You might wonder what is moratorium when looking at loan terms. It’s simply a pause on your EMI payments for a limited time. During this break, you don’t need to repay the loan, and there’s usually no penalty. It’s a helpful option built into many loans to give you some breathing space when needed. Keep …
What is credit control and why does it matter when you apply for a loan? Simply put, credit control meaning refers to how lenders decide who gets credit, how much and on what terms. It helps banks and NBFCs avoid lending to risky applicants. If your credit score is low or you’ve missed EMIs, you …
Do you know how the repo rate increase affects your personal finances? When you apply for a loan, lenders levy an interest rate. However, this isn’t a random number but a carefully calculated rate based on the prevailing repo rate and the institution’s policy. Here are some essential points that you need to know: What …
With many convenient options available, you can effortlessly make an online loan payment. This is because modern financial service providers allow you to manage your loan EMI online. As such, you can pay easily through multiple online options at your convenience. You can use a lender’s portal or third-party payment apps to conveniently: Knowing about …
India has four credit bureaus licensed by the Reserve Bank of India (RBI): TransUnion CIBIL, Experian, Equifax and CRIF High Mark. They collect repayment data from banks, NBFCs and other lenders, and use it to prepare your credit report and credit score. Lenders check these before deciding whether to lend to you and on what …
If you know how to find a CIBIL report and read it, you can easily assess your financial standing. When you download and read a credit report, it helps you understand your credit health and take the right steps to boost your creditworthiness. A CIBIL report is a detailed file of the account holders’ financial …
The APR vs APY comparison is quite interesting as it focuses on interest calculations for two varied instruments. While the APY focuses on the gains you earn as an investor, the APR relates to the cost of borrowing. However, this isn’t the only difference between APR and APY. Read on for insights to compare the …
Your PAN card is linked to every loan and credit product you take in India, including personal loans, credit cards and BNPL services. Since lenders report all borrowing activity against your PAN, checking loans linked to it regularly can help you track your active credit accounts and spot any suspicious activity. When we use lending, we see more …
Why do lenders need bank statements, you wonder? Well, these documents record your income and expenditure. So, lenders use them to check the stability of your earnings while ensuring that you have enough funds in your account to successfully repay the loan. This evaluation affects your chances of approval as well as the amount you …
Knowing how to manage multiple loan accounts is not rocket science. Instead, it is about being disciplined and organised, both skills that financially independent adults need to inculcate. With easier and quicker access to credit, having multiple loans and credit cards is very common. But if you are unable to keep up with repayment, you …
