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As the moratorium period ended on 30th September, the RBI has allowed for restructuring of loans to help borrowers overcome the financial stress caused by the pandemic. The RBI has instructed banks and other lending institutions to come up with a plan for implementing the restructuring. 

Looking to make use of the new loan restructuring benefits, but not sure which documents will be needed? Worry not, we’ve got you covered. Here is a consolidated list of the documents required by banks to recast your loan.

The Emergency Credit Line is basically a loan, for which 100% guarantee is provided by the National Credit Guarantee Trustee Company (NCGTC) to Member Lending Institutions (MLIs). MLIs include Scheduled Commercial Banks (SCB) and Financial Institutions (FI) that offer additional working capital loans to existing MSME borrowers under this scheme. NBFCs offer additional term loans to existing MSME borrowers under this scheme.

The SMS banking facility at HDFC makes it easy for customers to access their accounts and carry out banking transactions 24 x 7 from their mobile phones. SMS banking eliminates the need to visit a branch physically, thereby making banking easier, smarter, and simpler. One of the biggest benefits of SMS banking is that you don't require a smartphone. You can avail these services on any basic mobile phone. 

In simple words, the credit card balance or statement balance is the money that one owes to the credit card issuer. It consists of an amount which is unbilled as well as the current outstanding amount. 

When a credit card is used anywhere online or offline then you will be charged a transaction fee. This charge is usually around 2%-3% of what you pay and the same is paid to the merchant where you swipe the card.

The aim of offering loan restructuring is to provide relief to those borrowers who have suffered unfortunate circumstances like lost their job or whose businesses have not revived or those who have suffered a considered loss in their business. The benefit of opting for a loan restructuring plan is that the borrower may be able to reduce the amount of the EMI or get a moratorium on the loan principal repayments with the hope that the financial situation improves.

Yes, having a good credit score for MSMEs is always an added advantage in getting an MSME loan. MSME stands for Micro, Small and Medium Enterprises. An MSME loan is the funding offered by financial institutions to SMEs, MSMEs and Startup enterprises. These kinds of loans are mostly used by business owners and enterprises to suffice their working capital requirements, for business expansions, to enhance cash flow, purchasing equipment and machinery, etc. Many lenders also offer MSME loans without any security or collateral and at lower interest rates.

Yes, you can pay more than the regular EMI. The excess amount will not only decrease your principal outstanding, but also reduce your interest burden. You can pay one extra EMI (than the usual number of EMIs) every year. This is an effective way to reduce your loan tenure, and in turn to lower the interest cost. 

In a developing country like India, the government is trying to boost digital payments, especially after the demonetisation drive, by imposing rules like no bank can levy fuel surcharge or transaction fee on a customer paying by debit card. 

Generally, the majority of loans are repaid in installments known as Equated Monthly Instalments (EMI). These installments are fixed amounts that are to be paid by the borrower to the bank every month, till the end of the loan tenure.

If you have an SBI account, you can make use of the netbanking service. The first step is to add your loan account to your internet banking profile. Once you have added the loan account you can view your loan account ledger and continue transactions. To make a prepayment all you need to do is transfer money to the loan account. The  loan account is just like other savings or current bank accounts, it has an account number and IFSC code. If you use SBI net banking you can transfer money and see the outstanding balance go down. 

A prepayment penalty is a fee or charge, that you need to pay to the bank if you opt to repay a loan before the end of its term.RBI allows banks to calculate prepayment charges only on the outstanding loan amount. Typically, the longer you’ve had your loan, the lesser your outstanding loan, and therefore the smaller your penalty. 

You will have to pay the penalty with fees, a maximum of upto Rs. 750 for Electronic Clearing System (ECS) debit bounce on your HDFC personal loan account. You should take ECS very seriously because an ECS debit mandate is just like a cheque issued by you. This means, you need to ensure you have enough funds in the account, so that you get your ECS cleared. 

When the EMI amount is not deducted on the action date then you will be charged a late fee or interest. There are multiple reasons as to why the EMI amount is not deducted. 

Currently, every time you make a fuel purchase through your credit card, you have to pay a fuel surcharge @ 1% (before 13 Jan 2017, it was 2.5%) subject to a minimum of INR 10. When one pays for fuel through credit card, a fee is levied which consists of transaction fee and service tax. This fuel surcharge ranges between 1% and 3% of the cost of fuel.

There are various ways to activate or register for the SMS banking facility provided by HDFC. Here are the various methods you can use

To know your HDFC Bank account balance information, give a missed call to the toll free number 1800-270-3333. To know your mini statement you can give missed call to the toll free number 1800-270-3355.

To register or link your mobile number with your SBI Bank account you can either visit your home bank branch or get it done through an SBI ATM.

Both have been interpreted differently in different contexts and there is no standardized definition across the globe. Here we explain what it is and the differences between both.

Feels like ages ago when we used to fill in account numbers and IFSC codes for money transfers via NEFT, but then with IMPS came the concept of MMIDs, followed by Virtual Addresses with UPI in mid 2016.