Home loan borrowers may have to wait longer for lower EMIs but a rate cut likely this year; how to make th
The Reserve Bank of India (RBI) in its recent Monetary Policy Committee meeting decided to maintain the repo rate at 6.5%, prolonging the wait for home loan borrowers seeking relief from high interest rates and increased EMIs. Despite the current pause in repo rate the possibility of a rate reduction this year is still there. Key Points
Economic TimesIREDA achieves highest-ever annual loan sanctions and disbursements in financial year 2023-24
According to the company, its total loan sanctions reached Rs. 37,354 crores, while the loan disbursements totaled Rs. 25,089 crores. Key Points
ThePrintIREDA upper Circuit: Share price gains 5% on strong business performance for FY24; loan book rises 26.71% year-on-year
IREDA upper Circuit: Share price of Indian Renewable Energy Development Agency Limited gained 5% on Tuesday as the company reported strong business performance for FY24. Its loan book rose 26.71% year-on-year Key Points
mintConsidering converting credit card debt into personal loan? Here are its pros and cons
Opting for a personal loan to consolidate debt can be a strategic decision. It streamlines your financial situation, enabling you to concentrate on a cost-effective repayment strategy. Key Points
mintPM Surya Ghar Muft Bijli Yojana: Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of I
Bank loans to instal rooftop solar panels under PM Surya Ghar Muft Bijli: In the event of Repo Rate, which is 6.5% at present, getting reduced to say 5.5%, the effective interest rate for consumer will become 6% instead of the current 7% Key Points
Economic Times
What you can do if your home loan interest rate is more than 9%
The lowest home loan rate on offer today is 8.3%. Many large lenders have grouped around 8.5. Key Points
mintHow to compare personal loan offers? 8 vital factors to consider for the best deal
Individuals applying for personal loans ought to contrast the interest rates provided by different banks and NBFCs. Lenders present varying interest rates based on several factors like the applicant’s credit score, monthly income, and employer’s profile. Key Points
mintUsing personal loan for debt consolidation? The pros and cons of this move
Leveraging a personal loan for debt consolidation can serve as a beneficial strategy to handle your debt and potentially cut costs. However, it's essential to approach this cautiously and be aware of potential drawbacks as well. Key Points
mintHave a home loan? Know the latest RBI rules to understand how you can save on interest costs in rising rate scenario
Financial Literacy News: Learn about the latest RBI rules for home loans and how they can help you save on interest costs in a rising rate scenario. Find out whether you should increase EMIs or extend the loan tenure and make an informed decision. Discover the benefits of the new RBI rules and understand how they can benefit you as a borrower. Key Points
Times Of IndiaHow to differentiate between good debt and bad debt? Harsh Roongta explains
Harsh Roongta advises paying off expensive loans like credit cards or unsecured loans first. Fixed income bearing investments should be used before considering a top up loan on a home loan to pay that off. Fixed deposits can be used to repay loans through linked savings accounts for liquidity and high interest. Key Points
Economic Times
We are strong in last mile, small ticket, digital. In affordable housing, we grew 61% in 9 months: Ajay Ka
Ajay Kanwal says: Our net NPA is 0.7 or 0.8 now. Gross NPA at 2%. So, asset quality is good. Growth rate is good. I think we will remain steady there which is our secured business will keep growing, that is rule number one. We will maintain good asset quality. We will maintain ROEs and ROAs. We are in a comfortable liquidity position. Key Points
Economic TimesHome loan EMIs may fall 3.5% this year despite RBI MPC holding repo rate
RBI MPC announcements today: A 0.5% drop in your home loan interest rate can save you Rs 3.83 lakh if the interest rate on your Rs 50-lakh loan for 20 years comes down from 9% to 8.5%. This will give much needed relief to old home loan borrowers who have seen their interest rate rise sharply within the last 3 years. Key Points
Economic TimesCheapest home loan interest rates for amounts above Rs 75 lakh: PSU banks vs private banks
Home loan interest rates vary with each individual based on factors such as credit score, income, tenure, Loan-to-Value ratio, MCLR, RLLR, etc. Private banks offer interest rates between 8.35% to 14.85% for home loans above Rs 75 lakh. Public sector banks also provide competitive rates. Key Points
Economic TimesNCLT admits insolvency plea against Mumbai's Four Care Hospital
Mumbai's NCLT admits Four Care Hospital for Corporate Insolvency Resolution Process under application by Standard Chartered Bank while the tribunal has appointed Rajan Garg as resolution professional. Promoter availed loan from DHFL, later acquired by Standard Chartered Bank. Key Points
Economic TimesJoe Biden forgives $5 billion in student loan debt ahead of presidential election
As of June 2023, approximately 43.4 million student loan recipients had $1.63 trillion in outstanding loans, according to the Federal Student Aid website. Key Points
