Personal Loan News Aapke Interest Ki. MyLoanCare India
19th Feb 17 latest Personal Loan news on interest rate, loans, rates, charges
17th Feb 17 Citibank India launches instant chat service for its users
Citibank India has launched an instant chat service for its customers using net banking. The chat platform will enable its users to connect with bank executives through internet to resolve their queries related to cards, domestic and non domestic accounts, loans etc.
16th Feb 17 Yes Bank boosts debit card portfolio via contactless cards
Yes Bank has launched contactless debit cards to boost its debit card portfolio in lieu of its commitment to supporting the vision of Indian government of a cashless economy. Contactless debit cards will use radio frequency identification (RFID), Near Field Communication (NFC) and Samsung pay (MST) to enable the customers to make payments simply by waving their card over a reader at the point of sale.
15th Feb 17 Loans against stocks and FDs dry up amid demonetisation
An Economic Times report has highlighted a decline in the borrowing against shares and Fixed Deposits during the third quarter of FY17.. As per the data, loans against shares and FDs of the banking sector have declined by 20.6 and 5.5 percent yoy and stood at Rs. 4,700 and Rs. 60,000 crore respectively in December 2016.
14th Feb 17 Bank of Baroda plans to put in place a 2000 strong sales forces to push retail loans
Bank of Baroda is planning to put in place a 2000 dedicated and strong sales force to push its retail loans. The existing retail loan portfolio of the bank stands at 19 percent of its total domestic advances. The bank intends to focus on select centres in metros at the initial stage, gradually expanding to other centres.
13th Feb 17 IndusInd Bank plans to restrict its unsecured lending portfolio to 5 percent of its total portfolio
IndusInd Bank is planning to expand its credit card portfolio while capping the exposure of unsecured loan book at 5 percent. The bank expects to grow its credit card portfolio in tandem with the expected growth of 30 percent in its overall loan disbursements.
10th Feb 17 Retail loan and consumer loan portfolio of banks and NBFCs surges during November and December, 2016
A report by Economic Times highlighted the positive impact of demonetisation on the retail loan and consumer loan portfolios of the banks and NBFCs during the month of November and December, 2016. As per the report, several banks and NBFCs including ICICI Bank, Central Bank, Bajaj Finance and Capital First have reported fairly strong growth in their consumer durable and personal loan portfolio during the months on November and December.
09th Feb 17 RBL Bank in partnership with MoneyTap launches Zeropaper technology
RBL Bank in partnership with MoneyTap, a money lending app (owned and operated by MTYN Ltd) has launched Zeropaper technology to enable paperless loan processing. The application build on Aadhaar based electronic signature will enable the customers to apply for unsecured loans without the need to submit hard copies or paper proofs. The paperless technology is likely to bring down the operational cost of the bank and facilitate a quick turnaround for customers.
08th Feb 17 Kotak Mahindra Bank registers a high growth in its mobile channel transactions in December, 2016
Kotak Mahindra Bank has reported a growth of 108 percent in the volume of transactions on its mobile banking application. As per the president of consumer bank, the volume of transactions on its mobile banking platform during the month of December has been Rs. 4,800 crores . The bank also saw a significant growth in its credit card and debit card transactions at 49 and 188 percent respectively.
08th Feb 17 IDFC Bank ties- up with IndiaLends for offering loan to first time loan borrowers
IDFC Bank has tied up with the fintech startup IndiaLends to provide personal loans to the first time borrowers without any credit history or a CIBIL score. The bank plans to offer personal loans through an end to end completely digitised process.
07th Feb 17 Card and Aadhaar enabled payments to be available at all PDS and fertilizers depot soon
Finance Secretary of India has announced that it will install POS machines at all the PDS shops and fertiliser shops over next few months. Customers can make cashless payments using their Aadhaar number and credit or debit card through these POS machines. The number of POS installed at the PDS shops after 9th November, 2016 has increased to 2.52 lakhs.
06th Feb 17 Aadhaar based payments to be a trend changer in digital world
Managing Director of SBI has opined that Aadhaar based payments can be a game changer in the digital world due to its increased customer acceptance post demonetisation. The bank has installed 78,000 point of sales machines in the last 60 days. Aadhaar based payments enable the customers to make payments by using their aadhaar number.
04th Feb 17 Banks are likely to cut loan rates due to slow credit growth
Economists in India have indicated that RBI may reduce repo rate by 25 basis points in the upcoming monetary policy. The government may cut the rate in a bid to revive the sluggish demand for loans during 2016. However, economist at Nomura believe that the rate cut may not happen due to rising international oil prices and interest rates. The monetary policy is scheduled to be announced on 8th February, 2017.
