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Check Your CIBIL Score For Free With Hexafin

CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIBIL Report (also known as CIR i.e Credit Information Report). A CIR is an individual’s credit payment history across loan types and credit institutions over a period of time.


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Important Blogs


RBI Holds Rates Steady, Eyes Focused on Inflation Control


April 5, 2024
News


RBI Holds Rates Steady, Eyes Focused on Inflation Control

The Reserve Bank of India (RBI) has opted for stability, keeping the repo rate unchanged at 6.5% after a three-day policy meeting. This decision, announced by Governor Shaktikanta Das, reflects the RBI’s continued focus on bringing inflation down to its target of 4%. Key Takeaways: What This Means: Borrowers may not see immediate relief in terms of lower interest rates on loans. However, this decision signals the RBI’s commitment to price stability, which can ultimately benefit the economy in the long run. Businesses and individuals can expect a continued emphasis on controlling inflation, potentially fostering a more predictable economic environment.



The Hidden Cost of Borrowing: Truth About Processing Fees and Loan Charges


April 2, 2024
Loan


The Hidden Cost of Borrowing: Truth About Processing Fees and Loan Charges

Considering a loan? The interest rate is important, but there’s a secret world of fees that can significantly increase your borrowing costs. Understanding processing fees and other loan charges is crucial for making informed financial decisions. What are Processing Fees? Processing fees are a common loan fee that lenders charge to cover the administrative costs of evaluating your loan application. They typically range from 0.5% to 2.5% of the loan amount. While it might seem like a small percentage, it can add up quickly, especially for larger loans. Beyond Processing Fees: Unveiling the Loan Fee Labyrinth Processing fees are just



RBI Implements Groundbreaking Transparency Measures: Lenders Mandated to Disclose All Loan Charges in Key Fact Statement


February 9, 2024
Business


RBI Implements Groundbreaking Transparency Measures: Lenders Mandated to Disclose All Loan Charges in Key Fact Statement

The Reserve Bank of India (RBI) has introduced measures to enhance transparency in lending practices by instructing financial institutions to disclose all charges associated with loans, in addition to interest rates. Lending institutions, including banks and Non-Banking Finance Companies (NBFCs), are now obligated to include details of charges such as processing fees and documentation fees in the Key Fact Statement (KFS). This initiative aims to provide borrowers with comprehensive information on the actual annualized interest rate, covering various loans, including those from digital lending apps, banks, and NBFCs, for both retail and MSMEs. The RBI’s decision aligns with its commitment