Due to your busy schedule and on-the-go lifestyle, you may struggle to pay credit card bills on time. Failing to make timely payment of your outstanding balance will lead to piling up of interest with late payment charges. To avoid this additional cost, you can also pay the minimum balance if that fits your budget …
For lenders, credit repayment history and creditworthiness are two of the most crucial factors when deciding on your loan approval. A borrower’s credit report reflects these factors, which lenders can access through the control number in CIBIL. Also called the ECN number, it is used by lenders to catalogue your credit details. To know what …
Different types of loans help you cover varied expenses by bridging financial gaps. Lenders, such as banks and NBFCs, offer loans based on your usage, eligibility and their internal policies. You pay interest to enjoy the facility to borrow, so shopping for affordable rates should be your priority when you are looking to borrow. Planning …
DPD in CIBIL stands for Days Past Due. It shows how many days you delayed paying a loan EMI or credit card bill after the due date. In simple terms, DPD in CIBIL means your month-wise repayment behaviour and lenders use it to understand whether you repay credit on time. If your DPD value is ‘000’, it means you paid on time. If it …
A flat rate of interest differs from a reducing rate, so before you choose a loan, knowing which is better for you is important. Lenders offer various types of interest rates, and a suitable option can lower your borrowing costs. Read on to understand flat vs reducing interest rates. What is a Flat Interest Rate? A flat interest rate …
Loan repayment problems can lead to an account being classified as a non-performing asset (NPA) after the applicable overdue period. However, an NPA is not automatically written off or waived. A loan write-off is mainly an accounting action taken by the lender, while a loan waive-off means the lender gives up its right to recover all or part of the …
A loan overdue means you have missed paying your EMI, interest, principal or any other loan-related amount by the scheduled due date. In simple terms, if your EMI was due on the 5th of the month and you did not pay it by then, that unpaid amount becomes overdue. If the delay continues, lenders may charge penalties, report the delay …
Credit card reward points are something that most issuers offer to their cardholders for using the card. With every use, you get a certain number of points depending on several factors. You can exchange or ‘redeem’ these points for products, discounts or a cash equivalent and more. Read on to learn more about what credit …
Credit cards are a powerful financial tool. Understanding APR can help you to manage and use your credit card more responsibly. To learn about what is the annual percentage rate for credit cards, read on. What is Credit Card APR? While some credit cards are cheaper to maintain, some are more expensive. How to make …
In 2021 alone, Indians lost ₹160,000 crores in banking scams. Among these, credit card fraud in cyber security has emerged as one of the most prominent concerns. In the last fiscal year, the RBI recorded the highest number of cases related to digital payments with credit cards. Despite security advancements and encryption protocols, fraudsters and …
