Tracking your EPFO pension status gives you peace of mind as it allows you to know your savings for retirement. Provided by the Employees’ Provident Fund Organisation (EPFO), this pension scheme was launched in 1995 by the Government of India.
Since then, it has provided Indians with financial security post-retirement, which makes it a popular option. It is important to keep track of your total accumulated pension to maintain your lifestyle during your golden years.
Read on to learn the steps to check your employee’s provident fund pension status online using a PPO number.
How to Check Pension Status?
Thanks to the digital process, checking EPFO pension status is quick and easy through the EPFO website. The online option eliminates the need to go to any government office. This is especially beneficial for a retired individual. To check your status online, you need the following details:
PF number
PPO number
Office ID
Bank account details
Once you have these details, checking the pension amount in your EPFO account is easy. Just follow the steps outlined below:
Step 1: Visit the official EPFO Portal
Step 2: Click on the ‘Pensioner’s Portal’ button under the ‘Online Services’ section
Step 3: Click on the ‘Know your Pension Status’ option from the menu on the right side
Step 4: Select ‘Issued Office’ from the drop-down menu
Step 5: Check the ‘Office ID’ and enter your PPO number
Step 6: Enter your (pensioner’s) birth date and the captcha
Whether it is to check your employee’s provident fund pension status or filing for grievances, this 12-digit number is crucial. Here is what it signifies:
The first 5 digits are the code number of the PPO issuing authority
The following 2 digits are the year it was issued
The next 4 digits are your PPO’s sequential number
The last digit is for a digital check
Steps to Find Pension Payment Order (PPO) Number
If you don’t have your PPO number, you cannot know your EPS 95 pension status through the EPD portal. However, there is an option to get your PPO number using your bank account number or member ID. Follow these steps for the same:
Step 1: Go to the EPFO’s official website
Step 2: Select the ‘Pensioner’s Portal’ option from the ‘Online Services’ menu
Step 3: Click on ‘Knows your PPO No.’ from the right-hand menu
Step 4: Select from ‘Bank Acc.No. Search’ or ‘Mem. ID Search’ option
Step 5: Enter the account number or ID details in the given dialogue box
Step 6: Submit the details to get the number
After that, you can check your PPO pension status with the above steps.
With such easy access, you can enjoy a secure financial future and plan for a comfortable retirement. However, if you are looking for a quick option to meet your current urgent financial requirement, you can get an Instant Cash Loan from Fibe.
You can get up to ₹5 lakhs with no end-use restriction. We make borrowing convenient with easy-to-meet eligibility criteria and nominal paperwork. You can comfortably repay with flexible tenure options of up to 36 months and competitive interest rates.
This way, you can easily, quickly, and affordably meet your planned or unplanned needs. You can also opt for foreclosure without any additional charges anytime you have funds available. To get started, download our Personal Loan App or visit our website and apply!
FAQs on How to Check Pension Status
How do I check my monthly pension status?
Pension holders under the Employees’ Pension Scheme of 1995 can get any information regarding it on the official EPFO website.
How to check pension status by Aadhaar number?
It is not possible to directly check your pension status using an Aadhaar card. However, you can use your Aadhaar number to get your PPO number through DigiLocker. Ensure that your accounts are linked to access them through DigiLocker. Once you have the PPO number, you can check the status of your pension.
How to check EPFO pension balance?
To check your pension balance online, follow these easy steps:
Go to the official EPFO portal
Navigate to the ‘Online Services’ section
Go to the ‘Pensioner’s Portal’
Choose ‘Know Your Pension Status’
Select the ‘Issued ID’, and enter your PPO number and birth date
Enter the captcha and submit it
How to check AP pension status?
Residents of Andhra Pradesh can check their pension status by selecting the issued office from the drop-down menu on Pensioners’ Portal. After entering the PPO number, birth date and captcha and submitting it, you will get your pension status.
A masked Aadhaar card is an alternative version of your regular Aadhaar card, which provides better security and privacy. Since an Aadhaar card is an important document linked to your identity verification, keeping it secure is crucial.
Whether verifying your identity or for the KYC process, several institutions will ask for your Aadhaar card. Since all your crucial information is printed on it, the risks of misuse are high. If it reaches the wrong hands, the breach of data can lead to financial loss and more.
Read on to know how to get a masked Aadhaar card and keep your details secure.
What is Masked Aadhaar?
This document ensures that your entire UIDAI number is not disclosed to anyone. While a regular Aadhaar has all the 12 digits printed on it, the masked option only has the last 4 digits.
For example, if your Aadhaar number is 5796-8436-9421, then the masked Aadhaar card sample will show xxxx-xxxx-9421. This makes it easy to verify your identity without giving away the complete information.
Here is a step-by-step guide to download this document online:
Step 1: Visit the official UIDAI website
Step 2: Select a preferred language
Step 3: Click the ‘Download Aadhaar’ under the ‘Get Aadhaar’ section
Step 4: Click on the ‘Aadhaar Number’ button
Step 5: Enter the 12-digit Aadhaar number and captcha code visible on the screen
Step 6: Click on the ‘Send OTP’ option
Step 7: Enter the OTP received on the mobile number registered with your Aadhaar
Step 8: Check the dialogue box ‘Do you want to download masked Aadhaar?’
