Need help in settlement of your credit card dues or personal loans?
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 […]
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 […]
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 […]
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 […]
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 […]
The Reserve Bank of India, in its Bank-wise ATM/POS/Card Statistics, noted that in December 2018 the total number of outstanding credit cards issued was around 44.3 million. This number increased to 60.3 million by December 2020. Credit Card usage is inarguably increasing by leaps and bounds owing to the interest-free credit of upto 45 days, […]
In these uncertain times, when the world is grappling with the pandemic, people are also falling into debt trap, unable to pay their EMIs. Here are some options to repay EMIs during difficult times: Create and Maintain Emergency Fund The future is always uncertain but it can be at minimal risk with an emergency fund. […]
Facts of the case: Complainant, Tapan Bose, had taken a loan of Rs. 3,40,749/- to purchase Maruti Swift, from the opposite party, ICICI Bank. The opposite party had already taken post-dated cheques, so the monthly installments were paid on time. A few installments had been collected through ECS and cash as well. After 3 different […]
With about 21 million people losing their jobs due to the pandemic, according to the Centre for Monitoring Indian Economy, Banks and NBFCs have gone into a collection overdrive resulting in recovery agencies calling double the borrowers than pre-Covid-19. The recovery process usually involves negotiating certain conditions of the loan agreement to help the borrower […]
Facts of the case: Complainant, Suresh Kumar, had taken loans of Rs.8,50,000/- and Rs.4,85,000/- from the Opposite Party for purchasing trucks to earn a livelihood through self-employment. Despite regular payments of the monthly installments, the complainant claimed that the opposite party had employed hooligans for forcible repossession of the truck that was delivering perishable goods. […]
Need help in settlement of your credit card dues or personal loans?
