Higher risk weights mean that banks and NBFCs will have to set aside more capital for every such loan they extend. The days of easy credit may well become a thing of the past.
RBI ban on Bajaj Finance: The RBI has asked Bajaj Finance to stop the sanction and disbursal of loans under two of its lending products with immediate effect, for not issuing Key Fact Statements to borrowers.
Generally, a low credit score is not the result of a single financial mistake but reckless handling of credit for several months. A poor credit score can become a hurdle in availing loans and credit cards
Senior citizens should invest a part of their savings in fixed deposits which offer liquidity and ensure interest income periodically.
Invesco India Infra. -Direct (G)
Axis Small Cap Fund - Direct (G)
BOI AXA M & I Fund - Direct (G)
Invesco India Infrastructure (G)
BOI AXA M & I Fund (G)
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Using a credit card is better for smaller amounts that you can easily repay in a few weeks. However, if the required amount is large and you would not be able to pay it back fully soon, then taking a personal loan is advisable.
This season, several financial institutions have announced a raft of offers to lure homebuyers’ interest. However, before you opt for a home, save enough for the down payment, conduct a thorough background check on the builder and check the project details on the RERA website, among other things more.
A Paisabazaar report titled “Making India Credit Fit” says that awareness of credit has gone up sharply among young customers.
The key to maximising value is understanding the features and benefits of your travel card and using them smartly.
With this collaboration, FACE will support Google with market intelligence to detect predatory digital lending apps in India that are non-compliant with the Play Store’s policies, enabling swift action against them.
By demanding the appointment of nodal officers at every credit institution, assigning a financial penalty for delay in redress of customer grievances, and regular updates to the customers on access of their credit information reports, one can expect the industry to be more customer-friendly.
Utkarsh Small Finance Bank offers the highest interest rates on FDs, at 8.5 percent p.a. for a two to three year tenure. Among NBFCs, Bajaj Finance offers interest rates of 8.35 percent p.a. for a tenure of three years and eight months. Senior citizens earn up to 0.25-0.6 percent more on deposits.