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Financial food for thought
You have tried every possible way to repay your loan EMIs on time. In spite of your best efforts, a job loss, pay cuts, illness in the family, your loan repayments may go off the track. There may be situations where due to an unexpected financial crisis, you have fallen behind on your loan payments.
Getting a loan today has become easier than ever before. Commercial banks (private and public sector) along with non-banking financial corporations (NBFCs) make it quite easy for borrowers to get a loan to meet their various cash needs.
An individual who needs a personal loan has to first check his credit score as a first step. A credit score is a score of one’s credit history, the amount of credit availed by the individual, his repayment abilities, etc.
Your credit score is one of the most crucial factors that determine your creditworthiness. Every time you approach a lender for a loan, the lender checks your credit score to decide whether to sanction the loan or not.
Credit card interest rates are alternatively referred to as finance charges. Every credit card comes with a prefixed finance charge and it will be the same for all the customers. These could vary from one card issuer to another and also across different credit cards from the same issuer.
One of the biggest advantages of loan EMIs is that it’s easy to plan repayments in advance. The EMI remains the same every month for the entire tenure of the loan. This helps borrowers plan their expenditures and purchases.
Home loans are undoubtedly one of the biggest debts that individuals will pay in their lifetime. The size of an average home loan is 30 lakhs or more and extends for 10 to 30 years. Generally, home loans are repaid in the form of monthly EMIs.
During these challenging times, the health and safety of your families are your top-most priorities. With that said, there's another pressing issue that is posing enormous difficulties for people across economic segments.
Whether you’re looking to purchase a new car for the family, move into a new apartment, or expand your business – loans help us meet all our cash shortfalls.
There are a lot of factors that go into calculating a credit score. Following are some of the factors that affect your credit score:
Credit utilization is one of the biggest factors affecting your credit score. Learn more. Your credit utilization ratio refers to the amount of your credit card balance compared to the credit limit
Whenever you come across a bonus or any other lump sum payout, there comes the sweet dilemma. ‘Do I save it or pay off some debt?’. Both options are important and require some consideration before making a decision.
A Credit Score is a 3 digit number, derived from a person’s credit history. This number represents the creditworthiness of the person and is calculated based on information collected by credit bureaus from lending institutions. There are primarily 4 credit bureaus in India who are associated with different lending institutions. The credit score in India is marked between 300 – 900. Generally, a score of 700 – 750 is considered good.
The RBI recently cracked the whip on banks and NBFCs for allowing third party fintech companies access to the credit information of their customers. It shot out a letter, dated 16 September 2019, to banks and NBFCs, bringing them to notice of what appears to have been a prevalent practice of sharing consumer credit information from Credit Information Companies (CICs) directly to fintech firms.
Credit scores have gained a lot of popularity off late. These scores are assigned to individuals and it demonstrate their creditworthiness. A credit score shows the future lender the degree of risk that a lender has to take in lending to that particular individual.
A credit score is a statistical number that assesses an investor or consumer’s creditworthiness. It is based on the individual’s credit history. Today, lenders focus on credit scores to evaluate the probability of an individual repaying his or her debt obligations. A person's credit score could range from 300 to 900, and the higher the score, the more financially able a person is considered to be.
While good credit score can make you eligible for multiple loan and credit card offers, bad credit can have a negative impact which may prevent you from getting all these credits. However, getting a loan with bad credit is possible if you know where you look for it.
A personal loan is an unsecured loan that is quite popular among the borrowers. While the personal loans are availed for varied purposes, the eligibility criteria to get the personal loan generally remain the same.
What is considered a bad credit? Who will have bad credit? Will I get approved for a loan if I have bad credit? These are the questions people generally ask when they find their credit score has dipped. If your repayments go for a toss, you might find a reduction in your score.
Credit score, a three-digit numerical, is an important factor that lenders check when you apply for a loan or credit card. The eligibility is determined based on how much credit score you have obtained currently with your past credit activities.
Obtaining a loan with very bad credit history would seem a herculean task as the banks would want to be ensured of 100% repayment. When you fail to establish your repayment ability, what they look for is a collateral out of which they can retrieve the loan amount.
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