Higher education is getting expensive and many of us need to take an education loan to fund higher education for children. Fortunately, all the banks offer education loan products. And, given the product nature, there are a few peculiarities about education loans. Since the student won’t earn while studying (or earn enough), education loans have… Continue Reading
US Payment company Square recently acquired AfterPay, an Australian Buy Now Pay Later fintech firm, at an astonishing valuation of USD 29 billion. That is massive. By the way, Buy Now Pay Later (BNPL) facility is getting popular in India too and e-tailers such as Amazon and Flipkart offer Buy Now Pay Later (BNPL) schemes… Continue Reading
Not all credit is bad. In this post, I will show how an overdraft facility can be useful in certain cases. What Is an Overdraft Facility? An overdraft facility is a revolving credit facility just like a credit card. You pay interest only on the drawn (utilized) amount. You can draw from the facility up… Continue Reading
Want to make an online purchase but do not have money in your bank account? Fortunately, e-commerce websites allow you many options to buy on credit. What Are Your Credit Options for Online Purchase? Credit card No-Cost EMI (on a credit card) Personal Loan Buy Now Pay Later scheme I want to compare options that… Continue Reading
You have a home loan with an overdraft facility (such as SBI Maxgain). Where would you send your excess money? Transfer to your overdraft account or to your EPF/PPF account? Let us find out. The Benefits of Overdraft Account By putting money in the overdraft account, you save on interest. And interest saved is interest… Continue Reading
You got your annual bonus. You have a home loan too. What should you do? Use the bonus (lumpsum) amount to repay the loan OR Invest the amount in the hope that you will earn a higher post-tax return than the post-tax cost of home loan There is no black and white answer. My stance… Continue Reading
Editor’s Note: Poornima had written a quick short post on SBI Kavach Personal Loan earlier. Below is a more in-depth article on this product from Deepesh Raghaw. Its rare that lenders offer good loan products to customers in times of distress/need. The more we know about such a good product, the better. If you still… Continue Reading
I read about an interesting product in The Hindu Business Line about “Design your EMI” home loan product from Godrej Housing Finance website. The said article was in fact a press release. What Is the Claim? In the product, you can choose your own repayment schedule. I copy a few statements from a senior official… Continue Reading
Your mobile wallet such as PayTM and MobiKwik is about to get more powerful. Over the past couple of months, RBI has brought some changes that will bring wallets much closer in functionality to a savings bank account. In this post, let’s look at the changes and how that increases the value the wallets offer.… Continue Reading
Death in the family brings not just emotional trauma but can also bring financial agony to the family. If the deceased was the primary breadwinner, the family can struggle financially unless the deceased had bought adequate life insurance coverage. If the deceased had taken a home loan, the loan needs to be repaid too. Since… Continue Reading