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Education Centre

Costs of Financial illiteracy

The phrase “financial illiteracy” describes the widespread inability of individuals to understand key financial concepts and manage their personal finances wisely. Financial illiteracy is costly to both individuals and society.

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Costs of Non-Performing Loans

A non-Performing Loan can be defined as the sum of borrowed money upon which the debtor has not made his or her scheduled payments for at least 90 days. A nonperforming loan is either in default or close to being in default. Once a loan is nonperforming, the odds that it will be repaid in full are considered to be substantially lower.

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Financial Education Critical for Financial Inclusion

Financial inclusion can be defined as the access to appropriate financial products and services needed by vulnerable groups, such as weaker sections and low income groups, at an affordable cost, in a fair and transparent manner by mainstream institutional players.

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Financial Education Means to increased Savings

Savings are fundamental to sustainable economic development. They are the most frequent source of funding for microenterprise startup and expansion. Savings enable households to smooth consumption in the face of uneven income flows, to accumulate assets for the future, to invest in education, and to better prepare for emergencies.

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How to avoid defaulting on your loan?

Economic conditions in a country determine, the quality of clients that banks will acquire. In stable economies, bank clients are of good quality and a credit culture is well established in the society. This in turn makes it possible to maintain relatively low levels of Non-Performing Loans.

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Importance of Financial Literacy

Financial Literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being. Improving financial literacy is a long-term behavioral change initiative. It requires a multi-faceted approach and sustained action over time to bring about gradual improvement.

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Key Considerations Before Borrowing.

Borrowing money is a serious decision which deserves your time and consideration. Responsible borrowing can help you achieve certain goals and can improve your lifestyle. Reckless borrowing can cause serious financial problems which can affect your future ability to get a job, buy a home, or obtain any new credit at a reasonable rate. 

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What is unsecured loan?

Bank customers often apply for unsecured loans as a means of getting fast access to cash. Unlike mortgage finance which is normally secured by the house, unsecured loans are simply given on the borrower’s word to repay. There are always contracts to sign and papers to process, but there is nothing the bank can seize if the borrower fails to repay the money lent. 

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The Role of key Players in Financial Literacy

In recent years, financial literacy has gained the attention of a wide range of major financial institutions, government agencies, grass-roots consumer and community interest groups, and other organizations.

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Why Banks Demand Collateral on Loans and Advances?

A secured loan is a loan that has collateral attached to it. This type of loan generally has a lower interest rate because the bank is taking a lower risk because it can collect the collateral if you default on payments. A secured loan is a good way to build credit. The debt is thus secured against the collateral.

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