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<ul><li><keyword id="111876" type="General" weightage="20" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>’s market cap overtakes that of <keyword id="45123" type="General" weightage="20" keywordseo="hdfc" source="Orion">HDFC</keyword>, one of the largest home financing companies.</li><li>With this, Bajaj Finance is now the eighth largest company on the exchanges in terms of market cap.</li><li>The market capitalisation of the NBFC became ₹4.18 lakh crore more than that of HDFC at ₹4.17 lakh crore.</li></ul>Pune-based financial services company, Bajaj Finance, has now become the eighth largest company in the Indian market in terms of market capitalisation, even surpassing home financier major Housing Development Finance Corporation. Bajaj Finance is putting its best efforts to grow a digital community for its lending and credit business. It has now brought all its offerings under one app and has also done away with more physical credit cards. The app allows customers to secure loans, repay, get EMI cards, track their FDs, house insurance, investments etc. For future growth, the company is expecting investments from global giants for capital and technology partnerships. Bajaj Finance is also eyeing a banking license with its huge loan book. “We expect the digital transformation to start bearing fruit in terms of better cross-sell from the second half of FY23,'' said a Bernstein Research report. In fact, analysts believe the depth of offerings on the BAF app are in line or even better than apps of the large private sector banks. This offers Bajaj Finance a new lever for customer acquisition, engagement, and cross-sell. The market capitalisation of Bajaj Finance became ₹4.18 lakh crore more than that of HDFC at ₹4.17 lakh crore. Shares of Bajaj Finance surged more than 2% today as market momentum picked up slightly <a href="https://www.businessinsider.in/stock-market/news/indian-stock-market-is-bummed-out-for-at-least-three-reasons-and-none-of-them-are-going-away-in-a-hurry/articleshow/89561390.cms">after a stressful day on February 14</a>. India top ten biggest companies listed on the stock exchange <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><thead><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Top 10 large companies </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Market capitalisation </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Reliance Industries </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹16.10 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">TCS </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹13.99 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">HDFC Bank </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹8.29 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Infosys </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹7.24 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Hindustan Unilever </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹5.39 lakh crore </th></tr><tr><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">ICICI Bank </th><th style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; overflow: hidden; overflow-wrap: break-word;">₹5.26 lakh crore </th></tr></thead><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.53 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.18 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Housing Development Finance Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.17 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.88 lakh crore </td></tr></tbody><tbody></tbody></table>Later, shares of Bajaj Finance came down slightly and at par with HDFC. On the other hand, home finance company HDFC is also doing well with strong demand but with multi-year low home loan rates. Adding to it, shares of other listed group companies have been underperforming the market for a long time now. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last one-year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+24.10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+55.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6.08% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life Insurance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17.49% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Asset Management Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-26.85% </td></tr></tbody><tbody></tbody></table>Shares of the company will rise more as the core business i.e. home lending has got potential and is well on track to get transformed into an adaptable new age fin-tech, said analysts at ICICI direct. The brokerage firm expects the price to rise by 37% to ₹9,500 per share. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firms </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,700 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICIdirect </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,500 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bernstein Research </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9,440 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,500 </td></tr></tbody><tbody></tbody></table>High return ratios, superior asset quality, high growth rates, which bounced back very fast post lockdowns and digital initiatives will keep multiples of Bajaj Finance well above best-in-class banks (like <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Kotak Mahindra) and be at par with companies like SBI Cards, said analysts at Axis Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/these-are-discounts-and-perks-for-lic-policyholders-will-get-while-applying-for-the-ipo/articleshow/89585424.cms">These are discounts and perks for LIC policyholders will get while applying for the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/rbi-is-hiring-950-assistants-with-a-salary-of-36000-per-month/articleshow/89583515.cms">RBI is hiring 950 assistants with a salary of ₹36,000 per month</a>

