How the bank calculates loan eligibility?

THE amount you can borrow depends on how much you can afford to repay per month in EMIs or Equated Monthly Instalments. What the bank calculates is ‘how much you can afford to repay’. Here is how they do it: Step 1 A bank will start by looking at your income statement (salary slips, tax…

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What are the various charges on credit cards?

THERE are a lot of hidden costs on that credit card you own and if you aren’t watchful enough, your monthly statement may shock you. Here is a checklist on when and how your lender can slash you with charges. You have an overdue payment If you don’t settle the minimum amount due by the…

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How your credit card works

IT’S said that Forewarned is often Forearmed. This aphorism has given birth to a generation of knowledge seekers. Everyone wants to know every detail about everything before they do anything. No wonder websites like Howstuffworks.com have been born and are doing rather well. While it may not serve any purpose to know how snow leopards…

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Where to invest for retirement?

WHOEVER said variety is good for consumers had no marketing sense. An experiment with jams showed that when a customer had six options to choose from, the conversions were much higher than when he had 24 options to choose from. With so many options, the consumer gets paralysed with the burden of selection. Is this…

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