Author: Nisha Chawla

Many leading Indian banks have recently updated their Marginal Cost of Funds-Based Lending Rate (MCLR), which directly impacts customers’ loan costs. These changes affect loans like home loans, auto loans, and personal loans. Here’s a detailed overview of the latest interest rates from major banks such as SBI, HDFC Bank, Punjab National Bank (PNB), and others. SBI Loan Interest Rates: Small Increases Across Tenures The State Bank of India (SBI) has increased its three-month MCLR from 8.50% to 8.55% and its six-month MCLR from 8.85% to 8.90%. The one-year rate, applicable to most consumer loans, has risen from 8.95% to…

For young professionals starting their first job, managing finances can be tricky, especially if there’s an education loan involved. The common question is: Should you focus on paying off the loan completely before investing, or can both be done simultaneously? Experts suggest a balanced approach to handle debt while building wealth for the future. Prioritize Loan EMI Payments When you start earning, repaying your education loan EMI should be your first priority. Ensuring timely payments not only maintains your credit score but also prevents financial stress. Additionally, under the old income tax regime, you can claim deductions on the interest…

With inflation rising in India, a new debate has emerged on whether the Reserve Bank of India (RBI) should still focus on controlling inflation by keeping interest rates high. Union Minister Piyush Goyal has added fuel to this debate, urging RBI to lower rates and suggesting that food inflation, the main driver of rising prices, may not warrant high interest rates. Here’s a look at the factors in play and why this discussion is crucial for India’s economy. Piyush Goyal’s Call for Rate Cuts Amid High Inflation At a recent CNBC-TV18 event, Union Minister Piyush Goyal expressed his views on…

In India’s banking landscape, not all banks operate under the same reserve requirements. The Reserve Bank of India (RBI) has a specific rule that mandates certain banks to maintain a higher level of cash reserves than others. This rule applies to banks classified as “Domestic Systemically Important Banks” (D-SIBs). Each year, the RBI releases an updated list of D-SIBs, which includes the banks that are deemed crucial to the country’s financial stability. For 2024, the list includes State Bank of India (SBI), HDFC Bank, and ICICI Bank. What are Domestic Systemically Important Banks (D-SIBs)? D-SIBs are banks that play a…

As we celebrate Children’s Day on November 14, marking the birth anniversary of India’s first Prime Minister, Pandit Jawahar Lal Nehru, it’s a great opportunity for parents to consider valuable life lessons they can pass on to their children. While gifts and celebrations are part of the tradition, this year, why not gift something that can last a lifetime—financial wisdom? Understanding how to manage money is a key life skill that every child should learn early. In an economy driven by digital payments, easy access to credit, and ever-growing choices, children should be equipped with financial knowledge to make wise…

Unified Payments Interface (UPI) has transformed the way people in India make payments, bringing cashless convenience to millions. Typically, UPI requires a linked bank account, but what if a person, like a child or senior family member, doesn’t have a bank account? That’s where UPI Circle comes into play. UPI Circle, a feature offered by the National Payments Corporation of India (NPCI), allows multiple people to access one bank account to make UPI payments. This makes it easier for family members, especially those without a bank account, to perform digital transactions without needing their account. Here’s a step-by-step guide to…

Personal loans have become an essential financial tool, offering quick and convenient access to funds without needing to pledge any assets. Whether it’s for a wedding, medical expenses, home renovation, or other needs, personal loans can help you cover costs with flexible terms. The best part? You can choose loan tenure and EMI amounts based on your financial situation. In 2024, many banks in India offer competitive interest rates on personal loans. Here’s a breakdown of some of the most affordable options from top banks, including interest rates, EMI calculations, and processing fees, to help you choose the best loan.…

HDFC Bank has raised the Marginal Cost of Funds Based Lending Rate (MCLR) by 0.05% on loans with specific maturity periods. This hike, effective from November 7, 2024, makes certain loans like personal and auto loans a bit costlier for borrowers. The bank’s latest move comes as the Reserve Bank of India (RBI) maintains its repo rate at 6.5% for the tenth consecutive time, impacting lending rates across the banking sector. New MCLR Rates for Various Loan Terms The latest MCLR adjustments mean that the overnight MCLR has now increased from 9.10% to 9.15%, while the one-month rate is now…

Want to make your airport experience more comfortable? Some of the best credit cards in India offer free access to airport lounges, where you can enjoy perks like free food, internet, and comfortable seating before your flight. Here’s a look at the top credit cards that offer lounge access in India, what you can expect from them, and how to apply for one. Why Get a Credit Card with Airport Lounge Access? Airport lounges provide a comfortable, quiet place to relax before your flight. These lounges offer amenities like food and beverages, internet access, and even shower facilities in some…

Yes Bank recently announced a reduction in interest rates on Fixed Deposits (FDs), impacting millions of customers across the country. The bank has decreased FD rates by 25 basis points (bps) for specific tenures, making the highest rate for general customers now 7.75%, down from 8%, and 8.25% for senior citizens. The new rates took effect on November 5, 2024. Let’s break down the changes, terms, and current FD rates so that customers can make informed decisions about their savings. New FD Interest Rates for General and Senior Citizens With these new adjustments, Yes Bank offers interest rates on FDs…