What is the RBI Moratorium Scheme?

  The latest Apple iPhone 14 is set to launch in India on September 7 at 10:30 PM. It has a breezy, smooth performance powered by Hexa-core A15 Bionic. A 64 GB RAM ensures you can store all songs, games and videos without space issues. But the price gap between India and other countries is noticeably high. For instance, the iPhone 12 Mini was ₹69,000 compared to ₹51,287 ($699) in America. It is because Apple does not have a manufacturing unit in India. This calls for high import duty, about 18% GST and other fees along with the company’s profit margin.  The good news is that you can use an instant personal loan to b uy the phone. You only need a monthly income of ₹15,000 to boost your eligibility. Get the correct documents and ensure a ‘good’ credit score and SLQ to qualify. Borrowing between ₹15,000 to ₹4,00,000 is generally sent to your bank account within minutes.  Why Consider a Personal Loan? A digital personal loan is a viable financial product for several reasons. The app is ea

  Nearly 480 million Indians aged below 65 or almost 50% of the population of earning Indians are "credit-unserved". One of the reasons for that is a poor credit score. You may not get a loan from a bank or a traditional lending institution if your score falls marginally short of the lender's expectations.  On the other hand, new-age digital lenders consider many factors, along with your credit score, before lending you funds. The good news is that these factors are non-traditional, making credit assessment more effortless and advanced.   Social Loan Quotient (SLQ) is based on this concept to offer financial inclusiveness to borrowers rejected by conventional financial institutions and banks. It has changed how credit assessment works and made it simpler for you to access an instant personal loan . Read on to know more about SLQ.  How Does the SLQ Score Work?  Social Loan Quotient works on the loan app of a fintech lender in India and is the first of its kind in the co

In the wake of the Covid-19 pandemic, the RBI introduced a moratorium scheme for all loans. At first, it was offered for March-May, 2021 but was later extended to three more months (June-August, 2021). The aim was to give temporary relief to borrowers who had trouble repaying loans in the pandemic-induced economic instability. Since the economic impact continued into 2021, the RBI declared on May 5, 2021, that if the moratorium period is granted, it may be available for 2 years at most. It shall be operational right after the 2.0: Resolution of Covid-19-related stress of Individuals and Small Businesses is implemented.              What is Moratorium Period? Usually, it would help if you started repaying a loan right after it was granted. However, a moratorium period is legally authorised to delay the repayment so that you can avail of a grace period before starting to pay fixed EMIs. The moratorium period applies to all kinds of loans, including instant personal loans offered by finte