SBI has increased its MCLR (Marginal Cost of Funds based lending rate) multiple times (1, 2, 3) in the recent months. MCLR is the benchmark for floating rate loans. Therefore, if you have borrowed from SBI, your loan interest rate would have already gone up in the recent months. Never a happy situation for the… 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
Festive season is round the corner. Frankly, the diversity in India ensures that the festive season never ends. There is always one festival or the other going on all the time. This is one reason festive season deals almost never end on popular retailer websites. However, during the later part of the year, starting August, festivities actually… 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
When you take a loan, you take a responsibility to repay it too. And it may happen that you may struggle to repay the loan. The reason for non-repayment could be many, ranging from loss of job and improper financial planning to poor health, disability or even demise of the borrower. In extreme cases, you could end… Continue Reading
When we talk about borrowing money, the first name that clicks as a lender is a bank or a NBFC. There can be multiple types of loans. You can go for a home loan, personal loan, gold loan, loan against property etc. However, in all these cases, the lender is a bank or a financial institution. If… Continue Reading
In an earlier post on home loan for borrowers in the low and middle income segment, I had reviewed PNB Housing Unnati Home Loan Scheme. In this post, I will review Axis Bank Asha Home Loan Scheme that is targeted at the same segment. You can take this loan for Purchasing a ready, under-construction or… Continue Reading
While browsing for various home loan products, you would have come across terms, Monthly Reducing Balance and Daily Reducing Balance. Home loan products from many banks including State Bank of India work on daily reducing balance method while the home loan products from some banks work on monthly reducing balance methods. What Is the Difference?… Continue Reading
ICICI Bank has recently launched a scheme where new home loan borrowers will get 1% of EMI as cash back. Most of us would associate cash backs with credit card or online purchases. However, as banks try to find competitive advantage in relatively commodity like home loan market, cash back has found its way into plain… Continue Reading
Axis Bank has a unique offering where the bank waives off your last 12 EMIs if you have maintained a good repayment record. Looks like a really good deal. Who wouldn’t like to save on 12 EMIs? You would, right? Why will a bank waive off the EMIs? Banks never do charity. Clearly, there is… Continue Reading