Bajaj Finance’s strong digital move made it bigger than home loans giant HDFC

<ul><li>The Reserve Bank of India (RBI) is looking at the one-time restructuring of all loans, which includes personal loans as well. </li><li>Provided you didn’t default on your loans as of 1 March 2020, you can apply to change the payment plan on your loan. </li><li>RBI has set a deadline of 1 December 2020 for all restructuring requests to be put into play and implemented within 90 days of being invoked. </li></ul>Car loans, home loans, or any kind of personal loan that you couldn’t make the payments on are now eligible for restructuring. The Reserve Bank of India (RBI) announced that it will open up a window for a one-time <keyword id="444301" type="PERSON" weightage="20" keywordseo="restructuring-of-loans">restructuring of loans</keyword> — all loans — that were impacted by COVID 19. <div type="image" title="Overall exoposure" msid="77392046" hostid="261" caption="&amp;lt;p&amp;gt;Loans under moratorium with banks across India as a percentage of total outstanding loans &amp;lt;/p&amp;gt;"></div> This means that you’re struggling to pay off your personal loans, you can ask the bank to modify the terms of repayment, get additional credit to rebuild or even extend the moratorium period. The minimum credit requirement is that you should not have defaulted on your loan payments as of 1 March 2020 or within 30 days of that day. The outstanding amount of debt at that point of time will be considered for restructuring. You have till 31 December to push for a new payment plan As per the RBI’s circular, resolution under the new mechanism has to be invoked by 31 December 2020. Once invoked, it must be implemented within 90 days. However, RBI suggests that banks and other lending institutions should try and kick off their plans earlier than the due dates. The resolution could include the following features: <ul><li>Rescheduling of payments </li><li>Conversion of interest accrued into another credit facility </li><li>Granting of moratorium </li><li>Modification of overall tenor of the loan </li></ul>The terms and conditions of how this will be determined depending on your projected income streams over the next two years. Provided the restructuring plan is put in place within the stipulated timeline, then your loan will not be classified as a non-performing asset (NPA). However, if that is not the case then rating of the loan will be done as per the borrower’s actual performance. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rbi-brings-in-kv-kamath-to-set-the-boundaries-for-a-one-time-restructuring-of-these-loans/articleshow/77388568.cms">RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans</a> <a href="https://www.businessinsider.in/finance/news/rbi-governor-shaktikanta-das-leaves-repo-rate-unchanged-to-check-inflation/articleshow/77387591.cms">‘Watchful’ RBI leaves repo rate unchanged to keep inflation in check</a> <a href="https://www.businessinsider.in/finance/news/rbi-has-opened-a-pipeline-of-funds-for-startups-home-buyers-and-green-power-producers-too/articleshow/77388903.cms">RBI has opened a pipeline of funds for startups, home buyers and green power producers too</a>

If you have a bank loan that you are unable to pay, restructuring is on its way

<ul><li>Home loan interest rates in India are lower than they’ve been in at least a decade. </li><li><keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> (SBI), <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> were among the first to slash their <keyword id="6419450" type="UNKNOWN" weightage="20" keywordseo="home-loan-rates">home loan rates</keyword>, with <keyword id="51925" type="CITY" weightage="20" keywordseo="Union-Bank">Union Bank</keyword> of India and <keyword id="6358007" type="COMPANY" weightage="20" keywordseo="bank-of-baroda">Bank of Baroda</keyword> being two newest entrants.</li><li>Select banks are also waiving processing fees and offering to take on the legal and valuation fees if borrowers want to switch over from another bank. </li></ul>Home loan interest rates have never looked this attractive in India in at least the past decade. Banks want people to take loans, and there are plenty of options for those looking to set up a new house as ‘working-from-home’ gains ground and may become the new reality. Union Bank of India and Bank of Baroda are two newest lenders to slash their home loan interest rates. India’s largest banks, including the State Bank of India (SBI), HDFC Bank, Axis, and <keyword id="6376194" type="COMPANY" weightage="20" keywordseo="kotak-mahindra">Kotak Mahindra</keyword>, are already offering home loans at heavily discounted rates. Union Bank of India currently offers the lowest home loan rate at 6.7% for women who are salaried and have a decent CIBIL score. State Bank of India <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home