The scheme, known as the 'Power Advantage Home Loan' scheme, will allow customers to lock in their home loan rate at 8.25 per cent for the first two years of the tenure followed by a floating rate.
ICICI Bank, the country's second-largest bank on Friday hiked lending rates for new retail customers by 50 basis points and deposit rates by 50-100 basis points for deposits of 1-3 year maturities.
Banks are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers.
'Investors can consider staying invested in long duration products as there is a possibility of rate cuts in the near term.' Positive macros - lower inflation, high forex reserves and favourable demand-supply dynamics for government bonds - make a strong case for rate cuts from December, says Devang Shah, head of fixed income, Axis Mutual Fund. In an interview with Abhishek Kumar in Mumbai, Shah says this view may not hold true if commodity prices go up sharply.
Unless loan growth picks up, net interest margins may not expand as expected.
Some banks have seen gross non-performing assets as high as 15 per cent in their education loan portfolios.
Is your lender not reducing interest rate on your floating rate home loans? Here's what you must do.
China will deny bank loans to companies violating environmental rules under a 'green credit policy' in an effort to tackle worsening pollution, the state media reported on Thursday.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
Flipkart-backed fintech firm super.money is aiming to be among the top five players on the Unified Payments Interface (UPI) leaderboard by the end of this year, a senior company executive has said. The company, which rolled out its beta version in June this year, has processed about 10 million transactions till date. "We have a target of 100 million transactions for the end of the year.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers your home loan queries.
In a mixed bag for HDFC Bank ahead of the parent HDFC's merger with itself, the Reserve Bank of India has declined to make exceptions on certain aspects, and has offered some leeway on others. The country's largest private sector lender, which is aiming to conclude the merger with the home finance major by July, had written to the central bank seeking certain forbearances after announcing the $40-billion merger in April last year. In an exchange filing this evening, HDFC Bank said it received a response from RBI on Thursday and also said that there are a few pending issues.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
The depreciation in rupee may pose a problem for students who have taken loans from Indian lenders.
Bajaj Finance's quarterly business update, coupled with around 24 per cent fall over the past six months, has turned risk-reward favourable for investors, observe analysts. They see up to 39 per cent upside in the stock, from a one-year perspective. Global brokerage CLSA, for instance, has upgraded the stock from 'underperform' to 'outperform' with an increased one-year target price of Rs 6,600 (vs Rs 6,000 earlier) as it believes the risk-reward has turned favourable for the counter, and there is scope for expansion if growth remains robust.
People in India are increasingly shying away from taking bank loans on account of economic slowdown and scepticism arising out of job uncertainty.
This comes at a time when competition has increased significantly.
The agency has also named companies Nupower Renewables, Supreme Energy, Videocon International Electronics Ltd and Videocon Industries limited as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of prevention of corruption act.
Despite fears of slow economic growth, the health of their unsecured assets are not so likely to be stressed.
Despite rising interest rates, and high inflation, the banking sector is doing well, on the back of a recovering economy. The last couple of quarters indicate credit demand is picking up and Return on Assets (RoA) is more than acceptable at the moment. The PSU bank pack may be more interesting at the moment simply due to being valued at far lower multiples than the private banks.
For priority sector home loans below Rs 20-lakhs (Rs 2 million), the new interest rate will 9.75 per cent as against the earlier 10 per cent, an ICICI Bank spokesperson said.
The amount you can raise via a gold loan is higher than you can get via a personal loan.
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
Despite the Finance Minister asking public sector banks not to hike home loan rates, top private sector lender ICICI Bank, accounting for 30 per cent of home loans, has said all lenders would have to increase rates for their own survival.
Today, the economy requires a certain amount of push not just from the monetary policy but also from its transmission: Das.
The crisis in Indian banking has now reached a point where the NPAs of many public-sector banks are higher than their net worth
Two persons were arrested in Surat in Gujarat for allegedly forging documents like Aadhaar and PAN cards as well as voter IDs using a website, in the process posing a serious threat to national security, a police official said on Monday.
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
The recent run on the US-based Silicon Valley Bank (SVB) and the subsequent seizure of its assets by the regulators may have sparked a global wave of risk aversion, particularly for start-ups. However, the Indian banking sector is unlikely to be a victim of any contagion effects, said analysts. he bank, which played a big role in financing start-ups and technology players, faced stress after incurring huge losses on its holdings of US bonds, following the most-aggressive monetary tightening cycle by the Federal Reserve in around four decades.
Canara Bank, the Bangalore-based public sector bank, has slashed interest rates on vehicle loans and home loans, which will be effective for all loans taken after August 1, 2009.
A State Bank of India (SBI)-led consortium that gave loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore. The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
Emerging out of the ED grilling in Mumbai, Rohit Pawar denied any wrongdoing and asserted struggle was imminent in fight for ideology while declaring he wasn't scared.
Make minimum payments on all debts, then use extra funds to tackle the smallest debt first.
Asks lenders to make sure that end use of advances to commercial real estate.
State Bank of India expects decent growth in FY16.
ICICI Bank on Monday jacked up auto loans by up to 0.75 per cent even before the RBI decided to increase statutory deposits last week as a part of inflation controlling measure.
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