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Getting a personal loan with a credit score of 700 is possible but can be challenging and costly. This is because while some lenders consider it to be good, some prefer a higher score, generally above 750. And although the 50-point gap doesn’t seem that high, it has a significant impact on your eligibility. To …
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Making a part payment of a personal loan or choosing any of the other prepayment options offers many benefits. It reduces your interest burden and makes you credit-free early. You can choose the right option to increase your savings by understanding how they differ. Read on to learn the difference between these loan repayment methods. …
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A term loan offers an excellent means of financing when a business experiences a shortage of funds. Businesses need capital to cover their day-to-day operations and capitalise on growth opportunities. These expenses include paying rent for the workspace, purchasing raw materials, paying suppliers and covering utility bills. Read on to learn what is a term …
The Cash Reserve Ratio (CRR) is the percentage of a bank’s Net Demand and Time Liabilities (NDTL) that it must maintain as cash reserves with the Reserve Bank of India (RBI). The RBI uses CRR as a monetary policy and liquidity-management tool. Banks do not earn interest on the balance they maintain with the RBI as CRR. CRR can influence the …
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In business, especially international trade, buyers and sellers may operate in different countries, follow different legal systems, or have no previous trading relationship. A letter of credit can reduce payment risk by giving the seller a bank-backed payment undertaking, provided the documents submitted meet the terms of the credit. For the buyer, an LC can make it easier to trade without paying the …
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Ever wondered what is accrued interest and why it’s important for your finances? Simply put, accrued interest is the interest that builds up on a loan, bond or investment over a specific time even before you pay or receive it. Understanding it helps you: Whether you’re taking a personal loan, buying a bond, or saving …
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If you’re planning to take a loan, it helps to know what is prime lending rate. This rate impacts how much interest you’ll pay on credit cards, home loans or business loans. The prime lending rate meaning is simple. It’s the rate banks give to their most creditworthy customers. But it also sets the base …
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Knowing more about the differences in features of personal loans vs credit cards is important so you can choose the right one during times of need. To ensure you can meet and address your financial obligations, figuring out which of these supports your needs for quick and restrict-free usage is key. Read more below to …
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The Loan-to-Value ratio, or LTV ratio, shows how much money a lender is willing to provide as a loan compared with the assessed value of the asset offered as security. In banking, LTV stands for Loan-to-Value. It is commonly used for secured loans such as home loans, loans against property and gold loans. For example, if an asset is …
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Bridge loans are a type of financing option that, true to their name helps you bridge the gap between you and your goals. With advancements in fintech, getting loans for urgent requirements is now easier than ever. However, in some instances, you may face a delay and access to funds may take some time. In …
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