loan interest rate for loans up to ₹30 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home loan interest rate for loans greater than ₹30 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Processing fees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,000 - ₹17,400 </td></tr></tbody></table> Borrowers will be eligible for an interest rate concession of 25 basis points (bps) — 100 basis points form 1% — for home loans of more than ₹75 lakh depending on their CIBIL score at <a href="https://homeloans.sbi/">SBI</a>. Those applying for a home loan using SBI’s mobile app, YONO, can avail of an additional concession of 5 bps. SBI will also waive all processing fees for those applying through the app. Women borrowers will be provided another 5 bps off their interest rate. Kotak Mahindra Bank Kotak Mahindra Bank hasn’t laid out the slabs, but like SBI, its home loan interest rates start at 6.9%. In order to try and swipe some customers from other banks, <a href="https://www.kotak.com/en/personal-banking/loans/home-loan.html">Kotak Mahindra</a> claims borrowers with loan accounts elsewhere can save upto ₹20 lakh if they switch over. Women will also be eligible for special rates across loan products. Axis Bank <a href="https://www.axisbank.com/retail/loans/home-loan/axis-bank-home-loan/features-benefits">Axis Bank</a> is also offering loans starting at 6.9% interest rate per year for home loans under their ‘Dil Se Open Celebrations’ scheme ahead of the festive season. HDFC Bank As a part of <a href="https://www.hdfcbank.com/personal/borrow/popular-loans/home-loan">HDFC Bank</a>’s ‘Monsoon Bonanza’ scheme, home loan interest rates have been lowered to 6.9%. Under the offer, borrowers can avail of a home loan up to 90% of the property value, lower processing fees will apply, and there is no pre-payment of charges on foreclosure. The bank charges a 0.5% processing fee on banks, but the absolute amount has been capped at ₹3,000. <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> <a href="https://www.icicibank.com/Personal-Banking/loans/home-loan/index.page">ICICI Bank</a> is offering a 6.9% home loan interest rate, but not waiving off the processing fees, which start at around ₹3,000. Depending on the quantum of the loan and the credit score of the borrower, home loan interest rates can go as high as 7.95%. Union Bank Union Bank has slashed its home loan interest rates by 10 bps for home loans above ₹30 lakh, settling in at 7%. Women borrowers can avail of an additional concession of 5 bps. There will be no processing fee on home loans till December 31. Bank of Baroda Bank of Baroda has cut its home loan interest rates down by 15 bps. Now the interest rate on home loans is at part with education loans at 6.85% interest. The bank has waived processing fees for new loans and will bear the legal and valuation charges should a borrower wish to switch over from another bank. In an additional bonus, those who have a credit score of 700 or higher may be eligible for lower home loan interest rates that will be evaluated on a case-by-case basis. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/icici-bank-surges-6-after-it-posts-six-fold-jump-in-net-profit-at-over-42-billion/articleshow/78992379.cms">ICICI Bank surges 6% after it posts six-fold jump in net profit at over ₹4,200 crore</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-updates-pfizer-moderna-to-roll-out-covid-19-vaccine-by-december/articleshow/78924143.cms">COVID-19 vaccine updates: Covaxin, India’s first indigenous COVID vaccine, is likely to be launched by mid-2021, Israel starts human trials</a> <a href="https://www.businessinsider.in/defense/news/xi-and-modi-to-come-face-to-face-thrice-this-month-even-as-china-embarks-on-its-rail-and-road-border-project/articleshow/78995991.cms">Xi and Modi to come face-to-face thrice this month even as China embarks on its rail-and-road border project</a>

Home loan rates hit record lows as SBI, HDFC, Kotak, and others go on a slashing spree ahead of festive season

In line with the RBI guidelines, <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> is offering its customers EMI moratorium and credit card outstanding moratorium as a relief measure. We understand in this current situation there may be disruptions in business leading to low cash flows or the earnings of individuals and self-employed professionals may have been impacted. Our aim through implementing this relief package is to ensure that you can continue to take care of your family, your business and your own self and tide over this temporary situation,” the bank said in a statement. Here are the FAQs and complete details of the EMI moratorium package and ways to avail of it. 1. What is the EMI moratorium provided for loans under COVID 19 - regulatory package? The prevailing situation may pose a huge challenge for people at large. As a measure of solidarity, RBI permitted all Indian banks and financial Institutions to offer its customers up to 3 months moratorium on their EMI payments falling due between Mar 1st, 2020 to May 31st, 2020. 2. Who is eligible? All HDFC Bank customers who have availed of retail instalment loan or any other retail credit facilities prior to 1st March 2020 are eligible. Customers having overdues prior to 1st March 2020 may also opt for the moratorium, and their requests shall be considered by the bank based on its merits. All Agri Loans (Kisan Gold Card) and Microfinance customers under the Bank’s Sustainable Livelihood Initiative are also eligible. All Corporate as well as SME customers are also eligible. The bank’s relationship managers will get in touch with you or you can contact them to get further details. 