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 …
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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 …
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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 availing credit. However, this isn’t the only difference between APR and APY and it is important to know …
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Knowing how to check your loan status using a PAN card is crucial to safeguarding your finances. This simple act helps track your active loans and monitor your profile for any suspicious activity. Today, you can access credit with just your PAN and this has some implications. For one, getting a loan is quicker. However, …
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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 …
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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 …
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Activating a loan is a process and one that has a direct impact on your monthly budget, as it means that you have a loan to repay. Knowing what it means is important given the increasing number of loan frauds. On the other hand, the active loan status is an entirely different facet of the …
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Knowing when to take out a personal loan isn’t easy, but there are instances where these loans can help. For one, these loans are a great option for dealing with emergencies, as you get funds quickly. You can also use the loan amount to streamline existing debt repayments, build your credit score, or save on …
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Do personal loans affect mortgage applications? This is a smart question and the simple answer is yes. Even though one is unsecured and the other is secured, any existing loan affects your second loan. Your existing personal loan can have a significant impact on everything from eligibility to interest rates. Read on to get an …
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Before you plan on getting credit, you must ask the question, ‘Are personal loan rates going up or down?’. This is because interest rates significantly affect your overall borrowing cost. With an increase in the rates, your repayment amount will also go up and vice versa. These interest rates depend on several factors, from your …
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