Standard Chartered Bank recently introduced an interest-only home loan product. Well, no loan gets repaid if you just keep paying the interest. Therefore, in this product, you do not need to repay any principal for a few years. The regular EMI starts on the completion of principal moratorium period. In this post, let us discuss… Continue Reading
Who does not want a few of their home loan EMIs to be waived off? I am not speaking about the EMI moratorium scheme introduced due to Covid crisis in 2020. Under the moratorium scheme, EMIs were just postponed and not waived. Here, I am talking about Axis Shubh Aarambh home loan product, where the… Continue Reading
Higher education is getting expensive and many of us need to take an education loan to fund higher education for children. Fortunately, all the banks offer education loan products. And, given the product nature, there are a few peculiarities about education loans. Since the student won’t earn while studying (or earn enough), education loans have… Continue Reading
Editor’s Note: Poornima had written a quick short post on SBI Kavach Personal Loan earlier. Below is a more in-depth article on this product from Deepesh Raghaw. Its rare that lenders offer good loan products to customers in times of distress/need. The more we know about such a good product, the better. If you still… Continue Reading
We had written about COVID-19 Personal Loan from Public Sector Banks earlier. These loans were not necessarily meant for covid medical expenses. Now, there’s some good news for all SBI customers (including salaried, non-salaried and pensioners). SBI is offering Kavach personal loans to its customers who are facing the cash crunch during this pandemic specifically… Continue Reading
In an earlier post, we had discussed how the Government is considering waiver of interest on interest (compound interest) for the loan moratorium period of 6 months from March 1, 2020 until August 31, 2020. On October 23, 2020, the Central Government announced the Scheme for grant of ex-gratia payment of difference between compound interest… Continue Reading
On the account of Covid-19 related lockdown and associated financial stress, RBI had offered loan moratorium to borrowers. We checked in some of our earlier posts how availing loan moratorium provided immediate relief but increased your liability (same EMI but longer tenure OR same tenure but higher EMI). A component of increase in liability was… Continue Reading
Many banks have come up with loan resolution / restructuring plans for Covid-19 related stress. The relief offered by the banks works within the Loan Resolution Framework due to Covid-19 related stress. We have written about the RBI framework in an earlier post. The eligibility criteria as specified by RBI must be met. The banks… Continue Reading
I came across an instance in a Youtube video about how borrowers are harassed by recovery agents. A news organisation uploaded the video on their Youtube channel. Do note the media does not smell of roses and tends to sensationalize things. I have not independently verified the claims of the concerned media channel. Broadcast media… Continue Reading
The Loan Moratorium ended on August 31, 2020. While I have written about various measures to manage cashflow stress beyond August 31, let’s explore the relief that RBI has afforded to individual borrowers in a circular issued in August 2020. On August 6, 2020, the RBI provided a framework for Resolution of COVID 19-related stress.… Continue Reading