3. What will happen if I choose the EMI Moratorium? Bank will not ask for any EMI Payment till May 31st 2020. Interest will continue to accrue on the principal outstanding for the period of the moratorium at the contracted rate of the loan.The loan tenure will get extended by the corresponding period for which the moratorium has been availed. For example, if the EMI for the month of Mar’2020 has been paid and moratorium for April and May’2020 has been availed, then the loan tenure will be extended by 2 months. 4. If I do not want the EMI moratorium, what should I do? If you do not want the EMI moratorium, no further action is required from your side. We will continue to bank your repayment instructions. We encourage customers with adequate funds to continue paying during this period to avoid the extra interest charges and tenor extension. However, if you skip your EMI payment during this period, it is understood that you require EMI moratorium till May 2020. 5. Why was my account debited when the RBI has announced a moratorium? Opting for the moratorium is entirely the customers’ choice. We understand that all our customers may not opt for the moratorium given that there is an additional levy of interest payable under the terms of the moratorium. If you wish to opt for the moratorium, banks can refund the EMI debited and register your loan account under the moratorium process. 6. What charges will I pay, if I avail of this EMI moratorium? If you avail the EMI moratorium, there will be a levy of interest at the contracted rate of the loan for the period of EMI moratorium on the loan outstanding. Such interest will be collected by extending the original tenor of the loan accordingly. 7. How do I get this EMI moratorium? You will have to provide your consent to the bank through any of the following ways:- Call on this number and follow the instructions – 022-50042333, 022-50042211 , 8. I have more than one loan from HDFC Bank (Eg. Personal Loan &amp; Car Loan). Can I get EMI moratorium for both the loans? Yes, you can opt for an EMI moratorium for each loan that you have availed from us. Please remember that additional interest for the EMI moratorium period will be applicable for each loan separately. 9. What if I have already paid my EMIs and would like to avail the moratorium till 31st May 2020? You can avail of the moratorium benefits for the unpaid EMIs. Please follow the process given above for availing the moratorium 10. Does the moratorium affect my Credit Rating? No. Opting for the EMI moratorium will not affect your Credit Rating or Score. 11. Does this moratorium apply for Credit Card outstanding and Loans on Credit Cards? Yes, the moratorium is available on Credit Card outstanding and Loans availed on Credit Cards for payments due from 01 Mar 2020 till 31 May 2020. The moratorium allows you to defer the payment till 31 May 2020. You are required to pay the minimum amount due or total outstanding and accrued interest charges on the due date after 31st May 2020. 12. Are all credit card customers eligible for this moratorium? Yes. All retail credit card customers will be deemed eligible for the moratorium if they are regular with their payments on or before 01st March'20 on their credit card outstanding and loans taken on the credit card 13. How do I avail the credit card moratorium? To avail the credit card moratorium, (a) voluntarily defer paying the outstanding during this period i.e. make NIL payment (b) turn off Auto Pay (in case the same is currently availed) through net banking / mobile banking to avail the benefit of the moratorium and reactivate the same post the end of moratorium period. 14. Will interest be levied for the moratorium period on my credit card outstanding and loan on credit cards? Yes, interest will be levied as per the contracted rate on the card. Opting for a 3-month moratorium allows you to defer the payment of your credit card dues and loan instalments taken on credit cards till 31st May 2020. We encourage customers to make full payments towards the outstanding wherever possible to avoid / minimise levy of interest charges for this period. Kindly note that the moratorium is a deferment of payment and not a waiver of interest. You are required to pay the minimum amount due or total outstanding along with accrued interest charges on the due date after 31st May 2020. The moratorium is applicable for credit facilities availed in India. See Also - <a href="https://www.businessinsider.in/india/news/how-to-avail-three-month-moratorium-for-icici-bank-emi-and-credit-cards/articleshow/74941936.cms">How to avail three-month moratorium for ICICI Bank EMI and credit cards</a>

Can I defer my credit card payments and FAQs on HDFC Bank’s moratorium process answered

