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 …
I have always advocated financial freedom, the ability to do anything you wish to do in life without worrying about money as the most important goal for all investors. This freedom cannot be achieved when one is straddled with debt, especially debt taken for buying personal assets, a house being one of them. I would …
Gold holds a special significance as an auspicious metal that can double up as a prudent investment is second to none. Buying gold on the occasion of Dhanteras is considered auspicious but with changing times, the methods of investment have also changed. Now it is not just physical gold that is attracting buyers, there is …
I have an education loan of ₹24 lakh, obtained at an interest rate of 9.5% per annum. Over the last four years, I have paid off a substantial part of this loan and the balance is now ₹10 lakh. Is it financially-wise to pay minimum equated monthly instalments (EMIs) and invest elsewhere to generate higher …
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 …
Private sector lender ICICI Bank and public lender Punjab National Bank (PNB) have hiked their marginal cost-based lending rates (MCLR), even though the Reserve Bank of India (RBI) retained the policy rate on August 10. The move will make EMIs linked to MCLR expensive. The one-year tenor MCLR is the rate against which most consumer …