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Talks are on to also conceptualise a PM-SVANidhi kind of scheme for tenant farmers
The network is set to roll out full-suite of B2B and B2C financial services including insurance, mutual funds and credit cards; and some unique ones like crop yield financing and cow financing.
Envisaged capex set to increase 54 percent to Rs 2.45 lakh crore in FY25 from Rs 1.59 lakh crore in the previous year
Borrowers are applying for small-ticket personal loans to meet immediate financial needs, such as medical expenses, debt consolidation, home renovations, holidays, education costs, and the like. Before applying for a loan, it is important to evaluate the key fact statement and other parameters.
Bank of Maharashtra, HDFC Bank and ICICI Bank offer interest rates between 10 and 10.8 percent on a personal loan of Rs 5 lakh for a tenure of 5 years.
PSBs disbursed Rs 24,997 crore in 2022-23 and Rs 28,699 crore in 2023-24, Minister of states for Finance, Pankaj Chaudhary said.
On co-lending front, Ajay Kumar Srivastava said many proposals are there but it's a matter of pricing and the bank takes a call accordingly.
Your credit score, down payment and debt-to-income ratio are among the metrics used by banks to decide whether you can repay the loan or not. .
Marriage Loan: There is a growing trend among youngsters nowadays to contribute towards their wedding expenses and not have their parents burdened. While this is an appreciable thought, it works best if the children have saved up money for this. If not, then their only option is to borrow.
The average ticket size of micro loans has increased by 12 percent in FY24 and more than 12 percent of borrowers have taken a loan from four or more lenders.
The loan amount will depend on the type of mutual funds you offer as security. While you can get about 70-80 percent of the value of your debt funds as a loan, in case of equity funds, you'll get about 50 percent.
Bandhan Bank, ICICI Bank and Bank of Baroda offer interest rates between 9.47 and 11.40 percent on a personal loan of Rs 4 lakh for a tenure of 4 years.
Last month, the Reserve Bank of India (RBI) proposed that banks and non-banking financial companies (NBFC) set aside a provision of 5% of the total loan amount of infrastructure projects at the construction phase, a sharp jump from the 0.4% required currently.
In November 2023, the RBI had increased risk weightings on certain loan categories of unsecured credit by 25 basis points to signal to lenders to moderate the pace of high growth and manage stress.
In the last 12 months, the BSE Midcap index and BSE Smallcap index have gone up by 64.5 percent and 60.5 percent, respectively, compared to the 21.6 percent rise in the Sensex.
The ever-evolving landscape of the Indian property market presents both challenges and opportunities for millennials & GenZ, who dream of owning a home.
Study Abroad: You should have a strong academic record and a confirmed admission letter from a recognised university to strengthen an education loan application for studying abroad. Avoid giving false information in the application form to process the loan. These can cause rejection of the education loan.
Education financing is pivotal in ensuring equitable access to higher education for students from all walks of life. However, it demands careful navigation to sidestep potential financial traps.
The data also showed that the credit outstanding towards commercial real estate stood at Rs 4,48,145 crore in March 2024. It was at Rs 2,97,231 crore in March 2022.
The trend of borrowing money to fund vacations can weigh heavily over the years. The better option may be to look for ways to boost income, create additional avenues for income or create a corpus via recurring deposits or savings schemes. This will be easier than schemes that bear the burden of high interest rates.
While many banks offer education loans for study in India and abroad, not every student may be able to get one easily and at an attractive interest rate. A lot depends on the pedigree of the institute that you have got admission to. Read on to know more.
In a personal loan, a fixed amount is given to you upfront. In an overdraft, a monetary limit is approved and you can withdraw any amount up to that. There is also a difference in the way interest is calculated in the two cases, among other things.
Co-lending to personal loans will fall this year, data from CRISIL and some NBFCs executives show. RBI's changing risk weights on personal and consumption loans is forcing NBFCs and banks to look at MSMEs
For existing borrowers there are opportunities to switch lenders in the current scenario with several banks offering home loans starting around 8.5 percent. The new home loan borrowers should scout for banks offering loans with the narrowest possible spread. This will reduce the interest payable.
The homegrown investment fund A91 Partners is learnt to have put in $45 million, while the rest came in from existing investors such as Norwest Venture Partners.