India Today
Buying a new electric car? These 4 banks offer special interest rates on electric vehicle loans
Demand for stylish and safe electric cars is rising as a result of growing environmental consciousness and innovation. With the assistance of the following banks, you can now get a car loan for buying a new electric vehicle. Key Points
Economic TimesBuilding Financial Wellness: The Role of Personal Loans in 2024
Applying for a small personal loan on Tradofina app, not just helps you settle limited expenditures on time. It further assists you attain financial stability and wellness, anytime you come across a shortage of a small amount of cash. Key Points
mintHome loan interest rates may fall by 50 bps or more in 2024; how to save more on your loan
Last year home loan borrowers witnessed significant jump in their EMIs. However, the new year 2024 is likely to bring good news for them. Experts predict that there may be a reduction of 50 bps or more in interest rates to benefit home loan borrowers. Moreover, there are many steps that you can take to ensure that you saving is much more than the fall in interest rate. Key Points
Economic TimesWedding Bells or Debt Spiral? Should you take a personal loan to manage your wedding expenses?
Entering into matrimony should not be burdened with the additional weight of an unnecessary personal loan. Nonetheless, if you require funds for your wedding, carefully evaluate the advantages and disadvantages of obtaining a loan for such purposes. Key Points
mintWill home loan EMIs fall as RBI holds repo rates? Do this now to ease burden of EBLR, MCLR, base rate and
Home loans borrowers have been paying a significantly higher EMIs than what they paying 2 years ago due to RBI repo rate hike of 2.5%. As the global inflation cools down the sign of a reversal of interest rate cycle are getting stronger. So when will home loan borrower see their EMIs falling? We tell you how you should make the best of the any rate cut in future. Key Points
Economic Times
RBI to set up regulatory framework to make taking loans safer
The new announcement comes after RBI, in September 2022, issued guidelines on protecting borrowers. As per the guidelines issued last year, lenders were required to inform customers about the cost of taking the loan. Lenders are now required to issue a Key-Fact Statement to the borrower before any loan is given. Key Points
Economic TimesWhen to sell your mutual fund and when to take loan against securities
When you need urgent fund whether you should sell your mutual fund units or take a loan against it? Most investors take SIP route to build their long term investment portfolio and if it is broken or short term need it will be a difficult task to get back. However, if you go for loan it will come at a cost. We tell you how a loan against MF works and how should you decide whether you need to sell your MF holding or take a loan. Key Points
Economic TimesFinancing the growth in Bharat: 4 small finance banks with upside scope of up to 38%
It might surprise many of you, ask your driver, your help at home, or the small chai shop owner how much interest he pays when he or she takes an unsecured loan taken in the private loan market. He or she might be paying four to five times more than the interest rate which any regular bank charges on an unsecured loan. That is what led to the birth of microfinance companies, now many of them are small finance banks. They are providing lending at the lowest end of the pyramid. Their interest rates were higher than normal banks would charge, but would surely much lower than what private money lenders in these parts of the country charges. That is where the opportunities are present for these small finance banks. After a phase of tough regulatory challenges, they have emerged stronger. Key Points
Economic Times8 effective ways to lower your home loan EMIs
India Business News: Reducing home loan EMIs can be achieved through various methods. Firstly, one should explore different lenders and compare their interest rates. Addit Key Points
Times Of IndiaMicrofinance Institutions empowering women entrepreneurs amidst social challenges
MFIs in India have disbursed loans to millions of women, helping them start and expand their businesses..RBI guidelines define microfinance loans as collateral-free loans given to households with an annual income of up to ₹3 lakh. Key Points
mint
Never borrowed before? There's a price to pay
Lenders in India have tightened risk frameworks, resulting in a decline in approval rates for new-to-credit loan applicants. The share of new-to-credit customers in overall loan origination has dropped by 400 basis points year-on-year to 15% in the April-June period. Key Points
mintEurobank posts lower profit on higher provisions, costs
Eurobank (EURBr.AT), Greece's largest lender by market value, on Tuesday reported lower profit for the first nine months of the year, on higher bad loan provisions and operating expenses. Key Points
ReutersDiwali offers 2023: Check PNB, SBI, Bank of Baroda's special car loan, home loan rates, offers
Many public sector banks like Punjab National Bank (PNB), Bank of Baroda (BoB) and State Bank of India (SBI) have come up with festive offers giving concession on interest rate in home and car loan. The interest rate for PNB home loan starts from 8.4% and it can be applied online. Key Points
