Page 9 - Loans

Canara Bank launches loan products to meet hospitalisation expenses

State-owned Canara Bank on Wednesday launched a slew of new products, including a loan scheme to meet shortfall of hospital expenditure. A healthcare-focused loan product called Canara Heal is aimed at meeting the shortfall of hospitalisation expenditure while settling through TPA healthcare insurance claims of self and/or dependents, the bank said in a statement. The loan for meeting hospital expenses will be available at 11.55 per cent per annum on a floating basis and 12.30 per cent at fixed interest rate basis. The healthcare loan facility is available for customers whose treatment bill exceeds the insurance limit. The bank also introduced a customised savings account for women called Canara Angel with unique features such as cancer care policy, pre-approved personal loan Canara ReadyCash and online loan against term deposit product Canara MyMoney, it said. It is free of cost for women at the time of opening a savings account, it said, adding that existing women customers can

Microlending portfolio grows 31% to Rs 4.02 trillion in Dec quarter: Report

Microlending portfolio across lenders of all categories grew 30.9 per cent to Rs 4.02 lakh crore during the December quarter. When compared with the preceding September quarter-end, the overall portfolio showed a 6 per cent growth, the report by a credit information company said. Non-banking finance company-microfinance institutions (NBFCs-MFI) continue to dominate the sector, with a market share of 38.3 per cent, followed by 33.4 per cent for banks, 17.4 per cent for small finance banks and 9.4 per cent with NBFCs, it said. From an asset quality perspective, the loans that are not serviced for over 30 days were stable at 2 per cent, while the same for over 90 days was also stable at 0.9 per cent. The average balance per borrower inched up to Rs 48,900 during the December quarter, as against Rs 48,200 in the quarter-ago period and Rs 46,900 in the year-ago period, the data said. A bulk 83.4 per cent of the borrowers had exposure to less than 2 lenders in December, with Tamil Nadu

L&T Fin to borrow $125 million from JICA for on-lending to women, others

L&T Finance Holdings on Tuesday said it will borrow USD 125 million (about Rs 1,038 crore) from the Japan International Cooperation Agency for on-lending to women and other segments. The two entities have signed a financing pact, under which 40 per cent of the money will be allocated to women borrowers, while the rest will support farmers, micro, small and medium-sized enterprises (MSMEs) and loans to purchase new two-wheeler vehicles, including electric two-wheelers. The loan is being raised from JICA as part of a co-financing agreement with Asian Development Bank (ADB) in addition to USD 125 million it had raised from ADB in November last year. LTFH's chief financial officer Sachinn Joshi said the agreement with JICA is a substantial step toward driving sustainability and positive business impact. "This long-term loan also helps us take forward our ongoing strategy of diversifying funding sources for the company," Joshi added. JICA said poverty alleviation is a "pressing issue"

Iffco moves NCLT against Triumph Offshore, Swan Energy for restrain orders

IFFCO has moved the NCLT against Swan Energy Ltd (SEL) and their joint venture Triumph Offshore to restrain their JV firm from passing any resolution without its approval and issuing any share/security to the lenders against loans. Seeking an injunction against any such proposal, IFFCO, in its petition filed before the Ahmedabad bench of the NCLT, alleged that Triumph Offshore is pre-paying the debt, which may result in dilution of its shareholding in the joint venture firm and is detrimental to its interest. IFFCO has moved the NCLT under sections 241 and 242 of the Companies Act 2013, alleging oppression and mismanagement. It has prayed to restrain Swan Energy and Triumph Offshore "from passing any board resolution without the prior written approval of petitioner (IFFCO), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may resul

Personal loan growth stays high in January despite hike in risk weights

The personal loan segment grew 21 per cent year-on-year (Y-o-Y) in January, compared to the 22.3 per cent Y-o-Y growth registered in October 2023

MCA probing some loan apps over allegations of violating Company Law

Many gullible borrowers are often defrauded of their money by fraudulent loan apps

Corporate affairs ministry probing Chinese cos linked to mobile loan apps

The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the Serious Fraud Investigation Office (SFIO), the official said. Further, the official said that the ministry receives complaints from the Reserve Bank of India (RBI) and the ...

Bank of Baroda reduces floating rate car loan by 65 basis points to 8.75%

The Mumbai-based public sector lender also offers a fixed rate of interest option on Baroda Car Loans, starting at 8.85 per cent per annum

Overseas loans' share in total Adani group debt portfolio declines

Global bond investors keen to invest in Indian infrastructure sector

Does your loan fulfil the AA criteria?

A good loan must fulfil the AA criteria: it should 'add' to assets or income and should be 'appropriate', meaning EMI shouldn't exceed one-third of income

Lenders form panel to protect bank executives against graft cases

The committee, headed by D C Jain, a former senior officer with the CBI, is expected to suggest ways to protect bank executives from arbitrary actions related to loan decisions

Muthoot Finance Q3 results: Profit up 14% at Rs 1,027 cr on loan growth

The board also approved raising up to 160 billion rupees through an issue of non-convertible debentures

LIC Housing Finance expects to report 15% improvement in FY25 loan book

The disbursements in third quarter of FY24 was at Rs 15184 crore 5 per cent lower from Rs 16100 crore in the year ago period

Aim to double AUM to Rs 20,000 crore by FY27, says HomeFirst MD & CEO

Viswanathan discusses the demand in the housing segment and expansion plans

Murugappa Group's finance firm Chola expects AUM growth of 20-25% in FY25

Company expects healthy growth in its key business of vehicle loans and new initiatives in lending to consumer and small enterprises

Cash-strapped Pakistan seeks $2 billion loan from close ally China

Cash-strapped Pakistan has sought financial assistance of USD 2 billion from its close ally China for a year, according to a media report on Saturday. Caretaker Prime Minister Anwaarul Haq Kakar, in a letter, has requested his Chinese Premier Li Qiang to roll over the debt as soon as the deposit time for the loan from China is completed on March 23. In his letter, Kakar expressed gratitude to China for its financial assistance to Pakistan during its economic crisis as the cash-strapped country has secured a safe deposit of a total of USD 4 billion in loans from China, reducing the country's mounting pressure on external debt payments and stabilising its foreign exchange reserves, The Express Tribune newspaper reported. Earlier this month, the UAE rolled over Pakistan's maturing loan of USD 2 billion. Apart from the UAE, Saudi Arabia has deposited USD 5 billion with the State Bank of Pakistan. Following the loan rollover by the UAE, the interim government requested the Internationa

Loans for purchasing cars a rising trend in India, finds Jato Dynamics

Fleet sales, which comprise car sales to companies, organisations, and government entities that own a fleet of cars, have also seen a significant increase

HSBC ranked first for India offshore loans in 2023 helped by Reliance deals

Data compiled Bloomberg show the British bank was the bookrunner on roughly $4 billion of US-currency transactions in 2023

Backed by Jio Platforms, ZestMoney founders launch new venture SwiffyLabs

The goal of their new venture is to help financial institutions launch new-age products and leverage AI and Digital Public Infrastructure (DPI)

UP govt distributes loans worth Rs 1.72 trn in FY24 to boost MSME sector

The MSME advances clocked Rs 1.5 trillion in FY23 against the target of Rs 78,000 crore, proliferating by 191 per cent