In light of this, consumers should ensure they have a thorough understanding of the terms and conditions of any unsecured loan they consider taking. They should also regularly monitor their credit reports and bank statements for any suspicious activity.
Rohit Arora, CEO and Co-Founder, Biz2Credit says, “Consumers should exercise increased financial prudence by thoroughly evaluating their credit needs and repayment capacity. It's also advisable to explore diverse credit options and ensure a strong credit history to mitigate the impact of higher borrowing costs."
Borrowers should also be cautious of sharing their personal and financial information online or with unfamiliar lenders. By being proactive and taking these measures, they can safeguard themselves and avoid falling victim to fraudulent activities related to unsecured loans.
Ajay Chaurasia, Vice President, RupeeRedee says, “Consumers should anticipate a potential rise in loan charges specifically concerning unsecured lending. They must monitor their credit scores for favourable interest rates, make informed decisions regarding loan purposes, carefully assess associated charges, avoid multiple loans, and maintain a balanced income/debt ratio.
“The move from RBI highlights the need for responsible borrowing as the borrowers need to analyse their credit needs. Impulsive buying without a thought on ability to repay and to cater for unforeseen events in life is a big risk for individual borrowers. Loans availed must be repaid as per the agreed terms," says Sanjay Agarwal, Head of Retail Division, Edelweiss ARC.
“Non-payment or delays in payment have a negative impact on the credit score of the borrowers which will eventually result in non-availability of credit when it is truly desired like purchase of a house, an automobile or even higher studies," added Agarwal.
Yogi Sadana, Founder, Zype says, “Customers should ensure that they maintain their overall credit bureau profiles and avoid defaulting or making late payment of EMIs. A failure to do this can severely impact their ability to access credit in the future considering that lenders will tighten their credit policies and become more selective in their underwriting process. It is also a good idea for customers to consider deferring non-critical expenses or making big purchases against credit if the interest rate or EMIs offered to them do not fit their budget."
Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount: Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Make the most of the holiday season with a trip to these countries that offer a hassle-free visa experience for Indian passport holders International travel has always been a pain point for Indians especially in the planning stage. More often than not, countries high on your wishlist get knocked off because getting a visa is inconvenient, stressful, and difficult to secure in time. Europe, which has always been a top destination, requires a Schengen visa, which in turn demands an incredible amount of documentation from Indian travellers with a high risk of rejection. The United States offers a visa valid for a glorious 10 years but trying to get an appointment without waiting over a year is next to impossible. So, if you want to make the most of the upcoming festive season or plan spur-of-the-moment trips — which on our passport seems like a luxury — where can you go beyond our beloved Thailand and Nepal? Here are a few countries that have made travel easier for Indians. While th...
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