Economic TimesAre you financially ready to buy a house worth Rs 50 lakh-Rs 70 lakh? Here's your checklist
From down payment to equated monthly instalments (EMIs) to location to additional cost for registrations, you need to consider a range of factors before you sign on the dotted line on a home. If you are asking yourself am I ready to buy a house? , and if you are a first-time buyer, it would be wise to make a checklist before starting the process. But before you start the process ask yourself if you earn adequately to buy a property. Key Points
Economic TimesPM credit plan boosts street vendors' debit spend by 50 per cent in 2 years: SBI
75 per cent beneficiaries of PM micro credit scheme for urban street vendors are from non-general categories. A new research by the State Bank of India has found that the Prime Minister micro credit plan for urban street vendors has raised the debit card spend of beneficiaries by 50 per cent in two years boosting their average consumption. Key Points
The Tribune India
How banks evaluate self-employed borrowers for giving home loan
When a self-employed individual applies for home loan, the bank evaluates the application on the basis of certain criteria. This is important as self-employed borrower does not have any fixed source of income, unlike a salaried individual. Here is a guide on how a bank evaluates home loan application of self-employed individuals. Key Points
Economic TimesWant to borrow money? Smart tips you need to know to get the best personal loan, home loan
ET Wealth looks at smart ways to borrow and offers tips to those planning to take a loan. We also tell you about the tricks that lenders use to lure customers. Here are some things to keep in mind while borrowing money. Key Points
Economic TimesGold loan limit hiked to Rs 4 lakh under bullet repayments for co-operative banks: RBI makes gold loans mo
Gold loan borrowers can avail gold loans of up to Rs 4 lakh under bullet repayment option from certain urban co-operative banks, says RBI Governor Shaktikanta Das while announcing the decisions of the RBI Monetary Policy Committee on October 6, 2023. This move aims to make gold loans more flexible to certain borrowers who prefer bullet payment option to repay the loan. In the bullet repayment option, borrowers need to pay the entire principal and interest amount at the end of the loan tenure. Key Points
Economic TimesWhat kind of a loan are you availing for festive shopping?
The demand for personal loans and short-term loans will peak during the festival season, especially around Diwali. Credit demand is currently at an all-time high, with credit card outstanding amounts increasing from Rs 90,000 pre-Covid to Rs 2 lakh. The average ticket size for personal loans ranges from Rs 14,000 for buy now pay later (BNPL) purchases to Rs 1.3 lakh for planned expenses like holidays. Key Points
Economic TimesHow new RBI rules on floating rate loans benefit home loan borrowers
When the interest rates on a floating rate loan rise, borrowers may either see a hike in their EMIs, or an extension of the loan tenor, or both. However, lenders follow arbitrary practices in this regard. Taking cognisance of the numerous complaints received on the changes imposed by lenders without proper communication or consent of borrowers, the RBI has introduced a new framework for resetting floating rate loans. Here is how the new measures will provide succour to borrowers. Key Points
Economic Times
Is it a good idea to settle loan or huge credit card bill if you can’t pay EMIs? Know how to settle a loan
You can settle any type of loans — personal, auto, home, education, business or credit card debt. But it is of utmost importance to remain cautious of certain points while taking a decision on settling your loan as it will have a significant impact on your credit score and financial future. How one-time loan settlement works and how you can do it by yourself. ET Wealth explains Key Points
Economic TimesCar loan may not be the best option to buy a used car; consider these ways instead
There are a good number of buyers who go for a second-hand car. Cost-effectiveness is, of course, a major factor. A two-year-old vehicle can be 20-30 per cent cheaper than a new one. Most car companies have their pre-owned divisions, and several banks and non-banking financial companies (NBFCs) offer lucrative rates and deals. So should you opt for an auto loan to buy a pre-owned car? Key Points
Economic TimesZerodha's Nithin Kamath warns people of illegal predatory loan apps
Zerodha founder Nithin Kamath warns of rising cases of harassment by predatory loan apps, advises victims to file complaints at cybercrime.gov.in or call 1930 Key Points
mintHow to Avail Benefits of Pradhan Mantri Mudra Yojana
The Pradhan Mantri Mudra Yojana, also known as PMMY, is the government of India's flagship programme for providing micro and small businesses with accessible loans.Mudra programmes aim to fund the unfunded or integrate businesses into the formal financial system. Key Points
Times of Indialoan against FD is cheaper, easier option for short-term needs; when should you go for it?
