BUSINESS
Rising gold prices have led to more gold loans: Shripad Jadhav, Kotak Mahindra Bank
Being a secure product, the interest rate on a gold loan can be lower than that for a personal loan, making it a more attractive proposition for a borrower.
BUSINESS
Cheapest car loans: Banks that offer the best deals this Akshaya Tritiya
This Akshaya Tritiya, Union Bank of India, State Bank of India, and ICICI Bank offer best car loans at interest rates between 8.70 and 9.10 percent on loans of Rs 10 lakh with a four-year tenure
BUSINESS
Safety and high returns: Banks that offer up to 7.25% interest on 3-year FDs
Bank of Baroda, Axis Bank and HDFC Bank offer interest rates between 7.25 and 7 percent on three-year FDs.
BUSINESS
New KYC rules, hike in savings account charges and more: 5 money rules coming up in May
ICICI Bank and YES Bank have revised fees on savings account services, effective May 1. YES Bank and IDFC First Bank have introduced a surcharge on utility transactions made using credit cards.
BUSINESS
RBI’s diktat on Kotak Mahindra Bank: What should existing customers, fresh loan and credit card applicants do?
The bank will continue to provide services to its existing clients, including credit card customers. But if you have applied for a loan or to open an account online just before the RBI’s action, you need to check the status of your application. You might have to move your loan or account opening application to a branch channel, which could lead to a delay in the process.
BUSINESS
ICICI Bank app glitch exposes credit cards: What customers should do
The glitch was due to 17,000 new credit cards which were issued in the past few days were erroneously mapped in their digital channels to wrong users. To be on a safer side card users should block the card and replace it; this will provide some relief.
BUSINESS
Funding your dream vacation - Some options, their pros and cons
The trend of borrowing money to fund vacations can weigh heavily over the years. The better option may be to look for ways to boost income, create additional avenues for income or create a corpus via recurring deposits or savings schemes. This will be easier than schemes that bear the burden of high interest rates.
BUSINESS
SBI Card launches 3 credit card variants in travel category with SBI Card Miles
SBI Card MILES users can convert travel credits to air miles and hotel points with card partners. Users get accelerated rewards on every travel booking, and airport lounge access, among other benefits. The annual charges for the card start from Rs 1,499 and go up to Rs 4,999, before tax.
BUSINESS
Loan against securities: Punjab National Bank, IndusInd Bank offer the cheapest interest rates
The loan against securities lowers your interest burden substantially as it is a secured low-cost loan. Punjab National Bank, Yes Bank and Bank of Baroda offer interest rates between 9.25 and 9.90 percent on loan against securities of Rs 1 lakh for a 12-month tenure
BUSINESS
Planning to study abroad? Here's how to maximise your chances of winning a scholarship
Education counsellors advise students to be realistic and truthful when applying for scholarships. Scholarship panels consist of experts who can sniff out a hyped or fake profile from a mile.
BUSINESS
The new Axis Bank Shoppers Stop credit card: Key details to know before you apply
This co-branded credit card offers accelerated rewards on shopping, coupled with the convenience of fuel surcharge waivers, dining privileges and many more. The joining fee for this credit card is Rs 500 plus applicable taxes.
BUSINESS
Cryptocurrencies still draw Gen Z and Millennials: Mudrex Survey
The survey, featuring 8,976 people across the country, found that 45 percent had invested in cryptocurrencies as part of their long-term retirement plans. Financial advisors, however, say investors should limit their investments in cryptocurrencies to the bare minimum and not depend on them for their retirement.
BUSINESS
RBI directive on Annualised Percentage Rate: Retail borrowers can now know real interest cost of their loans through ‘Key Facts Statement’
Key facts statement is a simple, easy-to-understand summary covering all key terms of as also the fees and charges related to the loan. It should be written in a language understood by the borrowers, the RBI said in a directive.
BUSINESS
Travelling abroad? Now reload forex card in real time on BookMyForex app
On true zero markup forex card, international travelers can now do the instant reloads. The users need to update their app to get this new feature. The latest version of the BookMyForex app is now available for download on both the Play Store and the App Store
BUSINESS
Education loans: Union Bank, SBI amongst banks that offer the cheapest interest rates
Union Bank of India, State Bank of India, Bank of Baroda, and ICICI Bank offer interest rates between 8.1 and 10.25 percent on an education loan of Rs 20 lakh for a tenure of seven years.
BUSINESS
SBI Unipay's failed bill pay transactions, delayed refunds leave customers in limbo. Here's what you can do next
Lately, there have been several complaints against SBI Unipay, a bill payment aggregator service, where the payment gets deducted from the customer’s bank account, but the bill payment fails on the platform.
BUSINESS
Home loans: These banks offer the lowest interest rates
Union Bank of India, State Bank of India, and HDFC Bank offer interest rates between 8.35 and 9.4 percent on a home loan of Rs 75 lakh for a tenure of 20 years
BUSINESS
RBI Monetary Policy | RBI holds repo rate at 6.5%: No impact on home loan EMIs
For existing borrowers there are opportunities to switch lenders in the current scenario with several banks offering home loans starting around 8.5 percent. The new home loan borrowers should scout for banks offering loans with the narrowest possible spread. This will reduce the interest payable.
BUSINESS
Soon, you can apply for EMI facility, pay credit card bills and increase limits on RuPay credit cards with UPI
But applying for EMIs through UPI applications can lead you to overspend. Frequent enhancement of the credit limit on a card using UPI applications can lower your credit score. We dissect what it all means for cardholders.
BUSINESS
Now, IDFC First Bank cuts credit card benefits; what it means for cardholders
IDFC First Bank has revised the reward points system, introduced surcharges on utility transactions, increased spending criteria to access airport lounges, among other things on its credit cards.
BUSINESS
AU Small Finance Bank, IDFC First Bank slash benefits on credit cards. What does it mean?
Holders of cards issued by these lenders will have to pay processing fees for rent and education transactions, surcharges on utility transactions, among other things.
BUSINESS
Explainer: How RBI’s rules on penal charges will help loan borrowers
RBI’s rules on penal charges came into effect April 1. Earlier some banks, NBFCs and HFCs use penal rates of interest over and above the applicable ones, in case of defaults. Now, the RBI guidelines prohibit financial institutions from charging penal rates on loan defaults.
BUSINESS
Yes Bank, IDFC First Bank to levy surcharge on utility payments with credit cards
The two banks are introducing the surcharge with effect from May 1 because this is a low-margin business category, and to prevent misuse
BUSINESS
Personal loans: Banks that offer the lowest interest rates on a Rs 1-lakh loan
Bandhan Bank, HDFC Bank, and State Bank of India offer interest rates between 9.47 and 11.15 percent on a personal loan of Rs 1 lakh for a tenure of 4 years.
