to the end of the loan tenure.
While the MRP of the device is Rs 37,380, Samsung Galaxy Note II is being sold at much lower prices on e-commerce portals.
The Reserve Bank of India (RBI) on Wednesday announced to increase the policy repo rate by 50 basis points to 4.9 per cent, the second hike in five weeks aimed at quelling the inflation. The MPC vote was unanimous and has decided to keep stance withdrawal from accommodative, RBI Governor Shaktikanta Das said in a press conference on Wednesday. The decision was taken during a three-day meeting of the RBI's Monetary Policy Committee (MPC) to review the interest rates in the country. The MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent," Das said.
All your home loan queries answered by our expert Harsh Roongta.
Nokia has tied up with Citibank, HDFC Bank, Axis Bank, Standard Chartered, HSBC, ICICI Bank and SBI Cards for the EMI scheme and the offer will be available to consumers with credit cards from any of these banks.
A lowdown on the strings attached to such credit card schemes and when you should and should not opt for them.
Keep in mind interest rate, tenure and additional charges if you exceed credit card limit
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.
Most people taking a loan are not aware about what they would do in case they are unable to make the monthly payments towards the loan.
Understanding the calculations involved while computing the home loan eligibility has seldom been easy for individuals
When you find that you are in a situation where you will not be able to meet your loan obligations, running away from the lender is the last thing you should do.
Your EMIs may help you to reduce your tax liability... Here's how
Should you go for a salary structure with high basic component? Is there a flip side to it?
Move beyond making notes and Excel. With a little bit of discipline, a personal finance software can help you be your own money manager.
Loan insurance is a concept catching up in India. Most people taking a loan are not aware about what they would do in case they are unable to make the monthly payments towards the loan.
'Look not just at the interest rate but also the processing fee.'
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
Loan protection insurance, or loan payment protection insurance, is a form of payment protection insurance. This type of insurance can help you protect your monthly loan payments if you become unemployed or suffer an accident or sickness.
The One97 Communications stock saw a surge in interest as the company's operating performance update for August was considered positive by the Street. In addition, there was a news buzz as the company released a new hitech soundbox, which has longer battery life and processes all major cards. The performance indicates that the company, which is better known by its Paytm brandname, is still on course to achieve its guidance of going cashflow positive by the end of the 2023-24 financial year (FY24).
Vodafone India on Thursday launched tariff plans wherein customers can get calls, SMSes and 3G data bundled with an iPhone starting at Rs 2,099 per month.
'When I called the HR department, they abused me.'
Pune-based Dreamers Media and Advertising, an out-of-home (OOH) advertising company, is offering to share EMIs of car owners in return for using their vehicles as moving billboards.
'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.'
Rediff.com spoke to registered investment advisors to figure out how best the extra Rs 17,500 saved ever year can be invested to create a decent corpus in the years ahead. This is what they said.
The teaser home loan rate, the interest rate which is set artificially low for the initial period, could give a 'payment shock' to borrowers as the equated monthly installment (EMI) shot up on lenders charging regular interest rates, according to Fitch officials.
Amortisation, or break-up of your loan into interest and principal, is the key that can unlock the secrets of your loan by lifting the numerous curtains that banks put on it when offering you credit.
If you default, the bad behaviour stays in your credit report for a very long time
P V Subramanyam takes a hard look at the pros and cons of both options.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
Follow these if you want to enjoy credit happiness and easy access to finance in the New Year by maintaining a healthy credit report and high credit score
Tempted? Good. Now read this!
SBI Cards & Payment Services reported mixed results for the January-March quarter (Q4) of FY24. While it managed to deliver strong earnings growth, it saw a perceptible decline in net interest margin (NIM) and suffered deteriorating asset quality. Taken together, the market was disappointed with the share dropping 3.5 per cent.
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