Home, auto and corporate loans are likely to become expensive from October, with bankers on Thursday saying that interest rates may be hiked next month in response to the Reserve Bank raising policy rates to tame inflation.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
About 50 per cent of the accounts that availed of the EMI moratorium amid the pandemic, which made things worse in an already slowing economy, are expected to be restructured, and of these accounts that would undergo restructuring, one-third, or Rs 6-9 trillion, could turn into NPAs.
Personal accident cover should be purchased by everyone, irrespective of age, occupation or health condition, as one does not know when an accident could occur, causing hardship to the family.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
The Reserve Bank of India (RBI) on Thursday extended the card-on-file (CoF) tokenisation deadline by six months to June 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. The earlier deadline was December 31, 2021. "In light of various representations received in this regard, we advise...the timeline for storing of CoF data is extended by six months, ie., till June 30, 2022 and post this, such data shall be purged," RBI said in a notification addressed to all payment system providers and payment system participants.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
The unexpected interest rate hike by the RBI on Wednesday will have the banking system on average making a 10-15 bps gains on the yields, with private banks making larger gains as 57 per cent of their loans are linked to external benchmark rate and 40 per cent to the marginal cost of lending rates, as per a report. Stating that lenders and borrowers will face volatile times with the Reserve Bank raising the repo rate by 40 bps to 4.40 per cent and the cash reserve ratio (CRR) by 50 bps on May 4 in an off-cycle policy move, India Ratings said the market rates had already been moving higher before the move. The 364-day T-bills have moved up 120 bps and 10-year G-sec by 140 bps since May 2020, when the repo rate was cut to a record 4 per cent, which led to an expectation of a faster and sharper rise in interest rates in the system but the central bank stayed the course to support the fragile economy battered by the pandemic.
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.
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What should you do if you have too many loans on you and you are unable to service them? Financial planning expert Vetapalem Sridhar has the answers.
It makes sense to shift to a home loan provider offering a lower interest rate or make occasional prepayments by using bonuses or other windfalls, says Sanjay Kumar Singh.
In an online chat with readers on August 3, home loan expert Harsh Roongta provided answers to how home loan borrowers should cope with their rising equated monthly installments.
For such bonanzas, prospective home buyers have a downturn to thank. Property sales have fallen 15 to 20 per cent countrywide over the last six months, owing to rising home loan rates. This has pinched the cash flows of developers, already reeling under higher borrowing costs and a range of anti-inflationary measures that restrict their flexibility to raise funds.
Sanjay Kumar Singh speaks to experts to find out if Tata Housings new loan offer should interest you.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The FM said, change in the mindset of the millennials not to commit any EMIs towards buying an automobile and instead taking Ola, Uber or the Metro (train) services also led to automobile sector slowdown.
Experts say this is a good time to buy a house for self-use, points out Sanjay Kumar Singh.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Premium property developers plan easier EMIs to cast net wider.
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If you plan to take an auto loan, Priyadarshini Maji lists 5 points you need to consider.
Check for hidden costs such as processing charges, especially for products below Rs 50,000.
Saurabh Chaudhary shot 16 in the gold medal contest to finish ahead of Germany's Michael Schwald (6).
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
So for the time being, consumers need not worry about their EMIs on home loans, auto loans etc. going up. However, as April progresses the scenario could change.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
A higher government borrowing will 'crowd-out' the private borrowing and push interest rates higher.
It takes a longer time to avail of these loans, owing to tight due-diligence process of banks.
A look at few things about car loans which can save a lot of money for every car loan customer.
In India, younger workers willing to work at lower salaries are easily available, so you could find yourself out of a job before 60. Therefore, save for retirement with urgency, advises Sanjay Kumar Singh.
Luxury car manufacturer, DaimlerChrysler on Thursday, announced the launch of its new retail financing scheme -- Star Extend -- in conjunction with ICICI Bank.
Did you know these options existed? Their pros and cons? Here's a lowdown...
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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