In a letter to chairmen and managing directors of public sector banks, the finance ministry has asked state-run banks not to increase the equated monthly installment, in order to provide some relief to the borrowers since interest rates have risen sharply.
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.
SBI is the first major bank to cut its base lending rate this year.
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
For home buyers wondering whether to opt for increased EMI or tenure, here are some clues.
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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.
As education loans are given on a floating-rate basis (and not fixed), one needs to account for probable spikes in the EMI while choosing the loan tenure. Loans are available for up to 15 years, which could lower your EMI and ease your repayment burden, advises Mohan Jayaraman.
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.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
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.
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.
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.
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.
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.
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.
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.
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Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
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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.
Premium property developers plan easier EMIs to cast net wider.
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.
Check for hidden costs such as processing charges, especially for products below Rs 50,000.
If you plan to take an auto loan, Priyadarshini Maji lists 5 points you need to consider.
Lionel Messi, so often the key man for Argentina, paid tribute to Martinez.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
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.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
A higher government borrowing will 'crowd-out' the private borrowing and push interest rates higher.
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