High interest debts are the worst debts, clearing them should be the first priority. Generally credit card loans, or personal loans carry heavy interest rate, therefore, targeting them first will make sense.
Though the RBI wants the transmission of rate cuts to the real, it is not in a position to put much pressure.
During the consultations with RBI, several banks opposed the decision of linking lending rates to an external benchmark saying their cost of funds was not linked to those external benchmarks
The RBI could explore introduction of tangible benefits such as income tax incentives based on the digital transactions consumers initiate, while merchants could get GST credits based on the volume of digital payments they accept
Mirae Asset Tax Saver Fund - DP (G)
Mirae Emerging Bluechip -Direct (G)
Mirae Emerging Bluechip Fund (G)
HDFC Small Cap Fund - Direct (G)
Kotak India EQ Contra Fund - D (G)
|S&P BSE Smallcap||14804.27||-216.93||-1.44|
|S&P BSE Midcap||15147.84||-234.73||-1.53|
|S&P BSE Capital Goods||18222.56||-117.79||-0.64|
While the RBI guidance was to pass on the benefit of falling interest rates to borrowers by linking lending rate to an external benchmark, SBI has also linked its savings bank rates (over a limit of Rs 1 lakh) to the external benchmark.
Savings bank accounts specifically targeted at women come with extra features. But check if you really need them as they come with additional cost.
Concerns have been expressed that the law is extremely harsh and will lead to hardship for many individuals, small businesses etc. Doubt have been expressed as to whether personal loans are covered by the ban under the Ordinance
You need to set up a credit limit for yourself while using a credit card say overall 30-40% of monthly income is sufficient (including EMI on loans).
The lower the loan-to-value ratio, the better the other terms and interest rates on your home loan.
P2P lending platforms connect borrowers with individual lenders, who come together to meet the borrowersâ loan requirements