<ul><li>Hiring trend in India’s banking and insurance sector is bouncing back after the disruption caused by the global COVID-19 pandemic.</li><li>A recent report by online job platform Monster.com says that the finance and accounts sector saw an uptick of 11% in job postings in the month of June 2021.</li><li>List of job hirings in big banks for various roles in India</li></ul>The banking, financial services and investment (BFSI) sector is one of the most crucial sectors, as it is at the core of any economy's growth. Hiring trend in India’s banking and insurance sector is bouncing back after the disruption caused by the global COVID-19 pandemic and has shown a recovery from their recent slump, according to a May 2021 report by Naukri Jobspeaks. A recent report by online job platform Monster.com says that the finance and accounts sector saw an uptick of 11% in job postings in the month of June 2021 as compared to May 2021. Here is a list of job hirings in big banks for various roles in India — 1. <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">YES Bank</keyword> — Manager YES bank is hiring a manager in Kochi, Kerala in the large corporates south department for a full time role. Candidates should have a Master of Business Administration (MBA) degree. The selected candidate will have to closely coordinate with the team leaders to ensure they effectively address the client's financial needs as when required structuring and restructuring needs. Interested candidates can apply <a href="https://yesbankcareers.skillate.com/careers/jobs/LAR00001A/details">here</a>. 2. <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> — Manager — Corporate and Commercial banking The bank is looking for a manager in Mumbai, Maharashtra for Corporate and Commercial banking department for a full time position. Candidates applying for this role should have an MBA or a post graduate diploma in management (PGDM) in any discipline or be a chartered accountant (CA) and have at least more than 2 years of industry experience. The key responsibility of the selected candidate would be to identify new business opportunities for the bank in the India-Canada corridor. Interested candidates can apply <a href="https://www.naukri.com/job-listings-manager-corporate-and-commercial-banking-icici-bank-ltd-mumbai-all-areas-5-to-10-years-150721005357?src=jobsearchDesk&amp;sid=16269185081622849_1&amp;xp=1&amp;px=2">here</a>. 3. <keyword id="6355975" type="COMPANY" weightage="20" keywordseo="axis-bank">Axis Bank</keyword> — Relationship Officer The bank is looking out for a relationship manager in Bhopal, Indore, and Raipur with1-5 years of job experience. Candidates from banking, financial services and insurance (BFSI) are preferred.The responsibility of the candidates would be to manage sales of banking products and fulfilling needs and develop sales targets. Interested candidates can apply <a href="https://www.naukri.com/job-listings-relationship-officer-axis-bank-bhopal-indore-raipur-1-to-5-years-250621005469?src=jobsearchDesk&amp;sid=16269215796571287&amp;xp=1&amp;px=1">here</a>. 4. <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> — Branch Sales Manager The bank is recruiting a branch sales manager in Bengaluru, Karnataka for a full time position. The candidate must have 2-3 years of relevant experience and should have basic knowledge of banking products, good relationship management and presentation skills. The key responsibility of the candidate would be to maintain continuous customer engagement through customer visits/ contacts or proactive solutions of customer issues and queries. Interested candidates can apply <a href="https://hdfcbankcareers.hirealchemy.com/#/description/9f26acee-5186-40aa-822e-39eeba0b7a20">here</a>. 5. Axis Bank — Branch Manager The bank is hiring branch managers at various places — Ludhiana, Shimla, Kurukshetra and Jammu for a full time role. The candidates should have an experience of at least 8-13 years in the banking sector. The key responsibilities of the candidates would be to enhance and contribute to the growth of the company through business development, prepare and review the monthly calendar of outbound activities. Interested candidates can apply <a href="https://www.naukri.com/job-listings-branch-manager-icici-bank-ltd-ludhiana-shimla-kurukshetra-jammu-8-to-13-years-100721001674?src=jobsearchDesk&amp;sid=16269215796571287&amp;xp=16&amp;px=1">here</a>. 6. YES Bank — Product Sales Manager The bank is looking for an experienced product sales manager for retail cash management services (CMS) sales department in Mumbai, Maharashtra for a full time position. The candidate should be an MBA in finance or CA and should have at least 3-4 years of experience in CMS or 5-7 years of experience in the banking industry. The candidate will be responsible for the steady flow of CMS management service businesses. Interested candidates can apply <a href="https://yesbankcareers.skillate.com/careers/jobs/RET0001AA/details">here</a>. 7. ICICI Bank — Sales/Business Development Manager The bank is hiring an experienced sales/business development manager for the corporate market group at various locations -- Ranchi, Ahmedabad and Chennai for a full time role with an experience of 10-16 years in the industry. The key responsibility of the candidates would be to handle existing customer relationships, increase wallet share of cross border transactions. Interested candidates can apply <a href="https://www.naukri.com/job-listings-corporate-market-group-icici-bank-ltd-ranchi-ahmedabad-chennai-10-to-16-years-150721001928?src=jobsearchDesk&amp;sid=16269215796571287&amp;xp=9&amp;px=1">here</a>. 