Loan for personal Home at Low Intrest rate

 LIC Housing Finance and Bajaj Housing Finance on Monday announced a hike in lending rates for home loans by 0.5 percentage points. Home loans to get costlier with hike in lending rates. LIC Housing Finance and Bajaj Housing Finance on Monday announced a hike in lending rates for home loans by 0.5 percentage points. With this hike, the lowest priced product at Bajaj Housing Finance, for the salaried and professional applicants, will be at 7.70 per cent now. Despite the latest hike, the company has claimed to be offering loans at competitive rates. For LIC Housing Finance, the new interest rates on home loans will start from 8 per cent as against 7.5 per cent before the hike. The company’s chief executive officer and managing director Y Viswanatha Gowd maintained that the RBI’s repo rate hike by 0.5 percentage points has caused ‘minimum fluctuations’ in monthly installments or tenure of home loans. He also said that the demand for housing will remain robust. The RBI had raised the...

State Bank of India or SBI, India's biggest lender, increased marginal cost of funds based lending rate or MCLR on loans with effect from today, a move that will make EMIs expensive for those who availed loans benchmarked against the MCLR. The one-year MCLR is considered important from a retail loans perspective, as a bank's long-term loans like home loans are linked to this rate. The SBI one-year MCLR goes up to 7.70%, from 7.50% The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.90% from 7.7% and three-year to 8.00% from 7.80%. SBI latest MCLR rates Overnight  - 7.35% One Month - 7.35% Three Month - 7.35% Six Month - 7.65% One Year - 7.7% Two Years - 7.9% Three Years - 8% Check Latest - SBI Home Loan Interest Rates

  Credit-score provider VantageScore Solutions LLC said it would stop factoring all medical debts that are in collections into the latest versions of its scores. VantageScore’s decision goes beyond a recent move by Equifax Inc., Experian PLC and TransUnion to remove many medical collections from people’s credit reports. The three companies own VantageScore, which competes against Fair Isaac Corp., the creator of the more widely used FICO credit scores . Hospitals and other medical providers send unpaid bills to collection companies, which then report the accounts to the credit-reporting firms. The information often lowers people’s credit scores, which makes it harder to get approved for credit or to get loans on affordable terms. VantageScore expects the change to take place in October. Millions of people with medical debts in collections could see a score increase of as much as 20 points, the company said.

Led by spruced-up mobile apps, pre-approved loan limits and quicker sanctions and disbursal, public sector banks are witnessing a surge in demand for personal loans as consumption gathers pace. State-owned lenders such as Bank of India, Bank of Baroda and Punjab National Bank have seen strong growth in this segment.  Personal loans have been the forte of private lenders, backed by tech-driven loan underwriting capabilities. While State Bank of India (SBI) has always stood out for its digital banking initiatives, which are on a par with the private sector, other lenders are catching up.

 Small ticket loans now make 50 per cent of the personal loan segment and their ticket size is below Rs 1 lakh, says CRIF High Mark report. Here are four trends observed in the lending market post Covid. Small ticket loans with values of less than Rs. 1 lakh have contributed close to 50 per cent of the overall personal loan market. “The majority of people have preferred small-ticket loans, as they offered a quick online process, instant disbursal, better management of loans, and reduced ticket values.” According to a report corroborated by TransUnion CIBIL Score and Google, millennials (age group 26 – 41) formed the bulk of the retail loan borrower accounts. So, what led to this trend? Here are the details. Some Recent Trends Seen by Fintech’s/Non-Banking Financial Companies (NBFCs) Higher Interest among Consumers after Covid-19: Sucheta Mahapatra, managing director, Branch, a personal finance application, says that they saw the demand for loans rise by two times during the peak ...

Launched in January this year, InstaCard is delivered to customers within an hour of applying for a credit card in quick and easy steps on net-banking. Private sector lender HDFC Bank has issued 3 lakh instant credit cards within a year of its launch. Launched in January this year, InstaCard is delivered to customers within an hour of applying for a credit card in quick and easy steps on net-banking, HDFC Bank said in a statement. With InstaCard, customers can do online transactions on e-commerce websites immediately on receipt of the InstaCard, it said, adding, the physical card is then delivered to the customers within a few days, it said. Popularly also known as digital credit card, an InstaCard is issued using a combination of credit bureau information, pre-qualification algorithms and checks in the application form, it added.

Personal loans are effective financial solutions to raise some extra funds on an urgent basis. A personal loan can be used for any purpose including renovating your house, paying for a wedding, purchasing business equipment, setting up a new office, clubbing outstanding dues against one loan, capitalising on an investment opportunity or simply taking a long-awaited vacation and so on. Availing personal loan gives people an opportunity to fulfil their financial obligations or achieving their dreams, making them a hugely popular financial solution in the current scenario. Some of its key advantages include: # Easy application process requiring basic KYC documentations # Quick disbursal of funds # Flexible repayment tenure and attractive rate of interest. # Options to make prepayments and close the personal loan before expiry with 4 percent closure charges While the benefits of this scheme are many, the decision to opt for it is a big one. One must acquire proper knowledge ab...