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
The proposed law seeks bars on storing and processing of personal data by entities without the explicit consent of an individual. It, however, provides for exemptions for "reasonable purposes" such as "prevention and detection of any unlawful activity including fraud, whistle-blowing, merger and acquisitions, network and information security, credit scoring, recovery of debt, processing of publicly available personal data and the operation of search engines".
'Given the emerging trends, it may be time for India to embrace digital banking,' notes Pradipta Bagchi.
Just because you have some blemishes on your credit score card or an uneven income stream shouldn't disqualify you from getting a personal loan.
This September, Sachin Bansal picked 94 per cent stake in microfinance company Chaitanya Rural Intermediation Development Services. His immediate plan is to scale up the company's operations as quickly as possible without making much investment in physical infrastructure and by leveraging technology.
If the credit card is not used judiciously, it can cause havoc with one's personal finances, warns Sarbajeet K Sen.
Rishi Mehra explains the pros and cons of buying a used car on either car loan or personal loan
Applying for a home loan requires preparation on various fronts.
You will be able to access your credit scores in December 2010. The score will range from 300 to 900, indicating the levels of default. It will be available to consumers for a sum not exceeding Rs.100 as prescribed by the RBI. CIBIL, which already has a huge database of credit reports - which are currently consulted by banks before sanctioning a loan is putting up the infrastructure to be ready to service consumers who wish to access their credit reports.
Though chief executive officers from Google, Yahoo and Facebook have declined to attend the summit, the Apple CEO Tim Cook will address the meeting during which he will announce his intent to fold the government's cyber security recommendations into its own cyber strategy.
On the consumer front, CIBIL is working towards simplifying the process of fetching credit scores -- it is tying up with a payment gateway which will help individuals fetch theirs scores online by making an online payment.
What is your credit rating and why is it important? Read on to find out...
There may be huge discounts and easy EMI options on your favourite expensive smartphone, but do not swipe your credit card left, right and centre, warns Rajiv Raj
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.
For bank borrowers, it might soon pay to be well-behaved. Banks are considering the introduction of a behaviour-based dynamic lending system once the base rate mechanism is in place from July.
The amount of documentation and the excessive verifications before your personal loan gets processed can be a nightmare.
Just avoid these credit card mistakes and live your second innings in style, says Rajiv Raj
Do remember that though the banks insist that all co-owners of the property should also be co-applicants in a joint home loan, the reverse need not be true.
Understand the finer points before signing on the dotted line as a guarantor
Credit cards are not inherently bad. If used responsibly, they can be a saviour in times of need.
Now, many of you must be wondering how your credit report will look like, how to go about setting any mistakes in the report right, how to maximise the benefits of being able to access your credit score and other such issues.
All you need to do is fill up an application form available at Credit Information Bureau (India) or Cibil's website, attach a draft for Rs 142 and an identity proof and mail it to Cibil. The company's Managing Director Arun Thukral said that the report would reach you within a week.
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
Are we mired in a long-term recession or will the 'green shoots' of economic growth we're seeing be the real thing?
Banks create a credit profile of every person who approaches them for a loan. This is a very vital part of any loan application process and banks do consider it very seriously before sanctioning any kind of loan.
Before opting for a joint home loan with your parents or spouse you must first understand the implications of this loan.
Balance transfer is a facility in which you can transfer outstanding balance from one credit card to another. It works well if you have multiple cards.
'If Indians are to be truly protected, Parliament must review and address these dangerous provisions before they become law.'
If used without much care credit cards can become debt traps. But there are ways to use them to your advantage, says Rajiv Raj
We also have strict regulatory bodies like the Reserve Bank of India, which ensures that loan products that could produce systemic risk never make it to the market.
Answers to six commonly asked questions about CIBIL score that will help clear your confusions
Remember to take important documents like no dues certificate.
Read on to understand the pros and cons of higher credit limit
Talking about home loan rates, there is good news for borrowers.
India's report card on the ninth day of the 2016 Olympics.
Harshala Chandorkar, chief operating officer, CIBIL, explains your rights and duties as a responsible consumer
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.
This relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less
Paying your bills on time is an important aspect of taking control of your financial life
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