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The bank number on a card is the first 4 to 6 digits mentioned on all payment cards. Also known as the Bank Identification Number or BIN for short, it is an essential component of your card number. It helps track stolen cards and reduces the chances of theft. You’ll find the Bank Identification Number …
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The Cash Reserve Ratio Rate (CRR Rate) is a tool used by the RBI to manage money flow in the economy. It’s the percentage of total deposits that banks must keep with the central bank. This money doesn’t earn any interest.It may sound technical, but CRR impacts you too. It can affect your loan interest …
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Be it an Equifax credit report or a CIBIL credit report, all lenders check your credit history and score while reviewing your application for any type of credit. These details give them insights about your financial standing and creditworthiness. However, you don’t get the same score from all bureaus, nor do all lenders access your credit report …
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Prepaid expenses include all the bills and financial obligations for products or services for which you pay in advance. Business owners often make recurring payments in advance to avoid any last-minute delays and hassles. Doing this also allows businesses to relieve themselves of obligations in future accounting periods. Once paid, you can utilise the goods …
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A car loan balance transfer is a great way to reduce your borrowing costs as you can switch to another lender offering better terms. You benefit from higher financial flexibility while getting a number of other advantages. However, like every financial decision, a car loan balance transfer also requires adequate research. You must choose a …
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In businesses, a letter of credit (LC) from a bank has great importance in building trust and continuing trading even when you are short on funds. This document is especially useful in international import and export transactions when partnering with a new seller. Getting an LC from your bank gives the seller a proof of …
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With paper money replacing heavy coins, carrying and circulating money becomes easier. As a legal tender, paper currency holds its value even in the digital age. It will continue to do so in the near future. Given this, you need to know the history behind the origination of paper money and how it works. Know …
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By knowing the difference between NEFT and RTGS, you can decide which option is right for you, depending on the urgency and limit. Since the introduction of digital modes of fund transfers, these options have gradually replaced traditional methods like cheques and demand drafts. RTGS and NEFT are among the most popular online transfer options, …
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By raising a CIBIL dispute, you can rectify errors in your credit report. An error-free report is crucial because your credit report defines your credit score, which reflects your creditworthiness. So, any inaccuracies can harm your CIBIL score. Some of the errors that you may see include spelling mistakes or incorrect personal information, incorrect loan …
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By initiating Experian or CIBIL score checks, lenders assess your creditworthiness when you apply for loans. These scores reflect your credit behaviour and repayment history as recorded in your credit report collected by various credit information companies. However, don’t be surprised if you are assigned a different score by each bureau. While Experian and Credit …
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