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.
A home loan is a long-term contract, so do shop around before signing on the dotted line, advises Sarbajeet K Sen.
'Stick to FDs of shorter tenures, preferably one-two years.'
'My father was asking me what an IPO is. He has no clue and he has never been an investor.' 'My mother, who was the one to ring the bell, has been an investor in Policybazaar for the past 6-7 years and I would say she has made good returns.'
You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
After a month long gap, the primary market is heading for a busy time, with five firms including Paytm parent One97 Communications and policybazaar parent PB Fintech have lined up their IPOs in the first half of November to raise over Rs 27,000 crore collectively. The other three firms whose initial share-sales are set to open are Sapphire Foods India, which operates KFC and Pizza Hut outlets, decorative aesthetics supplier SJS Enterprises and microcrystalline cellulose manufacturer Sigachi Industries. The IPOs of FSN E-Commerce Ventures Ltd, which runs online marketplace for beauty and wellness products Nykaa, and Fino Payments Bank are currently open for public subscription.
If you invest for the shorter-term now, you will be able to roll over to higher rates when the interest-rate cycle turns, advises Sarbajeet K Sen.
Cheque payments will be safer; the limit for contactless card transactions hiked.
There can be as many as six co-applicants in a joint loan.
The company has been a part of the start-up ecosystem in a big way from early stages right up to when the companies start achieving full scale.
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.
Maruti is not an online outlier, of course; other heavyweights have rolled out similar services. But as an analyst pointed out, Maruti's all-India roll-out has significant impact given that it accounts for over half of all cars sold, reports, reports Pavan Lall.
'Opt for this facility only after doing a cost-benefit analysis: Will the savings in interest cost by parking your surpluses in the home loan overdraft account outweigh the higher interest cost of this loan?'
Before taking such loans, compare the interest rates charged by various players, advises Sanjay Kumar Singh.
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.
The amount you can raise via a gold loan is higher than you can get via a personal loan.
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.
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
For a borrower, who has serviced his loan without missing any repayment, the banks will be willing to take over the loan, give a top-up, and would offer lower interest rates, says Tinesh Bhasin.
Experts tell Tinesh Bhasin how to pick one to save money as well as some troubles later
Linking all new floating rate loans to an external benchmark won't impact existing borrowers, so customers who have taken long-term home loans recently should watch things carefully, say Joydeep Ghosh and Sanjay Kumar Singh.
By evaluating their loan rate against the best available every year, borrowers can achieve considerable savings over the entire tenor, suggests Sanjay Kumar Singh.
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.
New borrowers should go for banks over housing finance companies as the new benchmark -- MCLR -- is more transparent.
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.
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.
Sanjay Kumar Singh speaks to experts to find out if Tata Housings new loan offer should interest you.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
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
If you have availed a home loan from an NBFC, you can shift your existing home loan to a bank and benefit from the MCLR regime, suggests Ratan Choudhary, head - home loans, Paisabazaar.com.
If you default, it will affect your credit score and your career.
Naveen Kukreja explains the finer points to keep in mind while planning for your retirement.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
These institutes, while expensive, are a viable alternative to studying abroad.
If you use customised cards that suit your lifestyle needs, you could also end up availing of a variety of deals, rewards, and discounts.
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
If banks won't lend, seek a loan from fintech lenders or P2P platforms to help you get out of a debt trap.
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