It takes a longer time to avail of these loans, owing to tight due-diligence process of banks.
If you plan to take an auto loan, Priyadarshini Maji lists 5 points you need to consider.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
With automotive sales entering into a sluggish period, leading commercial vehicle makers are enticing buyers by doling out discounts and lucrative finance options. Tata Motors, for instance, recently run a scheme wherein commercial vehicle buyers would get three months' waiver on equated monthly installments on the vehicle loan. The response, according to the company, was very positive.
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.
Consumers may have to fork out up to Rs 1,500 more every month for a home loan of Rs 20 lakh, as bankers say that interest rates could go up by 0.5-1 per cent after RBI's hawkish policy aimed at containing inflation.
There is no getting away from higher equated monthly installments. The country's second largest commercial bank ICICI Bank and the largest mortgage player HDFC have decided to increase the lending rates.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
Did you know these options existed? Their pros and cons? Here's a lowdown...
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.
In this weekly self-help series, mental health and life coach Anu Krishna tells you how to take control of your life.
RBI committee nudges banks for long-term fixed loan product.
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.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Experts say this is a good time to buy a house for self-use, points out Sanjay Kumar Singh.
Lionel Messi, so often the key man for Argentina, paid tribute to Martinez.
The 28-year-old's body was flown back to Argentina and arrived in Buenos Aires on Friday morning before being driven the 538 km (334 miles) to Progreso, where he grew up.
Reduced EMIs may be very appealing to borrowers because of a lesser burden on a monthly basis, but there is a catch to it. If the tenure remains unchanged, there is a higher interest outgo.
Before taking the plunge and being a co-applicant, make sure that you are aware of the rights and responsibilities that come with it!
The economy is struggling and companies may soon be forced to cut salaries or let people go. What are your plans for the dark days ahead?
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The Reserve Bank of India's latest data indicate that spending per card is rising steadily - something that consumers should worry about
Interest rate and tenure are not the only two factors to consider.
To make the most of your vehicle, use the age-old 20/4/10 personal finance rule, suggests Bindisha Sarang.
The country's largest lender, SBI on Tuesday said it has cut savings rate by 25 basis points, or 0.25 per cent, to 2.75 per cent on all deposits. The new rate will come into effect from April 15, 2020.
Saurabh Chaudhary shot 16 in the gold medal contest to finish ahead of Germany's Michael Schwald (6).
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Opt for balloon schemes if you are capable of paying a large instalment upfront
When taking a loan, it is important to look at various factors, and not just the interest rate, says Tinesh Bhasin.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
day after Finance Minister Nirmala Sitharaman announced a Rs 1 lakh crore spending package, a top government source said the Centre has not closed its options for another stimulus package.
The extra tenor that you are eligible for will come in handy if the interest rate increases.
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.
There will be an automatic reduction in interest rates of all floating rate loans anytime soon.
High-end brand experiments with EMIs via credit cards to push market share.
Over a five-year period, the benefit of a sharp drop in interest rates would mean saving Rs 76,880 -- a significant number. But if the rate cuts are slimmer, say 25 bps or the number of years left is barely one or two years, shifting may not make too much sense.
There was no relief for existing home buyers who are stuck in stalled projects and are paying both rent and EMI on their home loans.
You can build your credit score and get tax benefit, but defaulting will make life difficult.
