In our previous post, we discussed how an overdraft facility can score over personal loans (term loans) if your cashflow shortfalls are intermittent and short lived. An overdraft facility can reduce your interest liability compared to a personal loan for such use cases. Now, an overdraft facility can come in multiple variants. An overdraft facility… Continue Reading
You need money, on and off, to bridge cashflow gaps for your business needs. A loan may not be suitable for such a requirement. Why? Firstly, you do not need money all the time. You need it infrequently. In that case, it may not make sense to bear the loan interest rate for 2 years… Continue Reading
What would you prefer? One big loan or multiple small loans? I don’t know about you, but I would prefer one big loan, everything else being the same. Why? Too many loans are difficult to manage. You need to keep track of various payment dates. You must ensure that there is sufficient bank balance to… Continue Reading
You own a few credit cards, but you have favourites too. You use only a couple of specific credit cards for any expense. The remaining credit cards just lie in your wallet. You use those cards rarely. In that case, how long can you keep your credit card active without any usage? What do the… Continue Reading
RBI has recently cut the repo rate by 50 bps. If your floating rate home loan is linked to repo rate, your home loan interest rate would have already gone down or would go down in a few months after the next interest rate reset date. You have just received your bonus. Now that the… Continue Reading
You book an under-construction flat from a builder. You take a home loan to fund the payments to the builder. You are paying the EMIs to the bank. After a few years, you figure out that the construction is not going on as per the plan/contract. The builder is way behind the construction schedule. Your… Continue Reading
Imagine a hypothetical scenario. Your employer offers you a loan at 2% p.a. You can choose any loan tenure you want. 5 years, 10 years, 20 years. You can take such a loan only once. Even if you were to leave the employer, you don’t have to close the loan. You can continue to repay… Continue Reading
You are struggling with debt and are unable to keep up with monthly EMIs and card payments. And you have a bigger problem when your debt is spread across multiple loans or credit cards because you must manage multiple facilities. Tracking so many payments can be time-consuming. Plus, there is also a choice involved. The… Continue Reading
Your laptop has just conked off. A new laptop would cost you Rs 75,000. While 75,000 may not be a big amount for you, you foresee some stress on cash flows and would prefer not to pay at one go. A simple way out is to pay through your credit card and convert the purchase… Continue Reading
With the proliferation of lending apps, you may be able to borrow money with a few taps. However, the problem is separating genuine loan apps from fake apps. Borrowing through a fake app can subject you to hidden charges, high interest rates, data theft, and possibly blackmail, harassment, and extortion. To safeguard borrower interest and… Continue Reading