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This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance.
Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector:
Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score)
High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat
MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button.
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Not everyone who wants to own a car can pay for one in full. So a car loan is a very important credit line. The general eligibility criteria for availing a car loan includes a minimum age of 21 years, a specified minimum monthly salary, and a good credit history. As with any loan, while a good credit score, in the range of 700 to 800, is definitely ideal, a comparatively low credit score, such as 650 or below does not automatically make you ineligible for a car loan, as the loan is secured against ownership of the car - meaning there is less risk for the lender. Your credit score affects your car loan in the following ways:
Approval
Lenders decide whether you are a trustworthy borrower based on your repayment behavior in the past.
Interest Rate
While approval is still possible with a comparatively low score, this could mean a higher interest rate, so that banks can balance out the risk.
Loan Amount
A good score can avail you zero down payment, that is, 100% financing for your vehicle, while a low credit score may only allow partial financing.
Need to keep an eye on your credit score on a regular basis?
Well, all you need to do is sign up at the mymoneykarma website. We provide you free access to your credit score, detailed credit report, and personalized advice on how your credit can be improved. Moreover, checking your score with mymoneykarma is a soft inquiry, meaning it does not have any impact on your credit score. You can get started right away by following the link below.
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