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 […]
What are the top five challenges for MSME business loans?
Approximately half of India’s exports are attributed to the Micro, Small, and Medium Enterprises (MSME) sector, contributing more than a third to the country’s GDP. According to the MSME Ministry, the Udyam Registration portal has registered over one crore MSMEs. The development of the MSME sector boosts India’s manufacturing output, employment generation, and national exports. […]
Education Loans: What Every Parent Should Know
The goal of getting into your dream college or going abroad for higher education is what many students strive for. Education is becoming more expensive due to the high inflation rate. In addition, many parents might have difficulty funding their child’s education due to the inflation and rising cost of education. An education loan may […]
SBI CIBIL Score for Personal Loan
Banks, including the State Bank of India (SBI), consider your SBI CIBIL score as the most critical factor for determining eligibility for a personal loan. The CIBIL score SBI evaluates is provided via a detailed CIBIL TransUnion Report and is calculated based on various parameters, including your credit history, current loans, and Repayment Track Record. […]
Diversification of Finances: A Key to Success for SMEs
Diversifying Sources of SME Funding Facilitating SME Financing: New Avenues Of Diversification You probably know the saying, “don’t put all your eggs in one basket”. Did you know it also applies to your business strategy? Diversification: it makes it possible to accompany the growth of the company. But is such a project not fraught with […]