[pullquote]A floating rate loan is offered at a spread over the benchmark. MCLR and Base Rate are benchmarks. Loan is given at MCLR (or Base Rate) + Spread.[/pullquote] I have discussed the question of whether you should switch your home loan from Base Rate to MCLR in an earlier post. Most of us focus only… Continue Reading
Most salaried employees get their annual bonuses in the first quarter of the financial year. Many of us plan to spend it way before we actually receive the bonus. You have to keep up with the commitments that you made to your kids, your spouse, your siblings or your parents. You may have an eye on… Continue Reading
When you walk into a shopping mall, you will be flooded with credit card sales people offering co-branded cards with your favorite store. A co-branded card offers you special deals in the store. One bank offers a co-branded card in a tie-up with Big Bazaar while another offers in Lifestyle stores. And it does not end… Continue Reading
In our parents’ generation, many had to wait almost till retirement to own a house. Now, with rising salaries and easy availability of home loans, you do not need to wait till your late 40s and 50s to purchase a house. Many want to take it to the other extreme and want to purchase a… Continue Reading
Your close friend has been planning to buy a house for a long time. However, when he approached the bank to apply for a home loan, bank insisted to getting someone to sign as a guarantor for the loan. Lenders can ask for a financial guarantor if the credit history is weak or repayment ability of… Continue Reading
Whenever I write about credit cards, I focus mostly on things that can go wrong when you use credit cards indiscriminately. You may end up spending more than you can afford to. The debt can suddenly pile up if you don’t pay bills on time as the interest rate charged is exorbitant. In this post,… Continue Reading
Many of us use credit cards. Are you aware that you can use your credit card to make cash withdrawal from ATMs too? However, even though cash withdrawal from ATM is permitted, it does not mean you have to withdraw cash using your credit card. Cash withdrawal using your credit card may not be a… Continue Reading
If you are planning to apply for a home, car or personal loan, you must be aware that your credit score plays an important role during your loan sanction process. Hence, it is advised that you check your credit score before applying for loan and rectify any errors in the report through dispute resolution process.… Continue Reading
You recently learnt driving in a driving school and want to purchase a car. But you are still not sure of your driving skills. And it hurts to even see a minor dent on a new car. You decide to go for a pre-owned or a second hand car. By the way, your lack of… Continue Reading
Higher education is getting expensive each year. Management education at any premier management institute in India will cost north of Rs 15 lacs for two years. And the high cost is not just limited to management education. Not everyone may have the resources to fund such education on own. Those who don’t have the resources,… Continue Reading