Step 9: Click on ‘Download’
After that, a password-protected PDF file will be available on your device. The password for masked Aadhaar is the first four letters of your name in uppercase, followed by your birth year. For example, if your name is Rahul and you were born in 1980, your password will be RAHU1980.
Why Opt for a Masked Aadhaar Card?
If unauthorised individuals get hold of your Aadhaar number and other information, they can use it to impersonate you. It’s connected to your PAN card, allowing them to finalise the KYC procedure. In this manner, they could utilise it for unauthorised financial transactions.
This includes asking for a loan or credit card or opening a bank account. Since linking your Aadhaar card to your bank account is mandatory, fraudsters could potentially gain unauthorised entry to your bank accounts too. Therefore, it is recommended to use a masked Aadhaar card, wherever possible, and reduce the risk of being exposed.
Knowing all these benefits, you can easily use a UIDAI masked Aadhaar card when applying for any credit card or loan or any other purpose. Another way you can protect your identity and personal information from being misused is to apply for such financial products online.
With the Fibe Instant Cash Loan, you can effortlessly apply to get funds for any planned or emergency funds requirement. Our ISO/IEC 27001 Certification and PCI DSS App-based journey make loan applications secure.
We offer up to ₹5 lakhs loan, best for your eligibility, with a comfortable repayment tenure and affordable interest rate. Enjoy a customised loan offer with minimum documentation and a paperless process. Download the Fibe Personal Loan App from the Google Play Store or App Store or go to our website to apply now!
FAQs on Masked Aadhaar Card
What is the use of a masked Aadhaar card?
Its main purpose is to prevent misuse of your Aadhaar number to fake your identity.
Where can I get a masked Aadhaar?
You can download your UIDAI masked Aadhaar from the Unique Identification Authority of India’s official website.
Is Masked Aadhaar valid in hotels?
Yes! In fact, it is designed to protect you in unlicensed locations that ask for identity verification. This includes hotels, motels, pubs, bars, cinema halls, etc.
Is masked Aadhaar valid?
Since you can generate it only from the official UIDAI website, it is valid for use in place of your regular card.
CASA in banking stands for Current Account Savings Account. It refers to the deposits banks receive through current accounts and savings accounts. In simple terms, CASA helps banks get low-cost funds, while customers get easy access to money for daily transactions, deposits and withdrawals.
If you are wondering what is CASA, it is not a separate account in every case. Instead, banks use the term CASA to describe the combined pool of money held in current and savings accounts. Understanding what is CASA account, its features and what is CASA ratio in banking can help you know how banks manage liquidity and offer financial services.
What is CASA in Banking?
CASA full form in banking is Current Account Savings Account. A CASA account combines the convenience of a savings account and a current account. A savings account is generally used by individuals to park money safely, earn interest and manage regular transactions. A current account, on the other hand, is mostly used by businesses, professionals and merchants who need frequent deposits, withdrawals, cheque payments and high-volume transactions.
In banking terms, CASA deposits are considered demand deposits because customers can withdraw funds when needed. Unlike fixed deposits, these accounts do not come with a fixed lock-in or maturity period.
This is why CASA in Banking – Full Form, Features, and Benefits Explained is important for both customers and banks. Customers get liquidity and convenience, while banks get access to a steady source of funds at a relatively lower cost.
How Does CASA Work?
A CASA works like a regular savings or current account, depending on the account type offered by the bank. You can deposit money, withdraw funds, transfer money, use debit cards, issue cheques and access digital banking services.
Here’s how it works:
Access channels
You can access CASA funds through ATMs, debit cards, UPI, net banking, mobile banking, cheque books, branch banking and electronic fund transfers such as NEFT, RTGS or IMPS.
Minimum balance requirement
Banks may ask customers to maintain a minimum average balance. This amount differs based on the bank, account type, location and customer category. Some salary or basic savings accounts may have zero-balance benefits.
How banks use CASA money
Banks use CASA deposits as part of their funding base. Since current accounts usually offer no interest and savings accounts offer relatively lower interest than fixed deposits, CASA helps banks reduce their cost of funds. Banks may then use these funds, after meeting regulatory requirements, for lending and investment activities.
No fixed maturity
CASA accounts do not expire like fixed deposits. You can keep them active as long as you meet the bank’s account terms.
Better liquidity for customers
You can withdraw or transfer money whenever required, making CASA suitable for day-to-day banking.
Features of CASA Account
A CASA account comes with multiple features that make it useful for individuals, businesses and banks.
Feature
What it Means
Low interest on deposits
Savings accounts offer interest, but usually lower than fixed deposits. Current accounts may not offer interest.
Easy access to money
Customers can withdraw, transfer or spend funds as needed.
High transaction volume
Current accounts allow frequent business transactions.
Minimum balance requirement
Banks may require customers to maintain a specified balance.
CASA accounts usually offer mobile banking, net banking, UPI and ATM access.
Debit card and cheque facility
Customers can use debit cards and cheque books for payments.
No fixed maturity
Funds remain accessible without a lock-in period.
For example, a salaried person may use a savings account to receive salary, pay bills and earn interest. A business owner may use a current account to make vendor payments, receive customer payments and manage daily cash flow.
