With the proliferation of lending apps, you may be able to borrow money with a few taps. However, the problem is separating genuine loan apps from fake apps. Borrowing through a fake app can subject you to hidden charges, high interest rates, data theft, and possibly blackmail, harassment, and extortion. To safeguard borrower interest and… Continue Reading
I will give you Rs 1 lacs. You have to pay me 5% interest. Sounds like a good deal? I will add a few caveats. You must pay 5% interest upfront. Pay off the loan in 3 equal monthly installments of Rs 33,333 each. Is this a joke? No, it is not. This is the… Continue Reading
RBI released a very important circular on April 15, 2024 about Key Facts Statement (KFS) for loans and advances. The circular aims to enhance transparency in the loan costs and charges for the retail borrowers. Usually, the loan agreements have all the information about various costs and charges, but loan agreements are lengthy documents, and… Continue Reading
You take a personal loan of Rs 2 lacs from a bank. Interest rate is 10% p.a. What is the cost of the loan? 10% p.a., right? Isn’t interest rate the cost of loan? Yes, but only if the bank levies no other charges. If the bank does levy additional charges, then the cost of… Continue Reading