Author: Nisha Chawla

Getting a personal loan is easier for people with stable jobs since banks consider them less risky. But what if you’ve lost your job? Surprisingly, it’s still possible to get a loan, though there are some important factors to consider. Here’s how you can secure a personal loan, even if you’re unemployed. 1. Focus on Your Loan Requirements Before applying for a loan, think about how much money you really need. Borrow only what’s necessary to avoid overburdening yourself with repayments. 2. Keep Your Credit Score High If you are unemployed, your credit score becomes even more important. A good…

SBI’s special 400-day fixed deposit scheme, Amrit Kalash FD, has once again been extended, allowing customers to invest in this high-interest FD until March 31, 2025. Known for its attractive interest rates and safe returns, this scheme is especially popular among senior citizens and regular investors who prioritize security and steady growth for their savings. The scheme was first launched on April 12, 2023, and has since garnered significant attention, leading the bank to extend its deadline multiple times. With the latest extension, investors can now benefit from this scheme for a longer period. High Interest Rates: 7.10% for Regular…

Do you know that thousands of crores are lying unclaimed in Indian banks? Many people are unaware that they may have inherited money or forgotten deposits sitting idle in accounts. According to the Reserve Bank of India (RBI), as of March 2024, Rs 78,213 crore is unclaimed in banks, waiting for rightful claimants. These funds include fixed deposits (FDs) and savings accounts that have seen no transactions for over a decade. But how can you check if you or your relatives have any such unclaimed money? The RBI has simplified this process with its UDGAM portal. Here’s a step-by-step guide…

In India, the number of people defaulting on credit card payments is steadily increasing. According to recent data from TransUnion CIBIL, the credit card default rate reached 1.8% in June 2024, up from 1.6% in March 2023. This growing trend shows that more and more people are falling into debt traps, which can damage not only their financial standing but also their reputation and overall well-being. If you’re a credit card user, it’s crucial to understand what happens when you default on payments and the potential consequences. Let’s break down the key issues. How Does Defaulting Begin? Defaults often start…

With the Reserve Bank of India’s (RBI) next Monetary Policy Committee (MPC) meeting scheduled between October 7-9, many investors are wondering whether a repo rate cut is on the horizon. If the RBI decides to lower the repo rate, banks might reduce their fixed deposit (FD) interest rates. This makes now a good time to lock in higher returns before FD rates potentially decrease. For investors seeking to earn attractive interest on their savings, several small finance banks are currently offering rates between 8% and 9.5%. Here’s a breakdown of the best FD rates available, making it the right time…

High interest rates on home loans due to a low CIBIL score can increase your repayment by lakhs. Learn how to avoid paying more. Why Your CIBIL Score Affects Your Home Loan Interest Rate Your CIBIL score plays a major role in determining the interest rate you receive on home loans. A good score (750 and above) ensures lower interest rates, whereas a poor score can result in significantly higher rates. Even a small difference in interest rates can lead to a huge difference in the total amount you end up paying over the loan term. When applying for a…

The recent decision by the US Federal Reserve to cut interest rates by 0.5% has sparked speculation among Indian investors and economists regarding the Reserve Bank of India’s (RBI) next move. Industry analysts believe that the RBI could take a more decisive stance on interest rates, potentially lowering them as well. If this happens, it may lead to a drop in Fixed Deposit (FD) interest rates across Indian banks. This has created a short window of opportunity for investors, especially senior citizens, to lock in higher FD rates before any changes take place. For senior citizens looking for a safe…

The Reserve Bank of India (RBI) is set to launch the Unified Lending Interface (ULI), a revolutionary platform designed to make loans more accessible. For many people, especially those in rural areas or without steady financial records, getting a loan can be tough. But with the ULI platform, this is about to change. No longer will a low CIBIL score or lack of salary proof be barriers to obtaining a loan. A New Solution for Small Borrowers In India, individuals with poor credit histories or without formal salary documents often struggle to secure loans. This issue is particularly prevalent among…

HDFC Bank, India’s largest private lender, is expected to face challenges in its loan growth for the July-September 2024 quarter. According to global brokerage Macquarie, the bank’s loan growth may dip below 10% year-on-year during this period. This comes as an important development since it marks the first time that HDFC Bank’s performance will be measured on an annual basis after its merger with HDFC Ltd. Why is Loan Growth Expected to Fall? The predicted slowdown is largely attributed to two major reasons. First, the base effect is in play, which impacts growth comparisons when previous year figures were significantly…

The State Bank of India (SBI) has set an ambitious target to reach a net profit of Rs 1 lakh crore in the next 3 to 5 years. The bank’s Chairman, CS Shetty, revealed this goal and expressed confidence in becoming the first Indian company to achieve such a milestone. For the financial year 2023-24, SBI recorded an impressive net profit of Rs 61,077 crore, marking a 21.59% growth. Focus on Growth with Customer-Centric Approach While profits and market capitalization are crucial to SBI’s success, Shetty emphasized that the bank’s focus is equally on its customers. He highlighted that this…