CASA Ratio and Its Calculation
The Current Account Savings Account ratio, or CASA ratio in banking, shows how much of a bank’s total deposits come from current and savings accounts. It is an important indicator of a bank’s funding strength.
A higher CASA ratio generally means the bank has more low-cost deposits. This can help the bank manage its lending costs better and improve profitability.
CASA Ratio = ₹5,000 crore / ₹10,000 crore × 100 = 50%
This means 50% of the bank’s total deposits come from current and savings accounts.
Benefits of CASA
CASA is useful for both banks and customers. Here’s how:
Benefits for Banks
1. Low-cost source of funds
CASA deposits usually cost banks less than fixed deposits because current accounts may not pay interest and savings accounts generally offer lower interest.
2. Better profitability
When the cost of funds is lower, banks may improve their net interest margin, which is the difference between what they earn on loans and what they pay on deposits.
3. Stable liquidity
CASA deposits help banks maintain a steady pool of funds for day-to-day operations, lending and investments.
4. Stronger customer relationships
Customers who use savings or current accounts regularly often engage with more banking products, such as loans, cards, insurance and investments.
5. Financial health indicator
A healthy casa ratio in banking shows that the bank has access to a good share of low-cost deposits.
Benefits for Customers
1. Easy money management
Customers can deposit, withdraw and transfer funds conveniently.
2. Interest on savings
Savings account holders can earn interest on their balances while keeping money accessible.
3. Digital convenience
CASA accounts generally come with UPI, debit cards, net banking and mobile banking.
4. Useful for personal and business needs
Savings accounts suit individuals, while current accounts help businesses manage frequent transactions.
5. No lock-in period
Unlike fixed deposits, CASA funds are available whenever required.
Difference Between Current Account and Savings Account in CASA
Basis
Current Account
Savings Account
Best suited for
Businesses, professionals and firms
Individuals and salaried customers
Purpose
Frequent business transactions
Saving money and regular personal banking
Interest
Usually no interest
Interest is generally offered
Transaction volume
High
Moderate
Minimum balance
Usually higher
Usually lower than current account
Cheque facility
Commonly available
Usually available
Use cases
Vendor payments, business receipts
Salary credit, bill payments, savings
In short, a current account supports high-volume business transactions, while a savings account helps individuals save and manage everyday money needs.
Things to Check Before Opening a CASA Account
Before opening a CASA account, compare these points:
For example, if you are a freelancer, you may need an account with easy digital transfers and low charges. If you run a business, a current account with higher transaction limits may be more suitable.
Conclusion
CASA plays an important role in banking because it gives customers easy access to money and gives banks a low-cost source of deposits. By understanding what is casa ratio in banking, customers can also get a clearer idea of how banks measure deposit strength and funding efficiency.
While CASA helps you manage daily banking needs, planned or urgent expenses may require additional funds. In such cases, you can consider an instant personal loan from Fibe. With Fibe, eligible users can get financing of up to ₹10 lakhs with flexible repayment tenure of up to 36 months. You can apply online through the Fibe Personal Loan App and get quick processing with hassle-free disbursal.
FAQs on CASA in Banking
What is the work of CASA in banks?
CASA helps banks collect deposits through current and savings accounts. These deposits act as a low-cost source of funds and help banks manage liquidity, lending and customer relationships.
What is a CASA transaction?
A CASA transaction is any activity carried out through a current or savings account. This may include deposits, withdrawals, fund transfers, cheque payments, UPI transactions, ATM withdrawals or debit card payments.
What is CASA used for?
CASA is used for everyday banking. Individuals use savings accounts for salary, savings and payments, while businesses use current accounts for high-volume transactions and cash flow management.
What is the CASA full form in banking?
CASA full form in banking is Current Account Savings Account.
What is a good CASA ratio for a bank in India?
There is no single ideal CASA ratio for every bank. However, a higher CASA ratio is generally considered better because it shows that a larger share of deposits comes from low-cost current and savings accounts.
What is the minimum balance required for a CASA account?
The minimum balance depends on the bank, account type and location. Some accounts may require a monthly or quarterly average balance, while certain salary or basic savings accounts may offer zero-balance facilities.
Is a salary account a CASA account?
Yes, a salary account is generally a type of savings account. Since savings accounts are part of CASA deposits, a salary account can be considered part of CASA in banking.
Many people look for value, performance, and trust when buying a smartphone. That’s exactly what an Indian phone company offers. Even before the ‘Make in India’ initiative, Indian smartphone brands were making affordable, feature-rich phones.
Today, the Indian mobile market is bigger than ever, with options for every budget. Read on to explore the top 10 Indian mobile brands, their unique features, and the latest finance options for Indian mobile brands to make your next smartphone purchase more affordable.
Understanding Smartphone Financing
Smartphone financing simply means buying your phone without paying the entire amount upfront. Instead, you split the total cost into smaller, easy-to-manage payments.
Here are the most common ways people finance their phones today:
EMIs (Equated Monthly Instalments): Convert your purchase amount into monthly instalments through your debit or credit card.
BNPL (Buy Now Pay Later): Pay a small portion now and the rest later. Many fintech apps offer BNPL for smartphone purchases.
Personal Loans: Get quick, unsecured personal loans from finance apps or banks to buy a phone of your choice.
