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Financial food for thought
Radhika passed her graduation with flying colors. She had always dreamt of doing her master’s in international business from a prestigious university abroad. She did her spadework and realized that the course fee and the living expenses could easily cost her around 40 lakhs for the 2-year course. It was a huge amount for her parents to fund on their own. That’s when they learned that loans are available for higher studies.
Ever thought your signature can be of more value than you imagined? Yes, it is going to be! You can soon get a loan by securing your signature as collateral. While this is something not prevalent in our country, it is important that you get a picture of how this loan works.
As convenient as loans or any credit instruments are, the truth remains that they are to be repaid and that too with interest. Once you are done through the process of availing the loan, starts the process of repayments and EMIs. Life throws up many surprises at you which may offset your financial balance in spite of all the planning. But there are always smart ways to reduce the loan burden without stressing your wallet. Let's see how!
Financing options like loans help us tide over many situations, higher education being one of them. The circumstances in which you avail a loan may not have been a favorable one and hence you might have availed a loan at a higher rate of interest. Education loans are big-ticket loans and servicing such loans on a high rate of interest may upset your finances as you start working or the tenures may be longer/shorter than you expected. So is there no exit from such situations?
Cash crunch is a problem that you can come across at any given point in time. Most of the times, such scarcity of the required amount of money makes people unable to achieve specific targets in the form of buying a house or a car, pursuing higher education, making some purchases or meeting some immediate financial requirements.
Home loan balance transfer is the process of transferring your existing home loan to another lender for better services and low interest rates. The details of Mahesh’s outstanding home loan with the existing lender are as follows
Buying a home is very difficult with the current market rates in most cities being very high. One will consider him/herself lucky if they are able to get a home that they like and are able to pay for the home. But there are a few who make their own luck by buying a piece of land and constructing a house the way they want it to look with all the amenities they desire.
Many of us might want to make changes in our home in the form of enlarging their bedroom, carpentry work, new coat of paint or just get new furniture for the home. Most renovations will happen close to a family function when we expect a lot of guests or when the home is in a bad shape and renovations are a must. Many of the renovation activities are costly and discourage us from improving our homes. It is for this reason that people will take loans in the form of a home renovation loan or personal loan.
Repayment is defined as the act of paying back previously borrowed money in the form of loans which could be personal loans, home loans or education loans. The repayment includes both the principle and interest, the result of not repaying after a point of time will result in the borrower falling into bad debt and being called a delinquent.
A top-up loan should not be taken just because it is simply available. It becomes fruitful only when you have the requirement for finance. Because top-up personal loan could be costly, and you might end up paying additional interest on the repayment.
Most successful businesspersons were not born rich. They all started small and acted smartly in their endeavour to become successful. Many people try to achieve success in their business, but due to multiple reasons, they may have dropped their ambition in the mid-way. Not getting a business loan could be one of the reasons for a setback in the business career.
Everyone has a dream of getting a car for all the convenience and memories that it will provide. From getting away from the cold or heat to those memorable long drives a car is what everyone dreams of. But not everyone can afford their dream car by paying for it themselves at one go. This is where their car loans can help. In this article we are going to cover some of the common or frequently asked questions when it comes to car loans to help you be prepared when you do apply for one.
When a lender goes through a loan application, the borrower’s credit score is one of the important factors linked to the approval. The lenders want to be assured that the borrower has shown a decent repayment track record with no defaults in the past.
A good education gives wings to an individual to fly higher in the career. It is a stepping stone to achieve their ambitions in life. However, not all have the means to fund their studies from their own pockets considering the rising cost of education.
When it comes to getting funds for the immediate needs such as wedding, medical expenses, vacation, education, buying durables etc, a personal loan is the most convenient way to accomplish it.
With changing lifestyles, for some; life really begins at 40; sometimes even later. Loans from being disbursed only to those with regular incomes have now been extended to those who draw pensions. Banks are now able to cater to retires who do not wish to borrow from others and can manage some credit of their own.
Reserve Bank of India (RBI) has asked all banks and NBFCs to move to MCLR based interest rate instead of base rate which was followed before. All new loans on or after April 1st, 2016 will be sanctioned based on MCLR rates.
Education is one of the greatest gift a parent can bestow upon their children. As the saying goes “Buy a man a fish, he will eat for a day. Teach him to fish, you feed him for a lifetime.” If you give a child the proper education, you set them up for life.
Technology has reached every nook and corner and it has made a prominent impact on every business. Over 80 million people in India are employed in Small and Medium Enterprises contributing a major portion in country’s GDP.
Everybody at one point in time, dream of running their own business and not working under someone, become the next Steve Jobs or Bill Gates, but only a few try to live that dream. This is because starting a business is scary and risky. You are venturing into the unknown with just your business plan and your trust in it.
A credit report gives a snapshot of an individual’s credit accounts, repayment history and various other financial dealings. The credit score is calculated based on the above factors. Creditors check the credit score before taking a decision to extend credit to their customers.
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