Fixed deposit or FD: A loan against your fixed deposit (FD) is one of the most cost-effective and easiest possible loans available in the market. If you have a fixed deposit and want a loan, the bank will lend you the money against your deposit. How much loan can you take against your FD? What will be the interest rate, tenure, processing fee, repayment schedule? When should you opt for it? All questions answered Key Points
Economic Times
Piramal Capital to sell more loans for Rs 1,669 crore
This is the second loan that the company is looking to sell in less than 10 days. It had also sold a total loan outstanding pool of ₹3,656 crore to Omkara ARC for ₹625 crore last week. The sale resulted in a recovery of 17%s for Piramal. The principal outstanding of the pool was ₹3,656 crore as of May 15, 2023 and spread across 7-8 accounts. Key Points
Economic TimesIREDA loan sanctions jump 36% to ₹32,586.60 crore in FY23
Net profit for FY23 stood at ₹864.63 crore, a rise of 36.48% on year, while its net worth grew to ₹5,935.17 crore. Key Points
mintWant a longer home loan tenure of 40 years for lower EMIs? Be ready to pay 133% higher interest
Bajaj Housing Finance has recently extended the maximum tenure on its home loans to 40 years from 30 years for salaried borrowers. For a 40-year home loan, the company now offers equated monthly installments (EMIs), starting at Rs 733 per lakh. Longer tenure helps you bring down the EMI amount. Isn't a 40-year home loan with lower EMI an attractive deal, considering you have 10 more years to repay the loan? Probably not. Know why Key Points
Economic TimesAmbani’s Jio in talks to raise about $1.6 billion for equipment from Nokia Oyj
Indias Reliance Jio Infocomm Ltd. is in talks to raise a loan for about $1.6 billion to fund the purchase of equipment from Nokia Oyj. Banks involved in the discussions with billionaire Mukesh Ambanis telecoms company include Citigroup Inc., HSBC Holdings Plc. and JPMorgan Chase & Co. Key Points
Economic TimesRIL gets RBI nod to retain extra $2 billion from lenders
Reliance Industries has been granted permission by the Reserve Bank of India (RBI) to retain $2bn over its raised $3bn loan in the last fiscal year to use for working capital and expansions in energy and telecoms. The strong demand for the loan saw the company retain more than needed. Lenders from the UK, the US, India, South Korea, Taiwan and Mauritius were involved in the initial loan deal. Key Points
Economic Times
Is there a good investment option for capital growth and safety?
Investor with ?40 lakh savings for 5 years with periodic withdrawals should build a diversified portfolio with exposure to debt & equity asset classes. Corporate bonds and debt mutual funds are recommended for capital preservation, while equity mutual funds including large-cap, mid-cap, and small-cap index funds are advised for capital appreciation. SBI Small Cap Fund is a good option for exposure to small-cap stocks. One should not take a car loan and instead maintain a contingency fund equal to 6 times monthly expenses. Prepaying home loans depends on evaluating opportunity costs and tax benefits. Key Points
mintTips to get a personal loan with low EMIs
Although a personal loan can be a useful financial instrument, it is wise to plan your monthly EMI payments ahead. The following suggestions will help you get a personal loan with low EMIs. Key Points
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