Author: Nisha Chawla

For those who want the high interest rates of fixed deposits (FDs) but also need the flexibility of accessing funds like in a savings account, a Sweep-In FD can be an ideal option. This unique facility allows your excess savings account balance to automatically convert into an FD, ensuring you earn more without losing access to your money when needed. How Sweep-In FD Works A Sweep-In FD is a smart feature that combines the benefits of a fixed deposit and a savings account. Banks allow you to set a threshold limit for your savings account. Any balance above this limit…

Gold loans are a lifesaver during financial emergencies. Quick approval and minimal documentation make them a preferred choice for many. However, one crucial factor that determines the loan amount you receive is the purity of the gold you pledge. Let’s dive into how purity impacts your gold loan and what you should know before applying. Understanding Gold Purity and Its Types Gold purity is measured in carats (K). The higher the carat, the purer the gold. Here’s a quick guide: Why Gold Purity Matters in Gold Loans The loan amount is directly linked to the market value of the gold…

When applying for a personal loan, lenders like banks and NBFCs evaluate several factors, such as your credit score, income, age, and profession. Among these, the debt-to-income (DTI) ratio is one of the most critical aspects. This ratio reflects how much of your monthly income goes towards repaying existing debts and plays a significant role in determining your loan eligibility. What is the Debt-to-Income (DTI) Ratio? The DTI ratio shows the percentage of your monthly income spent on debt repayment, including loan EMIs and credit card dues. A lower DTI ratio indicates better financial health and higher chances of loan…

A personal loan can help manage unexpected expenses or fulfill financial needs, but it’s crucial to choose the right one. Personal loans are usually expensive, so making the right choice can save you money and reduce repayment stress. Here’s a detailed guide on how to select a suitable personal loan while keeping costs low and benefits high. 1. Assess Your Loan Requirement Before applying for a loan, determine the exact amount you need. Avoid borrowing more than necessary, as it increases your repayment burden. Once you finalize the loan amount, calculate the monthly EMIs using a loan calculator. This will…

For senior citizens, Fixed Deposits (FDs) are a preferred choice for securing stable income and financial safety after retirement. Banks offer higher interest rates on Senior Citizen FDs compared to regular FDs, making them an attractive option for retirees seeking consistent returns. Here’s a detailed look at the current FD rates for senior citizens and how to make the most of these investment opportunities. What Makes Senior Citizen FDs Special? Senior Citizen FDs are tailored schemes for individuals aged 60 years and above. These schemes offer several benefits: Current Trends: Which Banks Offer the Highest FD Rates? Small Finance Banks…

Using a credit card can be very convenient, especially during cash shortages. Beyond just flexibility, credit cards offer valuable perks like cashback, rewards, and exclusive discounts. However, managing multiple credit cards can get tricky, and without proper attention, it could impact your financial health and credit score. If you hold several cards, here are some straightforward, actionable tips to help you manage them efficiently. 1. Know Your Credit Card Limits for Each Card Each credit card has a spending limit, and it’s essential to keep track of these limits for each card you own. Experts advise using only up to…

A credit card can be a great tool if you know how to use it wisely. With proper management, credit cards offer benefits like interest-free purchases, exciting rewards, and more flexibility in your payments. However, without proper care, they can lead to debt or high interest charges. Here are some practical tips for using your new credit card effectively so that you enjoy its perks without facing headaches. 1. Know Your Billing Cycle and Shop Smartly Once you receive your credit card, familiarize yourself with its billing cycle. Each card has a fixed billing cycle, often around 30 days, and…

More and more people, especially the younger generation, are aiming to retire early. The traditional retirement age in India is 60 years for government employees and 58 years in many private sector jobs. However, with no established government-backed social security system in place, early retirement requires meticulous financial planning to secure a stable and independent future. So, if you’re among those dreaming of an early retirement, here are essential steps and strategies to help make that dream a reality. Understanding the True Essence of Retirement Early retirement is not just about quitting the workforce; it’s also an opportunity to pursue…

A good credit score is essential when you’re applying for a loan. Lenders use your credit score to assess your repayment capacity. If your score is low, you may face rejection or receive loans with high-interest rates. A credit score of 750 or above is ideal, while a score below 550 is considered poor. Here’s a guide on how you can improve your credit score effectively to increase your loan eligibility. 1. Limit Multiple Loans – Avoid Overborrowing Taking out multiple loans at the same time can negatively impact your credit score, making it appear that you rely heavily on…

Life can bring unexpected expenses, and sometimes, you may need cash in a hurry. Many people turn to personal loans when they find themselves short of funds, but with high interest rates, personal loans can quickly become expensive. One alternative worth considering is the overdraft facility that many banks offer, providing a lower-cost and flexible borrowing option. Let’s look at why an overdraft might be better than a personal loan and how to use it. What is an Overdraft Facility? An overdraft allows you to withdraw more money than you have in your bank account, up to a pre-approved limit.…