03rd Feb 17 SBI launches combo Metro Cards
State Bank of India has launched combo Metro Card for the commuters of metro rails in Chennai. Combo Metro Card carries dual benefit to the consumers. The metro card can be used for the access on metro stations and also as a shopping cum ATM debit card. The bank will also issue a credit card variant of the combo metro card to the consumers.
01st Feb 17 ICICI Bank registers a decline in its net profit during third quarter of FY17
ICICI Bank has registered a decline of 19 percent in its net profit at Rs. 2,441 crore in third quarter of FY17 as compared to Rs. 3,018 crore for the corresponding period a year ago. Non-interest income of the bank also declined and reached at Rs. 3,939 crore during the quarter as compared to Rs. 4,217 crore a year ago. However, the bank has registered a decent growth of 18 percent in its retail loan business during Q3 of FY17.
01st Feb 17 SBI to increase its stake in two credit card joint ventures
State Bank of India is expected to increase its share holding in two of its credit card joint ventures with diversified American conglomerate GE. The bank expects to increase its stake to 51 percent from the existing share of 40 percent in back office and technology arm of GE and to 74 percent from 60 percent in SBI cards and payments.
30th Jan 17 Retail loans portfolio in Kerala registers a decent growth
CIBIL in its report has highlighted a decent growth in retail loan portfolio in Kerala in last two years of 2015 and 16. Retail loan disbursements of the state have grown at 22.76 percent during the two year period as compared to 21.54 percent over 2015. As per the report, demand for agricultural loan and gold loan has been the highest as compared to other retail loan categories.
25th Jan 17 HDFC Bank registers growth of 15 percent in third quarter of FY17
HDFC Bank has reported a growth of 15 percent in its net profit to Rs. 3,865 crore in third quarter of FY17 as compared to Rs. 3,356 crore in the corresponding period a year ago. Provisions for bad loans rose by 9.46 percent to Rs. 715 crore during the quarter as compared to Rs. 653 crore a year ago. Domestic retail and whole sale loan portfolio of the bank grew at an healthy rate of 17.8 and 16.8 percent respectively during the quarter.
24th Jan 17 HDFC Bank to see a fall in its loan growth during third quarter of FY 17
Analysts at Bloomberg have forecasted a decline in loan growth of HDFC Bank during third quarter of FY 17. As per the reports, loan growth is likely to fall to 15.4 percent during the third quarter on a year on year basis. Retail loan disbursements and corporate loans are likely to suffer the most resulting in weak loan disbursements.
23rd Jan 17 PNB launches contactless credit card PNB Wave N Pay
Punjab National Bank has launched a contactless credit card named PNB Wave N Pay. Customers can make the transactions by waving the card across the terminal without entering their PIN number. The card has been launched at Visa Platinum Platform and will permit the transactions up to Rs. 2, 000.
20th Jan 17 South Indian Bank to focus on growth in its retail and MSME business
South Indian Bank in its investor presentation has stated that the bank will work for enhancement of its retail and MSME business through its centralised marketing and processing centres. The bank intends to increase the volume of fresh loan disbursements across various loan types such as business loan, home loan and personal loan.
19th Jan 17 Fundstiger.com launches first automated loan chatbot in India for business and retail loans
Fundstiger.com, a leading fintech company,has launched an automated loan chatbot service for business and retail loan borrowers. The service will provide guidance on business and retail loans over messenger to its retail and MSME borrowers. With the service, Fundstiger has become the first company in India to launch an automated loan chatbot.
17th Jan 17 State Bank of India likely to increase its stake in its credit card joint venture SBI cards
SBI is likely to increase its stake in its credit card joint venture named as SBI cards and payments services (SBICPSL). SBI expects to complete the deal by March, 2017. Currently, SBI with 47.6 lakh credit cards has the second largest number of credit cards in circulation in the country.
17th Jan 17 Yes Bank hired Silicon Valley based Gunshup to develop banking chatbot for loan offerings
Yes Bank has announced a partnership with Silicon Valley based Gunshup (a bot platform) to develop its chatbot named as YES mPOWER. The chatbot will facilitate customers to perform transactions on various social messengers. Customers will also get full information about various loan products (personal loan and mortgage loan) of the bank on the platform.
14th Jan 17 Retail loan applications fall 31 percent after demonetization
CIBIL in its report has highlighted a decline in volume of retail loan applications to 31 percent during 1st November to 31st December, 2016. The volume of retail loan application has dropped to 10.3 million as compared to an expected 14.9 million during the two month tenure after demonetisation.
