What to Do If Interest Rates Continue to Rise?

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

When Should You Consider Refinancing Your Loan?

Refinancing a loan simply means availing a loan from a new lender to pay off an existing one. You approach a new lender for loan refinancing/balance transfer. The new lender sanctions the loan and settles your loan outstanding with the existing lender. Subsequently, your obligation with the existing lender terminates and a new repayment obligation… Continue Reading