Thursday, December 19

Tag: credit score

Should you prepay home loan or invest money? MintGenie explains
11Dec By adminNo Comments
Money

Should you prepay home loan or invest money? MintGenie explains

There is a strong possibility that the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will maintain a hawkish position on the repo rate in December 2023. The existing fixed repo rate of 6.5 per cent in India has resulted in a standstill in home loan rates, posing a dilemma for numerous borrowers regarding whether to prepay their loans or persist with their investment strategies. The reason behind this is that with a long-term home loan, the interest paid over time often surpasses the principal amount, leading to a substantial repayment at the loan’s conclusion. One highly efficient ...
Read More
No-Cost EMI: How to select the best no-cost EMI plan?
8Dec By adminNo Comments
Business

No-Cost EMI: How to select the best no-cost EMI plan?

If you have a specific need for a product and are confident in your ability to make monthly payments, a no-cost EMI plan can be a convenient way to make your purchase. No-cost EMI allows you to get a product without paying the full price upfront, which can be helpful when on a budget or for high-value items. Here are some tips for using no-cost EMI plans wisely:Important Things to Consider Before Opting For A No-Cost EMI OfferCompare Offers: Different lenders and retailers may offer various no-cost EMI options, so it's wise to compare before choosing.Check Eligibility: The eligibility criteria may vary based on the retailer, financial institution, and the product you want to buy.Budget Properly: Ensure you can comfortably meet the EMIs before opting for a no-cost EMI plan. Calculate the t...
Read More
Credit Score: 5 reasons why you should not max-out your credit card
21Nov By adminNo Comments
Business

Credit Score: 5 reasons why you should not max-out your credit card

Credit cards come with a set spending limit, representing the maximum amount you can charge to your card. It's important to keep your balances comfortably below this limit to maintain a healthy credit utilization ratio. When you approach or hit the maximum limit, your card is considered maxed-out.For instance, if your credit card limit is Rs 3 lakh and your outstanding balance is Rs 3 lakh, your credit cardis maxed out.Maintaining a lower credit balance not only enhances yourcredit score but also reduces the risk for lenders when considering your loan applications.How is credit utilization ratio calculated and why is it important?The credit utilization ratio is calculated as the overdue balance on your credit card divided by the total available limit.This ratio is a pivotal factor in your...
Read More
Credit score vs. credit report: All you need to know
14Nov By adminNo Comments
Business

Credit score vs. credit report: All you need to know

Credit score vs. credit report is often most frequently asked queries when it comes to understanding the nuances of your credit health. Let's break down these terms to empower you with the right knowledge necessary for informed financial decisions.What is a credit score?Your credit score is a three-digit number that serves as a quick assessment of your creditworthiness. Ranging from 300 to 900, this score is derived from a complex algorithm that evaluates various aspects of your credit history.The factors include your payment history, credit utilization, length ofcredit history, types of credit, and new credit.A higher credit score generally indicates lower credit risk, making you more attractive to lenders. It's a numeric representation of your financial habits and is crucial when applyi...
Read More
Credit Card: 5 ways to make the most of your credit card rewards
14Nov By adminNo Comments
Business

Credit Card: 5 ways to make the most of your credit card rewards

The credit card market is flooded with options, each catering to different needs. Credit cards nowadays come with enticing perks like cashback, travel benefits, and reward points. The competition among card issuers is fierce, with each trying to attract new customers by offering increasingly attractive rewards. To maximize your credit card benefits, follow these tips:1. Choose the Right CardStart your credit card search by understanding your spending patterns and preferences.Different cards offer various reward programs, such as cashback or shopping vouchers. Some even have bonus categories that give extra points for specific types of spending. Match your card to your lifestyle—frequent travelers should opt for cards with travel perks, while online shoppers can benefit from cards offering...
Read More