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Banking FAQs & HowTo Guide
Canara Bank loans to get cheaper as bank has reduced its Repo-Linked Lending Rate (RLLR) and Marginal Cost of Funds based Lending Rate (MCLR) by 40 basis points and 20 basis points, respectively, with effect from June 7, 2020. The revised rate of interest based on new RLLR will be 6.90 per cent against 7.30 […]
Debt To Income Ratio For A Mortgage loan – you always pay your debt on time and your credit score is considerably high. You are very much sure about getting a home loan or mortgage loan from any banks, but not necessarily. Your loan application for mortgage may be rejected based on your debt to […]
Calculation of Cutback is an important parameter for deriving the loan eligibility. THE amount you can borrow from banks or any lender depends on how much you can afford to repay per month in EMIs or Equated Monthly Instalments. What the bank calculates is ‘how much you can afford to repay’ ? Learn in Easy Steps […]
Recently P2P lending is much in news after RBI revised the policy with Rs 50,000 maximum cap. What exactly is the P2P lending ? P2P lender simply brings lenders and borrowers together on a common online platform so that they can transact with each other. P2P lending is a type of debt financing that allows individuals […]
How To Calculate Loan Monthly Reducing Balances Interest? – Number of time lender promote their loan products quoting Reducing Balance EMI. This is the method used by Public Sector Bank for various loan products mainly MSME Business Loan, Overdaft, Housing loan, Credit Cards etc. What exactly the Monthly Reducing Balance Method of EMI calculation ? […]
One Time Settlement Scheme , OTS effect on Credit History of an Individual future credit history : Just as all information about credit availed (amount availed, payments, defaults etc) is reported to Credit Information Companies (CICs), the fact that the borrower has closed a loan account after accepting an OTS is also reported to CICs. […]
How much time bank would take in returning the title deeds /securities after closure of loan. Banks should return all the securities / documents/title deeds to mortgaged property within 15 days of the repayment of all dues agreed to or contracted. If any right to set off is to be exercised for any other claim, […]
Insure the Loan from Bank – Yes. One will have to insure the property etc. as required by the bank during the tenure of the loan. However, banks cannot insist on your obtaining insurance cover from any particular provider.
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