You have taken a personal loan an year ago. Interest rates have moved down since and you can get a personal at a cheaper rate. Lower interest rate means lower EMI. Without any friction, you would move to the lower interest rate right away. i.e., take the new loan at a low rate and use… Continue Reading
IDFC First Bank is launching credit cards where the borrowers will have to pay only 9% p.a. as Annual percentage rate (APR) or the interest rate. This comes as a healthy surprise since we are used to 36%-40% p.a. APR on credit card debt. If you are new to this terminology, 36% p.a. APR means… Continue Reading
You just got your annual bonus. You want to decide between whether to use the bonus to prepay the home loan. Or put this money away in a bank fixed deposit or any other investment. The approach is simple. If the post-tax cost of your loan is HIGHER than the post-tax return from the supposed… Continue Reading
I spoke to a client a few days ago. She told me that she ended up spending over 5 lacs in the recent Diwali season towards all kinds of purchases including gifts. A few insurance premium payments also came due in the month of November. While she had an idea that she will run a… Continue Reading
The Reserve Bank of India has been cutting repo rates for over a year now. We might argue whether the loan interest rate for the existing borrowers are falling enough or not. However, the new borrowers are clearly getting attractive deals. In a previous post, I wrote about Covid-19 personal loans from public sector banks,… 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
The nationwide lockdown to prevent the spread of Covid-19 has affected the cashflows or income potential of many citizens. While it is painful to imagine the plight of daily wage earners, many in the organized sector have also struggled. Every day you can hear about the salary cuts or employee layoffs. And this is coming… Continue Reading
While the economy reels under the lockdown to prevent the spread of the novel coronavirus, many public sector banks have come out with Covid-19 personal loan schemes. Yes, Covid-19 is part of the nomenclature for these loan products. These loans can provide much needed cashflow relief to its existing customers. Most banks are offering these… Continue Reading
You need quick funds. You do not want to break your head to optimise your selection. Usually, in such cases, you approach your bank and see if it can give you a quick loan. In this post, let’s review a loan that is instantly available if you own a HDFC Bank credit card. By the… Continue Reading
You invest Rs 50,000 in stock market. Your investment doubles in 6 months. A 100% gain in 6 months is a reason to rejoice but something pinches you. Even though you made a 100% gain, it is not a big amount in absolute terms. Wish you had invested a bigger amount. You would have earned… Continue Reading