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College life is the first step towards adulthood. You are finally on our own, and learn to make decisions for yourself. What you learn here will significantly impact your first tryst with the professional world. Understanding and managing personal finance thus, is of utmost importance. Following few easy steps will help: Learn about student/education loans and stick to repayments on time; work out a budget (it's a great learning for future); start studying about insurances; begin to invest now; and in case of emergency, know how to opt for instant microloan apps.

The technology driven world we live in today, needless to say financial transactions too have shifted to digital platforms. While this makes money lending and availing loan a seamless process, digital is a scary place if you don't exercise caution. Hence, keep in mind what to avoid and what to entertain on the digital space. Choose a lending option wisely, after comparing interest rates, lending terms and repayment options, credibility of the lender; understand terms and conditions, repayment schedule and charges; maintain a good credit score. Beware of online fraudsters; avoid taking multiple loans at the same time; also remember in digital application, there is no need of physical contact; make sure to check pre-payment and pre-closure charges. Above all, be mindful so as to choose the best deal to suit your needs.

As online transactions become more common, fintech companies operating in the lending space are introducing simple and seamless ways of making payments.Buy Now, Pay Later is one such aspirational product that supplements the ongoing consumerism boom among the Indian middle class. It aims at providing a digital credit experience to the 400 million Indians who have been outside the structured financial system.The Buy Now Pay Later approach to making payments will offer the perfect, frictionless payment solution. The need of the hour, now, is for fintech players to educate consumers about the multidimensional benefits of Buy Now, Pay Later.

Most people hesitate from getting themselves a credit, but when used smartly, it has more benefits than we may know of. If you are getting a credit for the first time, you should not apply to every bank that advertises as card inquiry data is reflected in CIBIL and can adversely affect other borrowing needs. Instead, stick to banks with either good history of transactions or with salary accounts for better approval rates. Also, one must check for annual fee, interest rate, credit limit and rewards so as to choose the right one for yourself.

With the increasing number of digital lending apps, the shady ones have sneaked in too, leading to customer harassment and in some instances, even suicide. While identifying the identity of the digital lender is not easy, exercising caution is necessary. Be aware of 'too good to be true' offers by dubious players. If your loan agreement is not with an RBI-registered entity, it's a big red flag. Check for hidden charges and collection mechanisms, and also remember, if an app breaks the rules while giving you money, it will also break them while collecting. Moreover, be warned if any app is asking for access to more than the usual requirement.

With India becoming a digital economy, paving way for digital lending apps to find a significant space in our lives, there are fraudulent lending apps making best use of the opportunity in misusing customer data and indulging in illegal practices of collection, thereby threatening the digital revolution in lending. The responsibility thus falls on the borrowers to be vigilant and not fall prey to such illegal lending apps. A good research and check before downloading any lending app will go a long way in ensuring one's own safety. Look for legitimate lenders registered with the RBI or work with a bank or NBFC registered with RBI; do not let apps access to sensitive data; always read the terms and conditions and if at any point, you feel discomfort, do not feel obligated to continue the process.

With India becoming a digital economy, paving way for digital lending apps to find a significant space in our lives, there are fraudulent lending apps making best use of the opportunity in misusing customer data and indulging in illegal practices of collection, thereby threatening the digital revolution in lending. The responsibility thus falls on the borrowers to be vigilant and not fall prey to such illegal lending apps. A good research and check before downloading any lending app will go a long way in ensuring one's own safety. Look for legitimate lenders registered with the RBI or work with a bank or NBFC registered with RBI; do not let apps access to sensitive data; always read the terms and conditions and if at any point, you feel discomfort, do not feel obligated to continue the process.

With home loan interest rates at an all-time low, first time borrowers are a fortunate lot. However, there are key points to consider to get yourself the best deal. Maintain a good credit score to avail a home loan easily, but choose a repayment tenure that is in sync with your flow of income. Consider co-borrowing with your spouse as the lowest interest rates are reserved for women, and if you can, make a higher down payment which will lead to lower EMI and interest outgo. Also, since home loans do not attract any prepayment penalties, try to pay down towards the principal of your loans to reduce the term of the loan.

Nothing sells as instantly as 'instant' does, thereby flooding the market with instant loan apps. But if you are someone applying for loan, be wary of the fraudulent ones that will lure you by issuing loan in a jiffy, but once you default in payments, they will leave no stone unturned to harass you by resorting to illegal and abusive practices of recovery and collection. Therefore, it is the responsibility of the borrower to always verify the credentials of loan apps before downloading them. Additionally, find out the true cost of the loan and most importantly, exercise caution when an app asks for access to your sensitive data.

The Covid-19 pandemic has hit the economy hard, more so on the lending sector. The lending start-ups thus have some crucial requirements from the Union Budget 2021, which they want the finance minister to address in order to bring in a regulatory framework that will do away with the existing disparities among big, midsize and small players in this space. Lending start-ups typically have unrated portfolios; so, there is no reduction in the actual borrowing costs. This can be corrected by curbing lazy banking. Parking funds with the RBI should be discouraged by adjusting the reverse repo rate suitably and relaxing the norms for getting foreign debt and equity.

With home loan interest rates at an all-time low, first time borrowers are a fortunate lot. However, there are key points to consider to get yourself the best deal. Maintain a good credit score to avail a home loan easily, but choose a repayment tenure that is in sync with your flow of income. Consider co-borrowing with your spouse as the lowest interest rates are reserved for women, and if you can, make a higher down payment which will lead to lower EMI and interest outgo. Also, since home loans do not attract any prepayment penalties, try to pay down towards the principal of your loans to reduce the term of the loan. Always compare your options before applying for a loan, and keep an eye on interest rates to make sure you get a good deal.

credit statement is your report card that allows you to keep a track of all your transactions, thereby helping to maintain a good credit score. Things to check in the credit statement include transaction charges, processing fees as well as interest on unpaid amounts; credit limit availability, reward points that come with an expiry; new offers available on the credit; and changes, if any, in the credit agreement terms and conditions.