13th Jan 17 HDFC Bank reduces personal loan interest rates to 11.29 percent
HDFC Bank has reduced its personal loan interest rates by 20 basis points. The revised personal loan interest now stands at 11.29 percent as compared to 11.49 percent earlier.
12th Jan 17 CIBIL reports a slowdown in retail loan portfolio of banks post demonetization
CIBIL in its report has highlighted a decline in demand for consumer durable loans and auto loans by 60 and 43 percent respectively during November and December this year as compared to previous year. The volume of loan applications has reduced across various loan segments and has been reported at 12 lakh, 16 lakh and 15 lakh for categories of consumer durable loans, personal loans and auto loans respectively during the two months period post demonetization.
11th Jan 17 Retail loan portfolio registers strong growth in Maharashtra
As reported in a RBI publication, Maharashtra has reported a strong growth in bank credit at 12.45 percent on a year on year basis in September 2016 as compared to 7.89 percent at an All India level. Personal loan has emerged as the fastest growth segment registering an annual growth of 21.25 percent in September 2016. The data also reports healthy growth in other loan segments including vehicle loans and consumer durable loans.
05th Jan 17 HDFC Bank reduces personal loan balance transfer rates to 11.29 percent
HDFC Bank has announced reduction in personal loan balance transfer rates for special corporate. The rates are now revised to 11.29 percent as compared to 11.69 and 11.99 percent earlier. The new balance transfer rates are valid for all logins till 31st January, 2017.
28th Dec 16 AU Financers gets approval from RBI to start small bank operations
Au Financers, a NBFC has received RBI approval to set up a small bank. The company has operations in 10 states with 300 branches. Au Financers provides loans for purchasing commercial and personal vehicles to its customers which include both, individuals and MSMEs.
27th Dec 16 Farmers who repay their crop loans promptly are now eligible to get an additional 3 percent interest subsidy for 60 days
As per the scheme announced for 2016-17, in addition to a subsidy of 2 per cent per annum, prompt payee farmers will be eligible for an additional interest subvention of 3 per cent for two months. The subsidy will be available for farmers who pay their crop loan due in November and December. The benefit is not available on the loans repayable after one year. The loan accounts which will be included in the scheme are running working capital accounts for crop loans with any bank with a sanctioned limit of Rs 1 crore or less. The scheme is also applicable on term loans including personal loans and business loans.
14th Dec 16 Bajaj Finance sees a slower demand for personal loans, but impact of disbursals is minimal
Bajaj Finance has maintained a stable outlook on its personal loan business. The NBFC expects to maintain its personal loan disbursements volumes, even with a slower demand growth. Demonetisation has resulted in slow demand for personal loans.
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
23rd Nov 16 Personal loans rise to 19.3 percent on retail push by banks
The share of personal loans in total credit has increased to 19.3 percent in June, 2016 as compared to 17.9 percent in March, 2016, as per RBI. The increase is seen as a result of shift in focus by lenders towards retail segment and away from corporate segment.
09th Nov 16 Axis Bank launches Premier offer for personal loans
Axis Bank has launched a personal loan offer for the top executives of high category companies. Employees earning more than Rs.50,000 per month can avail personal loan at the rate of 13.50 percent with 1.50 percent processing fees. The offer is valid for logins from 3rd November, 2016 to 23rd December, 2016 and disbursal on or before 31st December, 2016.
18th Oct 16 Citibank gives special Diwali offers on personal loans
Citibank personal loan offers reduction in rates to 11.49 per cent for digital channels and online applications made at MyLoanCare. Bank offers 0.50 per cent discount on processing fee and an Amazon Gift Voucher of Rs. 250 for loans disbursed till 3rd November, 2016. Also, get a Flipkart Gift Voucher upto Rs. 2500 on applying through MyLoanCare.
11th Oct 16 Fullerton India gives special offers on personal loans
Fullerton India has come out with special offers on personal loan in this festive season for the people of Andhra Pradesh and Telangana. Fullerton India is offering 0.5 per cent waiver on personal loan interest rates and special gifts for high value loans. The company is also offering 50 per cent waiver on processing fees of personal loan to women applicants. The offer is valid from October 1, 2016 till Diwali.
04th Oct 16 Tata Capital introduces Happy Hours for personal loans
Tata Capital introduces Happy Hours named social media promotion for its personal loans product. During the Happy Hours the prospective buyers can apply for the loan with ZERO processing fees for the limited period of 6 hours only. The promotional offer of personal loans will exclusively be available on the social media pages of Tata Capital. They have successfully completed two rounds of Happy Hours and the next round will be on 5th October, 2016 from 1 PM to 7 PM only.
