Indianomics

I am in debt and against debt. Let me resolve that paradox. I am so in debt that I did not realize what I was paying for. Only when I realized what I am actually paying did I realize that I am against debt.

Debt is the biggest burden that can ever be. We live in a consumerist society where debt is almost inevitable. ‘I have no debt’ would be a brave and a rare statement in these days. Thanks to the exploding credit market and rampant and often irresponsible lending by the banks.

Since there is a general feeling that debt is inevitable we have to look at ways to make it cheaper. I have blogged about BankBazaar earlier which compares various interest rates for loans.

Now we have another website which compares not just loans but everything else. Ratekhoj is one particular website which compares all the rates. Fixed Deposits, Insurance, Credit Cards, Home Loans, Car loans, personal and education loans. That pretty much covers all your needs other than investments.

The array of banks involved in the comparison is very impressive. Most of the PSU banks and private banks are included in the comparison. If you are looking for a home loan, you can get the prevailing interest rate of all the banks in one comparison. In addition to that you can see the additional amount you will be paying towards interest over the period of time.

Example : For a 20 lakh home loan of a 10 year term, I end up paying 10 lakh towards interest and other charges. State Bank of Hyderabad will only give loan of 75% of the home value. Which means the value of the house should be around 27 lakhs. My EMI @9.25% interest rate is 25605 per month. This should actually help me by comparing the other banks and take the best loan possible.

You can also look for the best credit card that fits your needs. Like the frequent flier card, no fuel surcharge card, reward points card or a cash back card. This is a better way of choosing your card instead of applying whatever comes your way.

It is hard to resist saying that the site lacks the web2.0 look. A little visual appeal would add wonders. Another thing is Ratekhoj lacks a logo. The most important thing though is, it gets the job done. Ratekhoj concentrated on a no nonsense interface.

Check out Ratekhoj make some comparisons before you make your decisions. With the home loans getting cheaper this is what you need.

Other sites competing in the same space : bankbazaar, ecompare, policybazaar, itrust.

*Image source : TataNEN