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How to Reduce your Interest Rates on Existing Loans

Lenders today are aggressively reducing interest rates offered on home loans to increase demand. However, if you’re an existing borrower, and still troubled by the exorbitant rates as your loans are either base rate-linked or benchmark/retail prime lending rate (B/RPLR)-linked, here are a few tips to reduce your interest amount. These tips can be employed […]

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SIMPLE WAYS TO REDUCE LOAN EMIs

Amidst the pandemic and the ever-increasing inflation rates, it isn’t always a walk in the park to accumulate savings and plan your expenses. The rising prices of essential commodities as well as other products comes at an opportunity cost of savings and secured investments. In these circumstances, it is human tendency to opt for the […]

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HOW TO MANAGE FINANCES IF YOU LOSE YOUR JOB?

As the economy recovers from the crippling effects and devastating impact of the COVID-19 pandemic, layoffs and furloughs are on a rise, since the number of people unemployed has increased disproportionately to the number of vacancies. To add to the turmoil, it has become particularly difficult for people who have lost their jobs to alter […]

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Can bank take your assets if you default on a personal loan?

There are mainly two types of loans, namely, secured loans and unsecured loans. Secured loans are loans backed by collateral. These include mortgages, car loans, etc. wherein the collateral is your home or your car. Alternatively, unsecured loans do not require a collateral, though you are still charged interest and sometimes fee. These include personal […]

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Case Study : Sh. Ram Parkash Dahiya vs. Barclays Bank P.L.C

BRIEF FACTS Mr. Ram Prakash Dahiya (hereinafter “Plaintiff”) had raised a personal loan from the Barclays Bank (hereinafter “Respondent”), to the tune of Rs. 4,12,000/- for running a transport business along with his wife, Mrs. Parmeshwari Devi. The loan was repayable with interest in 60 equal instalments, starting from September, 2007. However, the plaintiff was […]

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ASSESSING CIBIL SCORE

What is CIBIL Score? CIBIL Score represents your credit information and credit score, and is the key-consideration for your bank loans to get approved and processed quickly. The Credit Information Bureau (India) Limited (CIBIL) is a three-digit numeric summary of the consumer’s credit history that summarizes your credit history and the consumer’s credit profile. The […]

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Loan default and Rights of a borrower

A secured loan is a type of loan backed by security in terms of collateral. Default is the failure to repay this loan, including the amount of interest levied upon it. A default occurs when the borrower is unable to make timely payments, misses or stops making payments under any circumstances. In case of default […]

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Repercussions of Credit Card Default

One of the most ingenious inventions in the banking and finance sector has been the introduction of credit cards. However, during unsettling economic times, the drawbacks of a credit card, on the other hand, significantly exceed the benefits. One of the common criticisms of this plastic-money system has been that it encourages unplanned or impulsive […]

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The Effects of Default on Loan Repayment

When a person applies for a personal loan from a bank, they are legally obligated to repay the loan on time. Even if the borrower intends to repay the advance in full, it is possible that he or she will be unable to do so. Reasons for Loan Default Loan default can occur for a […]

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Vibhu Bhakru v Standard Chartered Bank

Facts of the case: The complainant, Vibhu Bhakru, had taken a credit card from the Opposite Party, Standard Chartered Bank in 1999 and had been very regular and prompt at payments. On 24.02.2004 an invoice was sent to the complainant demanding payment of Rs.750/- charged on account of renewal. The complainant requested redemption on the […]

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