Emi Financial News

New Delhi: These days, ecommerce firms offer hefty discounts on consumer products if you opt for equated monthly instalments (EMIs) on credit card purchases. But, what if you do not prefer the EMIs and would rather have only the discounts? Some people have come up with a clever workaround for this.

Bajaj Finance on Friday in an exchange filing said that it is temporarily suspending issuance of EMI cards to new customers after the order issued by the Reserve Bank of India. In a regulatory filing, Bajaj Finance said," We would like to further inform that the Company has temporarily suspended the issuance of Existing Member Identification cards (‘EMI cards’) to new customers till such time that the deficiencies observed by RBI are rectified to their satisfaction.

Reserve Bank of India (RBI) has asked NBFC Bajaj Finance to stop sanctioning and disbursing loans under its two lending products ‘eCOM’ and ‘Insta EMI Card’ with immediate effect owing to non-adherence of lending norms set out by the regulator. «This action is necessitated due to non-adherence of the company to the extant provisions of Digital lending guidelines of Reserve Bank of India, particularly non-issuance of Key Fact Statements to the borrowers under these two lending products and the deficiencies in the Key Fact Statements issued in respect of other digital loans sanctioned by the company,» RBI said in a press release on Wednesday. The central bank has said that it will review these supervisory restrictions following the rectification of the deficiencies listed out, to the satisfaction of the RBI. (This is a breaking development, please check back for more updates)

The festive season is a time of joy and celebration, often accompanied by unplanned expenditures due to a deluge of enticing discounts. These discounts can lead to unexpected high spending, which may strain your finances. This festive season is no exception, as brands entice customers with various discounts and convenient repayment options.

credit cards, and the services of fintech companies that offer the “Buy Now, Pay Later" option. Opting for a no-cost equated monthly installment (EMI) plan while shopping can provide a hassle-free way to make significant purchases without incurring any interest expenses. However, it’s essential to bear a few considerations in mind to ensure a seamless and trouble-free experience.

1. Product Selection - The consumer selects a product or service they wish to purchase through Zero EMI. This could be anything from a smartphone to a home appliance or even a vacation package.

With the festive celebrations in full swing and Amazon Great Indian Festival 2023 off to a remarkable start, Amazon Pay has introduced ‘EMI on RuPay credit cards’ to make online shopping for customers convenient and affordable.

At a time when home loan interest rates are over 9% and likely to remain high till the inflation outlook improves, existing borrowers need to look at various options to prepay the loan periodically and reduce the interest burden without sacrificing their existing investments for achieving crucial financial goals. The Reserve Bank of India in its bi-monthly monetary policy meet has kept the repo rate unchanged at 6.5% for the fourth consecutive time.

₹26,000 for its customers at the onset of the festive season. Customers can avail of these benefits by purchasing various items from their favourite brands by using ICICI Bank’s credit/debit cards, internet banking, UPI via Rupay credit cards, and Cardless EMI. These offers are also available to the customers in the form of no-cost EMIs using the Bank’s credit/ debit cards.

The decision to purchase a home on EMI for rental income is influenced by a number of variables, including your financial circumstances, and investment ambitions. Experts say that buying property on EMI for rental income can be a viable investment if carefully planned and researched.

home loan is a better long-term option than renting due to equity growth, stability, tax benefits, and investment potential. However the rule may not apply to everyone, and depending upon certain personal, and professional factors, individuals may decide to go with either of the options. Some individuals prefer to buy their own space and get rid of the burden of paying rent every month.

Regulated Entities (REs) /banks cannot increase the tenor of EMI-based loans without giving borrowers a choice of either increasing the EMI amount or elongation of the loan tenor, according to a notification issued by the RBI. The notification will apply to all equated instalment-based loans of different periodicities.

MUMBAI : Borrowers will soon get to choose whether to pay higher equated monthly instalments (EMIs) or repay their loan over a longer period when banks raise interest rates. They can also expect greater transparency from lenders on penalties if they miss out on repayments. In the first of two circulars issued on Friday, the Reserve Bank of India (RBI) said banks and non-banks should provide individual borrowers with the option to switch to a fixed rate at the time of resetting interest rates.

The Reserve Bank of India (RBI) issued detailed guidelines on August 18 to reset the interest rates for equated monthly installments (EMI) in floating interest loans. “Any increase in the EMI/tenor or both on account of this shall be communicated to the borrower immediately through appropriate channels," RBI said in a release.

RBI) has asked the banks to be transparent in resetting the interest rate and EMIs of floating rate home loans under the external benchmark based lending rate (EBLR) mechanism. In terms of extant instructions of Reserve Bank of India, regulated entities (REs) have the freedom to offer all categories of advances either on fixed or on floating interest rates basis, the central bank said.

SBI News: Several State Bank of India (SBI) customers have recently complained of facing difficulty in making EMI payments. These customers took to X platform (formerly Twitter) to share their complaints with the bank. Here’s a look at what the customers said and how the bank responded.

Reserve Bank of India (RBI) will issue guidelines to banks and housing finance companies (HFCs) on resetting the tenor and/or equated monthly instalments (EMIs) after it found “several instances of unreasonable elongation” of floating rate tenor by lenders without proper consent or communication to borrowers. Governor Shaktikanta Das said lenders will have to also take into consideration age and payment capacity before changing loan terms. “It is necessary to avoid an undue long elongation which sometimes may camouflage an underlying stress in a particular loan.

How will the latest RBI decision on keeping the re...

ICICI Bank announced the launch of 'Monsoon Bonanza' on August 8 to provide customers with a wide range of deals and discounts across categories including laptops, flights, mobile phones, hotel bookings, among others. The private lender is offering discounts and cashback of up to 50 percent, which can be availed using the bank’s credit or debit cards and internet banking. EMI offers are also available on credit and debit cards.

The equated monthly installments (EMI) of affordable home buyers rose 20% in the last two years, a report from Anarock research showed on Wednesday.

CIBIL Score  Think of this powerful little card as your credit score’s new best friend. With the Insta EMI Card, you get a pre-approved loan limit of up to 2 lakhs, which you can use at over 1.5 lakh partner stores, both online and offline, in more than 4,000 cities.