These smartphone financing India options help you get your dream phone without financial stress. You can easily do a mobile finance check online to explore what works best for you.
List of Best Indian Mobile Companies
Here’s a list of top Indian smartphone brands that produce and retail phones within India:
Celkon Mobiles
Started in 2009 in Telangana, Celkon was one of the first mobile makers in South India. They offer smartphones starting from ₹5,999 and also deal in tablets, laptops, smart TVs and more.
Options for consumers to purchase smartphones on EMI
Available through leading e-commerce websites like Amazon and Flipkart
Mobile finance check online options on major fintech apps to get pre-qualified offers
Tie-ups with local retailers for easy mobile finance check and instant approvals
i-Ball
Launched in 2001, i-Ball has over 100 million users. Known for mobiles, tech accessories and PC products, they have 1 lakh+ active retailers across India.
Intex Technologies
Intex was founded in 1996. It is one of India’s largest electronics manufacturers offering affordable phones like Aqua Note and Indie 5, most priced under ₹10,000.
Financing facilities for budget-friendly models
Partnerships with NBFCs and digital lenders offering finance deals on Indian smartphones
EMI options via debit/credit cards and consumer loan platforms
Customers can perform a mobile finance check online before applying
Karbonn Mobile
Operating since 2009, Karbonn focuses on making smartphones more accessible. Models include K9 Smart Plus, Aura Power 4G and Titanium S9 Plus.
Availability of no-cost EMI and other financing plans
No-cost EMI options available on major online marketplaces
Indian mobile brands finance plans through banking partners and fintech platforms
Zero down payment schemes on select models
LAVA International Ltd.
A popular Indian mobile company with global reach, LAVA works with over 1.65 lakh retailers and 800+ service centres. Top models include LAVA Blaze 5G, Agni 2 and YUVA.
Financing options available for Lava smartphones
EMI and credit card finance options available online and in stores.
Mobile finance check online through lender platforms.
Partnership with financial institutions or platforms
Collaborations with Fibe, Bajaj Finserv, and Home Credit for Indian mobile brand financing options 2025.
Tie-ups with digital lenders for instant approvals and low interest rates.
LYF – Reliance Retail
A Reliance-owned brand offering affordable 4G and 5G smartphones. Popular models include LYF Water 7S and Earth 2.
Micromax Informatics
A well-known Indian phone company offering smartphones, earbuds and LED TVs, focusing on budget-friendly options.
EMI schemes and collaborations with banks or fintech companies
Easy EMIs available on most Micromax phones
Finance deals on Indian smartphones through apps like Fibe and Bajaj Finserv
Tie-ups with major banks for instant mobile finance check and quick disbursals
Spice Telecom
Known for the Spice Stellar series, offering affordable smartphones with good customer service.
Xolo Phones
A sub-brand of LAVA, Xolo started in 2012 and introduced India’s first 4G smartphone. Now offering newer 5G-enabled models.
10. YU Televentures
A joint venture between Micromax and Cyngn, known for Yu Yureka Plus, Yu Ace and more — available online in multiple price ranges.
Popular Financing Platforms for Indian Smartphones
Let’s look at some of the best Indian mobile brand financing options 2025 that make owning a new phone easier than ever.
Fibe
Overview of Fibe’s instant personal loan offerings for smartphone purchases
Quick approval and disbursal for smartphone loans
Simple eligibility check and paperless process
Ideal for customers who want to buy any Indian mobile brand
Benefits of using Fibe for financing Indian mobile brands
Accessibility: Get pre-approved offers using a quick mobile finance check
Freedom of choice: Buy from any Indian mobile company without budget worries
FAQs on Indian Mobile Brands
Which is the No. 1 mobile phone company in India?
Currently, Vivo is India’s most popular smartphone brand.
Which is the largest-selling mobile brand in India?
Vivo leads as the best-selling mobile brand in India.
Which phone is most used in India?
Nearly 20% of Indians use Vivo smartphones.
Which mobile is trending now?
Some trending smartphones in India include: OnePlus Nord 2T 5G, Vivo X Fold 3 Pro, Nothing Phone 1, POCO F4 5G, Vivo V25 Pro 5G, Xiaomi Redmi K50i, Realme 12 Pro+ 5G, Oppo Find X7 Ultra, Samsung Galaxy F13, and Samsung Galaxy Z Flip 4 5G.
Do you know the meaning of deferment? In banking, it is a type of agreement that allows you to delay the payment to avoid immediate financial strain. Many loans and investment options work on this principle to help you manage cash flow.
Read on to better understand the meaning of deferred payment and why it is a great option for borrowers.
What is a Deferred Payment?
The term deferment refers to the period during which the financial institution allows you to pause your payments for a specific period. This period varies from a few months to a year, depending on the agreement between both parties.
Remember, the loan continues to incur interest as usual. This option is ideal when you need immediate funds but cannot start the repayment immediately. You can also ask for a deferral once you start the repayment but it depends on your lender.
Some car loan lenders allow you to opt for deferment to delay the initial payments. This is beneficial if you want time to arrange funds for the first instalment.
Home Loans
During any financial hardships, such as job loss or illness, you can postpone monthly mortgage payments for a specific period. Since home loans can add a financial burden to your budget, this option gives you temporary relief.
