RBI’s master directions for credit, debit card issuance

Well, if you didn’t know, your credit card is a type of unsecured loan, which you take from your bank, and the Reserve Bank of India (RBI) has just issued master directions for credit as well as debit card issuance to give you some relief.

You use your credit card to buy goods, physically or virtually and withdraw cash. And, after a period — say within a month or two — you need to pay back the entire amount for your purchases. You can also opt to pay back in installments but that could be a costly affair.  

Coming back to the master directions, they will take effect from July 1, 2022.

Personal loan options in India

Personal loan is something that is widely available in India provided your documents are intact. In fact, it is your bank that is waiting in the wings to offer you a loan. 

So much so, that some banks are offering account holders/customers instant approval of personal loan.

All about study abroad loan with collateral

A study abroad loan with collateral was non-existent till the 1990s and only after 1995 did it gain popularity. 

In the early days (before 1990), when a student went abroad for studies, either his parents had to dole out the money or he had to get a full merit scholarship for his studies, that would cover tuition cost as well as living costs, food and personal expenses. 

Study abroad loans without collateral

So, you have an ambition to go and study abroad but are wondering where to take a loan without collateral from because the bank is asking you for it, like keeping your own house as security. So, what do you do? You don’t need to worry. There is good news for you. 

Certain banks and financial institutions have set aside funds so that students who can’t provide collateral — like a house owned by their parents — can live their dreams of studying abroad. But the funds may have certain limits and come with additional conditions.