Tuesday, 28 April 2015

HDFC Bank offers 10-second loan nod

Your loans will not only become cheaper, but will be disbursed faster, within seconds.
In three weeks, HDFC Bank will offer personal loans disbursed in 10 seconds through net banking, as it expands market share and gears up for increased competition from non-banking finance companies (NBFCs).
The offer is for existing customers of HDFC Bank, and will be available 24 hours a day. Customers will need to fill an online form and will be directed for a one-time password as additional security.

"We will disburse the loan in 10 seconds, even at 2AM," Arvind Kapil, senior executive vice-president, unsecured loans, home and mortgage loans, told HT. "We felt there is need to create a business opportunity through customer convenience. Today, in consumer finance, public sector banks account for 40% market share, private banks (such as HDFC) have more than 24% and NBFCs about 30%. But unlike banks, NBFCs do not have a liability franchise. So there has to be a clear differentiation in services," he added
HDFC Bank is currently testing the scheme and will formally launch it in three weeks.
This offer would be the world's fastest loan disbursal; M Bank in Poland offers disbursals in 30 seconds.
"This has been done through better technology, analytics and credit bureaus," Kapil said.
Since the recipients are existing customers whose details are known to the bank, fears of payment defaults are minimum. "This will change the way retail lending is conducted," Kapil added.

Thursday, 23 April 2015

9.9% new normal for home loan rates

MUMBAI: Interest rate on home loans appears to have settled around the 9.9% level with ICICI Bank matching lending rates of State Bank of India. The country's largest private bank said it would offer home loans to women at 9.85% and to others at 9.9%, in line with SBI's rates. 

Dewan Housing Finance and Indiabulls Housing Finance, too, announced that they have lowered their lending rates to 9.9% with effect from Thursday. Barring the five-basis-point discount for women offered by SBI and ICICI Bank, all major lenders are now extending home loans at 9.9%. 

A week after it announced a 25-basis-point reduction in its benchmark base rate, ICICI Bank said it will continue to maintain the same spread for home loans, which means that women and low-income borrowers will get loans at 9.85% — 10 basis points above its base rate of 9.75%. For all other borrowers, loans will be available at 9.9%, 15 basis points above its base rate. The base rate is a benchmark which reflects the cost of funds for a bank and interest rates on most loans are anchored to this rate. A basis point is one hundredth of a percentage point. 

While announcing the new rates, the bank said it will also offer 10-year fixed rate loans at 9.9% for borrowers up to Rs 30 lakh. The 25-basis-point reduction in the base rate with effect from April 10, 2015 will benefit all existing customers of floating home loans. 

Tags: Personal loan in chennai, Home loans in chennai, Business loan in chennai

Monday, 20 April 2015

India's banks turn to consumer loans to counter corporate slowdown

Unsecured personal loans make up just under 4 per cent of all loans:

New Delhi: Indian banks, hoping to offset a slow recovery in corporate lending, are pushing into credit cards and personal loans, using blanket advertising, cold call campaigns and even sending employees to malls to lure customers. Lending to companies has traditionally been the mainstay for banks in Asia's third-largest economy. But as India emerges from two years of slower economic growth, those loans are sour, large investment projects are stalled and company profits lacklustre.

For personal loan in chennai

Meanwhile, retail borrowers have escaped largely unscathed, with income levels still growing, albeit at a slower pace, and no large-scale job losses. The current push is the boldest since before the 2008 financial crisis, with some lenders aiming to increase loan books annually by a third or more, capitalising on Indians' growing appetite for luxuries like holidays abroad. And it is easy to see why, given the high margins and huge growth potential. India's 20 million credit cards - for a population of 1.3 billion - amount to just 0.5 per cent of total outstanding bank credit. Unsecured personal loans make up just under 4 per cent of all loans.

Source: http://www.asianage.com/business/indias-banks-turn-consumer-loans-counter-corporate-slowdown-075

Monday, 13 April 2015

5 smart tips to follow before taking a personal loan

If you have a pressing need for cash, then a personal loan is one of the options available to you. Their easy availability is one of the biggest draws. While it is certainly a good way for handy cash, they are expensive and you are best advised to look before you leap into them.

#Tip 1: Do a smart all inclusive comparison
When you plan to take a personal loan, you would observe that interest rates vary from bank to bank. The best way to get an optimal loan would be not just to compare the rate of interest or EMI, but also take into account the processing charges, documentation charges and pre-closure charges.

# Tip 2: Examine other options
Secured loans such as loan against gold or other securities usually come at a cheaper rate of interest. Hence, if you do have security that you can use, do examine that option before swinging in for a high interest personal loan.  

For enquiries about personal loan in chennai , Call 91-9710283311

#Tip 3: Do not over-shop for the loan
When you apply for a loan you leave a "footprint" on your credit record which lenders check before approving a loan. Too many loan applications bring down your credit score.
As a result lenders will see you as more of a credit risk, so your latest loan application is less likely to be approved or the rate of interest will be higher.

#Tip 4: Read the loan document
Before signing on for a personal loan, read the document properly. Ensure all the terms and conditions are filled in completely and match on those that were agreed upon while taking the loan. Very often, personal loans are marketed by agents who are more interested in meeting sales targets than giving accurate updated information to the customer. So beware!

#Tip 5: Use the money productively
Use the home personal loan for productive purposes. Personal loans are easily available, but do remember that you have to repay them and they do come with a high interest rate. It is wise to take a loan if you really need it or if it is being used to generate income that will help you repay the loan and interest.

Source: http://www.businessinsider.in/5-smart-tips-to-follow-before-taking-a-personal-loan/articleshow/46758805.cms

Thursday, 2 April 2015

After consumables, electronics and grocery, now personal loans are on sale on Snapdeal!

We all know e-tailer Snapdeal is getting more aggressive about its business. Be it the launch of its 'Dil ki Deal' campaign or its recent initiative of selling groceries to the Indian households, these are the signs that the eCommerce giant plans to foray into every possible sector. And now, popular online marketplace Snapdeal will have personal loans on sale.

Kunal Bahl, co-founder and CEO of Snapdeal, says, "Realising the various difficulties that consumers face while deciding and purchasing financial products and services and the challenges that companies face whilst reaching out to the 'right' audience, we have brought RupeePower into our family, to help solve the distribution challenges of the financial services ecosystem and make it more inclusive.

Source: http://www.businessinsider.in/After-consumables-electronics-and-grocery-now-personal-loans-are-onsale-on-Snapdeal-/articleshow/46758568.cms