Index fund corner
Sponsored
| Name of the scheme | 1-year back | Invest now | Fund category | expense ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest now | Equity: Big Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest now | Equity: Big Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest now | Equity: Big Cap | 0.25% |
| Axis Nifty 500 Index Fund | , | Invest now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest now | Equity: Mid Cap | 0.28% |
Major conclusions from survey
- 47% of respondents face high interest rates due to low credit score.
- 38% have been denied loans, their financial options have been banned.
- 26% struggle to hire homes or to secure the job due to poor credit.
How low credit score affects you
High interest rates on loan and credit cards
Banks see a low credit score as a risk factor. This leads to high interest rates, making loans and credit cards more expensive in a long time.
Loan and credit card rejection
A poor score can cause lump sum rejection for loan and credit cards. This can prevent individuals from making major financial decisions, such as buying or giving education.
Lower credit limits
Even if a lender approves a loan or credit card, they can provide a low limit. This reduces financial flexibility, especially in emergency situations.
Impact on job opportunities
Some employers check the credit score before hiring, especially in finance-related roles. A poor score may indicate financial irresponsibleness, affecting the possibilities of a career.
Financial stress and limited options increased
A low credit score limits lending options, often pushing individuals to high -cost options such as payday loans. It creates a cycle of financial stress.
Also read Credit launched ‘Svalbard’ – a new suit of equipment to manage its credit card
Steps to improve credit health
The survey also found that 58% of the respondents want better credit monitoring tools, while 56% want automatic payment reminders. These findings indicate a strong intention to improve financial habits.
To maintain a good credit score:
- Pay bills on time.
- Keep credits less.
- Monitor your credit score regularly.
- Avoid frequent loan applications.
- Clear outstanding loan immediately.
Also read How to check your credit score for free and improve your financial health
,
