RBI has notified the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.3.2020 to 31.08.2020). Why was this done? Will you benefit? About the author: Anjesh Bharatiya is a 30+ taxman by profession and a Chemical Engineer by education….

Credit Score is a number given to an individual/company to assess their creditworthiness. This is calculated to help the banks to decide whether the borrowers are capable of repaying the money on time. This article on credit score is meant for newbies. The factors that determine a CIBIL score calculation are explained with ways to…

Use this free EMI Moratorium calculator to understand how much extra interest you will have to pay if you opt for the three-month EMI holiday offered by your bank

A FAQ of the EMI moratorium announced by RBI on 27th March 2020. Should you opt for this?

Why the govt needs to avoid panic and stress among investors while handling unhealthy banks and why deposit insurance has limited practical use

How does No Cost EMI work? Is there a catch involved? What is the cost? Is it worth going for? Let us find out with an example.

From October 1, 2019, RBI has made an external benchmark based interest rate mandatory for certain categories of loans. What does this mean? How will this impact you? Let us find out starting with the basics. What does an external benchmark based loan mean in simple terms? The interest rate on your home loan/car loan/personal…

A new section under 80EE of the IT act has been inserted in the Union Budget 2019-2020 to provide an impetus to affordable housing.  An additional tax deduction of Rs. 1.5L has been provided on home loan interest  for residential property from any financial institution subject to the following conditions Loan was sanctioned between 1st…

In this article, let us find out about the pros and cons of a virtual credit card or a virtual debit card and if they can replace real credit/debit cards. Digital Payments in the country have been on the rise since the last 2 to 3 years. New modes of payments have been rapidly adopted…

After a long wait, the department of posts (DOP) has finally announced the India Post Internet Banking facility! This is a welcome move as it will allow users, especially senior citizens and their children to manage the account. This is a step by step user guide to register for the post office net banking facility and…

Use this calculator to check the benefits (if any) associated with switching your home loan. Either from one bank to another or from base rate to MCLR (Marginal Cost of Funds based Lending Rate). This is an updated version of the Home Loan Transfer Calculator (Mortgage Refinance) with an ability to check benefits for (a) same EMI, lower…

A simple way to understand a loan EMI calculation in terms of a lump sum investment and a monthly SIP is discussed in this post.  This is applicable for all kinds of loans – home loan, car loan, personal loan etc. There is a close connection between investment mathematics and loan/mortgage mathematics. In fact, those…