So what do we do when the purchase is beyond the repayment capacity? We are presented with 2 options: Pay the Minimum Balance, or Convert the purchase into an EMI.
Reliance-Google's new smartphone has got mixed reviews from analysts and brokerages. The phone pricing is seen unattractive for low-end customers and bundled offers are being viewed as non-disruptive. While this could slow the pace of adoption, it could set the stage for tariff hikes in the industry, feel analysts.
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
Rising interest rates and anticipated launch of the Tata Nano has impacted the sales of entry level cars like the Maruti 800, and anlaysts expected the entry level market dynamics to change further post the Nano launch expected in the last quarter of the fiscal.
Sukanya Verma quizzes you to find out just how much you know about the movies.
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.
For home buyers wondering whether to opt for increased EMI or tenure, here are some clues.
Gold loan is currently the fastest-growing loan category (among the various types disbursed to individuals). On February 26, 2021, the outstanding loan against gold jewellery stood at Rs 56,596 crore. By February 25, 2022, it had risen to Rs 71,408 crore, a year-on-year growth of 26.2 per cent, according to the Reserve Bank of India's (RBI's) data. Several factors are driving the demand for gold loans.
SBI is the first major bank to cut its base lending rate this year.
As many as 37 per cent of smartphones sold in India in 2022 cost Rs 15,000 or more.
'There have been many cases where clients have indicated that they feel suicidal as they feel they have no other options to deal with their financial hardship.'
'Common sense says if one can afford, servicing the loans during this period is a better bet than postponing it by three months,' says Tamal Bandyopadhyay.
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.
Jiophone Next will be available from Diwali for Rs 6,499 per unit for customers wanting to buy the smartphone without financing option, Jio and Google said in a joint statement on Friday. Jio is also giving a finance option for the Jiophone Next where users can make an upfront payment of Rs 1,999 and pay the rest in easy monthly instalments spread across 18-24 months, the company said in a statement. "This is the first time that a phone in the entry-level category is getting a financing option.
Sumit Roy, an MBA, shares a simple formula to cut down expenses and save money post lockdown.
The pandemic should force you to take a hard look at the downside risks that could jeopardise your finances.
Whatever you do, continue to pay your loan EMIs and insurance premiums for term and health policies (not investment-based policies) on time. Then try to buy yourself some breathing space, says Harsh Roongta.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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.
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.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
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.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
A balance transfer to another lender entails substantial cost and time.
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.
Postpone the purchase of big-ticket consumer durable items, recreational spending on holidays, and other such expenses unless your financial position is very secure, advises Sarbajeet K Sen.
While the likely intensity of the third wave is still a matter of debate, wisdom lies in being financially prepared for it, advises Bindisha Sarang.
If you opt for a term-life cover, buy separate policies to cover the loan for all the co-borrowers in a home loan for a sum assured equal to the home loan amount.
Premium property developers plan easier EMIs to cast net wider.
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.
Mayank Goyal, founder and CEO, moneyHOP, will answer queries related to how to best manage your money while travelling internationally.
'Is taxable amount above 1 Lac is also to be shown as income from other sources?'
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
Check for hidden costs such as processing charges, especially for products below Rs 50,000.
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.
