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EMI stands for Equated Monthly Instalment, which is the fixed money amount borrowers pay to repay a loan over a chosen repayment tenure. An EMI includes both the principal amount and the interest charged by the lender. EMIs are commonly used for: The EMI amount depends on factors such as: Understanding how EMI works can help you: In this guide, we’ll explain the meaning of EMI, how it works, …
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The full form of IMPS in banking is Immediate Payment Service. This fund transfer facility gives you real time updates on your online payments, including bills, fees, tickets, merchants and more. Knowing what is IMPS is important for transferring funds easily as you can use this facility for urgent needs. However, there are limits, charges and …
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Under the Negotiable Instruments Act of 1881, cheque bounce is categorised as an offensive act. If your cheque bounces for any reason, you must face consequences such as monetary penalties, imprisonment or both. It can also impact your credibility and lead to other such negative effects. Read on to learn about the meaning of cheque …
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You can block your ATM card instantly via customer care, net banking, the mobile app, SMS or a branch visit and unblock it the same way, usually within minutes to 24 hours. Once you are confident your card is secure, you can easily unblock it to regain full access to your funds. A block can …
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Wondering what an Issuer Identification Number or IIN is? Well, it’s an important component of payment cards, like credit and debit cards. The number helps identify the card issuer and your card’s processing network. Apart from this, you get to enjoy several other benefits, making this an important part of your payment card. Here’s a …
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If your credit card application is declined, it isn’t the end of the world. Nowadays, applying for a credit card is easier, thanks to fintech advancements that allow you to get quick approval from the comfort of your home. Despite the easy access, issuers have specific eligibility criteria that you must fulfil. All financial institutions …
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Reverse repo rate and repo rate set by the RBI are specific monetary policy tools. The policies that govern these rates help manage the country’s overall economy. Specific factors like inflation, currency rate changes and money flow influence these rates. Read the information below to define repo rate and reverse repo rates and learn how …
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This guide explains how to check your CIBIL score with a PAN card; covering free steps on the TransUnion CIBIL website and on Fibe, why PAN is the primary ID used, what happens when you change your PAN and how key factors like repayment history and credit utilisation affect your score. Yes, you can check your CIBIL score …
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Downloaded your e-Aadhaar and can’t open the PDF? Feeling stuck at the password prompt, wondering what it could be — your name, Aadhaar number or something else? Don’t worry, you’re not the only one facing this. The e-Aadhaar PDF comes with a built-in password for security, and it’s usually a combination of your personal details. …
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Businesses issue a GST credit note under special circumstances that allow them to correct any discrepancies in bills and invoices. It helps businesses maintain their account books without any discrepancies. Issuing credit notes is more convenient than reissuing new invoices, making them more favourable. Read on to know the meaning of a credit note, its …
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