Looking for your first credit card, but your card application keeps getting rejected due to inadequate credit history or some other reason? There is a simple and quick way to get around this problem if you have some money in your bank account. I am talking about a bank FD backed credit card. And in this… Continue Reading
On a recent visit to Reliance Smart Bazaar, a credit card executive aggressively pitched Reliance SBI Prime Card. He mentioned the card offered a 20% instant discount on purchases at the store. Well, this offer was obviously too good to be true. At grocery stores/supermarkets where the margins are wafer-thin, 20% discount was clearly not… Continue Reading
The Finance Minister has offered huge relief to taxpayers in the Union Budget 2025. This is something many middle-class taxpayers had been craving for. Let’s check out the major highlights of Union Budget 2025, including the relief to middle class income taxpayers. Pay No Taxes for Income up to Rs 12 Lacs Yes, you heard… Continue Reading
You are shopping for clothes at a nearby mall. At the checkout counter, you have an option of taking a personal loan from an NBFC or swiping your credit card. You would most likely swipe your credit card. It is not about filling up a form for the loan and spending 10 minutes to close… Continue Reading
Certain banks offer you a lower rate of interest on loans if your CIBIL (Credit) score is good. The definition of ‘good’ is subjective but anything above 750 or 800 is a good credit score. Why would a bank offer a lower rate of interest with borrowers with a good credit score? Habits don’t die… Continue Reading
Life insurance is the first pillar of financial planning. You must consider buying adequate life cover even before you start planning your investments. And the reason is simple. If you make a mistake with your investments, you can possibly rectify your mistakes over time. However, if you make a mistake with your life insurance, you… Continue Reading
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