'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.'
Multi-cap funds are best suited to exploit the present market scenario as they are free to invest across all market capitalisations and sectors, says Naveen Kukreja, CEO and co-founder, Paisabazaar.com.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
'Banks will continue to increase FD rates to attract more deposits and meet the increasing demand for credit.'
'Stick to FDs of shorter tenures, preferably one-two years.'
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
Naveen Kukreja explains the finer points to keep in mind while planning for your retirement.
Cheque payments will be safer; the limit for contactless card transactions hiked.
Look at effective interest rate on home loan offers. Availing of ICICI Bank's cashback offer will mean you lose the flexibility to switch or prepay the loan, reports Sanjay Kumar Singh
New borrowers should go for banks over housing finance companies as the new benchmark -- MCLR -- is more transparent.
The accumulated interest will increase the principal and you will have to pay a higher rate. Borrowers should take the restructuring plan only after they are convinced they have exhausted all other options.
While the acceptance of cards, mobile wallets and banking apps is increasing, only 10 per cent of transactions take place through them.
Keep in mind interest rate, tenure and additional charges if you exceed credit card limit
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
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.
Some insurance companies offer zone-based pricing.
Secured credit cards offer benefits similar to regular credit cards and hence an applicant should try and get a card with lower fees and more features, suggests Sarbajeet K Sen.
Due to the prevailing uncertainty, the risk of loans going bad has certainly increased. This may result in lenders following risk-based pricing more diligently, notes Naveen Kukreja, CEO, Paisabazaar.com
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.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
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