8. Federal Bank — Insurance Relationship Manager The bank is hiring an insurance relationship manager for Ageas Federal Life Insurance at various locations — Bengaluru, Coimbatore, Bijapur and Belthangady for a full time role. The candidate must have a postgraduate degree in any discipline with a relevant experience of at least 2-4 years in the insurance sector. Interested candidates can apply <a href="https://www.naukri.com/job-listings-relationship-manager-banca-channel-federal-bank-ageas-federal-life-insurance-company-limited-vijayapura-bijapur-beltangadi-coimbatore-bangalore-bengaluru-1-to-3-years-100721003321?src=jobsearchDesk&amp;sid=16269268509135267&amp;xp=3&amp;px=1">here</a>. 9. HDFC Bank — Personal Banker The bank is hiring a personal banker with an experience of at least 1-2 years in the industry in Ludhiana, Punjab. The key responsibility of the candidate would be to maintain daily sales reports and ensure quality of relationships with customers. Interested candidates can apply <a href="https://hdfcbankcareers.hirealchemy.com/#/description/a6e6f134-54a8-4ea8-a60d-a5e5b0b60c6e">here</a>. 10. IndusInd Bank — Sales Manager The bank is looking for a sales manager with an experience between 2-7 years in the banking industry at various locations — Delhi, Ghaziabad and Agra for a full time position. The key responsibility of this position would be to identify and develop new relationships for generating new business through dealers. Interested candidates can apply <a href="https://www.naukri.com/job-listings-am-dm-commercial-vehicle-new-refinance-delhi-up-west-indusind-bank-limited-delhi-ncr-ghaziabad-agra-2-to-7-years-291118600523?src=jobsearchDesk&amp;sid=16269281082683911&amp;xp=2&amp;px=1">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/these-are-some-of-the-universities-that-offer-free-education-for-international-students/slidelist/84463712.cms">Planning to study abroad? These are some of the universities that offer a free education for international students</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/news/indians-planning-to-travel-more-as-covid-19-restrictions-relaxed-in-many-states/articleshow/83867486.cms">Indians are making big plans of ‘revenge travel’ as COVID-19 restrictions get lifted in many states</a>

Banking jobs: HDFC Bank, Axis Bank, ICICI Bank and more are hiring across the country for various roles

<ul><li>The government has revised the definition of MSMEs and announced various measures to help the companies.</li><li>The measures include collateral-free loans worth ₹3 lakh crore for MSMEs from Banks and NBFCs. </li></ul>As part of the Coronavirus stimulus package, the government had <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">announced</a> various measures for the Micro, Small and Medium Enterprises (MSME) — including collateral-free loans, additional debt and equity infusion. The government had also recently revised the definition of MSMEs by increasing the threshold limit for investment in these units. The government had announced an emergency credit line of ₹3 lakh crore for MSMEs from Banks and NBFCs. Finance Minister Nirmala Sitharaman’s office in a tweet mentioned that the public sector banks (PSBs) have sanctioned loans worth ₹3,200 crore on June 1, 2020. <div type="twitter" handle="nsitharamanoffc" handlename="NSitharamanOffice" image="http://pbs.twimg.com/profile_images/1175978597338664966/vcW1JOvB_normal.jpg" favoritecount="1988" retweetcount="490" status="On a single day 1 June ‘20, #PSBs have sanctioned collateral-free loans worth Rs 3,200 crore through the Emergency… https://t.co/lsKUCrhqIP" createdat="1591005755000" id="1267396114560331778"></div> The loans availed by non-banking financial companies (NBFCs) as part of the government’s initiative are not required to pay any guarantee and no collateral is required. The tenure has been fixed at four years, with a moratorium of 12 months on the principal payment. Banks that provide MSME loans <ul><li>State Bank of India</li><li>ICICI Bank</li><li>HDFC Bank</li><li>Union Bank of India</li><li>Indian Bank</li><li>Central Bank of India</li><li>Allahabad Bank</li><li>Oriental Bank of Commerce</li><li>Bajaj FinServ</li></ul>Documents required <ul><li>Duly filled application form.</li><li>Residence proof: Passport, telephone bill, electricity bill, ration card, lease agreement, trade license and sales tax certificate.</li><li>Identity proof: Passport, PAN, voter ID card and driving license.</li><li>Age proof: Passport, PAN, voter ID card.</li><li>Business registration proof.</li><li>Bank statement.</li><li>Partnership deed.</li><li>Company PAN card.</li><li>P&amp;L and Balance Sheet of the last 2 years.</li><li>Sales tax documents.</li><li>Municipal tax documents.</li></ul><keyword id="9332715" type="UNKNOWN" weightage="20" keywordseo="how-to-apply-for-msme-loan">How to apply for MSME loan</keyword> <ul><li>Visit the Udyog Aadhaar <a href="https://udyogaadhaar.gov.in/UA/UAM_Registration.aspx">website</a> and register your MSME.</li><li>Enter your Aadhaar number, name and click on ‘Validate and generate OTP’.</li><li>Enter the OTP and click on ‘Validate’,</li><li>Enter the required details in the application form and click on ‘Submit’.</li><li>You will now receive an OTP on your mobile number. Enter the OTP and click on ‘Final Submit’.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">Finance Minister Nirmala Sitharaman announces six measures for the MSME sector</a> <a href="https://www.businessinsider.in/business/corporates/news/bajaj-finance-share-price-and-earnings-expectation/articleshow/75751469.cms">Bajaj Finance’s quarterly earnings may not reflect the real potential for rebound⁠ after Sitharaman’s big push for MSME</a> <a href="https://www.businessinsider.in/business/news/the-proposed-new-definition-of-msme-will-make-90-of-indifis-borrowers-micro-says-ceo/articleshow/75740897.cms">The proposed new definition of MSME will make 90% of Indifi’s borrowers ‘micro’, says CEO</a> <a href="https://www.businessinsider.in/stock-market/news/small-businesses-with-good-turnover-can-now-be-listed-and-the-indian-government-will-buy-the-shares/articleshow/76136857.cms">Small businesses with ‘good turnover’ looking to get listed on the stock market will have the Indian government will buying their shares</a>

