Author: Nisha Chawla

Loans like home, personal, gold or auto loans are helpful in times of need. But they also bring the responsibility of paying EMIs on time. A delay or failure in repayment is known as a loan default. While many people fear that missing EMIs may lead to jail, the reality under Indian law is quite different. Let’s understand in simple terms what loan default means, what its consequences are, and whether not repaying can result in jail. Understanding Loan Default in Simple Words When a person fails to pay EMIs (Equated Monthly Installments) for a loan regularly, the bank or…

In India, buying a house with a home loan has become common. Banks offer a variety of loans, including home loans, car loans, and personal loans. Among them, the home loan is the most popular. When you apply for a home loan, banks usually offer you either a fixed interest rate or a floating interest rate. But there is a third and lesser-known type — the combination loan. Most people are unaware of it because banks typically do not discuss it unless specifically asked. This silent option could help you manage your EMIs better and even reduce the total interest…

Post office savings schemes are used by crores of Indians for safe investment and regular income. Many people invest in post office savings accounts, NSC, SCSS, and other schemes like MIS. But what happens if the account holder passes away? How can the nominee or family members get the money? The process depends on whether the account has a registered nominee, whether the amount is below or above Rs. 5 lakh, and whether the account is individual or joint. Let’s break down the process step by step in simple words. If the Post Office Account Has a Registered Nominee If…

Owning a house is a dream for many people in India. Since most people cannot pay the full price at once, they go for a home loan. A home loan is a practical choice, but it also brings a long-term financial responsibility. If not managed carefully, it can turn into a debt trap that affects your savings, mental peace, and lifestyle. So, how do you enjoy your new home without letting the loan ruin your finances? Here’s a detailed guide to help you stay safe and make smart choices when it comes to your home loan. Don’t Just Look at…

Many people struggle with managing their monthly credit card bills. The main reason behind this is often poor timing between their salary date and the credit card billing date. If your card bill comes just before your salary, you may end up paying late fees or using savings to clear it. But there’s a simple fix — you can ask your bank to change your credit card billing cycle. Changing your billing cycle to match your salary date helps you avoid financial stress and manage your monthly cash flow more effectively. Let’s understand how this works and what you need…

In India, many self-employed people face difficulty while applying for personal loans. Salaried individuals often have an easier time because of their fixed monthly income and straightforward documentation. However, personal loans for self-employed individuals are very much possible if you understand the basic requirements and follow the right process. Banks and NBFCs do offer loans to self-employed individuals such as freelancers, shopkeepers, doctors, lawyers, traders, and business owners. But they require some extra information to confirm income stability and repayment ability. Let’s understand how self-employed people can improve their chances of getting a personal loan approved. Why Do Self-Employed People…

Credit cards have now become part of everyday life in India. Whether you’re shopping online, booking a flight, or even ordering food, credit cards give quick access to money. You don’t need to pay immediately—you can pay later in one go or through monthly EMIs. This easy spending option is changing the digital financial space. But along with these benefits, there’s also a danger. If you don’t use credit cards wisely, they can pull you into a debt trap, especially when you use more than one card. Many people face issues like missed payments, rising interest, and bad credit scores…

The Reserve Bank of India (RBI) has introduced major changes in collecting and sharing your credit information. These new changes are part of the ‘Credit Information Reporting Directions, 2025’, which aim to bring more transparency and accuracy to the credit reporting system. The goal is simple—make borrowing fairer and ensure banks get the latest data before giving you a loan. In India, whenever you apply for a loan or credit card, the first thing that banks check is your credit report and credit score. These details help lenders understand your repayment habits and decide if you’re trustworthy enough to repay…

In India, millions of people use credit cards for convenience, flexibility, and cashback benefits. However, when the credit card bill arrives, not everyone pays the total due amount. Instead, many choose to pay just the minimum amount due, assuming it’s a safe and easy way out. While it may offer temporary relief, this decision often leads to serious long-term consequences. The minimum amount due is the lowest amount that a cardholder must pay by the due date to avoid late fees and penalties. However, this amount is only a small fraction of the total outstanding bill. Paying only the minimum…

Many people in India dream of owning a home. But rising property prices and high EMIs make it difficult, especially for those earning below Rs. 1 lakh per month. If your salary is Rs. 70,000 or Rs. 80,000 per month and you want to buy a home, first ask yourself—what will happen if you lose your job or face a medical emergency? That’s why having an emergency fund becomes very important before you take any home loan. Let’s understand how much emergency fund you need, especially if you plan to buy a house while earning less than Rs. 1 lakh…