What is a Charge Card?

A charge card is a type of payment card that allows users to make purchases with the requirement to pay off the entire balance each month. Unlike credit cards, charge cards do not typically charge interest, as there’s no option to carry a balance. They also often lack a pre-set spending limit, giving users more…

What is a Home Décor Loan?

Home décor refers to the art and practice of enhancing and furnishing a residential space to improve its comfort, visual appeal, and alignment with the homeowner’s personal preferences and style. It involves the thoughtful selection of colors, textures, patterns, furniture, lighting, wall décor, and accessories, all aimed at elevating both the ambiance and functionality of…

Overview: Home Improvement Loan

A home improvement loan is a financial product specifically designed to fund renovations, repairs, or upgrades to an existing residential property. Unlike a traditional home loan, which is used to purchase a property, a home improvement loan is intended solely for enhancing or modifying the structure of a home that is already owned. Key Features…

Benefits under PMAY-G

The scheme provides comprehensive support to rural households for the construction of permanent houses, alongside convergence with other government schemes for basic amenities such as sanitation, clean fuel, and employment. Key benefits include: Eligibility Criteria Beneficiaries are selected using the “Housing Deprivation Parameters” from the Socio-Economic and Caste Census (SECC), further validated by the Gram…

Overview: Pradhan Mantri Awas Yojana (PMAY-Urban)

The Pradhan Mantri Awas Yojana (PMAY) comprises two distinct components: PMAY-Urban (PMAY-U) and PMAY-Gramin (PMAY-G), each aimed at providing affordable housing to different segments of the population. PMAY-U focuses on urban areas and seeks to offer housing solutions to Economically Weaker Sections (EWS), Low-Income Groups (LIG), and Middle-Income Groups (MIG) residing in statutory towns. In…

Padho Pardesh : 100% Interest subsidy to students of minority communities

Students who belong to minority communities’ viz. Muslims, Christians, Sikhs, Buddhists, Jains, and Parsis are eligible for a 100% interest subsidy on education loans. This assistance is available to students who have secured admission to foreign Universities to pursue higher studies (i.e Post-Graduate Diploma, Masters, M.Phil, and Ph.D. level) and whose overall family income is…

How commercial Banks sanction Personal Loan, Consumer Loan & Vehicle Loan?

Commercial Banks extend varieties of credit facilities to individuals like salaried persons, professionals, businessmen by way of personal loan, vehicle loans and consumer loans. Personal loan  will be granted for any legitimate purposes like  whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, even in medical contingencies, meeting…