Interested in financial products

The Unified Payment Interface(UPI) is a payment model that allows you to use your smart phones to send or receive money instantly. UPI merges various banking services and features under one roof. A UPI ID and PIN are sufficient to send and receive the money; real time payments can be made using a mobile number or virtual payment address. To transfer money you don’t need to remember the receiver’s account number, account type, bank name and other information that you would usually need for making transactions.


No, they are not the same. BHIM(Bharat Interface for Money) is a mobile wallet app that helps drive payments online. This app is similar to Paytm, Freecharge, etc, but is the government version. It is a unified app based on UPI which can be synced to any of the UPI-enabled bank accounts. The Unified Payment Interface(UPI) is a payment model that allows you to use your mobiles to send or receive money. This acts as a platform, while BHIM is a separate mobile wallet app.

Due to the coronavirus pandemic, RBI has allowed banks to push the billed credit card dues between 1 March,2020 and 31 May,2020. This is not a waiver that is provided on the repayment amount. If you plan to opt for the EMI holiday(moratorium), your credit scores will not be affected during the 3 month period. However, the interest rates will continue to be charged at current rates or as specified by your credit card issuer. For credit card dues, billings will be restored on 31st May, 2020.


The Reserve Bank of India has permitted banks and other financial institutions to allow postponement of EMIs for 3 months starting from March 1,2020 to May 31,2020. The borrower would have to request the bank and show that his/her finances have been affected due to the coronavirus disruption to avail the EMI holiday.


Most financial institutions like banks and NBFCs provide MSME loans to individuals who are looking forward to starting a business or need funds for their already existing business.

Any financial institution will give you business loans at low interest rates if you have a good credit score and credit background. With a good credit score to back you, you will be able to bargain for low interest rates business loans.

MUDRA loans are provided to people who are looking forward to starting activities in the food product sector like papad making, achaar making, jam/jelly making, agricultural produce preservation at rural levels.


In developing countries the share of indirect tax is much higher than direct tax. GST implementation allows the government to have a better grip on taxpayers.

There are several financial institutions that provide emergency loans to people who are out of jobs. Secured loans are provided against a collateral or security.

The turnaround time for processing and disbursing the Shishu loans is 7-10 days. For the other two categories of MUDRA loans, Kishore and Tarun, the processing period is different from lender to lender.

Government business loans were introduced to provide funding to Micro, Small and Medium Enterprises and there are many schemes like the MUDRA scheme, PSB loans in 59 minutes, National Small Industries Corporation (NSIC) Subsidy.

The MUDRA scheme provides loans to people who are looking forward to starting a business or expanding their business. There are three categories under the MUDRA scheme

Any Indian citizen who has business plans for a non-farming sector income generating activity in manufacturing sectors or in the service sectors. Since goat farming will come under the farming sector, you might not be able to avail a MUDRA loan. But there are government backed schemes that provide funds to farmers for their goat farming activities. To encourage farmers, the central and state governments are providing loans and subsidies to start goat farming.

Individuals who are in need of funds for activities allied to agriculture are eligible for a MUDRA loan. Activities allied to agriculture are

The MUDRA scheme provides loans for vendors, traders, shopkeepers and other service sector activities. So if you are in need of funds for your hardware shop you can avail a loan under the MUDRA scheme. MUDRA schemes provide funds of up to Rs. 10 lakhs. According to the amount you need you can choose your MUDRA loan scheme categories: Shishu, Kishore or Tarun.

The government started the MSME scheme to promote small scale industries with their businesses. Only manufacturing and service companies can register and get benefits provided by the scheme.

Availing a loan when you have a steady flow of income and with a good credit score in hand will be easy. Lenders would prefer borrowers who have an income, so unemployed people might have difficulty in getting their loans approved. But that doesn’t mean that they will not qualify for any loans.


The Annual Percentage Rate (APR) refers to the annual rate of interest charged to borrowers and which is paid to investors. It is a percentage that represents the yearly cost of funds over a term of a loan or income earned on an investment.


Leverage in terms of finance is using borrowed capital as a funding source when a company is investing to expand its asset base and generate returns.


Finance charges, in general, is the fee charged by lenders on extension of credit. It could be a fixed amount or a percentage of the credit obtained. Finance charges allow the creditors to make a profit on the use of their money. The finance charges may vary depending on the type of financing.


Buying a car is certainly the dream of many individuals and it is also a symbol of status. When you want to own a car and do not have enough money, your dealers may arrange a lender for you to finance the car. This means the necessary amount will be paid to the car dealer by a financial institution. You need to repay the amount to the lender at an agreed interest rate and tenure.

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