UPI transactions have boomed over the last couple of years and are giving serious competition to credit/debit cards and net banking in online transactions. The only problem is that you cannot make UPI payments on credit. i.e., the money gets debited from your savings bank account. You must have the money in our bank account… Continue Reading
ICICI Bank has launched an instant loan against mutual funds facility. So, if you are an existing ICICI Bank customer and have made mutual fund investments, you can apply for an instant loan against your MF investments. The loan is available in the form of an Overdraft facility (and not a term loan). You pay… Continue Reading
Old wine in a new bottle. That’s what I would call the new overdraft (OD) facility from ICICI Bank — ICICI Bank Insta FlexiCash facility. In this post, let’s find out about ICICI Insta FlexiCash facility in detail. Additionally, let’s see if there is merit in owning an OD facility. ICICI Bank Insta FlexiCash Overdraft… Continue Reading
ICICI Bank has recently launched a car loan product ”Smart EMI” in association with TranzLease (TZL), an automobile leasing company. The loan facility is currently available for corporate and salaried customers. The Smart EMI car loan takes care of the insurance and maintenance of the car too. i.e., you do not have to pay anything… Continue Reading
I came across an interesting case in a business daily a few weeks back. A consumer forum bench directed ICICI Bank to pay Rs 55,000 to a borrower. Here is how this happened. The borrower signed up for a home loan of Rs 30 lacs for 10 years from ICICI Bank in 2006. The loan… Continue Reading
A Loan against Property can take two forms — A Term Loan or an Overdraft Facility. What Is the Difference? In a term loan, the entire amount will be disbursed upfront. You will pay EMIs on the loan for the duration of the loan. You will have to pay interest on the disbursed amount even… Continue Reading
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 need an education loan for higher studies. To be on the safer side, you want to apply to multiple banks, but the effort required to make multiple applications scares you. Here is a fine solution for you. The Government of India has launched a portal “Vidya Lakshmi”, where you can search for loans and apply to… Continue Reading
When you take a home loan, you want to make sure that the loan is repaid even in your absence. After all, you want your family to inherit your house (and not your liabilities). This is a reason why you purchase life insurance. Many times, even banks try to convince/persuade/force you to purchased insurance plans… Continue Reading
Recently, I watched an ad from Flipkart about Debit Card EMI. This sounded a bit strange to me. Typically, you would associate EMI with a credit card or a loan. Getting a credit card is not always easy. Your credit card application can get rejected for various reasons. A bad credit score is a common… Continue Reading