All the banks linked the new retail floating rate loans to an external benchmark from October 1, 2019. In my opinion, that makes the comparison between various home loan products easier. Most of the banks have chosen Repo rate for the external benchmark for home loans. Earlier, benchmark MCLR (Marginal cost of funds-based lending rate)… Continue Reading
You have applied for a home loan but you are worried that you may not get the requisite amount. In an earlier post, I had discussed aspects that the banks consider while calculating your loan eligibility. In this post, let’s use the findings of the aforesaid post and see how you can increase your loan… Continue Reading
You have been struggling to make your credit card or loan repayments for a few months now. Bank officials and recovery agents have been breathing down your neck to make these payments. You have explored all potential options, but nothing has materialized. You have grown tired of all this. You decide to approach your bank… Continue Reading
Recently, I got a promotional email from a bank to convert credit card outstanding to EMIs. The EMI amount will be added to the credit card statement every month. I have discussed such deal structures in much greater detail in an earlier post. However, there have been a few interesting developments in the payments space that such… Continue Reading
Salary loans, as the name suggests, must have something to do with your salary. In this post, when we talk about salary loans, we are essentially talking about loans to manage the mismatch between the timing of your expenses and your salary. By the way, there is no standardised nomenclature. For instance, ICICI Bank has… Continue Reading
Recently, I came across an interesting article in Mint about accessing your CIBIL score on WhatsApp. Your credit score is a measure of your credit worthiness. Higher your score, greater your credit worthiness. TransUnion CIBIL is one of the credit bureaus and the credit score CIBIL provides is known as CIBIL score. We have seen… Continue Reading
If you fancy making asset purchases on credit, you would want to be aware how much loan amount you can get. I am not talking about minor purchases where you can simply swipe your credit card. Once the credit card is approved, you can use your card, subject to credit limit, wherever you want. The bank… Continue Reading
Your credit score plays an important role not just in determining whether your loan gets sanctioned but also in the interest rate you pay on your loan. One of the major inputs during calculation of your credit score is your credit utilization ratio. What is credit card utilization ratio and why should it affect your credit score?… Continue Reading
You just booked an under-construction property. You spent months finalizing the right property for you. You paid the booking amount from your own pocket. For the remaining purchase amount and construction linked instalments, you are banking on a home loan. Unfortunately, your loan application gets rejected or the bank is not willing to sanction the requested… Continue Reading
In an earlier post, we had reviewed a personal loan scheme from Bajaj Finserv. In this post, let’s pick a personal loan product from the State Bank of India, the largest bank in India. We will take a look at Xpress Credit Personal Loan Scheme from SBI. SBI Xpress Credit Personal Loan: Salient Features Available under… Continue Reading