Category Archives: Personal Loan

Before you understand, know that creditors are key in any economy. Now, let’s define them and their way of working. They offer funds that you can use to: The role of a creditor is to offer credit, and the role of a debtor is to repay it on time.  Who is a Creditor? This entity …

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Understanding key terms is crucial. These terms include default and delinquent. They are important in banking for all borrowers. This is because they help you understand what happens when you miss your EMI due date.  Paying your dues on time is a part of your loan contract. Thus, delinquency can have many negative consequences that …

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Open-end credit offers you convenience and flexibility. Since it is a form of revolving credit, it helps you withdraw time and again. As long as you repay dues on time, you can access credit with ease.  What’s more, you can reduce your borrowing cost by paying interest only on what you use. In some cases, …

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Understanding the difference between loans and bonds when in need of capital is crucial for any businessperson. While both of these options can secure funds to address planned or unforeseen financial needs, they have some major differences. Read on to learn about these financial instruments and how to choose the best option. An Overview of …

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Your Net Monthly Income or NMI, is an important factor to consider when you opt for a loan. It is an essential component for you and the lender, as it determines your repayment capacity and loan eligibility. So, it is imperative to understand how NMI works and how to calculate it to make an informed …

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Defaulting on loan payments is very serious as it can have a lasting impact on your finances. This is because consistent non-payment of a loan can lead to legal repercussions. Thankfully, there are a few borrower’s rights to help you navigate this situation.  In such a situation it is critical to know the rights that all …

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You might wonder what is moratorium when looking at loan terms. It’s simply a pause on your EMI payments for a limited time. During this break, you don’t need to repay the loan, and there’s usually no penalty. It’s a helpful option built into many loans to give you some breathing space when needed. Keep …

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Do you know how the repo rate increase affects your personal finances? When you apply for a loan, lenders levy an interest rate. However, this isn’t a random number but a carefully calculated rate based on the prevailing repo rate and the institution’s policy. Here are some essential points that you need to know: What …

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