All About Personal Finance

Thinking of Making Home Renovations? You May Avail Home Renovation Loan

Availability of home renovation loan, it is easy to renovate, modify and refurbish your home. The prime benefit of this loan is to provide you with the necessary funds so that you can upgrade your home to a more contemporary design. Moreover, this quick loan would help you have a house that you can customize according to aesthetic preference and taste. 

All about CIBIL credit report – meaning, process, factors & how to get the report

According to the reports of a recent market survey, 2 out of 3 Indians are unaware of their CIBIL scores, even after the government’s continuous efforts of financial inclusion. It helps them understand their creditworthiness and improve the same since a personal loan with low CIBIL score is challenging to come by. 

How does the reverse repo rate work?

When financial institutions have excessive finances, they can increase the deposit with RBI. In this way, financial institutions can raise additional interest from their deposited funds.
While talking about what is reverse repo rate is, individuals must know that it has an inverse relationship with the supply of money. 

The Power of Simple Interest And Compound Interest

Both simple and compound rates determine the cost of borrowing a loan. A lender levies an interest rate on a loan amount for utilizing the borrowed money for a fixed period.A compound rate has the potential to help investors earn more returns than a simple interest income.
Now, let’s move ahead with the calculation using a compound and simple interest formula.

Know the procedure of e-KYC verification online

Rapid digitization shaped almost all sectors in India, and the lending sector is no exception. 
Most financial institutions now offer digital documentation or e-KYC verification while extending credit. Hence, individuals must know the process of e-KYC verification online. But, first, they need to know about KYC.

Here’s how you can Calculate your Compound Interest

Interest rate is one of the most crucial parameters that intending borrowers must factor in before opting for a loan or any investment. Compound interest is imposed on a deposit, calculated based on both the initial principal and the collective interest. 
Here’s a complete guide to help you calculate the compound interest of your loan or investment.

Know the Difference Between Simple Interest and Compound Interest

Interest calculation has a significant part in any financial undertaking, be it lending or investment. In this regard, there are two sub-types that everyone should be aware of, simple interest and compound interest. These are the two primary interest calculation methods, and it is vital to know the difference between them.

5 Smart Things To know About Overdraft Facility - Personal Loan

Personal loans with an overdraft facility are a common choice for individuals in need of liquidity. These are specialized forms of credit curated for eligible and creditworthy candidates. However, when contemplating such loans, individuals must consider a few aspects beforehand.

Know how to apply for a personal loan and get an instant approval

Personal loans are among the most accessible financing options today and are easy to avail of as they come with only a handful of eligibility requirements. While lenders remain specific when it comes to eligibility fulfillment, other aspects related to the borrower’s profile also impact the loan availability, affecting the chances of personal loan application approval or rejection.

Know How You Can Avail of an Instant Personal Loan for Urgent Expenses

Since interest payment is the primary requisite of any debt, it is vital to review it before applying for one. In this regard, borrowers can compare interest rates from various lenders and find the most suitable offer. They can take the assistance of a personal loan calculator for this purpose before applying for a loan.