Insurance
When buying an insurance pension plan, you don’t receive payment until after a while. Since the payment happens at a future date, the deferral principle applies.
Student Loans
When applying for a student loan, you don’t have to pay the EMIs until after you’ve graduated or until you get a job. This option allows you to repay the loan without relying on your parents or guardians for financial security.
Benefits of Deferred Payment
Here are some advantages of deferment that you should know about.
It gives you sufficient time to arrange funds to ensure that you don’t miss any payments in future
It lowers the stress of repayment, especially during financially challenging times
It helps you protect your credit score, as insufficient funds increase the chances of default
It allows you to buy products such as a car or a home, even if you don’t currently hold the repayment capacity
It allows you to avoid selling any valuable assets to get access to funds
It does not have any negative impact on your credit score as lenders have agreed upon such an arrangement
While the pros are many, here are some limitations that you should also know about:
The interest continues to add to your principal amount during this period
The higher principal amount and added interest can increase your tenure
The eligibility criteria are very strict to opt for a deferred period
Missing any payment in the future will damage your credit score
Knowing all its perks and drawbacks, you can opt for a loan that provides you with flexible lending terms that fit your budget. Fibe Instant Cash Loan is one such option that aims to make borrowing comfortable.
We offer instant loans of up to ₹5 lakhs with affordable interest rates. You can easily repay the loan with up to 36 months of tenure, with the option to foreclose the loan without penalties or additional charges.
In addition, enjoy a streamlined digital application process with minimum documentation, rapid approval, and quick disbursement. Download our Personal Loan App from the Google Play Store or App Store, or visit our website to get started on your application!
FAQs on Deferred Payment
What is the meaning of EMI deferment?
It is a period between the loan approval and the first EMI date pre-approved by the lender. You don’t have to pay any EMI during this period, but the loan amount continues to attract interest. This leads to an increase in the tenure and outstanding balance. You can also request a deferral after you begin the repayment.
Is loan deferment good?
Yes, if you are looking for a short-term solution to get your finances in order before making the loan repayment. However, it is important to consider that the loan will attract interest during this period. So, you need to ensure that the future payments will not strain your finances.
Can I pay my loans while in deferment?
No, you’re not allowed to make payments during this specified period.
Is deferment bad for credit?
It does not directly impact your credit score. However, if you miss your EMI after the repayment starts it can hurt your creditworthiness.
A credit card grace period is the interest-free time between your billing cycle end date and the payment due date. If you pay your total outstanding amount within this period, you won’t be charged any interest on your purchases. Depending on the card issuer, the grace period can range from 20 to 50 days.
For example, if your statement is generated on 1st July and the due date is 20th July, you get around 20 days to clear your dues without paying extra interest. This feature helps you manage short-term expenses smartly while improving your credit profile through timely repayments.
Understanding how the grace period works can help you avoid unnecessary finance charges, maintain a healthy credit score and maximise the benefits of your credit card.
What is Grace Period in Credit Card?
The Grace Period in a Credit Card is the time between the statement generation date and the payment due date. During this time no interest is charged on the things you buy with your Credit Card.
In other words, the Grace Period is like a window that gives you time to pay your Credit Card bill. You do not have to pay money as interest. You have to pay the total amount you owe on or before the due date to get this benefit.
Most banks, especially in India give you at least 20 to 21 days to pay without interest. Some Credit Cards give you more time like up to 45 to 50 days. This depends on when you get your bill and when you make your purchases with your Credit Card.
To enjoy the grace period benefit on your credit card, you must meet certain conditions.
You are usually eligible when:
You pay the entire outstanding amount before the due date
You do not carry forward unpaid balances from previous months
Your account does not have overdue payments
You have no pending EMIs or unpaid charges on the card
Your card account remains active and in good standing
Situations Where You May Lose the Grace Period
Situation
Impact
Paying only minimum due
Interest charged on remaining balance
Missing due date
Late fee + finance charges
Carrying forward outstanding balance
Grace period may not apply on new purchases
Cash withdrawal using credit card
Interest charged immediately
Clearing all outstanding dues can help restore your eligibility for the grace period in future billing cycles.
Consequences of Failure to Pay the Bill Before the Grace Period Ends
Missing your payment deadline can lead to multiple financial consequences.
Here’s what may happen:
Late Payment Charges: Banks may levy late fees depending on the unpaid amount.
Interest Charges: Finance charges start applying on the unpaid balance and future purchases.
Loss of Interest-Free Benefit: New transactions may stop receiving a grace period until dues are cleared fully.
Higher Credit Utilisation Ratio: Unpaid balances increase your utilisation ratio, which can affect your credit score negatively.
Negative Credit Score Impact: Delayed payments are reported to credit bureaus like CIBIL, Experian and Equifax.
Debt Accumulation: Continuous rollovers can lead to compounding interest and rising debt.
Let’s suppose your outstanding bill is ₹20,000 and you pay only ₹2,000 as minimum due. The remaining ₹18,000 may attract monthly interest rates ranging between 2% to 4%, increasing your repayment burden significantly over time.
Smart Tips to Maximise Your Credit Card Grace Period
Here are some practical ways to use the grace period effectively:
Use Your Card Early in the Billing Cycle
Purchases made just after the billing cycle starts to get the maximum interest-free period.