27th Sep 16 Tata Capital Witnesses an Uptake in Personal Loans
Tata Capital has seen a heavy growth in retail loans, especially personal loans in the current financial year. Tata Capital has noticed a 68 per cent jump in the number of personal loans disbursed between April to July to over Rs. 220 crores in the current fiscal from Rs.130 crore in the last fiscal.
06th Sep 16 Federal Bank launches Digital Personal Loans
Federal Bank has launched Digital Personal Loans for its customers to avail personal loans instantly with minimal paper work. Now customer can get personal loans in a minute by just logging into its website. The loan money will be credited to the account of the customer after the approval of the offer by the borrower. This is the third digital retail loan scheme offered by the bank after car loan and loan against term deposit.
03rd Sep 16 Paytm to offer personal loans with 10 banks-
Paytm has partnered with 10 banks for providing personal loans to users in next few months. Small ticket loans ranging from Rs 5,000-10,000 will be approved in 30 minutes. Whereas the larger amount loans of about Rs 2 lakh will be approved in 1 or 2 days.
25th Aug 16 Banks may soon provide personal loan through ATM machine
Banks can now provide small value personal loans to its customers using ATMs as a point of disbursal. Banks are relying on retail credit products to increase their growth. ATM being the point which is frequently used by every bank customer can now in cases of emergencies also accessed by an individual to avail loan immediately by going through an easy process. The bank will decide customer credit worthiness through his work profile, income, personal details If he customer is interested in taking a loan, he will swipe a card at the ATM, enter the required loan amount, agree to the terms and conditions of the bank end expect to receive his loan disbursals in seconds.
09th Jun 16 Bajaj Personal Loan Prepayment Charges
Bajaj Finserv has announced that it will now charge 4% foreclosure charges in case the customer forecloses Bajaj personal loan at any time before end of loan tenure. Part payment of Bajaj personal loan has been restricted to 25 percent of loan outstanding after 1 EMI. Surprisingly, the changes are applicable to both new and existing customers. Thus, loans that were booked with nil prepayment and nil foreclosure charges will also be covered by the new rule. The rule applies to Bajaj best selling Flexi and Term Loans.
23rd May 16 HDFC Bank plans to open 500 new branches this fiscal
HDFC Bank plans to open about 500 new branches this financial year as part of its steps to expand footprint. About 60% of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas. Last fiscal, the bank opened 506 branches leading the tally to 4,520 at the end of March 2016. Of 506 branches, 256 branches were opened in semi-urban and rural areas. The branches will provide facilities like loans, deposits and savings.
21st May 16 Fullerton India reports 32% increase in profit
Fullerton India reported 32% increase in net profit during the last financial year to Rs 301 crore. The company reported 43% increase in profit before tax to Rs 430 crore for the fiscal year ending 31st March 2016. The profit for the year increased by 43% to Rs.430 crores as against Rs 301 crores in the previous year. NPA for the current year was at 1.3%. Fullerton India saw growth of 33% in its assets under management, at Rs 11,508 crore as compared to Rs 8,669 crore during the last financial year. Fullerton India gives loans against property, commercial vehicle loans and personal loans.
17th May 16 Govt can park surplus funds with banks, says SBI chief
SBI has sounded the alarm after deposit growth slowed to 9.9% in FY16, with chairman calling for the government to park surplus funds with banks instead of the RBI to make up for fund shortage. SBI has also raised concerns over slow growth in loans to industry, which grew by only 2.7% in FY16 as compared to 5.6% in FY15. The government ends up with a short term surplus because of the gap between its revenue mobilization and actual expenditure. Unlike corporate money, which even if unutilized is available with the banking system, unspent government money remains idle with the RBI.
14th May 16 Bajaj Finserv Announces Flash Sale on Personal Loans
Bajaj Finserv Announces Flash Sale on Personal Loans Offers a rate of interest as low as 12.49% on loan amounts exceeding Rs.6 lakh between May 9 and 15, 2016. The company has been a leading player in the space of personal loans as it offers some unique benefits to its customers. The company offers instant online loan approval with its end to end online Personal Loan solutions. By opting for a Personal Loan from Bajaj Finserv you can get instant approval in 5 minutes and disbursal in your bank within 72 hours.
13th May 16 Kotak Mahindra Bank Q4FY16 standalone net profit rises 32%
Kotak Bank reported standalone net profit of Rs. 695.78 crore for the quarter ended March 31, 2016, registering growth of 31.99%. NII for the quarter stood at Rs. 1857.24 crore, clocking growth of 65.36%. Gross NPA for the quarter stood at 2.36% up 51 bps yoy For the year ended March 31, 2016, the bank reported net profit of Rs. 2089.78 crore, registering growth of 11.99% yoy. NII for the current period of Rs. 6900.38 crore was up 63.37% yoy.
