Promissory Notes Covered under the Negotiable Instrument Act, a promissory note offers a legal value to any transactional contract. It comprises two parties namely, the borrower and the payee, and the former agrees to pay a certain sum of money…
The Cash Reserve Ratio (CRR) and the Statutory Liquidity Ratio (SLR) are like tools in a central bank’s toolbox, used to keep the banking system in check and help manage the country’s money matters. While both are aimed at keeping…
As Holi, the vibrant festival of colours and joy, arrives, PayMe is here to help you celebrate with loved ones and create unforgettable memories. We understand the deep meaning behind Holi – the triumph of good over evil, the beginning…
CRR stands for Cash Reserve Ratio, and it is the percentage of total deposits in a bank that have to be kept in cash to operate risk-free. The RBI decides the CRR, and it is the amount of funds that…
A Debt-to-income ratio is a financial standard that gives a real-time comparison of an individual’s debt and his total monthly income. This ratio is calculated by devising the total debt by the gross income and is a key indicator of…
SLR stands for Statutory Liquidity Ratio, which refers to the minimum percentage of deposits that a commercial bank is required to keep in the form of gold, cash, and other approved securities. These deposits are held by the bank, and…
Can I get a loan for myself, even if I already have a loan for my education? Yes, it is possible to obtain a personal loan while you have an education loan. However, the approval of the loan will depend…
A personal loan is a lump-sum financial product that is typically unsecured, providing individuals with funds for specific needs like debt consolidation. Repayment occurs in fixed monthly instalments over a set period, with interest rates that are either fixed or…
Foreclosure of loan, also known as loan closure refers to the process in which a borrower pays off their loan before the designated tenure. Loan foreclosure is a simple way in which the borrower can repay the entire outstanding amount,…