Always Pay the Total Due Amount
Avoid paying only the minimum amount due to prevent interest charges.
Set Payment Reminders or Auto-Debit
This helps you avoid missing due dates accidentally.
Avoid Cash Withdrawals
Cash advances usually attract immediate interest without any grace period.
Track Billing Dates Carefully
Understanding your billing cycle helps you plan purchases strategically.
Why Understanding the Grace Period Matters
The grace period is not just a repayment window; it’s a financial management tool. Used wisely, it can help you:
Avoid unnecessary interest costs
Improve your creditworthiness
Build disciplined financial habits
Enjoy flexible spending without extra burden
However, while choosing a credit card, you should also evaluate:
Annual fees
Interest rates
Cashback and rewards
Merchant offers
EMI facilities
Security features
If you’re looking for a feature-rich card, the Fibe Axis Bank Credit Card offers a seamless and rewarding experience.
Key Features of the Fibe Axis Bank Credit Card
Zero joining fee and annual fee
Up to 3% cashback on online and offline spends
India’s first numberless credit card for enhanced security
You can download the Fibe App from the Google Play Store or App Store to explore its features and apply online conveniently.
FAQs on Grace Period in Credit Card
How does a credit card grace period work?
A credit card grace period is the duration between your statement generation date and payment due date during which no interest is charged on purchases if the total bill amount is paid on time.
What is the grace period after the due date of the credit card?
As per RBI guidelines, banks may provide a short buffer period after the due date before reporting defaults. However, late fees and interest charges may still apply depending on the issuer’s policy.
Does the grace period affect your credit score?
Yes. Paying your dues within the grace period helps maintain a positive repayment history, which supports a healthy credit score.
Is interest charged during the grace period?
No. Interest is generally not charged during the grace period if you clear the total outstanding amount before the due date.
What happens if I don’t pay within the grace period?
If you fail to pay the total due amount within the grace period, you may have to pay:
Interest charges
Late payment fees
GST on applicable charges
Your credit score may also get affected if payments are delayed repeatedly.
Does the grace period apply to all transactions?
No. The grace period usually applies only to retail purchases. Transactions like:
Cash withdrawals
Balance transfers
Certain EMI conversions
may start attracting interest immediately from the transaction date.
Electric vehicles (EVs) are getting quite popular nowadays. If you’re planning to switch to this type of vehicle, you can get an electric vehicle loan easily. Many financial institutions including leading banks and Non-Banking Financial Institutions (NBFCs) provide financing for this type of vehicle.
By getting vehicles that run on electricity instead of traditional fuel, you can do your part for the environment and save significantly on fuel costs. You also become eligible for special tax benefits u/s 80EEB of the Income Tax Act.
Read on to learn more about how to get an EV loan, its eligibility, paperwork and more.
What is an Electric Vehicle and How They Work?
An EV is a type of automobile that runs on electric motors, with electricity stored in batteries or fuel cells. Here is how it works:
EVs function by converting electrical energy into mechanical energy for propulsion.
Key components of an EV include the electric motor, power control unit, battery pack and charging system.
The electric motor gets power from the battery pack and converts it into energy to drive the wheels.
The battery pack is reloaded through charging at stations or via regenerative braking.
How to Get an Electric Vehicle Loan?
To get financing for your EV, follow these steps:
Step 1: Choose a suitable EV from your car or two-wheeler dealership
Step 2: Explore and compare the loan terms that various lenders offer
Step 3: Choose a lender that offers the best deal and check the eligibility, paperwork and application process
Step 4: Fill out the application form, submit the required documents and complete other formalities
Step 5: After approval, the lender will disburse the amount
To finance your EV purchase, you can also consider getting an Instant Cash Loan from Fibe of up to ₹5 lakhs. You can use it to pay the down payment or the entire cost without any hassles since these loans come with no restriction on end use.
You also repay the dues comfortably over a tenure of 36 months. With quick processing and fund disbursal to your account, you can get the vehicle without any delay. Install the Fibe Personal Loan App or register on the website to get the funding with an easy application process and minimal documentation.
FAQs on EV Loan
How to invest in EV vehicles?
You can get an electronic vehicle or EV from any car or two-wheeler dealership. To finance the purchase, you can get a personal loan or a loan that is specially tailored for EVs.
What is EMI in electric vehicles?
Electromagnetic interference, or EMI in EVs, is any disturbance that transfers to the target from the source through a conducting path. A conducting path can be:
Cables
Wires
Traces
DC power bus
AC power bus
How do I register for EV?
To register for an electric vehicle, you need to visit a two-wheeler or car dealerships that offer EVs. Then, you need to get a loan, if required and complete the formalities.
You can easily get a loan for solar panel installation and generate electricity. With rising inflation, these substantial electricity bills can be quite difficult to handle. Because of this, you may have to compromise on your electricity usage. By installing solar panels, you can avoid this as it will help reduce your bills significantly.
Read on to know how you can get solar panel loans, the paperwork requirements and more.
How to Get a Loan for Solar Panel Installation?
