Why do we have to make down payments for home purchases? Why can’t the banks lend the full amount for the purchase? Two reasons. Firstly, the banks get a wider security cushion while lending. So, if the bank lends Rs 80 lacs for purchase of Rs 1 crore house, in the event of default, the… Continue Reading
You open a bank fixed deposit of Rs 5 lacs for 2 years at 7% p.a. After a couple of months, you need Rs 2 lacs to meet a planned expense. To meet the expense, you take out an overdraft facility against the FD of Rs 5 lacs. The interest rate on the overdraft facility… Continue Reading
You have heard of gold loans. You reach out to a bank or NBFC, pledge your gold/gold jewellery, and the bank sanctions you a loan. However, have you heard of a gold-backed credit card? I had not until I read about a gold backed credit card from Rupeek. How does it work? Simple. You pledge… Continue Reading
It is not easy to get a home loan. You must have the right job/profession, age, income, and creditworthiness to get a home loan. Many times, the lender is willing to offer you the loan but not the quantum you desire. And don’t pin the blame on lenders. The lenders have a reason to adhere… Continue Reading
Do you order frequently on Zomato? If you do, would you want to own a credit card issued by Zomato? Yes, I know Zomato is not a bank and can’t issue credit cards. I am talking about a co-branded credit card. Zomato has launched a co-branded credit card, offered in tie-up with RBL bank. The… Continue Reading
Ever tried to book railway tickets using a credit card? You would have quickly realized that you need to cough up 2% extra (1.8% + GST) to book your train ticket using a credit card. That’s a lot. For booking train tickets on IRCTC website, UPI and net banking are the cheapest modes. If you… Continue Reading
Standard Chartered Bank recently introduced an interest-only home loan product. Well, no loan gets repaid if you just keep paying the interest. Therefore, in this product, you do not need to repay any principal for a few years. The regular EMI starts on the completion of principal moratorium period. In this post, let us discuss… Continue Reading
We hear about co-branded credit cards quite often. The banks have launched credit cards in tie-ups with retailers (Big Bazaar), e-tailers (Amazon and Flipkart) and airlines/cab/travel booking companies (Vistara, Ola, IRCTC). Zomato has a co-branded credit card with RBL bank. And I am sure there are many such co-branded products. The USP is: If you… Continue Reading
A few weeks back, I had written about Amazon Pay ICICI Bank credit card. Simple and easy benefits. You get 1-5% cashback on each spend and the rewards system is so simple. The cashback/reward for the previous month is credited to your Amazon account on the statement date. What about Flipkart? Does Flipkart offer something… Continue Reading
Buy now pay later (BNPL) schemes have become quite popular over the past year. While prominent retailers like Amazon and Flipkart have their own BNPL schemes, there are fintech players such as Simpl and LazyPay that you can use to make purchases across many platforms and merchants. Dhani One Freedom card is yet another Buy… Continue Reading