News & Updates

When is your salary due? When is your telephone bill due? Yes, what you are thinking is right, typically it is the “END OF THE MONTH” If the answer is the end of the month, then why are some HFCs collecting EMIs for the month at the beginning or throughout the same month? Is this practice fair on you? Let us take an example: You have taken a loan of Rs 20 lakhs for 15 years at 8% p.a. The…

In the first part of this series, we had talked about “unfair” practices followed by some HFCs/Banks/NBFCs who charge borrowers interest from the date the loan cheque is prepared or “CUT” and not from the date the cheque is handed over. The next part of this series focuses on the practice of cutting cheques at the end of the month and disbursing the next month. We all know that the journey to owning your dream home is both exciting…

There have been some practices followed by HFCs/Banks/NBFCs who charge customers interest from the date the loan cheque is prepared or “CUT” and not from the date the cheque is handed over.   Before we jump to any conclusion on this practice being right or not, it is interesting to understand the modality of the practice. While sanctioning the loan, the lender completes required verification and gets the loan documents signed by the applicant(s). After sanction, disbursement is fixed, and…

The idea to pen this topic occurred when a recent newspaper article headlining – ‘Under DPDP Act, credit data deletion may close access to banking too”, highlighted that how under DPDP Act, an individual can delete the personal data/ credit history and its effect on accessing the banking services which is debatable.  Before we move into the if’s and but’s of the topis, let us briefly understand what is DPDP (Data Protection and Privacy Laws) Act? “It is an Act…