Author: Nisha Chawla

Owning a home is a dream for many, and home loans make it possible to buy property without financial burden. In India, various types of home loans cater to different needs, such as purchasing, constructing, or renovating a house. Understanding the different options helps borrowers choose the right loan based on their requirements and financial situation. 1. Home Purchase Loan A home purchase loan is the most common type of home loan. It is designed to help individuals buy a new or resale house or apartment. These loans are offered by banks and housing finance companies with competitive interest rates.…

Taking a bank loan is easy, but what happens if the borrower passes away before repaying it? Will the family be burdened with EMI payments? Will the bank seize property? Let’s break it down in simple terms. Who Pays the Loan If the Borrower Dies? The repayment process depends on several factors, including whether the loan had a guarantor, was secured by collateral, or had loan insurance. 1. If There Is a Loan Guarantor A loan guarantor is someone who signs an agreement taking responsibility for repayment if the borrower defaults. In case of the borrower’s death, the bank will…

Personal loans are one of the easiest and quickest ways to get financial assistance in times of need. Whether it’s for a medical emergency, wedding, travel, or any other expense, personal loans provide an instant solution without requiring collateral. However, if not managed wisely, they can lead to a debt trap that’s hard to escape. High-interest rates, hidden charges, and poor repayment planning can make borrowing more of a burden than a relief. To ensure a smooth borrowing experience and avoid financial pitfalls, follow these essential tips when taking a personal loan: 1. Understand Your Financial Needs Before Borrowing One…

Applying for a home loan with the State Bank of India (SBI) requires meticulous preparation, especially in gathering the necessary documents. Whether you’re a salaried employee, self-employed professional, or an NRI, having the right paperwork is crucial for a smooth approval process. This guide provides a comprehensive list of documents you’ll need to prepare before submitting your SBI home loan application. ​ Common Documents Required for All Applicants Regardless of your employment status, certain documents are universally required: ​ Income Proof for Salaried Applicants If you’re a salaried individual, you’ll need to provide: Income Proof for Self-Employed Applicants For self-employed…

UPI (Unified Payments Interface) has transformed digital payments in India, making transactions simple, fast, and secure. From small shops to large businesses, almost everyone now accepts UPI payments. With growing convenience, a new feature called ‘UPI Circle’ has been introduced, allowing multiple users to access and make payments from the same UPI account. This means you can share your UPI account with family members, close friends, or trusted individuals, making it easier for them to pay without needing their own bank account. Let’s understand how this feature works, who can use it, and the security measures involved. What is the…

Traveling frequently can be tiring, especially when you have to spend long hours at the airport. But what if you could relax in a premium lounge, enjoy free snacks, drinks, Wi-Fi, and a comfortable seating area without paying extra? Many credit cards in India offer free airport lounge access, making your journey more enjoyable. Nowadays, several banks provide this benefit, either with unlimited access or a fixed number of free visits per year. Some cards also offer international lounge access, which is an excellent perk for those who travel abroad. However, many people are unaware of these benefits or do…

The landscape of bank nominee regulations in India has recently undergone significant changes, aiming to provide account holders with enhanced flexibility and clarity in managing their financial assets. These amendments are designed to streamline the nomination process, reduce disputes, and ensure that funds are distributed according to the account holder’s wishes. Understanding these changes is crucial for effective financial planning and safeguarding one’s assets.​ The Evolution of Bank Nominee Regulations Traditionally, Indian banking laws permitted account holders to appoint a single nominee for their accounts, fixed deposits, and lockers. This limitation often led to complications, especially in cases where multiple…

The Post Office Recurring Deposit (RD) scheme is a favored savings instrument among Indians seeking systematic and secure investment avenues. Beyond its attractive interest rates and disciplined savings structure, the scheme offers a significant advantage: the ability to avail loans against the accumulated balance. This feature provides account holders with financial flexibility without disrupting their savings plan. Understanding the Post Office RD Scheme The Post Office RD is a government-backed savings initiative designed to encourage regular monthly investments. Account holders commit to depositing a fixed sum each month over a tenure of five years, culminating in a lump sum payout…

Higher education is becoming increasingly expensive, making education loans a necessity for many students. Whether you plan to study in India or abroad, various education loan options can help you achieve your academic dreams without financial burden. In this guide, we will explore different types of education loans, their benefits, and the step-by-step process to apply for them. Types of Education Loans in India Education loans are broadly classified based on various factors like the study location, loan amount, and security requirements. Below are the main types: 1. Domestic Education Loan This type of loan is designed for students who…

Taking a personal loan can be helpful during financial emergencies, but paying EMIs on time is equally important to maintain a good credit score and avoid penalties. However, if you are facing financial difficulties due to job loss, medical expenses, or any unforeseen crisis, don’t panic. There are several ways to manage your EMIs without falling into a bigger debt trap. Let’s explore some smart solutions that can help you get back on track. 1. Talk to Your Bank for an EMI Moratorium If you are unable to pay your EMI due to financial stress, the first step is to…