To get solar panel financing, you need to follow these steps:
Step 1: Research and explore the right type of solar panel loan and lender
Step 2: Choose a loan provider after considering the interest rates, repayment options and other essential factors
Step 4: Apply for the loan online or by visiting the branch of the lender
Step 5: Submit the documents requested by the lender
Paperwork Requirements to Get a Loan for Solar Panel Installation
As mentioned above, you need to submit some documents to get solar panel financing. While it varies depending on the lender you opt for, here are the general documentation requirements for loan:
Proof of Identity: Aadhaar card, PAN card, passport, driver’s licence or voter ID
Proof of Home Ownership: Property documents and other evidence of ownership
Proof of Income and Employment: Bank statements, salary payslips or ITR documents
Benefits of Solar Panel Installation
Installing a solar panel in your home comes with a wide range of benefits, such as:
Eco-friendly Energy Resource
Solar power is gaining more popularity as everyone is doing their bit to protect the environment. It is considered a highly sustainable and eco-friendly source of energy.
It helps reduce or delay the impact of climate change and reduces carbon footprint by replacing energy sources that are based on fossil fuels.Unlike traditional non-renewable energy resources, solar power doesn’t release pollutants.
Reduced Electricity Bills
With the installation of solar panels in your home or office, you use the energy generated by these panels, instead of relying on traditional power. With this energy source, you can run various appliances or fixtures, like:
Lights
Fans
Air Conditioners
Refrigerators
Washing machine
Dryers
Since your reliance on traditional power reduces, your electricity bill also reduces. This can help bring down your power bills significantly. Also, since these resources are renewable and non-exhaustible, you can rely on them for your power usage.
After installation, solar panels demand little to no maintenance unless affected by any external or environmental factors. They have a long run without any additional actions from your side as long as you keep them clean and free of debris.
At most, you must get them cleaned 2 times a year. Also, the chances of wear and tear with time are negligible because these panels don’t contain any moveable parts.
Increases the Value of Property
Installing solar panels on your property also helps boost its value. This is because these panels are considered as upgrades to the house, just like a finished basement, modular kitchen or a renovated bathroom.
Home buyers prefer to get a house with solar panels installed in it. This is because they can use it after shifting and minimise their reliance on traditional power and, in turn, reduce their bills.
If you want a more flexible financing option, you can consider getting an Instant Cash Loan from Fibe. You can get up to ₹5 lakhs and it comes with no restriction on end use. So, you can use it to install solar panels and meet various other needs. You also enjoy the flexibility of choosing the repayment duration as per your affordability and preference.
Install the Fibe Personal Loan App and get your hands on the required funds instantly with a streamlined application process and minimal documentation.
FAQs on Solar Panel Installation Loan
Can I get a loan for solar panels for my house?
Yes, you can getsolar power loans from various financial institutions. Research and compare the available lenders and then choose the one that offers the loan at the most nominal interest rates.
A quick and easy alternative is getting a personal loan. You can use them to install solar panels since they don’t come with any restrictions on the end usage.
What documents are required for a solar loan?
To getsolar power loans, you need to provide the following documents:
Proof of Identity: Aadhaar card, PAN card, passport, driver’s licence or voter ID
Proof of Income and Employment: Bank statements, salary payslips or ITR documents
Proof of Home Ownership: Property documents and other evidence of ownership
What is the interest rate for solar project loans?
Solar loan interest rates depend on the lender you choose. Research and choose a lender that offers the best deal. This helps reduce the overall borrowing cost and makes the repayment easier for you.
Are financing options available for rooftop solar?
Yes, you can get loans even for rooftop solar panels from a plethora of financial institutions.
To calculate the CIBIL score, TransUnion CIBIL assesses many factors that have a direct impact on credit health. This score is also a reflection of your ability to handle the borrowed amount and repay it on time. As such, financial institutions give it a lot of importance and weightage when assessing your applications.
Knowing how your credit score is calculated is one way to understand what’s best for your eligibility. After learning this, you can take proper steps to improve your score and get affordable credit. This way, you can stay prepared when you need urgent financial assistance.
How is the CIBIL Score Calculated
Here are the four key factors that TransUnion CIBIL relies on to calculate the CIBIL Score.
Repayment History
Issuers and lenders report your credit behaviour to the bureaus every 30 to 45 days. During that period, if you have paid your credit card bill or loan EMIs on time, it positively impacts your score. Ideally, this factor makes up for 35% of the score.
However, any repayment delinquencies or delays can significantly lower your score. Reports reveal that your CIBIL score can go down by up to 100 points with just one missed EMI or unpaid credit card bill.
This ratio refers to the amount of your existing debt or used credit limit. Ideally, having a ratio under 30% makes you eligible for the majority of loans. In case the ratio exceeds this mark, you may have difficulty getting approval for the loan.
This is because it shows that you depend highly on the borrowed amount to manage your finances, which makes you a risky applicant. Hence, your credit utilisation ratio holds 30% weightage when they calculate the CIBIL score.
These factors make up 25% of your credit score, as your experience in handling credit is important. Having a mixed bag of credit on your report ensures issuers and lenders that you can manage your credits effortlessly.
So, you must apply for secured as well as unsecured types of credit to boost your score. In addition to that, a long credit history adds to your eligibility. For this, it is important that you do not close your previous credit accounts with positive repayment behaviour and a negative history of defaults.
