Image for post
Image for post
Photo by William Iven on Unsplash

We all are working towards some financial goal like paying off existing loans, planning for child’s higher education or down payment for your dream home even though we may not have written it down.

COVID-2019 uncertainties have helped us to focus on priorities and by formalising our plan we can really do the math to achieve our goals.

Essential ingredients of your financial plan:

1) Expense Management: COVID-2019 has taught us that there are certain expenses that are really wasteful and can easily be avoided. …


Image for post
Image for post

Loan moratorium now stands extended to Aug 31 2020 from existing May 31 2020 as per latest RBI guidelines. The focus of moratorium 2.0 is to provide a relief to Banks / NBFCs by delaying NPA recognition for 6 months and also to most vulnerable group of people like self-employed & people working for worst affected sectors like hospitality.

But should a retail customer really avail this? The answer is simple there are no free lunches and customer should opt for it only if he is willing to bear the costs. Let’s discuss this in details.

First of all, this is a moratorium not a waiver so interest will continue to be applicable for this period. And in some cases, there will be interest on interest which can really be a huge burden for customers once the moratorium period ends. …


We have completed 40 days of lockdown due to COVID-2019 pandemic and now entering the 3rd phase. While there will be more relaxations in future but we now need to live with the new normal — SOCIAL DISTANCING, CONTACTLESS & DIGITAL OPERATIONS.

Lending institutions have been worse hit operationally specially the smaller ones who cater to lower income segments and SMEs as their operations requires regular physical interaction with clients for underwriting and collections.

So, while currently demand for loan Is on a rise but it is becoming difficult for institutions to underwrite them and manage collections.

In order to ensure business continuity, its now inevitable for Small NBFCs and MFIs to digitally transform their operations. …

About

Phocket - Instant Access to Cash

Phocket is a fintech company where a salaried professional can take an instant short-term loan of up to Rs 1 lac for a period ranging from 7–110 days

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store