Personal loan EMI bounce charges are the penalty that happens when EMI payments are not completed due to technical issues or insufficient funds in the bank account. EMI bounce is still considered a missed payment and impacts your credit score. EMI bounce is further categorized into two types: major default and minor default.

Loan vs. Overdraft, which one should you choose? Loans and overdrafts are two common options for borrowing but they work differently. A loan gives you a fixed amount with structured repayments, while an overdraft lets you borrow flexibly when needed. Understanding the features of each will help you decide on which option is best suited for your financial needs.

The Issuer Identification Number (IIN) is a six-digit code on a payment card like a debit or a credit card. It indicated which bank, or financial institution issued the card. IIN are sometimes also referred to as BIN (Bank Identification Number). They are found on various transaction cards like credit cards, debit cards and other payment cards.

Penal interest is the charge levied on the outstanding loan amount or credit card bill amount when the borrower does not make the payment on time. The penalty is charged to ensure the borrower makes timely payments. The penal interest is charged as per the loan agreement. For instance, if the interest rate on the loan amount is 22% p.a, then the lender may levy a 2% penal interest. Thus, if you miss or delay any payments, the penal interest will be 24% on the overdue amount.

On March 25, the Holi : festival of colors, will be celebrated in India. The traditional Hindu festival which falls on the full moon night brings immense joy, positivity, hope, new beginnings, delicious food and a sense of togetherness among people.

Personal loans can be used for any personal financial need like travel, medical emergencies, home renovation etc. But 7 times when a personal loan may not be the best solution and what alternatives you can consider instead.

Overleveraged means an individual or a business has borrowed more money than their ability to repay it. Being overleveraged may lead to a financial downfall and lead to more borrowing. It may lead to growth constraints, loss of assets, limitations on further borrowing, and the inability to attract new investors (for businesses).

The NEC is a certificate that proves a property is free from any legal liabilities or financial encumbrances, like mortgages, liens, or disputes. For banks and financial institutions, ensuring a property free of encumbrances is crucial before they approve a loan.

Credit card debt can feel overwhelming, especially when high interest rates make it harder to pay off. One smart option that might help ease the burden is opting for a personal loan but is it the right solution for you?