Explainers News
What does ’written off’ mean in your CIBIL report and how it affects your credit score?
Credit score: Your credit history is crucial for obtaining loans and credit cards. A ’written off’ status in your CIBIL report suggests unrecoverable debt, negatively affecting your creditworthiness and making it difficult to secure future financial opportunities.
3 min read3 Jan 2025Instant Loan App: How it works and what you need to know before applying
The financial landscape is evolving, with instant loan apps emerging as convenient platforms for quick borrowing. While they offer ease, users should choose regulated apps with strong data protection and assess interest rates to align with their financial needs, acknowledging the associated risks.
2 min read31 Dec 2024Your Questions Answered: Nasdaq 100 vs. S&P 500—Which index is better for investing?
Investing in international mutual funds in India offers geographic and currency diversification, access to global companies, enhanced growth opportunities, and professional management.
8 min read8 Jan 2025What is FOIR and how does it impact your personal loan approval?
The FOIR is essential for personal loans. It compares monthly debt to income. Lowering FOIR enhances loan approval chances, achievable through joint loans, good credit history, reducing multiple loans, and increasing income streams.
3 min read23 Dec 2024Good credit score: What are the different ranges and their meanings?
Credit Score: A credit score reflects repayment ability and credit history, affecting loan approvals and terms. Ranges from poor to excellent indicate risk levels for lenders. Timely payments and cautious borrowing can improve credit scores, enhancing borrowing options.
3 min read5 Dec 2024Co-branded credit cards: Is this worth opting for them?
Credit cards: In co-branded credit cards, a bank joins hands with a brand to create a card tailored to the brand’s customers. The cardholder then starts earning points, miles, or cashback when they buy from the partner brand.
2 min read5 Dec 2024Credit Card: What is a grace period and how does it work?
Credit cards allow smart spending with a grace period of 20-30 days for repayments, avoiding interest if paid in full. Responsible use can improve credit scores and help manage cash flow, but failing to repay on time can lead to penalties and loss of grace period benefits.
2 min read4 Dec 2024MCLR vs Base Rate: Which one is better for you? 3 experts weigh in
Personal loans: Base rate and MCLR are key in borrowing decisions. The base rate is static, while MCLR fluctuates with the economy. MCLR often results in lower costs for borrowers, aligning better with market conditions and promoting inclusive economic growth.
3 min read4 Dec 2024What is a credit card limit and why is it crucial for your finances?
Credit cards: Understanding your credit card limit is crucial for sound financial decisions. Responsible usage and timely payments can enhance your credit score while minimizing the risks of falling into debt.
2 min read3 Dec 2024Credit Cards: What are add-on cards and their advantages?
Credit cards: An add-on credit card is a supplementary credit card issued under the primary cardholder’s account.
2 min read2 Dec 2024Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared