Housing Development Finance Corporation (HDFC) has re-introduced a scheme of offering loan against property. Loan against mortgage of Property is regarded as a riskier business as against home loans, and so, attracts a far higher rate of interest as against home loans. To lower the risk in these loans, HDFC has said it will offer… Read More »
India will continue withdrawing economic stimulus introduced during the financial crisis and carry on increasing interest rates on personal loans despite uncertainty associated with euro zone’s debt problems, finance minister said. Pranab Mukherjee said that a worsening debt crisis in Europe could affect India’s and other emerging economies’ exports and growth, but this risk was… Read More »
US auto maker General Motors said it would either introduce or display an electric car in the Indian market next year, but refuted vying with the Tata Nano on price aspect. The President and MD of GM India, Karl Slym, said “I would like to say that you will start to see opportunities for sale… Read More »
Japanese car maker Toyota is looking into the likelihood of establishing a research and development facility and engine plant in India, the head of its joint venture said. MD of Toyota Kirloskar Motor Hiroshi Nakagawa said Toyota presently conducts R&D in Japan and Thailand, among other places. He said one of the alternatives being looked… Read More »
Bank deposits rates in India are anticipated to increase, providing relief to citizens reeling under inflation and low returns on their savings, according to the research wing of global rating agency Moody’s. “Indian bank depositors will soon see interest returns rise for the first time since late 2008,” Moody’s Analytics said. It said further, “The… Read More »
With the number of banks going for a hike in withdrawal limits of their debit cards increasing, the cost of refilling the ATM machines with adequate cash has also increased. Recently, HDFC Bank had hiked the withdrawal limits of its debit cards. Loney Antony, MD of payment services company Prizm Payments, says, “On transactions at… Read More »
India’s biggest lender, State Bank of India has said it will declare its base rate by June 15 and the rate will be computed according to SBI’s cost of deposits. SBI Chairman O P Bhatt said, “For State Bank alone, we are looking at the cost of deposits and not the cost of funds (for… Read More »
HDFC Bank can double in size every 4 years, but is not intending to become the biggest among all, said Deepak Parekh, Chairman of the HDFC Ltd. He said, “Our bank is growing very well, we are satisfied with that. We are not planning to be State Bank of India, we are not looking to… Read More »
The government may ask for modifications in the prepayment rules to allow a home loan borrower to move to cheaper lenders if his bank increases interest rates shortly after disbursing the loan. The government wants banks to give a 2 month window to their new borrowers to move to some other bank without prepayment penalty… Read More »
Indian banks posted a fall in outstanding personal loans during the initial 3 weeks of May from the earlier month while investments increased, as per the data released by the Reserve Bank of India. Loan growth decreased by 0.2%, or Rs7,423 crore, to Rs3,23,000 crore as of May 21 from the April end, while investment… Read More »