Here’s how MSMEs can apply for loans from SBI, ICICI Bank and others

<ul><li>More than a month after the Indian government announced the MSME loans scheme, total loans disbursed under the scheme have crossed only 5% of the target.</li><li>Cautious approach by private banks could be one of the reasons behind the slow progress.</li><li>In the public sector, State Bank of India is leading the charge, having sanctioned more than ₹14,000 crore loans to MSME borrowers.</li></ul>Small businesses are not getting the loans they need to recover from the COVID-19 shock. According to <a href="https://twitter.com/Anurag_Office/status/1272845054898561027">data released</a> by the Ministry of Finance, public sector banks have sanctioned ₹32,050 crore loans and disbursed ₹16,031 crore, which is a little over 5% of the ₹3 lakh crore package announced by the government. Private banks are yet to play their part. <div type="image" title="Share of lenders across MSME segments" msid="76438221" hostid="261" caption="&amp;lt;p&amp;gt;Share of lenders across MSME segments&amp;lt;/p&amp;gt;"></div> As part of the coronavirus stimulus package, the Indian government announced an Emergency Credit Guarantee Line Scheme (ECLGS) to help micro, small and medium enterprises (MSME) emerge from the coronavirus crisis on May 13. Further, Finance Minister Nirmala Sitharaman had to convene a meeting on June 15 with the heads of major private banks to prod them to ensure effective roll out of the <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">₹3 lakh crore ECLG scheme</a>. But, Business Insider, as well <a href="https://www.bloombergquint.com/business/government-guaranteed-msme-loan-program-runs-into-early-glitches">other reports</a>, found that suggest that private banks, like ICICI Bank, HDFC Bank, and Axis Bank to name a few, have not stepped up to task yet. The fact that <a href="https://economictimes.indiatimes.com/small-biz/sme-sector/only-30-to-40-msme-units-have-opened-for-work-in-unlock-phase-1-fismes-animesh-saxena/articleshow/76418627.cms">less than 40% of the MSMEs</a> have reopened their business since the economy started opening up on June 1 may also be a reflection of the same. <div type="twitter" handle="FinMinIndia" handlename="Ministry of Finance" image="http://pbs.twimg.com/profile_images/1135488202616102914/DkD8hlzI_normal.png" favoritecount="738" retweetcount="142" status="FM Smt. @nsitharaman chairing a meeting through VC with Major Pvt Banks &amp; NBFC to ensure effective roll out of ECLG… https://t.co/Hxxs7SeBMS" createdat="1592217837000" id="1272479954895163392"></div> <div type="Article" hostid="261" msid="76154606" title="Here’s how MSMEs can apply for loans from SBI, ICICI Bank and others" mstype="2" mssubtype="0"></div> Private banks are taking a cautious approach Some MSME borrowers told Business Insider that the private banks are taking a cautious approach for now. <div type="image" title="NPA rate across MSME segment" msid="76438269" hostid="261" caption="&amp;lt;p&amp;gt;NPA rate across MSME segment&amp;lt;/p&amp;gt;"></div> Some of the borrowers said their respective banks asked them to wait for a few more days before applying for the loan. “I was asked to come back next week to apply for the <keyword id="1524449" type="PERSON" weightage="20" keywordseo="MSME-loan">MSME loan</keyword>. The relationship manager told me that they’re awaiting instructions from their head office,” a enterprise owner in Hyderabad said on the condition of anonymity. Even for those who have an existing relationship with the banks, the formal procedure to disburse loans will take a few more days. Queries sent to leading private sector banks – HDFC Bank and Axis Bank⁠— for a comment on the status of the implementation of the scheme remain unanswered. An ICICI Bank spokesperson responded, saying, “ICICI Bank is participating in the Emergency Credit Line Guarantee (ECLG) scheme. We have executed the undertaking with National Credit Guarantee Trustee Company (NCGTC) to enrol as a Member Lending Institution (MLI) under the ECLG scheme.” ICICI Bank also said that it is reaching out to eligible customers via email and SMS. However, at the time of writing, none of the borrowers Business Insider spoke to have received any communication from the bank. The ICICI Bank spokesperson told us that the bank has sent out communication already - we have reached out to our sources to get an update on this. <div type="Article" hostid="261" msid="75717258" title="Finance Minister Nirmala Sitharaman announces six measures for the MSME sector" mstype="2" mssubtype="0"></div> Public sector banks pick up the pace, SBI leads the charge In contrast, public sector banks have picked up pace in sanctioning and disbursing loans under this scheme. <div type="image" title="Bank-wise SME segment lending" msid="76438247" hostid="261" caption="&amp;lt;p&amp;gt;Bank-wise