This guide explains personal loan preclosure – what it means, when it makes sense and how it affects your charges and credit score. You’ll find the RBI disclosure rule on foreclosure charges, a worked interest-saving example and a step-by-step process to close your loan account. A five-minute read covers everything before you close a personal loan early. Yes, you can close a personal loan early. …
A loan guarantor is a person who agrees to repay a borrower’s loan if the borrower fails to do so. Guarantors help improve loan approval chances, especially for borrowers with low credit scores, insufficient income, or limited credit history. In this blog, we’ll understand the meaning of a loan guarantor, their role and responsibilities, eligibility requirements, types of guarantors, …
When opting out of the old tax regime, you may have many doubts, like ‘Is standard deduction applicable in the new tax regime?’ While the Interim Budget of 2024 did not propose any changes to taxation, the 2023 Union Budget eliminated multiple exemptions under the new tax regime. However, there are certain deductions and exemptions …
To understand taxation in India, you need to know what is a direct tax and an indirect tax. Here are a few essential points: You need to pay direct tax to the government based on the income or profits you earn Contrary to this, you’ll pay indirect tax only if you purchase any good or …
An instalment loan is the most common type of credit that banks and NBFCs offer. Once you borrow a required sum, you need to repay the amount along with interest in affordable instalments within a specific timeline. You can use the borrowed amount for the following purposes: To pay educational expenses To clear hospital bills …
Wondering, ‘Can I get a personal loan without ITR? Yes. Most lenders require self-employed applicants to submit their income tax returns to review their income and repayment capacity. However, some use alternative methods for this assessment, making loans accessible even when you don’t have your tax filing records. Read on to learn how to get …
RBI guidelines are in place to ensure loan recovery is handled fairly and with respect. Lenders and recovery agents are not allowed to threaten, pressure or harass you while following up on unpaid loans. These rules also protect borrower privacy. Recovery agents cannot discuss loan details with family members, friends, neighbours or colleagues. They must …
‘Can I buy a car in cash?’ This is one of the most common questions that pops up when you decide to purchase a vehicle. On second thought, if you are wondering whether you should opt for a personal loan for cars rather than paying it entirely by cash, there are several things you need …
When you apply for a loan or credit card, the lender checks your credit score before deciding whether to approve you and on what terms. In India, the score lenders most commonly use is the one from TransUnion CIBIL, one of the country’s four credit bureaus. Your CIBIL score affects whether you’re approved, how much …
Leveraging the limits of the traditional credit system, Peer2Peer lending has become popular across the country in recent times. It is a system where: People borrow within the communities to meet their financial requirements There is no involvement of an official financial institution To know more about this new lending system, how it works, the …
