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 ...
How To Reduce Electricity Consumption: Summer season is about to come. Electricity bills are quite high in summer. We can reduce electricity bills by removing or reducing some things. Let us tell you… Tips to reduce electricity bill at home: Nowadays electricity bills are increasing continuously, due to which it has become necessary to pay attention to its saving in every house. Electricity consumption can be reduced by using Energy-Efficient Appliances and LED bulbs. But sometimes small mistakes cause more electricity consumption, which we do not pay attention to. Summer season is about to come. Electricity bill is very high in summer. We can reduce the electricity bill by removing or reducing some things. Let us tell you… Use inverter AC instead of normal AC If you want to save electricity, then use inverter AC instead of non-inverter AC. Inverter AC consumes much less electricity than normal AC. Inverter AC controls the speed of the compressor according to the need, due ...
The National Payments Corporation of India has announced important changes in the rules of UPI. The peer-to-peer collect request feature will be discontinued from October 1, 2025, which was increasing the possibilities of fraud. From now on, users will have to resort to QR code or contact number for UPI payments. UPI Payments Rule Change: Since the advent of UPI, the culture of cash has almost ended in India. Now everyone makes online payments through UPI apps like Phonepe, GooglePay or PayTm. If you also do the same, then know that NPCI i.e. National Payments Corporation of India has issued new rules for UPI. According to these changed rules, a very commonly used feature peer-to-peer (P2P) “collect request” will be removed on UPI apps from October 1, 2025. What is P2P Collect Request feature? Let us tell you that with the help of P2P Collect Request feature, a user could request payment from another UPI user. After this, the other user accepts the request and makes the pay...
Comments
Post a Comment