Personal Loan News Aapke Interest Ki. MyLoanCare India
29th Mar 17 latest Personal Loan news on interest rate, loans, rates, charges
29th Mar 17 ICICI Bank ties up with Truecaller for making UPI payments
ICICI Bank has tied up with the Swedish communication company Truecaller to launch a new UPI (Unified Payment Interface) based payment service that will operate via truecaller app. Truecaller will allow its 150 million customers to transfer money using UPI application of the bank. Customers can make payments though the app by creating UPI ID instantly and transfer money to the mobile number registered with BHIM app.
29th Mar 17 SBI to raise stake in SBI card by the end of June
SBI is expected to raise its stake in its credit card joint ventures from the existing 74 percent by the end of first quarter of FY18. Under the process, SBI will infuse Rs. 1,160 crore in the two joint ventures. Earlier this month, SBI got an approval from its board to raise stake to 74 percent in two of its credit card joint ventures with Generic Electric Company.
29th Mar 17 SBI to offer zero annual fee credit cards to account holders
State Bank of India has decided to offer credit card with zero annual charges to all its account holders with to the balance of Rs. 20,000. The card will offer carry nil annual fees for four yearsand is targeted at expanding the base of its credit card users under its digital payments initiative SBI Unnati.
28th Mar 17 SBI signs agreement with Odisha government on banking services
State Bank of India has signed an agreement with Odisha government to provide banking services through SHGs (Special Help Groups) in the unbanked areas of the state. The bank will offer wide range of banking services to customers including deposits, withdrawals , personal loans, home loans and loan against property. With this, Odisha has become the first state to offer banking services in unbanked areas through SHGs under its mission Odisha Livelihood Mission (OLM).
28th Mar 17 Indian Bank to focus on retail sector for growth
Indian Bank has launched its new branch in Kovaipudur, taking its branch tally in Coimbatore to 88. The bank has decided to increase its focus on retail business. As per available data, total retail loan portfolio of the bank in Coimbatore, Tirupur and Nilgiris stands at Rs. 3,000 crore.
28th Mar 17 RBI likely to go for status quo at April review
Reserve Bank of India is likely to opt for status quo and keep the repo rate for banks unchanged despite low inflation during the month of March. As a result of which banks, including the large ones like SBI, ICICI Bank, PNB can be expected to keep their interest rates unchanged and not revise them downwards for various loan segments including personal loan, home loan and business loan.
24th Mar 17 Punjab National Bank launches new branch in Jammu district
PNB with its aim to spread across the rural areas has successfully inaugurated a new branch at Khour, the border town of Jammu. Chief official of the bank has assured the local population of the city to provide best banking services including the loan facilities including personal loans for agricultural and allied activities. With the new branch, the bank has reached to total of 105 branches in the state of Jammu and Kashmir.
23rd Mar 17 ICICI Bank opens new branch in Guwahati
ICICI Bank has opened a 20th bank branch in Guwahati. The bank branch will offer comprehensive range of banking services including savings account, deposits and loans such as auto, gold, personal and business loan and credit cards. ICICI Bank has 4,504 branches as on 31st December, 2016 spread across the country.
23rd Mar 17 GE Capital to sell its stake in SBI credit cards joint venture
GE Capital, co partner of India’s leading bank State Bank of India in credit card joint venture is set to sell its 26 percent stake. The stake will be purchased by the leading private equity firm Carlyle Group for around 300 million dollars. The decision of selling the stake came after SBI has decided to infuse Rs. 1,160 crore to buy partial stakes of GE Company in two of its entities.
18th Mar 17 Deutsche Bank considering sale of Indian retail business
Deutsche Bank is planning to sell its retail business of India. The bank plans to utilize the sale proceeds for expanding its capital base. Deutsche Bank had sold part of its mortgage business in India in 2010 and a small unit of asset management in 2015. The bank has total assets of Rs. 693 billion and earned a profit of Rs. 23 billion for the year ending March 2017.
18th Mar 17 Card business of Citibank India grows on continuous technological innovations
Citibank India has been able to build a successful card business with its strong focus on continuous technological innovations. The bank has launched Pay in Points feature which enables customers to make payment via reward points and NoRedirect initiative that helps customers to directly make a payment at merchant’s website via OTP.
18th Mar 17 Deutsche Bank considering sale of Indian retail business
Deutsche Bank is planning to sell its retail business of India. The bank plans to utilize the sale proceeds in expanding its capital base. Deutsche Bank had sold part of its mortgage business in India in 2010 and a small unit of asset management in 2015. The bank had total assets of Rs. 693 billion and earned a profit of Rs. 23 billion for the year ending March 2017.
17th Mar 17 Axis Bank opens new branch in Nadiad
Axis Bank has announced the opening of new branch in Nadiad, Gujarat. The new bank branch will provide digital services such as Axis Pay and Axis Mobile application and offer all loan products including personal loan, home loan etc. With the opening of new branch, total number of branches of Axis Bank in Gujarat has reached 282 branches.
