Loan default: With digitalisation, getting credit is now easier and faster, offering convenient access to financial resources for borrowers. However, this ease has led to more defaults, worrying lenders. Borrowers may face stressful situations, such as being unable to repay loans, especially with auto loans where vehicles may be seized. To ensure fairness, the Reserve …
The minimum CIBIL score required for a car loan can vary based on the lender’s policies and several other factors such as income, current debt, job stability and amount of down payment. Although it is not a rule of thumb, but most lenders like to have borrowers with a CIBIL score of over 700 to …
A number of banks recently revised their marginal cost of funds-based lending rates (MCLR) despite the Reserve Bank of India (RBI) keeping its repo rate constant since Feb 2023. This means the EMIs (equated monthly instalments) of loans such as personal or auto loans that are linked to MCLR are set to go up. The …
There is a demon in each one of us. There is hardly anyone who can boast of life sans demons, especially financial demons that ruin the chances of amassing enough for a financially secure future. Numerous individuals fall prey to behaviours that lead them into financial difficulties, even when confronted with unfavourable situations. Such behaviours …
It’s tempting to buy a new car, be it an upgrade, a first car or another car for the family. Whatever the reason, a car loan makes the purchase easier. Car loans are usually of three to five years but some lenders may offer loans for up to seven years. A loan for longer may …