Tech giant Google has announced that it will tie up with Aditya Birla Finance, Muthoot Finance to offer personal loans and gold-backed loans, respectively. This was announced at the 10th edition of its flagship Google for India event. Google announced that the partnership seeks to enhance credit availability in a market where conventional lending frequently … Read more
When a family member passes away with outstanding loans and credit card bills, handling those debts can be challenging. First, it’s important to understand that these debts are typically settled using the deceased’s assets left behind. Legal heirs should gather all financial documents, including bank statements, loan agreements, and credit card bills. If the deceased … Read more
My name is Veer, and I work in the private sector, earning Rs 59,000 in hand, and have two personal loans of Rs 3.6 lakh pending, with EMIs of Rs 9,200 till January 2028, and another with EMI of Rs 5,500 for two years more. I am planning to switch jobs in two months and … Read more
As global economies grapple with exponential growth and development, India’s banking sector has seen a significant surge in credit operations. The destination of these funds, amounting to trillions of rupees, has now become a topic of interest and study. Where is the enormous volume of bank credits, specifically personal loans, absorbed in the country’s financial … Read more
WhatsApp is emerging as an important channel for digital loan disbursal with 59% of borrowers having received loan messages on the instant messaging application, as per the annual survey ‘How India Borrows (HIB) Survey 2023’ by Home Credit India, the local arm of the global consumer finance provider. The survey aims to understand the constantly … Read more
I am a 30-year-old married woman with two daughters, and I earn Rs 90,000 per month. I give my parents around Rs 20,000 to Rs 25,000 for their monthly expenses. My parents have a debt of around Rs 12 lakh and an income source of Rs 10 000 per month. Now it’s my responsibility to … Read more
Lenders typically rely on the debt-to-income ratio or Fixed Obligation Income Ratio (FOIR), loan-to-value ratio, and installment income ratio (IIR) when determining your eligibility for a higher loan amount, particularly with instant personal loans. Besides, lenders also use the multiplier method to assess and sanction loan amounts based on the borrower’s creditworthiness, loan-to-value ratio, financial … Read more
Industrial loan growth, which has been decelerating during the last decade, turned negative for the first time during 2020-21 as economic activity slowed down in the aftermath of the COVID-19 pandemic, according to the latest RBI data. Working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third … Read more
A credit score is one of the most important metrics that a lender uses to analyse an individual’s creditworthiness. A score of 750 or above is considered good and helpful in getting loans approved easily. However, maintaining a good credit score is not easy for many as it requires discipline, money management skills, and most … Read more