A recent press report said that State Bank of Travancore (SBT) has revised interest rates for domestic and NRO term deposits. In addition to that the bank has also updated the schedule by merging ‘time buckets’ of above one year and announced new rates. According to reports the new schedule comprises of four such buckets… Read More »
A bank is eligible to demand additional security when property prices fall. Even if you are loyal on your EMI payments, this clause demands a security cover in addition to your loan amount and if a borrower fails to provide such a security then he/ she may be declared a defaulter by the lender.
The RBI has warned the banks against violating the interest rate reset clause for the benefit of the bank. RBI said that it has observed that some banks raise their interest rates every time the base rate is changed. This is happening despite the fact that it is clearly stated in the documents of the… Read More »
As an after effect of the recently announced Monetary policy in which the Repo rates were increased by 50 basis points and also the interest rates on Savings accounts hiked from 3.% to 4.% many local banks have increased their interest rates on retail loans which include Home Loan, Personal Loan, Car Loan etc. According… Read More »
Now there is talk of recession being over, markets being revived and the in general people out of their cautious cocoons where they were waiting and watching before grabbing the loans at attractive interest rates. For the past few months every bank has been vying with each other to provide competitive interest rates that will… Read More »
Banks have something called the benchmark prime lending rate, which is a reference interest rate that is used as a benchmark to determine the interest rate that is passed on to the customer. This will accordingly reflect in the EMI the borrower has to shell out to repay his loan. The interest rate that is… Read More »
There are a few more options too that you could look at. For instance, you can obtain a loan against the surrender value of your life insurance policy from the insurance company or from a bank or obtain a loan from your provident fund account if you have had an employee provident fund account for… Read More »
The banks are fighting tooth and nail to get the government to agree to reduce the interest rates on the savings account which is already a measly (at least from the common man’s perspective!) 3.5%. The savings account rates are dictated by the Reserve Bank of India which is an indirect indicator of the government’s… Read More »