Forum

Yes, personal loans can be restructured as per the relief plan offered by the RBI. The Reserve Bank of India recently announced a one-time restructuring plan to provide relief to individual borrowers struggling because of the pandemic. This restructuring option is available till the end of 2020 with some terms and conditions. 

Lenders can proceed for foreclosure if you default on a home equity loan. When you default on your loan, what the home equity lender does depends on the value of your home. Foreclosure will be the first choice of the lender, in case you have equity in your home. That is because there is an actual chance of recovering some of the money after the initial mortgage is paid off. Chances of foreclosure depends on the number of equity left.

Equated Monthly Installments (EMI) refer to the monthly payments you make to the lender to repay your bike loan. These payments include the principal amount and also the interest.

NOC or No Objection Certificate is a legal document which is issued by the regional RTO for re-registration of a vehicle from one state to another. An NOC holds great value because it certifies that there are no dues of tax on that specified vehicle. 

Anyone can file for a dispute if they find something wrong with their credit report. This action will not affect their credit scores directly. However, if the assumed wrong information is proven correct then that might take a toll on your credit score. 

It’s completely normal for your credit scores to fluctuate. Information in your credit reports is updated as it is reported to credit bureaus. Any activity such as delay in payments of credit cards or EMI will be reported by the lenders to the credit bureaus and the credit bureaus will update it once in a month or once in every three months. 

Settling debt is essentially coming to an agreement with your creditors to pay back part of what you owe and be forgiven for the rest. So why would a lender agree to settle with you for less money than you owe? In most cases, they agree to recover at least a part of the debt than none.

If you're dealing with a lot of debt, it can be hard to know how to start tackling it. While it's generally recommended to first pay off the debts with the highest interest, the right strategy depends a lot on your situation. 

According to the NPCI website, at present, the upper limit per UPI transaction is Rs. 1 Lakh per account per day. Within this upper limit different banks may have their own sub limits hence one should check with one’s bank. Recently most of the nationalised banks including SBI, Axis bank, ICICI bank etc which are part of UPI network have published their revised UPI transfer limits.

Credit score has taken a non-negotiable position in the world of credit.  There can't be much possibility of availing credit on competitive interest rates and favorable terms with bad credit scores. In India, the 4 credit bureaus that issue credit reports are CIBIL™, Equifax, Experian, and CRIF High Mark.

Asking your credit card issuer to increase your credit limit can not only boost your buying power, but also lower your credit utilization, which could help your credit scores. Whether your request will be approved, however, is a matter of timing. It's often said that the best time to ask for new credit is when you don't need it (at least, not yet).

Keeping your credit card information safe is mandatory. Here are some important tips to help you to keep your card safe and secure, for both online and offline transactions

Currently, there is only one credit card being offered by Amazon and that is the Amazon Pay ICICI Bank Credit Card. Amazon Pay ICICI Bank credit card is a credit card issued by ICICI Bank in association with Amazon and Visa. This is a lifetime free credit card with no joining and renewal fees.

If this is your first time using UPI payments, you need to register your UPI ID. Here's a step-by-step guide to help you. 

UPI or Unified Payments Interface is an immediate real-time payment system that helps in instantly transferring funds between the two bank accounts through a mobile platform. UPI allows multiple bank accounts to use a single mobile application.

To use the UPI method of payment, each individual needs a unique Virtual Payment Address (VPA) which is similar to a username to send and receive the money. It will be like your unique ID. You can choose a VPA according to your choice. Also, you can add this unique VPA to more than one bank account.

Never forget two things in life. To eat and to pay your credit card bills on time. Because obviously eating is essential but paying your credit card bill on time not only reduces your debt but also you don’t have to pay late payment fee and other penalties levied by credit card companies. 

An increase and decrease in repo rate impacts both current and future home loan borrowers. Public sector banks, including leading banking institutions like State Bank of India (SBI), are generally the primary ones to scale back their rates and pass on the benefit to consumers.

Let’s help you better understand how this formula works: When you receive the credit card bill/statement, you should pay the complete bill amount by the end of the credit free period to avoid paying interest charges on the outstanding amount. To pay your credit card bill, you normally get a credit-free period of 20 days from the bill/statement issue date.

First things first, a settled account affects your credit. However, what you need to know is that it's better than unpaid but worse than paid as agreed. 

Generally, a settled account will remain on a credit report for seven years from the date of settlement with the lender. Even if you have resolved the debt years ago, it will remain on your credit report until the seven-year period is covered.