17th Mar 17 SBI credit cards to attract 15 percent discount from Qatar Airways
State Bank of India has announced a partnership with Qatar Airways to provide discount up to 15 percent to the retail and corporate credit card holders of the bank. Under the new offer, person buying tickets via SBI cards will get a discount of 15 percent and 10 percent respectively on business class and economy class tickets. The offer is valid from 7th April to 30th September, 2017.
16th Mar 17 SBI to raise stake in its credit card joint ventures to 74 percent
State Bank of India has announced its decision to raise stake in two Credit Card Joint Ventures with General Electronic Company to 74 percent. As per sources, the bank is planning to infuse Rs. 1,160 crore in two of its credit card joint ventures SBI Cards and Payment Services Pvt ltd and GE Capital Business Processes Management Services Ltd. SBI currently holds 60 percent in SBICPSL and 40 percent stake in GECBPMSL.
16th Mar 17 HDFC Bank personal loan portfolio rises by 30 percent
HDFC Bank has reported a significant growth in its personal loan portfolio at 30 percent in FY17. The growth has been driven by increasing popularity of the digitized personal loan product of the bank launched last year and the bank’s ability to keep bad loans under check.Last year, HDFC Bank had launched a 10 second personal loan under which the bank receives a demand Rs. 500 crore of personal loans every month.
11th Mar 17 ICICI Bank launches second season of its mobile app development challenge, ICICI Apathon
ICICI Bank has launched the second season of its mobile app development challenge named ICICI Apathon. The bank has launched this initiative to attract participation from young developers, technology startups, technology entrepreneurs and students for facilitating the creation of innovative banking application services. The leading credit card security partner of the bank, Visa has extended its support to the bank in organising Apathon.
11th Mar 17 Kotak MF launches Go Digital
Kotak Mahindra Asset Management Company has launched a digital platform named Go Digital. The digital platform will enable the distributors to build their own website or mobile application. With the help of digital platform, Kotak Mutual fund investors can access their portfolios, view scheme details and check for documents required for investment.
11th Mar 17 Personal loan from Bajaj Finserv at 12.75 percent
Bajaj Finserv has launched a new personal loan offer for loan borrowers at 12.75 percent. Loan borrowers can apply for the loan via Bajaj Finserv online website. The NBFC is also offering loan application within 5 minutes and loan disbursements within 72 hours of loan application. As per sources, customers can avail loan of up to Rs. 25 lakh repayable with tenure of 12 months to 60 months. The offer is valid from 6th March to 13th March, 2017.
11th Mar 17 HDFC Bank digitizes 1,200 dairy cooperatives across India
HDFC Bank has digitised over 1,200 dairy cooperatives across India. The move is expected to benefit about 3.2 lakh dairy farmers across 16 states under the aegis of its Milk to Money (M2M) programme. M2M is aimed at bringing the farmers in to the organised banking system, digitising the dairy value chain and providing dairy farmers an easy access to banking products including personal loans, business loans and other financial services.
10th Mar 17 ICICI Bank is not likely to reduce interest rates further
ICICI bank has denied the possibility of any further cut in interest rates across loan segments. The bank has taken the decision in view of unchanged repo rate in the sixth biannual monetary policy released by RBI. The bank is likely to wait for policy rate cut by RBI before taking any decision on further rate cuts. ICICI Bank has registered a decent growth of 12 and 18 percent in its domestic loans and retail loans respectively during third quarter of FY17.
10th Mar 17 5Financial institutions are coming forward to provide superior services to women entrepreneurs
Financial institutions such as banks, MFIs and insurance companies are coming forward with a women sourcing network. Banks and insurance companies are working to provide superior financial services to women entrepreneurs. SBI has started educating and guiding women entrepreneurs via conversational banking about various loan products such as personal loans and business loans. The bank is also providing information related to CIBIL Score and other banking services for women.
09th Mar 17 Revised bank charges of SBI for accounts is likely to subsidise the cost of Jan Dhan and financial inclusion accounts
SBI bank has revised several charges for its Savings bank account holders. The bank believes that the revised charges are likely to subsidise the cost of accounts opened by persons under Pradhan Mantri Jan Dhan Yojna (PMJDY). As per sources, the extra charges will help the bank to reduce the pressure of cost of handling, transporting, recycling, counting, maintaining, and transporting the financial inclusion accounts opened under Jan Dhan Yojna. Recently, the bank reintroduced penalty on non-maintenance of minimum balance in accounts and increased the charges on cash transactions beyond the permissible limit.
09th Mar 17 Kotak Mahindra Bank sold 1.5 percent stake to Canadian Funds
Chief of Kotak Mahindra Bank has sold 1.5 percent of his personal stake in Kotak Bank to two Canadian Pension Fund managers for Rs. 2,255 crore via open market transaction. The 2.76 crore shares were sold at Rs. 817 per share. Under the sale, 1.84 crore share of the bank were purchased by CPDQ fund and the remaining shares were taken by Canada Pension Plan Investment Board. As per sources, the move will help the bank to comply with RBI directive on promoter shareholding that should stand at 30 percent.