12th May 16 Kotak Mahindra announces rise in earnings, becomes 2nd most valued private bank
At a time when most Indian banks profitability has been marred by high levels of bad loans and provisions, Kotak Mahindra Bank earnings reflect the rise of yet another superior class bank despite the challenging times. The private lender which closed the year with a credit cost of 83 bps has guided towards a total credit cost of 45 to 50 bps for FY 2017. The bank also expects a loan growth of over 20% in the coming year largely on the back of revival in the CV, small business and SME segment.
04th May 16 Yes bank revises lending rate downwards
Yes Bank on Tuesday cut its MCLR by 0.10 per cent across tenors, reacting to similar moves by competition. Yes Bank one year MCLR will now be 9.5 per cent as against 9.6 per cent earlier. The MCLR cut is effective from May 1. Once the MCLR is reduced, all loans linked to it, including home, car, personal, and education, become a bit cheaper.
17th Mar 16 Capital Float introduces special schemes for women entrepreneurs in India
Capital Float, the pioneer of digital lending in India has launched a new program specifically targeted at women entrepreneurs across India, in a bid to encourage and drive the women entrepreneurship initiatives across India. The program is currently active and is scheduled to run from 8th of March to the 31st of March.
As a part of this initiative, woman entrepreneurs can apply for collateral free working capital with zero processing fees, with an extremely short turnaround time of two days for loan approval. The interest rate for borrowing across their products has also been slashed to 16 percent.
15th Mar 16 ICICI Bank launches Ferrari range of credit cards
ICICI Bank announced the launch of co branded credit cards with Italian luxury sports car manufacturer, Ferrari. The bank will issue two types of cards. The platinum card would have a joining fee of Rs 999 plus service tax, it would also have an annual fee of Rs 499 each year which would be waived off if spends in the previous year are of Rs 125000 or above. For the signature card, the joining fee is Rs 3,999 plus service tax, while the annual fee of Rs 999 each year would be waived off if spends in the previous year touch Rs 250000 and above.
25th Feb 16 Now, no surcharge on card, digital payments
With an aim to discourage cash transactions, the Union Cabinet approved withdrawal of surcharge, service charge and convenience fee on card and digital payments.
25th Feb 16 PNB loan recoveries hit hurdle in Maharashtra
The Delhi-based public sector lender has blamed the state government for inordinate delay in giving approval and assistance to take over the assets of defaulters.
24th Feb 16 Banks offer 10-second loan to retail customers in India
Banks find it profitable to lend to the middle class population for purchasing consumer durables. Retail loans rose by 18% in November on a yoy basis while loans to industry rose only 5%
16th Feb 16 NPCI to Launch RuPay Credit Card by July
NPCI will launch a RuPay credit card by July this year and from September, China Union Pay and Japan Credit Bureau foreign cards will be accepted in India
11th Feb 16 ID theft tops lists of frauds in personal finance
In India, identity theft tops the list of frauds in personal loan segments and accounted for 77% of the fraud cases in the first quarter of 2015
02nd Feb 16 HDFC Bank ATM network to sell loans to non-customers too
HDFC Bank is now using its ATM network to acquire customers of other banks who use its ATMs
01st Feb 16 HDFC Bank to offer personal loans, credit cards at ATMs
HDFC Bank will extend small instant loans to its customers at ATMs based on their transaction details, salary credits, balances, credit and debit card repayments.
18th Dec 15 Be careful, Man loses 70k in pursuit of fake personal loan
A man lose Rs 70,000 after falling prey to a fraudulent advertisement which claimed to disburse an instant personal loan of Rs 1 lakh at very low interest rate
15th Dec 15 Wedding loan market in Mumbai estimated at Rs 500 to 700 crore
NBFCs and banks like SBI have introduced a new category of loans specifically for weddings
23rd Nov 15 Yes Bank to issue first credit card by June
Yes Bank plans to issue its first credit card in a bid to strengthen its retail banking business over a period of 12 to 18 months
15th Nov 15 Consumer lending portals startups take on banks & NBFCs
Several online consumer lending start-ups are making financial products and services more accessible to consumers ignored by banks
05th Nov 15 Loans against fixed deposits jump 13% by Sep-end
Loan against FDs have posted a yoy growth of 13.1% as on Sep end, as consumers increase consumer spending before Diwali
15th Oct 15 HDFC Bank ATMs to offer spot loans
HDFC Bank is extending the functionality of its ATM from providing anytime money to extending anytime loans.