Services and personal loans pulled down the non-food bank credit growth to 19.5 per cent at the end of February 27, 2009 as against 22 per cent a year ago.
IndusInd Bank MD & CEO Romesh Sobti said that, during the fourth quarter, the private sector lender was expecting a 20 per cent growth in its loan book. "There are still a lot of good companies, and you don't write off everyone. There is nothing like zero-risk. It is low-, medium- and high-risk, and you avoid high-risk though they give you high returns," Sobti said after announcing the inauguration of new-look branches aimed at attracting more high networth customers.
India is beginning to experience its own version of the subprime crisis as banks tighten lending procedures to curb rising delinquencies, particularly in small unsecured personal loans. India's financial system has so far been spared much of the pain of the global subprime crisis because of the relatively small size of its banks and their conservative investment focus overseas.
How do you cope with a home loan EMI that's becoming unmamanageable due to various reasons? Can going for a personal loan to pay home loan installments a good idea?
Balance transfer is a facility in which you can transfer outstanding balance from one credit card to another. It works well if you have multiple cards.
It's unfair, isn't it? That good borrowers are not rewarded for their discipline and are forced to subsidise indisciplined borrowers who may pose higher credit risk...
Home, consumer, corporate and personal loans are likely to become cheaper with the Reserve Bank cutting its key short-term repo rate by 1 per cent to 8 per cent, the first since 2004, bankers said. After slashing the cash reserve ratio by 2.5 per cent from 9 to 6.5 per cent with effect from October 11, the Reserve Bank cut the repo rate on Monday, which is the rate at which banks borrow from the apex bank.
To raise cash, you need not sell assets built over time. Instead, use them to meet immediate liquidity needs.
Can you file your tax returns for the last three years before March 31, 2009? Is a post office recurring deposit covered under Section 80C? Can you claim any tax benefit on money spent on your child's school uniform? How can you avail of tax deductions under Section 80 DD? Can you claim tax deduction on interest paid on personal loans? Here are the answers.
The extent of the rate cut is being calibrated and would be announced soon. ICICI had earlier this month reduced home loan rates for new customers by up to 1.5 percentage point. There are indications that the fresh cut in interest rates would benefit both existing and new customers.
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
When EMIs exceed your salary, it means trouble. Here's some help.
As far as the Indian households are concerned, although the leverage ratio in this basket has multiplied nearly 3 times in the past decade, it is still well below not just developed but also most other developing economies.
Banks are facing increasing delinquencies by overleveraged mid-sized companies, now caught in hardships due to changes in their operating environment.
Investment advisor Sheetal Jhaveri busts popular money myths to make you a confident investor
Keep in mind interest rate, tenure and additional charges if you exceed credit card limit
A clampdown on fresh personal loans, credit cards and auto loans is taking a toll on direct selling agents hired by banks to push these products. According to estimates, banks have reduced the number of DSAs by 15-25 per cent, while marketing expenses are 35-40 per cent lower.
ABN Amro Bank's India chief Meera Sanyal also said she expected inflation to reduce after October. Sanyal also said there has been a slight increase in increase in delinquencies in the credit card and personal loan portfolios of banks and attributed it to higher interest rates.
Consolidated debt fund is the answer for you if you are burdened with a whole lot of loan repayments from home loan EMIs to vehicle loans to credit card debt.
The Mumbai-based recovery chief does not want to be identified but says his greater concern is not that non-performing loans would rise from the already elevated levels. Coordinated opposition to recovery efforts could lead to banks withdrawing altogether from lending to this sub-prime segment in India that otherwise depends on informal money lenders.
We take a look at some of the reasons why you may not get a loan the next time you apply for one.
There are many ways you could arrange for money, and one of those ways is taking a loan. You could take a personal loan for the amount required, or you could take a loan against your property.
Barclays Bank on Thursday launched its retail and commercial banking service in India. So far, the bank operated in the country through Barclays Capital, its investment division.
The Income Tax Act provides tax relief if you invest in certain financial instruments. Find out which product category suits you best.
Debt to income ratio is a financial ratio that tells you when you have borrowed more money than you can repay. It's a like a red signal that tells you to stop borrowing.
Studies have indicated that only one in four graduates from India's colleges are employable. This means till the time the quality of education improves, the other three will have to remain content with either door-door canvassing for savings accounts, or watching people's tea and toilet habits, or honing up their American accents in graveyard shifts.
Banks are shying away from the unsecured lending market, thanks to the rising instances of defaults and recovery woes.The rate of growth in the personal loan portfolio of banks has dipped to 13.2 per cent to Rs 58,669 crore (Rs 586.69 billion) as on February 15, 2008, compared with 30.6 per cent in the same period last year, said the Reserve Bank of India in its 2007-08 report on Macroeconomic and Monetary Developments.
The difference between Cibil and other marketplaces is that in the case of the latter the credit report is accessed after the customer clicks the loan offer, while in the case of Cibil the customer first checks the credit score and then applies for the loan.
Reckless lending during the three years of the retail credit boom beginning 2003-04 is hurting public sector banks hard.
Customers need to weigh whether they will be better off selling their mutual fund holdings or taking a loan against it.
GE Money India is looking for a strategic partner to drive scale just as it did with the State Bank of India (SBI) for its card business. It is trying to replicate its card model in its joint venture with Wizard Home Loans, a non-banking finance company from Australia.
Iqbal Singh has been appointed as the new CEO and President of GE Money India. The company is also planning to induct a strategic partner in a few months.
Are you fed up of answering phone calls asking whether you're interested in a new credit card or personal loan? Here's a few ways of dealing with them.
Follow the golden rule: don't borrow, don't overspend. This applies to debt availed for lifestyle or consumption needs and not for asset creation, like home loans, etc.
Cholamandalam DBS is looking for Management Trainees and Relationship Managers-Sales/ Credit/ Collections for its personal loans and home equity departments across major cities in India.
If you have a huge debt, pay up, don't neglect it, says personal finance expert Harsh Roongta.
One of the big advantages of using the card is 'the float' that is given to you by the banks
An increase of 10% in net profit is expected as higher provisioning would negate most of the gain on account of expansion of loan portfolios.
The credit policy annouced by the RBI on July 31 is likely to have no impact on the home loan interest rates feel experts.
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