09th Mar 17 Red Carpet raises 2.5 milion dollars for student micro lending in India
Gurgaon based micro lending firm Red Carpet has raised funds worth 2.5 million dollars to provide loans to students who lack access to bank credit. The micro lending firm in association with other micro finance lenders will provide interest free loans to students up to Rs. 8,000 repayable within a month. Red Carpet is a micro finance lending firm launched in 2015 to facilitate loans to students.
08th Mar 17 Home Credit India announces zero percent Barsey campaign to celebrate Holi with zero percent loans on smart phones
Home Credit India announces Zero percent Barsey scheme, a Holi festival scheme for first time retail loan borrowers across major Indian cities. The scheme offers zero percent interest loans scheme on all leading smartphone brands in major cities of India including Delhi NCR, Mumbai, Jaipur, and Bangalore. Zero percent Barsey retail loan scheme is expected to increase the customer base of the company.
07th Mar 17 HDFC Bank launches artificial intelligence based chatbot EVA
HDFC Bank has announced the launch of first ever artificial intelligence based chatbot EVA (Electronic Virtual Assistance) to provide superior customer services. EVA can instantly answer millions of customer queries across multiple channels. With this platform, customers can also get relevant information about the products and services of the bank.
04th Mar 17 PNB raises Rs. 1,500 crore as Tier- I capital via bonds
Punjab National Bank has raised Tier I Capital of Rs. 1,500 crore via bonds on a private placement basis. The bonds carry interest rate of 8.95 percent payable semi annually. The bonds are unsecured, subordinated, fully paid up and non- convertible in nature and will be eligible to be counted as Tier I Capital of the bank.
04th Mar 17 Union Bank to strengthen its retail and MSME loan portfolio
Union Bank of India is planning to focus on strengthening its business across various loan segments including retail and MSME loans to meet its targets. The bank has reported a decent growth in its share of domestic loans that increased to 54.8 percent during third quarter of FY17 as compared to 51 percent for the corresponding period in FY16.
03rd Mar 17 Federal Bank adds new features to its mobile banking application
Kerala based Federal Bank has upgraded its mobile banking application with new features. Customers can now open term deposits, recurring deposits and tax saving deposits via mobile baking application. The update also includes the facility such as hotel and bus booking and digital payments for various utilities including insurance, mutual funds, donations etc. The updated features can be used by both resident and NRI customers of the bank.
02nd Mar 17 Credit growth of Indian banks remained sluggish during January, 2017
Credit growth of Indian banks continued its declining trend with a decline of at 3.5 percent on year on year basis at the end of January, 2017 despite a marginal month on month growth of 0.7 percent. Slow growth in credit has been across many of the economy including agriculture, retail and services. Retail sector has witnessed a sluggish growth in loan disbursements and recorded a growth of 12.9 percent year on year as compared to 13.5 percent in December, 2016 and 14.6 percent in November, 2015.
01st Mar 17 United Bank of India plans to enter into credit card business
United Bank of India is planning to enter in credit card business to grow its high margin unsecured loan portfolio. As per the leading bank official, planning is in its initial stages. The bank has witnessed a significant fall in its total advances at Rs. 67,866 crore in third quarter of FY17 as compared to Rs. 70,243 crore for the corresponding period a year ago.
28th Feb 17 IDBI Bank to restrict corporate loans and expand its retail loan business
IDBI Bank has decided to limit its fresh loan disbursements to corporate sector due to rising quantum of bad loans. Simultaneously, the bank has decided to expand its business in retail loan segment. The decision has been taken to arrest the burgeoning non-performing assets.The bank has witnessed a significant rise in its non-performing assets by Rs. 5,111 crore at Rs. 35,254 crore during the third quarter of FY17.
25th Feb 17 Oxyloans targets to disburse Rs. 100 crore in 100 days from 1st march, 2017
Oxyloans, a Hyderabad based peer to peer lending firm, targets to disburse loans worth Rs. 100 crore in 100 days from 1st March, 2017. As per leading official, Oxyloans has received 270 loan applications forms worth Rs. 250 crore from various business sectors. The P2P lending platform offers loans across multiple segments including personal loans, business loans and SME loans.
22nd Feb 17 Government launches BharatQR code to encourage cashless payments
With a view of encouraging customers to go cashless, Government of India in association with National Payment Corporation of India has launched another digital payment channel BharatQR code. Customers can make payments without swiping their credit and debit card by scanning the QR code that will be generated by merchant. With QR code, government intends to replace card swiping terminals. To support the initiative, NPCI has partnered with 14 banks including RBI and ICICI Bank.
21st Feb 17 Bandhan Bank to retain its focus on retail loans
Bandhan Bank is planning to retain its focus on the retail loan segment. Currently, 91 percent of its lending portfolio is in micro loans. Leading official of the bank has hinted that the bank is planning to target the financially excluded customer segments in rural areas. With a focus on rural sector, the bank expects to grow its loan portfolio to Rs. 22,000 crore by March 2017.
21st Feb 17 Home Credit India plans to tap customers through online channels
Home Credit India, a leading NBFC in India is planning to offer financial services through online channels to Indian customers who are increasingly shifting towards online purchasing. The company expects a three- fold growth in its loan portfolio in the year 2017 as compared to Rs. 1,570 crore during 2016.
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.