This home loan variant may go by any nomenclature, but the concept remains the same. You take a home loan. You have an “Excess Account” where you can keep your excess funds. You can also call it “Overdraft Account.” In the next month, interest is calculated only on the (Home loan outstanding – Balance in… Continue Reading
10%? 30%? 40%? I don’t think there is a crisp answer to this. Clearly, lower the better. Let’s first understand what is credit utilisation ratio and how it is calculated. Then, we get down to what is a healthy credit utilisation ratio and the different ways to improve the ratio. What Is Credit Utilisation Ratio?… Continue Reading
A friend was planning to take a home loan of Rs 75 lacs. With an EMI of Rs 66,278 for 20 years. Over the 20 years, the total of all payments will be Rs 1.59 crores. So far, so good. Now an interesting twist. He calculated the cost of this home loan as 3.83% p.a.… Continue Reading
Your most recent credit card bill is Rs 1.5 lacs. Your cashflows do not allow you to settle the card bill in full. What do you do? Clearly, you should have been more careful and should not have raked up such a high card bill in the first place. While you should have been more… Continue Reading
The Central Government recently approved the PM Vidyalaxmi education loan scheme. The scheme aims to provide easy loans and financial support to meritorious students pursuing higher studies. In this post, let us find out more about the scheme. What Is PM-Vidyalaxmi Scheme? Note that the Central Government will not offer education loans under this scheme.… Continue Reading
Debt is bad. Loans are bad. That’s what we are fed religiously on various social media channels as well. That’s correct to an extent too, especially for personal balance sheets. If debt is not managed well, it will lead to big problems. However, things are not always black and white. Debt, if taken within limits… Continue Reading
Co-branded cards have been the flavour of the season. Many brands have tied up with banks to launch co-branded credit cards and we have covered many such cards in our posts. Every few weeks, I come across a new one. Recently, I came across Titan SBI Credit Card which offers accelerated benefits for purchases across… Continue Reading
Has your credit card application been rejected? If yes, do you know the reason? The banks usually do not tell and just reject the application. If you have recently started working and had applied for your first credit card, a reason for rejection could be the lack of credit history. Also known as ‘No Credit… Continue Reading
Co-branded credit cards are quite common. I recently came across one by ICICI Bank and MakeMyTrip — MakeMyTrip ICICI Bank Credit card. In this post, let’s find out more about this card and whether it makes sense for you to apply for this credit card. MakeMyTrip ICICI Bank Credit Card: CashBack Benefits and Limitations 6%… Continue Reading
Almost everyone wants to close their home loan soon. A home loan is a big liability and getting this burden off the head is important for most households. Of course, there is only one way to close the home loan soon: Pay more than the EMI. There is no other way. Yes, a reduction in… Continue Reading