Finance Forum India

If you are looking for ways to reduce the Equated Monthly Installment (EMI) on your second-hand car loan, you must keep in mind certain factors. Here are five tips that will help you decrease the auto loan EMI. 1.    Consider the loan tenure Banks and Non-Banking Financial Companies (NBFCs) generally offer car loans for as long as five years. It is common that you opt for longer loan tenure to reduce the EMI. However, by doing so, you pay more interest over the loan tenure. The EMI comprises a higher component of interest instead of principal, which results in you paying...

The thrill and excitement of driving home a car – whether new or pre-owned, is definitely a lifetime experience. But, this excitement should not deter you from following few rules before signing off the purchase and car loan documents. The auto market has been in the path of including some or the other innovation in each of their launches. The innovation could be in the design, technology, or performance of the car. And, this trend is seen across all manufacturers – domestic and international. Such inclusions certainly compel car enthusiasts to opt for a new buy. The smart launches by automakers...

A study conducted in the field of life insurance and health insurance revealed that while purchasing health insurance, women prioritize preventive check-ups, maternity benefits, and cover for diseases that arise out of lifestyle choices. Most women state that check-ups are the determining factor when it comes to narrowing down a health policy. Although most plans do not offer any preventive services, a preventive healthcare cover comprises diagnosis and prevention. Early detection Many diseases may become critical in the future and result in inflated medical bills. Routine check-ups help screen and detect life-threatening diseases in their initial stage itself. For chronic diseases...

Securing the health of family members is best done with an insurance policy. Potential buyers may choose between an individual plan and a family floater. Making the decision between these options is not easy and understanding the differences may be beneficial. Family floater plans These family health insurance plans cover all the family members under a single plan. The fixed coverage is shared by all the members. Moreover, the premiums on family plans are lower than individual policies making the former more economical. Individual plans These health policies provide the benefits included in the insurance plan only for the policyholder. If...

The prospect of going to a foreign country as a student can be a set of mixed reactions. You feel excited about the idea of exploring new avenues and learning. But, at the same time, you may have apprehensions and worries with the notion of being all alone in unfamiliar surroundings. There are a lot of things that may not be under your control abroad. Things such as food, the hostel, your academic environment or even the local safety for that matter are some of them. That being said, there are indeed certain aspects that you can take care of in...

Suresh Mehra, 32, and Ramesh Mehta, 33, have been friends for a long time. They went to the same school and same college. They even took up jobs in the same industry and, earlier this year, they both decided to renovate their houses. Given the cost involved, both Suresh and Ramesh decided to each take a personal loan. Suresh visited many banks to gather information and apply for the loan. Meanwhile, Ramesh applied for the loan online. Why did Ramesh not do the rounds of banks like Suresh? Why are more and more people availing personal loans online? Here is why:...

Tanmay Seth, a software engineer in his early 30s, thought he had his finances under control. After all, he had savings, two houses, and medical insurance for his whole family. But then Tanmay’s wife was diagnosed with a medical condition that his insurance did not cover. He was in a fix. How could he pay his wife’s hospital bills? Should he sell his second apartment? Should he charge it to his credit card? Should he consider the hospital’s own EMI repayment options?   Tanmay chose the best alternative—he applied for a personal loan. His wife was able to get the best...

The loan is an amount taken by an individual from another and has to be repaid over a period of time - a financial obligation. Loans are taken either for a long term or a short term. Long term loans are taken for the purpose of purchasing high costing assets such as a house. This purchase requires a lot of planning and loan taken for this purpose has a long term relation for both the giver and taker. So, the documents should be clear and free from ambiguity. Hence, all the property-related documents must be prepared accurately.  Some of the reasons...

Loan and CIBIL score are closely inter-related. The loan is an amount taken by individuals for fulfilling their wants which he cannot fulfill with just his means of income, and CIBIL score is a score which is an important factor taken into consideration by the lenders for the purpose of knowing credit worthiness of individuals. So, an understanding of both can be helpful in analyzing the pros and cons of the same. Normally, purchase of an asset requires a lot of planning and comparisons before decision making. One of the important and almost once a lifetime asset purchase decision that an...

Most of us dream of owning a home, do we not? Buying a home is a big investment. So, it is important to take a wise and well thought-out decision. Take the example of Gargi Sen. She wanted to buy a home, but it was turning out to be quite the nightmare for her. Even after a month of house-hunting, she was nowhere close to even making a deal. One day, she was talking to a colleague who had recently bought a house. The conversation was an eye-opener for Gargi. She realised that many things about home-buying that she had believed...