Banks check your CRIF Credit Score before approving your loan, so work towards a higher credit score with good credit habits. The higher the score the better are your chances of loan approval.
A home loan is a smart way of converting your dream of buying a home into reality, without much digging into your savings. But when it comes to paying the home loan equal monthly installments (EMIs), it’s not always easy to handle the unanticipated overheads. So, If you have some additional liquidity, should you use the money to prepay an existing home loan or invest it in other financial instruments? Here are some tips and suggestions in the below infographic to decide better.
A good credit score can significantly improve your chances of obtaining a big-money loan to acquire the home you always wanted. Credit score is values that are ascertained after analyzing an individual’s credit files and are used to determine whether a person is creditworthy or not. Banks are quick to deny loans if credit scores do not meet their prescribed limits. Therefore, it is imperative that this credit score is improved before applying for a home loan.
Artificial Intelligence is the future of banking as it brings the power of advanced data analytics to combat fraudulent transactions and improve compliance. AI algorithm accomplishes anti-money laundering activities in few seconds, which otherwise takes hours and days. AI also enables banks to manage huge volumes of data at record speed to derive valuable insights from it. Features such as AI bots, digital payment advisers and other anti-fraud solutions lead to a higher quality of services to a wider customer base. All this translates to increased revenue, reduced costs and a boost in profits.
If your credit history is not where you want it to be, you’re not alone. Improving your credit scores takes time, but the sooner you address the issues that might be dragging them down, the faster your credit scores will go up. You can increase your scores by taking several steps, like establishing a track record of paying EMI’s and card dues on time, paying down debt and checking your CRIF credit report regularly.
Identity theft occurs when someone uses your name, credit card number, or other personal information without your knowledge & permission. This personal information is often misused for performing fraudulent or criminal activities. How your information is stolen, and how it is used, may vary. For instance, your PAN card number could be used by thieves to falsify their income and credit history when they apply for a loan, open new lines of credit or file taxes.
There have been instances where people, whose identities have been stolen, have spent years of time & money cleaning up the mess left behind by the thieves. So, as soon as you suspect that you’ve been a victim of identity fraud, take these 6 steps immediately to clear your name and your credit:
Opening the envelope that holds your credit card is always an exhilarating experience. To tear the seal & open the letter that holds your maximum credit limit is an exciting task for every individual. It gives you an extra layer of freedom to spend and realize all the dreams that you suppressed with an ‘I’ll buy it with my new credit card’ statement! You must, however, not get pulled into the euphoria & keep a few things in mind before you start using your new credit card!
The goal of credit risk management in banks is to maintain credit risk exposure within proper and acceptable parameters. It is the practice of mitigating losses by understanding the adequacy of a bank’s capital and loan loss reserves at any given time. For this, banks not only need to manage the entire portfolio but also individual credits. How can banks set up a credit risk management system in place? What are the advantages and disadvantages of Credit Risk Management? Let’s find out in below infographic:
Every effective financial plan starts with a sound budget. If you’re trying to pay off dues or save for a dream vacation, a budget is your first step towards turning your financial goals into a reality. Follow these simple steps to put a solid budget plan and credit score into action:
Just as it takes time and determination to climb a mountain, it takes time and determination to conquer a mountain of debt. But if you’re equipped with the right knowledge and tools, the journey to conquering that mountain can be relatively smooth. So, here are some practical ways you can quickly tackle your maxed out cards and take your first real steps toward getting out of debt and maintaining a healthy credit score.