Finance Care in India - Credit Card, Credit Score, Fixed Deposits

LIC policy is beneficial not only because of it provides us with mandatory insurance policies but also because it offers some crucial personal loan options against itself. One needs to consider all of its key benefits, features, conditions as well as eligibility criteria before opting for a loan. Loan against LIC policy If you are already a subscriber of LIC policies, it becomes easy for you to get quick and instant personal loans against your life insurance policy. Minimal documentation is required to avail of this loan. No additional documents and CIBIL score will be needed. In these types of loans, interest is paid on a half-yearly basis, i.e., interest is calculated every 6 months. Such loans are not paid in EMIs, which results in more flexibility in loan repayment. The current interest rate on the LIC policy loan is around 10-12%. This loan gives the borrower an option to either pay both the principal and interest or pay only the interest. In the latter ca...

A fixed deposit is one of the instruments that have been used for very long. They are useful because they ensure capital protection. A fixed deposit is an instrument where a person puts a lump sum amount for a particular period and earns a fixed rate of interest. A term deposit is also used for a fixed deposit because the money is parked by the individual for a given tenure. Fixed deposits are safe because they give stable returns. Fixed deposits come with fixed rates of interest. Based on key lending rates, fixed deposits are revised from time to time. Bank of Baroda offers the highest fd rates in India, given its pedigree and security. Financial instruments are often dependent on market movements, and because of this, they can sometimes be volatile. Fixed deposits, on the other hand, provide secure returns. The return on investment is based upon the tenure and rate of interest of the fixed deposit. Short term fixed deposit gives the individual more liquidity. Bank of Baroda provi...

Home Loan Pre Payment simply means early loan repayment in case if you have surplus cash. As a borrower, you may close your loan before the due date to reduce your borrowings and monthly EMIs. You may repay the loan from your own savings or by transferring your loan to another bank to get lower interest rates. The partial prepayment helps you in reducing the tenure of your existing home loan, EMI, or both as per your financial requirements.  A home loan repayment is calculated with a home loan prepayment calculator that helps you to determine the impact of a partial payment of your home loan. It also provides you with an amortization table to have a clear and a better understanding of the savings you will have. Before you make a prepayment, you should know that the prepayment amount must be at least three times your existing home loan EMI. You must know-how you can calculate the prepayment amount on our loans as well as know in which all cases we don't need ...