FinanceGeek1998

Taking out loans is a common practice for many individuals to meet their financial needs. However, there may be situations where borrowers find it challenging to repay their loans in full. In such cases, loan settlement can be an option to consider. Loan settlement refers to an agreement between a borrower and a lender to resolve the outstanding loan balance for an amount less than what was initially owed. While loan settlement can provide temporary relief, it's important to understand its implications, particularly on your credit score. In this article, we will explore what loan settlement entails and how it can affect your credit score. Understanding Loan Settlement Loan settlement is a negotiated agreement between a borrower and a lender to settle a debt for less than the full amount owed. When a borrower faces financial hardship and is unable to make regular payments, they may approach the lender to negotiate a settlement. This typically involves offering a lump sum payment or

The banking and financial industry in India is renowned for its diversity and robustness. It might be difficult to pick the best financial institution for your needs when there are so many of them serving the needs of millions of clients. In this article, we'll look at five of the best financial institutions in India that have made names for themselves in the industry. 1. ICICI Bank One of the biggest private sector banks in India, ICICI Bank provides a variety of financial products and services. Since its founding in 1994, ICICI Bank has developed into a reputable name in the banking industry. Sandeep Bakhshi, the bank's Managing Director & CEO , has overseen considerable growth and expansion at ICICI. The successful development of the bank has been greatly influenced by Bakhshi, a seasoned banker, who's been a part of the ICICI Group for a number of years. Also Read: Best Institutions For A Loan Against Property 2. Poonawalla Fincorp Leading Indian non-banking financi

  In the past decade, several financial companies have made headlines with their NPAs. But what exactly are they? How are they impacting the financial sector? Do NPAs have an effect on India’s economy as a whole? This article will help you understand all this, let’s just dive right in! What Is NPA? When it comes to bank accounts, deposits made by the public are treated as liabilities, while loans and advances given by banks to their customers are treated as assets. According to the Reserve Bank of India, if the payments of interest or principle on the assets don't get paid for 90 days or more, they're considered non-performing assets (NPAs). Basically, those assets that have stopped working are NPAs. Banks and finance companies must categorize non-performing assets (NPAs) into three categories: Substandard assets, doubtful assets, and loss assets. Substandard assets are those that have been classified as non-performing for less than 12 months, doubtful assets for 12 months, and