I had written a post on loan against securities earlier. However, the process always seemed a bit drawn out. It can easily take up to 5-6 days to avail the facility. HDFC Bank has come out with a loan facility — Digital Loans against Mutual Funds or Digital LAMF — where you can pledge your… 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
The Stand Up India scheme is aimed at promoting entrepreneurship at the grassroots sections of the society. The scheme was launched in 2015 to promote funding for green-field projects promoted by SC/ST/Women entrepreneurs. The scheme facilitates bank loans between Rs 10 lakhs and Rs 1 crore. Let’s find out more about the loan scheme. Stand up… Continue Reading
When we are scouting for a loan, many of us focus merely on the interest rates. While the rate of interest is clearly the biggest head, you must not ignore other ancillary charges of a loan. The charges (and their nomenclature) depends on the bank/NBFC and also on the type of loan you are going for. Clearly,… Continue Reading
In an earlier post, I had discussed how you can take loan against your LIC policy to take care of loan requirement. I had also discussed certain aspects as your loan eligibility and the applicable rate of interest for the loan. You can read the various aspects of loan against LIC policy in this post.… 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
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
You may be really excited to have negotiated a good interest rate for your loan with a bank. However, is the interest rate the only aspect in determining your cost of loan? What about the ancillary charges? Such charges also affect the cost of your loan, don’t they? [pullquote] FACTORS IMPACTING OVERALL COST OF LOAN… Continue Reading
If you are planning to apply for a home, car or personal loan, you must be aware that your credit score plays an important role during your loan sanction process. Hence, it is advised that you check your credit score before applying for loan and rectify any errors in the report through dispute resolution process.… Continue Reading
Many times, we focus on things to do to improve our long term financial health. In this post, let’s discuss some of the financial habits that are likely to affect your long term financial health adversely. These habits can affect you in many ways. You may not be able to invest enough. You may not… Continue Reading