Ashavmedh Singh

Loan defaults don’t all happen for the same reason. Sometimes repayments stop because income drops or a business struggles. In other cases, borrowers continue to have the means to pay but choose not to. RBI treats these two situations very differently. 
'Wilful defaulter' is used only for deliberate non-payment, and the classification tends to persist for some time.
 

Freelancing and gig work are booming in India. In fact, the number has reached over 7.7 million according to NITI Aayog. 21. And that number is set to reach 23.5 million by 2030.

A friend tells you to check your credit report before applying for a loan. You expect everything to look normal, but an active loan appears that you do not recognize. You start panicking and overthinking about now what.

You look at your bank balance in the middle of the month. You think about where your salary went. This happens to a lot of people. The 50/30/20 budget rule is a way to stop feeling bad about how you spend your salary.

The Unified Payments Interface (UPI) has transformed the way India transacts, making digital payments faster, simpler, and more accessible than ever. 

A CIBIL score is a three-digit number ranging from 300 to 900 that summarises your credit history, repayment behaviour, outstanding debt, and credit mix. It is calculated by CIBIL (Credit Information Bureau India Limited), one of four RBI-approved credit bureaus in India alongside Experian, Equifax, and Highmark.

Financial crises do not give prior notice. When you face an unforeseen situation that demands money on the spot, like medical emergencies or any other unplanned expense, two ways to borrow come in handy: quick loans and express loans.

Loans confuse people. That is fair enough. Walk into a bank or open an app and you will meet a dozen products with names that barely explain themselves: home loan, gold loan, top-up, line of credit, on it goes. Strip away the jargon, though, and nearly every option in India boils down to a handful of types. Learn those few, and the whole decision feels far less daunting.

Pick the wrong loan for your business need and you pay for it, literally, for years.