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Here is the eligibility criteria for the one-time loan restructuring offered by the RBI due to the Covid-19 pandemic

Yes, restructuring is capable of negatively impacting your credit score, which is why it is a last-ditch effort. Loan restructuring is seen as a desperate action taken when borrowers are on the verge of defaulting. That is when negotiating the alteration of an existing loan contract is the only way to repay the debt. 

The best part about loan restructuring is that when the borrower cannot arrange the repayment dues, he can opt for loan restructuring. Loan restructuring prevents the borrower from being declared as a defaulter.

There is not much difference between the two terms when you just read it. However, there are key differences between both. 

Restructuring a mortgage is the process of changing the terms and conditions of an ongoing home mortgage loan, to make the EMIs more affordable to the borrower. To restructure a mortgage you can opt any method from the two ways listed below. Choose whichever is convenient and less time consuming.

The RBI announced a first of its kind, one-time restructuring benefit for both personal and corporate loans due to the Covid-19 pandemic that impacted millions of Indians financially. It's a great relief to borrowers as well as lenders since the restructuring process would happen without classifying these accounts as non-performing assets.

Generally, medically bills do not appear on credit reports. But in rare cases they can appear if you haven't paid it for at least 180 days. Here is where you have to be cautious because once the unpaid medical bill goes to collection then the collection will appear on your credit report and as usual it will continue having a long-term negative impact on your credit report. 

E-Money virtual money stored in the banking computer systems. It doesn’t have a physical form like regular paper currency. Nowadays E-money is trending because of its flexible and safe features rather than physical cash. Let’s take a look at the common types of E-Money. 

Electronic money has many names, like e-money, digital money and e-currency. It is a type of money that is digitally stored compared to tangible paper or coin currency.

When a lender thinks that you are a good candidate for a pre-approved credit card he offers you one based on the information in your credit report. But, the catch here is that though you may receive a pre-approved credit card offer, it doesn’t mean you are guaranteed to receive the card. 

Your past financial mistakes stay as negative remarks on your credit report for several years. But the mistake may not be yours always. You can be wrongly marked by the lender or the credit bureau. Either way you are the one getting affected. Here are some ways you can remove unfavourable credit report entries from your credit report.

Sometimes, rarely there might occur a situation where deleted items from your credit report reappear even after the dispute resolution process has been completed. This may happen because of few reasons. 

If you find any error which you can prove is wrong then you can raise a dispute with all the required documents supporting your claim and challenge the collection. The best way to dispute a collection on your credit report is with help from an experienced credit repair company like CreditMantri.

BHIM app and Google Pay (formerly Tez) are both UPI based apps. Both have strikingly same features. At the same time both can be seen sporting its own unique differences too. Let's look into those differences in a more detailed manner for clear understanding.

To add money to your Paytm wallet, you will have to download and register your Paytm account. Once you have downloaded you can proceed to add money to your Paytm wallet.

Pledging a collateral when you have a low credit score can help you get a decent deal on loans. This collateral can act as a low-risk bearing factor not just for you but for the risk associated with lending to you. The collateral acts as a leverage for you to negotiate with the lenders to offer you lower interest rates.

The most important factor that plays a key role while calculating your credit scores is your credit card payments. If you mess up in this place then your credit score will take a hit and because of that you will experience the negative consequences.

Whenever you make a late payment note that it will impact your credit scores negatively. This will lower your credit score thus making it difficult to get new credit cards, get a loan or enjoy lower interest rates on future loans. There are few ways by which you can get late payments removed from your credit report.

Having a good credit score is beneficial in numerous ways. It impacts your future loan eligibility, credit card approvals, interest rates charged on your loans, and even your job prospects. Because of this, having a collection appear on a credit report can be devastating. 

Interest-on-interest is also referred to as compound interest. It is the interest earned when interest payments are reinvested. The golden rule to remember here is that interest on interest is good for investments and savings. However, it’s bad for loans. 

Due to the ongoing pandemic, the government had offered temporary relief for loan borrowers. They could opt to stop paying loan EMIs from March till August. The temporary period during which borrowers could stop paying loan EMIs without it being declared as a loan default is known as moratorium.