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 …
New Delhi: The Enforcement Directorate on Thursday said it raided companies of the Essel Group in Mumbai and recovered “incriminating” documents as part of its ongoing money laundering investigation linked to alleged diversion of funds worth over Rs 2,000 crore from Religare Finvest Limited (RFL). The federal agency said in a statement that three premises …
New Delhi: Fancy the new smartphone launched recently that you want to own but cannot afford? No problem. Buy it now and pay for it over 3-8 months. This must be a loan, you may think. Well, that is true but there’s no interest to be paid. So, essentially, you are buying the phone on …
Karan Khona, a resident of Mumbai, says he had to spend more than ₹3 lakh recently for his mother Preeti Khona’s dental treatment. That sum covered the costs of five dental implants and three dental bridges and crowns, all done in a span of two months and several sittings. Delhi-based Ganesh Jha says he paid …
Credit scores and credit reports are among the most widely discussed subjects in the realm of finance and banking. Whenever you use a payment app or visit a bank or fintech’s website, they suggest checking your credit score and reading your credit report carefully. So, what are these things, and are they really important? The …
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 …
I recently sold a property owned jointly by my mother-in-law, my wife and me. The property was purchased with a loan taken in my name although the sale deed did not mention any proportion of our shares in the property. The buyer paid the sale amount in three equal parts to each of us and …
I recently found my Cibil (Credit Information Bureau-India) score was much lower than what I expected it to be. Could it be because of an error made by my bank in reporting my timely repayments on my home loan? How can I rectify any discrepancy in my Cibil score, especially when the lapse is by …
Take the case of Bengaluru-based Arghya Bhattacharya (42), an IT professional who had taken a ₹60 lakh home loan from a private sector bank for buying an under-construction flat in 2017. The interest rate on the loan was 8% at that time. He took possession of the flat in August 2019 and made a prepayment …
My son got admission to college recently and I have paid his first semester fees. Now, I am planning to apply for a education loan for my son. However, will the loan cover the entire fees of the four-year graduation programme or are such loans disbursed separately for each semester? And if it is the …