As many as 76 per cent of respondents said they will be willing to sacrifice existing benefits for better ones.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
'This helps the consumers secure more favourable terms from CIs.'
The gold loan portfolio of banks continued to show strong off-take with 76 per cent year-on-year (Y-o-Y) growth in January 2025 amid moderation in retail credit - especially in the unsecured credit segment - following increase in risk weights in November 2023. The gold loan pool had grown 17.4 per cent Y-o-Y in January 2024.
Towards the end of February, the Reserve Bank of India (RBI) restored the risk weighting on banks loans to non-banking financial companies (NBFCs; including to microfinance institutions, or MFIs) to 100 - back to its November 2023 position - from 125. It is only a partial relief though. "Higher risk weighting on unsecured lending continues to be in place while the same on bank funding to NBFCs has been done away with. "This is a positive step by RBI," says Rajiv Sabharwal, managing director (MD) and chief executive officer (CEO), Tata Capital.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
Net profit of 19 listed banks is likely to decline by 4 per cent year-on-year (Y-o-Y) for the quarter ended March (Q4FY25) mainly due to pressure on net interest margins (NIM) as a result of rate cut by the Reserve Bank of India (RBI), according to analysts' estimates. Additionally, loan growth is expected to further slowdown amid low demand in certain secured products, stress in the unsecured segment, and a high cost to deposit (CD) ratio across the system.
Wedding planner WedMeGood estimates that the average wedding budget has surged to Rs 36.5 lakh this year, with destination weddings averaging Rs 51 lakh.
The interest rate offered by PSBs like SBI, BoB and BoI hover around 8.9 per cent-10.50 per cent. For private banks, the range is between 10.49 per cent and 12 per cent.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Join Rajeev Mahajan, Founder Director & CEO, Antworks Money, for an online chat at 2 pm, Thursday, January 25
Before taking such loans, compare the interest rates charged by various players, advises Sanjay Kumar Singh.
Personal loans are the one of the most widely chosen options, in case you are in a spot and need some urgent cash. However, personal loans are tricky and you need to know as much as possible about their basics before applying for one. Let's start with some common questions.
Defying the bearish sentiment in the markets on Monday, ICICI Bank's share price rose by 2 per cent, reaching an intraday high of Rs 1,234.4 per share on the BSE. With a 1.5 per cent gain at the close, the stock emerged as the top performer on both the BSE Sensex and the National Stock Exchange Nifty 50 indices.
Stopping SIPs during a downturn undermines the benefit of rupee-cost averaging.
Balance-level delinquencies in the credit card segment saw a 17 basis points (bps) year-on-year (Y-o-Y) rise in the quarter ending June 2024 (Q1FY25). In all other credit segments, including personal loans, delinquencies declined even as retail credit growth moderated, consequent to banks tightening the supply of credit to the unsecured segments, a report by TransUnion CIBIL said on Monday. Data shows that balance-level delinquencies, measured in terms of 90 days or more past due, in the credit card segment stood at 1.8 per cent in Q1FY25- highest among all other credit segments.
Personal loans continued to grow at a robust pace and recorded a 13.5 per cent year-on-year rise in March 2021, while industrial loan growth remained negative during all quarters of the last fiscal, the Reserve Bank of India said on Tuesday. As per the Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021' released by the RBI, private sector banks registered a higher loan growth compared to the other bank group.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Credit card spending reached Rs 2 trillion in October, a 14.5 per cent rise from September, largely driven by festival season purchases. However, the volume of outstanding credit cards increased only marginally during the same period. The spike in spending comes at a time when nearly all major credit card issuers are calibrating their growth in the segment due to visible signs of stress.
Invest in these funds through the SIP route with at least a seven-year horizon.
'I believe that the overall demand for commercial vehicles will improve, even though there is a slowdown in the GDP.'
Net NPAs increased to Rs 36,260 crore in the December quarter from Rs 34,843 crore in September and Rs 33,116 crore in December 2023, observes Tamal Bandyopadhyay.
'Some part could be used for consumption purposes, and the rest could be used to meet important financial goals.' 'The split can be 30:70 to 50:50, depending on one's situation.'
A quick guide to other alternatives to personal loans a borrower can choose from.
There are many benefits of taking a personal loan against a fixed deposit than just taking a regular personal loan. Read more to find out...
Personal loans are just not about goodies. There are costs too.
A lot of people are going for personal loans, which has seen 30% growth in the past two years.
In FY24, loans given out by such firms had topped a whopping Rs 146,517 crore, up by 49 per cent year-on-year and spread over 10.19 million accounts (up 35 per cent).
Personal loans enable you to take care of immediate requirements without much hassle.
Is it easy to get a personal loan? Well, yes if you know how to go about it.
HDFC Bank on Wednesday reported a 2.3 per cent year-on-year rise in its consolidated net profit to Rs 17,657 crore for the October-December quarter, restricted by slower loan growth. On a standalone basis, the largest private sector lender's net profit came at Rs 16,735.50 crore for the period, up from Rs 16,372.54 crore in the year-ago period, but marginally down from the preceding quarter's Rs 16,820.97 crore.
Here are six best alternatives that would cost you lower interest rates and beat personal loans hands down.
A close look at the pros and cons of gold loans and why they could be a better option than personal loan.
But before borrowers jump in joy they must know about the drawbacks too!
Personal loans are expensive. But cash withdrawals on credit cards can hurt even more.
Be very careful while opting for the rate of interest for personal loans.
Domestic rating agency Icra on Wednesday said India's real GDP growth for the September quarter is likely to decline to 6.5 per cent due to heavy rains and weaker corporate performance. The agency, however, maintained its FY25 growth estimate at 7 per cent on expectations of a pick up in economic activity in the second half of the fiscal.
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