Recent Reserve Bank of India (RBI) data on a sharp fall in savings rate of Indian households during the last financial year has created a lot of controversy. Critics of the current government alleged that the sharp fall in savings rate to 5.1% of GDP — the lowest in 47 years and considerably lower than […]
HDFC, one of India’s oldest housing finance companies, said it has slashed the interest rate on its home loans to 6.7% for those with qualifying credit scores. The rate of 6.7% is one of the lowest interest rates charged by any bank or housing finance companies in India at present. The closest competition is with […]
With youngsters increasingly preferring non-traditional careers and gigs for their livelihoods, several financial services startups have also sprung up to target these customers who may not qualify for traditional banking services. In this direction, FPL Technologies, a two-year-old, Pune-based credit scoring company, announced that it has launched a free credit card targeting the youth, with […]
Travel services company Thomas Cook said it will offer holiday packages in which only 20% of the total travel cost has to be paid up front, and the remaining can be paid in no-cost EMIs. Thomas Cook said that it will offer two packages — four holidays (two domestic and two overseas) in two years […]
Banking services and solutions provider Nucleus Software reported a consolidated revenue of Rs 127 crore in the fourth quarter of FY 2019, compared to the Rs 111 crore it generated in the corresponding quarter of the previous year. This is also higher than the Rs 123 crore it posted three months ago and the Rs […]
Bank of Baroda, India’s second biggest bank by assets, raised its lending interest rate by 10 basis points across all tenures up to one year. With this, the one-year marginal cost of funds based lending rates or MCLR has been raised to 8.4% from 8.3% with effect from tomorrow, Apr 7. The six-month rate has […]
Axis Bank has again increased the rate of interest that will be charged for new loans, this time by one-tenths of a percentage. The hike comes a month after a 0.05 percentage point increase in January, and ten days after rival HDFC Bank increased its lending rate. The new interest rates will be applicable to […]
State Bank of India, the country’s largest bank, said Moody’s Analytics will train its employees to source, appraise and monitor loans. SBI employees will be granted the Moody’s Analytics Certificate in Commercial Credit (CICC) as part of the program. The program has been adapted to the India’s banking sector with the help of former SBI […]
State Bank of India, India’s largest commercial bank, has waived processing charges on car loans till the end of the year, while halving the charge on some personal loans till Sep 30. The bank did not specify the new rates. It already has zero processing fees when someone transfers a home loan from another bank […]
The write-off of farm loans in Uttar Pradesh and Maharashtra seems to be encouraging farmers in other states to stop paying back their farm loans to make sure that they will get the benefits of any farm loan waiver program in their state. This has led to a sharp increase in farm loan defaults for […]
Axis Bank, one of India’s top two private banks, has cut its lending rates by 0.15 percentage points in the wake of the ongoing currency exchange program. With this, the bank’s ‘marginal cost-based lending rate’ has been reduced to 9.05% for one year and 9.15% for three years. The change will come into effect from […]
United Bank of India has cut its benchmark interest rate by 5 basis points across all tenures. With this, the marginal cost of funds-based lending rate for one year loan has been cut to 9.4%. The MCLR for one month is 9.25%. The new rate will be applicable to all new loans of the bank […]
RBL Bank and NeoGrowth Credit Pvt will provide loans to small and medium enterprises in the Indian retail segment that are excluded from mainstream funding and financing with the help of a US government agency. The funding will be backed by the Overseas Private Investment Corporation (OPIC) — a US Government organization that mobilizes private […]
Bank of India said it had revised its base rate from 9.70% to 9.65 %. The revised rate will be in effect from Friday. Base rate is the minimum interest rate that the bank charges. It is not allowed to issue loans below this rate to any of its customers. Bank of India is a […]
Asserting there are no quick fixes for grave problems facing the public sector banks, mainly centered around close to Rs 5 lakh crore non-performing assets, ASSOCHAM President Mr Sunil Kanoria today said a paper brought out by the chamber clearly suggests mergers or consolidation of the PSBs is certainly no answer to the present crisis, […]
Reliance Industries said its subsidiary Reliance Sibur Elastomers Pvt Ltd. has agreed to take a loan of $330 million, roughly equal to Rs 2193 crore, from overseas lenders. “The Facility with door to door tenor of 10 years shall be utilized to part finance the Capital expenditure to setup India’s first butyl rubber manufacturing facilities […]
Kerala-based privately owned Federal Bank said it has started a one-minute loan facility called Digital Personal Loans. “Customers can log into Bank’s website (www.federalbank.co.in) and avail personal loans in a minute. Upon the acceptance of the offer by the customer, the loan money is credited to his account immediately,” it said. “This facility neither requires […]
Cab aggregator Ola has partnered with a finance company to provide education loans for the children of its driver partners, the company said. The loan comes with easier interest rates and is applicable for children pursuing education from Std 1 to Std 12. “This first of its kind initiative allows loan options for driver-partners to […]
Following a steep 0.5 percentage point cut in policy rates by the Reserve Bank of India, Axis Bank — one of India’s largest lenders — has cut its base interest rate to 9.50% from 9.85%. This will mean lower EMIs for hundreds of thousands of its floating loan customers. The cut is with effect from […]
L&T Infrastructure Finance Company Ltd – belonging to the engineering conglomerate Larsen & Toubro Ltd (L&T) – reduced its prime lending rate by 0.25% to 15.50% per year effective 15th Sept, the company said. “This revised PLR shall be applicable in respect of both existing loans and new disbursals, in accordance with the relevant clauses […]
