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Does it affect my CIBIL score if I use 80-90% of my credit limit? 

Yes. A CIBIL score is made of 5 factors: 

  • Payment history - 35% 
  • Credit utilisation ratio – 30% 
  • Type of credit mix – 10% 
  • Age of the credit – 15% 
  • Total credit inquiries – 10% 

As you can see your payment history and credit utilisation ratio are two main factors that can affect your CIBIL score. You should try and maintain a low credit exposure to improve your CIBIL score. As per financial experts, you should use only 30-40% of your total credit card limit. If you use more than 50% of your credit card limit, it will negatively hamper your CIBIL score. Also, using maximum credit card limit consistently for months reflects bad on your image as a borrower. It suggests you are credit hungry and are not able to handle credit in a balanced way. Therefore, you should keep a tab on your credit exposure every month and take efforts to use only a limited amount of credit. If you think that your credit card limit is less for your expenses, you can request the bank or credit card is

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What is a Better Option for Startups? Personal Loan or Business Loan?

What is a Better Option for Startups? Personal Loan or Business Loan?

Need loan for your new startup? Confused whether to choose personal loan or business loan? The choice can differ based on the status of the business you’re working on. The answer is not a straightforward as different scenario speaks out different stories for the borrowers.

What is a Personal Loan?

personal loan is the loan which can be taken to meet requirements of any financial needs of an individual like marriage, vacation, medical expenses, bike purchase, etc. If you’re planning to start your own set up, you can opt for the personal loan. The rate of interest in the case of the personal loan is generally on the higher side and thus, one has to be well calculated for their expenses and income before finalizing a deal for personal loans.

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Loan Blunders That Anyone Should Say No To

It is inevitable that you will take some or the other loan at any given point of time in your life to meet a certain financial need. This may be a asset-based loans such as a home loans or other types of loans such as a personal loan or an educational loan. However, any loan that you take will have an impact on your credit score. So, before making a decision, first sit down and take a look at the common loan mistakes that you should avoid at any cost in your life.

  1. Not comparing interest rates: Different banks have different lending rates, and before you go ahead and apply or a loan, it is a must to sit down and compare interest rates.
  2. Choosing the first lender that approaches you: You really want a loan and then a lender approaches you, you say yes and feel like it's the best deal for you!
  3.  Unplanned financial decisions: A loan is not money that gets credited to your bank account for free. You are not shopping for money, so do not go on a shopping spree!
  4. Defaulting payments: This
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Axis Net Banking - Axis Bank Savings Account Charges - mymoneykarma

Axis bank started off as UTI bank and had its first registered office in Ahmedabad and corporate office in Mumbai in December 1993. Axis bank opened its first branch was inaugurated on 2 April 1994. It is the third largest privately-owned financial institutions in India. Axis Bank offers financial products and wide range Services like personal loan, credit cards, education loan, car loan, business loan, fixed deposit and more to their individual customers, SME, MSME, Agriculture and Retail Businesses. The Bank has more than 3,500 Bank branches and over 13,900 ATMs across the country. The bank also has overseas branches in Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi, Dhaka and Sharjah.

Axis Net Banking: Axis Bank brings Axis Net banking Service to their customers and can access to their account anytime at anywhere. To open a savings account, fixed deposits or pay bills, apply for credit or debit card, request for cheque bo

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