Loans

The Covid-19 pandemic saw various relief measures being approved by the RBI to ease the financial burdens of individual borrowers. These measures were then implemented by banks and other financial institutions to reach each and every eligible borrower.

Loan settlement is often mistaken as loan closure. But they are not the same. Loan closure is when you pay off all your EMIs on time and complete repayments as scheduled. In this case, the lender closes your loan account on payment of the final EMI and issues a NOC (No Objection Certificate).

Moratorium period and grace period are two terms that are often confused to be the same. These two terms, however, have many key differences.

In recent years, factors such as, fast-changing lifestyles and freely available credit have induced many individuals into borrowing large sums of money that may be beyond their capacity to repay.

Microloans are a short-term loan, generally with a smaller loan amount that can be availed by startups, micro enterprises, self-employed individuals and small business owners with low capital requirements.

As consumers, we take different types of loans at different stages in life and for different needs. Whether it is a mortgage loan for buying a home, an auto loan for buying a vehicle, or a personal loan, most loans have two aspects in common

The government of India recently extended the Emergency Credit Line Guarantee Scheme (ECLGS) for Micro Small and Medium Enterprises (MSMEs) by one month until 30th November. This extension was announced by the Union Finance Minister via a series of tweets posted on Twitter.

When a borrower fails to pay loan EMIs on time, as per the loan agreement, he is termed as a loan defaulter. Being a loan defaulter doesn’t get you labelled as a criminal. And it certainly doesn’t take away your rights to be treated fairly and with respect.

In a significant relief to borrowers, the Finance Ministry recently announced the waiver of interest on interest for small loans up to Rs. 2 crores. The Supreme Court on 14th October approved the scheme and instructed the central government to implement the scheme as early as possible.

In a massive relief to individual and MSME borrowers, the Union Government has announced a waiver of the compound interest incurred by loans during the moratorium period from March to August.

The ongoing COVID pandemic has resulted in a financial crunch across the globe. While we may hope for it to be over, it will continue to have a negative impact on our finances, as millions of individuals are struggling with reduced salaries and a large number of people are rendered jobless.

The State Bank of India (SBI) recently launched an exclusive online portal for retail borrowers to restructure their ongoing loans. It aims to provide additional relief to borrowers during these trying times. This is as a result of the financial impact resulting from the novel coronavirus pandemic.

The Coronavirus pandemic has caused major financial distress among borrowers. In such extraordinary times, banks such as ICICI Bank continue to stand by their customers and offer help to those impacted by this pandemic.

The COVID pandemic has affected the lives of people in more ways than one. As part of the relief measures for borrowers, RBI announced a loan restructuring scheme on August 6, 2020. The primary objective of the central bank is to ease the financial stress due to the COVID -19 pandemic.

Inflation is ever increasing and this affects an individual’s capability to accumulate savings. As prices of necessities continue to rise, we spend more with every passing day. Transport, education, daily essentials etc. are all getting pricey as compared to a few years ago.

Societies tend to carry myths like differently-abled individuals are incapable of working and therefore employers also sometimes overlook them. Starting a business venture is one of the healthy alternatives for them.

Agricultural loans are provided to farmers, sharecroppers, joint cultivation units, self-help groups and others engaged in agriculture and other activities related to agriculture. Agriculture loans can be either secured or unsecured, depending on the loan type and lending institution.

India is considered to be one of the top breeding grounds for start-ups. Today, it ranks number three in the world in the start-up business category. With immense entrepreneurial capability and passion for business, Indians are entering the start-up genre like never before.

Education loans allow easy access to higher education without disturbing your finances. An education loan is generally taken by students (or parents) to meet expenses such as tuition fees, hostel expenses, and other related costs while pursuing a higher educational course.

Agricultural loans are offered to farmers and can be used for various purposes such as purchasing land, tools and equipment, machinery, seeds, investing in farm maintenance, crop insurance, etc. Farming is a seasonal activity and farmers require financial support to help them sail through periods of no activity.

We Indians have always loved two-wheelers - be it for commutes, racing, long drives or just for recreation. Sales of bikes have always been strong as compared to other vehicle segments.