Banks feel the need to educate the consumer on financial literacy and in a move to stress this Reserve Bank came out with a concept paper on the subject and Financial Literacy and Credit Counselling (FLCC) centres in April 2008. These centres could be a great resource for loan applicants as a final step in their research before they they zero in on the kind of loan they need.
Trouble repaying loans? Debt counseling could see you through this predicament. Ways to access funds in recent times has improved dramatically and spending needs are on the rise. These factors have enabled people to borrow at will and in the process get stuck with the process of repaying it. Situations like these need a bit of financial planning to see you through it but often people do not want to seek help as they do not want to declare their inability to pay back. However, a bit of careful planning and guidance of an expert will bail you out of the situation.
In fact seeking the advice of a debt counsellor even before you apply for a loan will help you in smart management of your finances. Debt counselling is a relatively new concept in India but one with a lot of potential. Awareness of this service is limited currently.
Banks feel the need to educate the consumer on financial literacy and in a move to stress this Reserve Bank came out with a concept paper on the subject and Financial Literacy and Credit Counselling (FLCC) centres in April 2008. These centres could be a great resource for loan applicants as a final step in their research before they they zero in on the kind of loan they need.
These centres have experts to help them with the best options to manage their money to their optimum advantage. Some of the other options you can explore are Bank of India-supported Abhay (http:www.bankofindia.con/abhay.aspx) and ICICI Bank-backed Disha (http:www.dishafc.org) who have a bunch of such counseling centres where you can set up a meeting with experts to take a call on a problem you may have with repaying your loan or a counselng session to arrive at the best option to manage loans.
With CIBIL ( Credit Information Bureau India Limited) becoming active and banks reporting defaulters to CIBIL, which can hamper a borrower’s chances of applying and getting sanctions for a new loan, it is best to take preventive measures to utilise expert advice to manage your finances intelligently. Individuals who are already in debt can have a talk with these experts to find a way out of the situation.
i need help
Respected sirs,
I am a retired person.I have taken voluntary retirement. I am living in my own house.My second daughter's marriage has been settled.I have to apply for a loan.Which will be a better option?I am getting consultancy fees of 1.8 lachs /annum. I may require about 5 lachs.
With Regards ,
Sundaresan.
Hi Sundaresan,
Thanks for visiting us. One of the best options for you would be to take a loan against any of the securities that you may have currently. These include bank fixed deposits, PF, gold, stocks etc. Since the loan amount is only around 5 L, you can opt for these options.
Hello,
I have my name reported to Cibil as i have 3 months repayment defaulted a year back and i have not paid that amount as the rest of the repayments are clear .Is there any way that banks would clear my name out.They say that if i do the foreclosure of the loan and not a settlement then they would take the name out.Is it possible? Once reported to Cibil as a defaulter is there any way to come out clean? Other loans that i have taken are in good shape and my repayments are going on time including my credit card.I want to buy a usedcar now and banks are not approving me.
Kind Regards,
Dipin Nevpane
Dear Sir,
I resigned from the Middle Management Cadre of State Bank of India for personal reasons. I am willing to offer my services as a Banking Counsellor . What should I do? Whom should I apply to ?
Thanking you
Yours faithfully
Kala Kalyanram
Requesting for contact numbers of Debt Counseling Centres in Bangalore
I think you are right. But you should cover more on this topic.
Dear Sir,
I took a personal loan 2lac for 48 month and my installment was around 4700 per month i had paid 21 month installment but due to some reason i did not pay the balance installment due to some family porblem,but after 3 yr i want to pay but in installment is it possible?or any other opstion please help me in this matter
Hi Admin,
I am in a debt of my credit card, the debt is somewhere about 83,000 and since my family has moved in with me its becoming a big problem for me to pay off the debt, because i am supposed to take care of the house hold things too.
Kindly help, i am in a big trouble.
Any way to get out of this will be useful.
Hi Owais,
It would help to talk to the bank and explore your options. Ask them if they will agree to a one-time settlement, or if they are willing to lower the interest rate on your Credit Card dues. If you have multiple debts, ask your bank about debt consolidation.
Cheers,
Team BankBazaar
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Hi there,
Thanks for stopping by. Have a nice day.
Cheers,
Team BankBazaar