Credit Information Bureau (India) Limited (Cibil) will now provide customers their credit reports and scores online. Individuals can now access these through a three-step process.
Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.
While most borrowers calculate the gain they stand to make from switching to a lower interest rate, they often fail to take into account all the costs.
For women, it is important to build an emergency fund and a financial independence fund independent of the couple's joint goals and plans.
Personal loans and credit card loans provide quick access to money when it is urgently needed, but they also carry risks for borrowers.
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
If your answer is yes, this is just what your need to read today.
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
Lenders in India, comprising banks and finance companies, anticipate robust growth in retail credit during the upcoming festival season, stretching from September to December 2023. This expectation is based on resilient demand, government initiatives, and elections in key states.
'The last year's growth is a foretaste of things to come in the retail credit market.'
The Cibil TransUnion Score 2.0 will grade customers on a risk index ranging from 1 to 5, with 1 denoting the highest risk and 5 the lowest risk of default.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
You will now be able to access your credit score. All about what the score is and how it matters to you as a borrower.
Housing finance major HDFC and state-run Punjab National Bank on Tuesday announced up to 25 basis points increase in their lending interest rates, making their new and old loans expensive for consumers. The revised rates would be effective from March 1. Mortgage lender HDFC has increased its retail prime lending rate by 25 basis points to a minimum of 9.20 per cent.
Harshala Chandorkar, Senior Vice President -- Consumer Relations, Communication & CIC Compliance Credit Information Bureau (India) Limited will answer questions related to your home loans and CIBIL Credit Score on Monday, August 5 between 3 pm and 4 pm.
Essentially, if you can boost of a healthy credit score ranging in and around 700 to 900 points - chances are very good that you might end up saving thousands or even lakhs of rupees in the form of interest.
Despite rising interest rates, leading home loan players SBI and HDFC have announced discounted interest rates beginning at 8.40 per cent as part of their festive offerings. SBI in a statement said that its home loan book has topped the Rs 6 lakh crore mark, a first in the industry. The leading lender said it is offering up to 25 bps discount on interest rate to new home loan borrowers, making the entry level rate at 8.40 per cent and the offer will run up to January 31, 2023.
Harshala Chandorkar of CIBIL will be sharing tips and answering your questions in an online chat between 3 pm and 4 pm on October 14.
Country's biggest mortgage lender HDFC on Tuesday announced a festive offer in line with peers like SBI with home loans starting from 6.70 per cent. Last week, SBI as part of festival bonanza offered a concessional home loan rate of 6.70 per cent under its festive offer. This was followed by other lenders like Punjab National Bank and Bank of Baroda.
Keep sufficient funds in your bank account until the cheque is cleared.
A home loan is a long-term contract, so do shop around before signing on the dotted line, advises Sarbajeet K Sen.
'If you wish to make a big-ticket purchase on EMI without having to pay additional charges, no-cost EMI would be the right choice for you.'
'Banks will continue to increase FD rates to attract more deposits and meet the increasing demand for credit.'
The second quarter results of banks show that net profits for the industry increased 57 per cent annually. The private sector banks recorded a 64 per cent rise in profits, whereas the net profits of public sector banks jumped 50 per cent in this period. A significant portion of this increase can be attributed to the rise in credit costs and a decline in non-performing assets (NPAs).
Don't download a rent agreement from the Internet or sign blindly on one prepared by the broker.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
Improved credit profile may make you eligible to transfer your existing home loan to another lender at a much lower rate.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Borrowers should be careful if the app promises too-quick disbursal, and doesn't provide adequate information on the terms of the loan, such as interest rate, repayment schedule, etc.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
Mortgage lender HDFC Ltd on Wednesday announced an increase in its benchmark lending rate by 5 basis points (bps), a move that will make loans dearer for both existing and new borrowers. This is the third hike effected by HDFC in the last one month. "HDFC increases its Retail Prime Lending Rate (RPLR) on housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 5 basis points, with effect from June 1, 2022," the housing finance company said in a statement.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
When it comes to a significant investment like a four-wheeler, many people end up paying high interest rates on car loans which can lead to high monthly installments.
BoB's offer of a lower home loan rate to customers with credit scores of 760 and above makes it incumbent on everyone to pay heed to this all-important number.
It's simple. To begin with, just keep your credit habits in check
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.
'You should be able to juggle them, extract the most rewards out of them, and most importantly, be able to repay your dues on time.' 'However, you shouldn't try to get multiple cards at once,' advises Adhil Shetty, CEO, BankBazaar.com.
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