Explainers

Banks usually allow borrowers to cancel their personal loans, if required, during the cooling-off period with no or low charges.

A low debt-to-income ratio strengthens personal loan eligibility by showcasing repayment capacity, improving approval chances, reducing borrowing costs and supporting a healthier overall credit profile for responsible applicants.

For personal loans, banks provide a 3 to 15-day cooling period during which the borrower can cancel the loan. Usually, there is no cancellation fee during this period.

A credit card cash advance provides instant access to funds during emergencies but carries high interest rates, transaction fees, and no reward benefits, making repayment discipline essential.

A strong credit mix of loans and credit cards enhances your credit score, showcasing responsible financial behaviour and improving your chances of securing favourable lending opportunities.

Corporate credit cards enable businesses to manage employee expenses efficiently, offering centralised control, improved compliance, and better cash flow management while minimising risks and ensuring smoother financial operations.

It is important to understand current outstanding in credit cards, including its impact on repayments and credit score, the consequences of non-payment, how it is calculated, and effective ways to manage it.

A Key Fact Statement in a loan ensures transparency by outlining charges, interest rates, EMIs, and repayment terms, helping borrowers compare options, avoid hidden costs, and make informed financial decisions.

Credit card chargebacks offer a safety net for consumers, allowing disputes on billing errors, fraud, or faulty purchases while ensuring secure transactions and financial protection through issuing banks.

Merchants pay the fee, and the card-issuing bank earns most of it for undertaking the risk. The fee keeps the cycle of credit card payments up and running