How do CIBIL, Experian, Equifax and CRIF High Mark differ from each other?
There are four major credit bureaus operating in India: CIBIL, Experian, Equifax, and CRIF High Mark. In India, CICs, or credit bureaus, are specialized financial institutions licensed by the Reserve Bank of India to collect and maintain credit information about individuals and businesses. In response to this data collection, these firms generate credit scores and […]
Decoding your Credit Score! Can It Be A Benefit Or A Bane?
Almost all cardholders find debt a nightmare, one that affects their credit score as well. Resist the temptation to use your entire credit card limit, no matter how tempting it may seem. The way you manage your credit card debt can have both positive and negative effects on your credit score. Credit card debt can […]
In terms of financial abilities, how do men and women differ?
Most of us picture a man as a businessman, entrepreneur, or self-employed individual. However, the reality is more balanced. Women own and operate approximately 20% of Indian MSMEs. Over the past decade and a half, millions of thriving women-owned businesses have been created as a result of bank accounts and credit extensions geared toward women. […]
How do Loan Waive-offs and Loan Write-Offs Differ?
It is common to use the terms ‘loan write-off’ and ‘loan waiver-off’ interchangeably. They both deal with bad loans, but their basic concepts are different, despite sounding similar. Waiving a loan is different from writing it off. Both terms apply to bad loans. What is their purpose? Non-performing assets (NPAs) are borrowers who cannot repay […]
DRT Full Form: Understanding the Role of Debt Recovery Tribunals in Debt Recovery
In the past, banks and financial institutions had difficulties recovering loans they had advanced to individuals or businesses. In India, non-performing assets (NPAs) and bad loans are a constant source of trouble for banks. Prior to 1993, such cases were often listed in civil courts, where they would drag on for years. As a result, […]
An overview of the CIBIL score for Axis Bank’s Personal Loan
Axis Bank is India’s third largest private sector bank, specializing in a wide range of innovative financial services tailored to large companies and small businesses, agriculture, and retail. It was founded in 1994 and currently has 3,779 domestic branches across 2,211 locations in India, including extension counters. A global presence is not limited to India, […]
A Modernization of Debt Collection for the Digital Age – Final Rule of the CFPB
Every day, people send over 105 billion emails and 23 billion texts. Despite this, debt collection laws have remained silent on the issue of electronic communications. CFPB released updates to the Fair Debt Collection Practices Act (FDCPA) for the first time since the law was passed over 40 years ago. As part of the 653-page […]
The most common charges and fees associated with personal loans
Sunshine has a shadow too. Most people and banks fail to mention the charges and fees involved in getting a personal loan. This article addresses all such fees and charges, in addition to the interest you’re likely to pay. A personal loan is one of the most effective financial tools an individual can use to […]
Dropline overdraft: Features and more
Businesses are always in need of funds for their smooth operation. To help meet the business requirements of banks, NBFCs offer various financial tools such as lines of credit to meet business expenses. An overdraft facility is one such tool that allows the borrower to overdraw funds for their requirement up to a certain limit. […]
What happens to your credit score when you fail to make a credit card payment on time?
Always make credit card payments on time to maintain your CIBIL Score. YES, a single failed credit card payment can drop your credit score. Even though a failed payment may have been a mistake or the inability to pay (we all have financial difficulties), lenders view this negatively. They may affect your ability to obtain […]