Other Factors
Any other activity related to your credit behaviour falls under this section. This includes a number of hard enquiries and a number of rejections. Making too frequent applications for credit cards and loans makes you seem credit-hungry.
Furthermore, having many rejections on your record can leave a wrong impression on the credit bureau. As such, all these factors combine to make 10% of your CIBIL score.
Tips to Improve Your CIBIL Score
Here are some practical actions to take that can help you maintain and improve credit score.
Use your credit card responsibly and keep your borrowed amount under 30% of your utilisation ratio
Use reminders and alerts to pay your credit card bill on time
Avoid borrowing more than you can afford to repay
If your finances allow it, avoid settling the credit card bill with minimum due payment
As TransUnion CIBIL calculates the CIBIL score every 45 days, make sure to check your report timely
Check the eligibility criteria on the issuer’s or lender’s website before applying to avoid rejection
Keep your credit card account open for a lengthy credit history
With these tips, you can boost your eligibility with the right steps and patience. Thereafter, you can apply for any loan or credit card you want and enjoy hassle-free approval. If in case you need funds urgently, you can opt for the Fibe Online Personal Loan.
With Fibe, enjoy up to ₹5 lakhs personal loan without any end-use restrictions. You don’t even need to have a high credit score, as we rely on alternate scoring mechanisms. This way, you don’t have to wait till you have a 750+ credit score and get a loan anytime for your planned and unplanned requirements.
With a flexible tenure option and comfortable interest rate, the repayment plan is convenient. Other features that make it an ideal option are minimum documents, no lengthy paperwork, and quick disbursals. Download our Personal Loan App or visit our website to apply now!
FAQs on CIBIL Score
What is the CIBIL score based on?
To calculate the CIBIL score, credit bureaus give weightage to the following factors.
35% of your payment history
30% of your credit utilisation ratio
10% of the types of credit that you have applied for
15% on the duration
10% on other factors
How is the CIBIL rank calculated?
When generating a credit report for a company, TransUnion CIBIL considers the repayment behaviour of the company and utilised credit to calculate CIBIL rank. Measured on a scale of 1 to 10, here, a score of 1 makes you highly eligible for a company loan.
A hypothecation loan is a standard option for borrowing money against a valuable asset available in your possession. Backed by collateral, this secured loan allows you to acquire a high-value sum at a comparatively lower interest rate than unsecured loans.
With this option, you do not have to hand over the deeds or the rights of the pledged collateral. Knowing the meaning of hypothecation in banking and its applicability allows you to decide whether it is the right option. Read on to know the definition of hypothecation, its benefits and drawbacks and more.
What is Hypothecation?
Hypothecation is a type of loan where lenders offer you financial assistance against any asset without taking ownership. In simple terms, you can continue using the asset during the loan tenure without restriction. However, if you can’t pay your loan, lenders have the right to seize it.
In most cases, you pledge the product you are taking a loan for. This way, financial institutions protect themselves against the risk of losing money. Once the loan is completely paid, you can reclaim the asset. The most common example is that of a home loan mortgage, where the property acts as collateral.
Types of Assets Eligible for Hypothecation
To better understand the meaning of hypothecation in banking, you should know the different types of loans it includes.
Property Loan
Assume you’ve taken a loan to build a house, which you then plan to give it for rent. In this case, the property or the building remains collateral, but the bank or financial institution has no right over the generated rental income.
Car Loan
When you get a hypothecation for a car loan, the bank offers you a complete loan amount for the vehicle’s value. The bank may take possession of the documents temporarily during the loan tenure. Meanwhile, you can continue using the vehicle for your daily commute or travelling.
Home Loan
This is another example of a hypothecation loan where you continue residing in your home pledged as collateral. This type of loan favours the borrower, as they do not have to pay EMI and rent at the same time. This makes timely loan repayment easier.
Business Loan for Inventory
Hypothecation is also a great option to buy business inventory and equipment when you cannot pay in a lump sum. Using this option, you can buy raw materials, heavy-load machinery, everyday use equipment and other products needed for your business. This helps you continue the work and generate income to repay your loan comfortably.
While a hypothecation loan has its pros and cons, not everyone has assets available that can be pledged to get a sizeable loan amount. If your collateral does not give you sufficient funds to meet your financial requirements, then the risk is higher compared to the reward. In such a case, an unsecured personal loan is ideal.
The Fibe Online Personal Loan is one option you can consider to get financing up to ₹5 lakhs for
your planned and unplanned expenses. Its pocket-friendly interest rate and flexible tenure of up to 36 months make it an affordable loan option.
Furthermore, the minimum documentation and easy-to-meet eligibility criteria help you avail of a quick loan for any financial emergency. Download our Personal Loan App from Google App Store or Apple Play Store, or visit our website for a hassle-free online application process.
FAQs on Hypothecation
What is an example of hypothecation?
Home loans, vehicle loans, and loans to buy inventory are some of the most common examples of hypothecation.
What are hypothecation charges?
When you buy the car on loan, it is bank property until you’ve repaid the complete loan amount. Therefore, the bank’s name is on the RC. If you want to remove the bank’s name, you must pay an additional fee to the RTO and the bank’s NOC. This fee is called the hypothecation charge.
