05th Dec 16 NBFCs faces rough phase in its LAP segment
Loan against property (LAP) segment of NBFCs has been facing growth crises post demonetisation. The growth rate of business is expected to fall to 15 to 20 percent in this financial year as compared to 22 to 24 percent two years ago. CRISIL, leading credit rating company prospects an increase in loan delinquencies to 2.7 percent in March, 2017 as compared to 1.9 percent a year ago.
02nd Dec 16 ICICI Bank reduces its MCLR by 5 basis points
ICICI Bank has reduced its overnight and three months marginal cost of lending rate by 5 basis points to 8.70 and 8.80 percent respectively. ICICI Bank has also reduced its one year lending rate to 8.90 percent from 8.95 percent earlier. Revised rates are effective from 1st December, 2016.
02nd Dec 16 Kotak Mahindra Bank cuts MCLR up to 30 basis points
Kotak Mahindra Bank has reduced its six months and one year marginal cost of lending rate to 9.05 and 9.20 percent from 9.20 and 9.45 percent respectively. The bank has reduced its three year lending rate by 30 basis points to 9.25 percent from 9.55 percent earlier. Revised rates are effective from 1st December, 2016.
02nd Dec 16 Manappuram to launch Anytime Pawn Machines for instant gold loans
Manappuram Finance, leading gold loan company, has announced the launch of a new scheme to provide instant gold loans to customers. Under the scheme, company will install Anytime Pawn Machines nationwide. The machine will issue the new currency notes to customers in exchange of their gold and jewellery.
02nd Dec 16 Muthoot Finance to launch an instant gold loan scheme for customers
Muthoot Finance has announced the launch of an instant gold loan scheme for its customers. As a part of the scheme, Anytime Pawn Machines will be installed that will issue new currency notes to the customers in exchange of their gold jewellery. The machine will use laser technology to check the weight and purity of gold before issuing cash.
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