'There is a challenge in repositioning yourself, maybe reinventing yourself.'
The banking sector could see better loan growth in the third quarter of financial year 2026 (Q3FY26) with improved net interest margins (NIMs), though the full impact of latest rate cuts will be largely felt in the fourth quarter. There may be lower slippage in unsecured loans and microfinance institutions (MFIs) along with steady recovery trends, which should lower credit cost.
Before signing up for a BNPL plan, read the fine print carefully and watch for red flags like unclear repayment terms, vague information on interest or late fees, and marketing that downplays the cost of default.
Those who have binged on credit must spend less, cut discretionary expenses, and focus on repayment.
The reduction in the number of loan accounts and the outstanding amount during the last financial year is a cause of concern and stress for microfinance institutions (MFI), Secretary, Department of Financial Services, M Nagaraju said on Thursday, highlighting "inefficiency" in MFIs that leads to higher rates of interest.
A phone number and e-mail are often enough for a fraudster to trick a lender into pulling your report and disbursing a loan.
Do not shop around for loans immediately after getting a secured credit card. Such loan enquiries can also pull down credit score, as they are treated as a sign of credit-hungry behaviour.
Investors can meet cash needs without selling their securities.
'Do exhaustive research and then select the one that best fits your budget and requirements.'
Some public sector banks, including State Bank of India (SBI), Union Bank of India, Canara Bank, and Bank of India, are increasing the spread on home loans for new customers to protect margins.
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
'This helps the consumers secure more favourable terms from CIs.'
There was a whole lot of cha-ching, including a Rs 21 crore watch worn with princely ease.
'LAP is suited for borrowers with a steady income, sound repayment discipline, and a clear repayment plan.'
The Insurance Regulatory and Development Authority of India (IRDAI) is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity. The proposal, which is a part of the recommendations made by a working group formed by Irdai and the General Insurance Council, suggests that insurance frauds should feature when the risk profiles of individuals are evaluated and should be used to calculate their credit scores. A poor credit score can deprive a person of financial services such as loans and credit cards, and deter him from indulging in fraud.
'A score of 750 and above is considered to be good, though these cut-offs can vary depending on the type of loan being sanctioned,' points out Arun Ramamurthy.
Sujata Ahlawat, Senior Vice President and Head of Direct-to-Consumer Interactive, TransUnion CIBIL, offers a quick glimpse into what a CIBIL Score is, the factors that impact it, and tips for maintaining a healthy score.
An individual with a score above this level will not only enjoy easy access to credit, but will also benefit from lower cost of loans, points out Arun Ramamurthy, founder and director, Credit Sudhaar.
Correct your friends the next time they try to scare you; offer them tips on how they can improve their credit scores if they are poor borrowers
'Understand your financial goals. Next, categorise them by size. Then evaluate your investment options.'
There is a fair amount of half-baked knowledge and myths propagated that makes people wary about how credit bureaus function and credit rating takes place.
'If your loan application gets turned down by one bank, do not apply immediately to several others.' 'This makes you appear credit hungry and possibly in some form of financial distress.' 'Multiple enquiries affect your credit score adversely,' advises Mohan Jayaraman.
There is no overnight solution and it requires plenty of patience and discipline to set it right
You require a credit score to get fresh debt and you must have existing debt to get a credit score... Confused? Well, here's how they are related.
Each enquiry could pull down the credit score by 5-10 points.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
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.
Sacrifice these common misconceptions to improve your credit score this Eid
Loan defaults are not the only reason why you get a low credit score. Rajiv Raj of CreditVidya.com debunks five popular credit score-myths.
In today's rapidly evolving digital payment landscape, security concerns remain a top priority for stakeholders across sectors.
A bad credit score in general is seen as an irresponsible behaviour of an individual. Inability to pay on time reflects that the person is not capable of take care of things.
In order to be eligible for a loan when you really need one, it is imperative to maintain a good credit score. By having a good mix of debt and servicing it regularly, you can maintain a good credit score and be loan ready at all times.
Getting married has no direct bearing on the credit score of either of the spouses. However it does impact the financial situation and may sometimes impact the credit score of any individual indirectly due to the action of the partner.
Outright fear and lack of awareness can harm your CIBIL score
The advice your mother gave you about choosing your friends wisely got a whole new meaning with lenders looking at your social media posts
Harshala Chandorkar of CIBIL answered your credit score related queries in an online chat, February 3.
Sometimes being a good borrower and repaying your loans before time can also lead to a drop in your credit score
A bad Cibil credit score can limit your borrowing options; however there are few other options which you can explore for credit.
If you want to keep your CIBIL Score alive and kicking (healthy) make sure you steer clear from the above mentioned common credit score killers.
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