When a borrower approaches a bank or NBFC for a loan, the bank invariably asks for the credit score. A credit score is a three-digit score given by a credit bureau which indicates a borrower’s creditworthiness i.e., whether the person is likely to repay the loan. This is, apparently, an urban concept where borrowers are…
Digital banking services continue to scale up and gain traction in the country. Following the same objectives of growing and scaling up, Federal Bank has streamlined the process of applying for its coveted Visa āImperioā credit card. This particular credit card caters to the evolving needs and aspirations of tech savvy customers. The main objective…
To maintain a credit score higher than 700, so that you become eligible for comfortable terms and conditions on loans and credit cards — it is recommended to take a number of steps. Primarily, one should take all the bills on time. It is even recommended to set an auto pay to ensure that you…
As digital transactions become immensely admired in India, numerous tenants are exploring the opportunity of paying their monthly rents through credit cards. This particular method provides several benefits such as cashbacks, reward points and improved cash flow management. Still, it is crucial to acknowledge and understand the associated fees and regulatory considerations. Key considerations before…
Credit products like loans and credit cards can play an important role in achieving various life goals and improving the quality of life. However, a good credit score is one of the important criteria for banks to approve any loan or a credit card. In this article, we will understand what kind of credit instruments…
A growing number of borrowers are facing loan rejections from major banks such as HDFC Bank, SBI, Kotak Bank among others. This is a consequence of subpar credit scores. As lending institutions tighten lending rules and norms, maintaining a very strong credit profile has become crucial for securing personal loans, credit cards along with other…
A personal loan can help you meet various objectives. On one hand, it can help you overcome any medical or other emergency. On the other hand, it can help you celebrate occasions like family functions and festivals, or enjoy a much-deserved family vacation.Ā It can also help you buy gadgets, consumer durables, etc., that provide…
Do you have a considerably poor score and want to improve it over a period of time? Before you proceed, remember that improving the score is not a short term phenomenon. It is a long-term process and requires consistent efforts. One can witness considerable improvement between 3 to 6 months but if there are serious…
We are often advised to build a strong financial foundation, and this foundation relies heavily on comprehensive financial education, which includes understanding saving behaviour, investment habits, and seeking credit at the right time. Yet, we are rarely given clear explanations of what terms like ācreditā and ādebtā truly mean, making them seem intimidating, especially for…
You need to have a strong credit profile and a high credit score to qualify for a home loan of ā¹1 crore. Financial institutions heavily rely on credit scores to understand and assess an applicant’s repayment potential, creditworthiness and financial capacity. These factors cumulatively influence loan approval, interest rates and associated terms and conditions. According…
