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Financial institutions lend money to borrowers expecting timely repayments. But, if a borrower does not make payments for a period of 90 days, the specific loan becomes a Non-Performing Asset (NPA). NPAs affect the borrower, lender, as well as the entire financial system. Thus, it is crucial for borrowers to understand the importance of timely repayments and avoid any chances of NPAs.
A Non-Performing Asset (NPA) refers to a loan in which the borrower has not paid either principal amount or interest for over 90 days.
Banks divide NPAs into three groups depending on the period of non-repayment.
Loan defaults can ultimately lead to NPAs. Some common reasons which result in NPAs are:
Borrowers must adopt the following tips to avoid adding their name in the loan defaulter’s list:
The key to financial freedom is not just earning more but managing debt wisely.
If you are paying high EMIs or managing multiple loans, you can consolidate your loans with FIRSTmoney. With competitive interest rates of 10.99% p.a. and a minimum loan amount of ₹ 50,000 to a maximum loan amount of ₹ 10 lakhs, borrowers can consolidate their repayments. Moreover, FIRSTmoney has zero foreclosure fees, making it easier for borrowers to repay the entire loan at once. This smart personal loan has a 100% digital process, ensuring quick approvals, and making debt management stress-free.
Understanding NPAs is crucial for borrowers to maintain financial stability. While unforeseen circumstances may lead to defaults, proper loan management, strategic financial planning, and responsible borrowing can prevent loans from turning into NPAs. If you need any financial support, FIRSTmoney’s tailored personal loans offer flexibility and affordability, ensuring that borrowers meet their financial commitments with ease.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.