SME segment lending&amp;lt;/p&amp;gt;"></div> State Bank of India, the largest bank in the country, is leading the charge – as of June 12, it had sanctioned ₹14,559 crore worth of loans, and ₹8,776 crore loans had already been disbursed. We reached out to credit officers in some of these public sector banks, who told us that they have already sent out communication to eligible MSME borrowers. While some of them accepted the ECLGS loan, several others had to be convinced by the officers. Since the government has fixed October 31 as the deadline for the execution of this scheme, credit officers are working to meet their targets. Private banks could pick up the pace in the coming weeks Branch managers at private banks blamed procedural delays and said that the pace would pick up in the coming weeks, depending on the interest shown by MSME borrowers. One of the reasons behind the slow uptake could be the lack of interest shown by MSME borrowers, who are either unsure about the survival of their business, or the extension of debt moratorium has eased liquidity. Confusion about the eligibility, and other conditions of the scheme could also be behind the slow uptake, <a href="https://www.bloombergquint.com/business/government-guaranteed-msme-loan-program-runs-into-early-glitches">according</a> to Vishal Kumar, co-founder of MSMEx which is an advisory firm for small businesses. At the time of writing, <a href="https://www.icicibank.com/business-banking/finance/emergency-credit-line.page?">ICICI Bank</a> and <a href="https://www.axisbank.com/business-banking/avail-msme-and-corporate-financing/general-information-policies/policy-on-lending-to-mses#menuTab">Axis Bank</a> had listed out the details of loans under ECLGS on their websites, while we were unable to confirm this for HDFC Bank. The eligibility, credit amount and interest rate for each MSME borrower will be decided based on their credit ratings. Security-backed loans attract lower interest rates when compared to government-guaranteed loans, according to the details mentioned on ICICI Bank’s <a href="https://www.icicibank.com/business-banking/finance/emergency-credit-line.page?">website</a>. Since banks are required to update the loan data every 15 days after registering under ECLGS, we should have a clearer picture in the next one or two weeks. SEE ALSO: <a href="https://www.businessinsider.in/business/news/how-to-apply-for-msme-loan/articleshow/76154606.cms">Here’s how MSMEs can apply for loans from SBI, ICICI Bank and others</a> <a href="https://www.businessinsider.in/india/news/fm-nirmala-sitaraman-announces-six-steps-for-msme-sector/articleshow/75717258.cms">Finance Minister Nirmala Sitharaman announces six measures for the MSME sector</a> <a href="https://www.businessinsider.in/stock-market/news/small-businesses-with-good-turnover-can-now-be-listed-and-the-indian-government-will-buy-the-shares/articleshow/76136857.cms">Small businesses with ‘good turnover’ looking to get listed on the stock market will have the Indian government will buying their shares</a>

Only 5% of the government’s MSME emergency loan package is disbursed after a month ⁠— private banks are sitting tight

SBI has recently revised the interest rates on its loans which work out to the advantage of the borrowers from the largest money lender of the country. The bank’s shift to floating rate based home loans follows its obligation to comply with the latest regulatory guidelines from the RBI. Earlier this year, the Reserve Bank of India has instructed all the banks to link some of their loans to the external benchmark so that the rate cuts can reach the customers quickly. SBI’s revised home loan interest rates in comparison with those of other banks <table style="border-width: initial; border-style: none;"> <tbody><tr> <td style="width: 233.75pt; border-width: 1pt; border-style: solid; border-color: windowtext; padding: 0cm 5.4pt;"> SBI </td> <td style="width: 233.75pt; border-top: 1pt solid windowtext; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left-width: initial; border-left-style: none; padding: 0cm 5.4pt;"> 8.15% - 8.80% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> HDFC Ltd </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.25% - 9.60% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> ICICI Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.60% - 9.40% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> Axis Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.55% - 9.40% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> PNB Housing Finance Ltd. </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 7.95% - 8.70% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> Karnataka Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.65% - 10.25% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> United Bank of India </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.00%- 8.15% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> Vijaya Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.10% - 9.10% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> UCO Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.40% to 8.65% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> Citi Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.05% - 9.60% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> HSBC Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.55% - 8.65% p.a. </td> </tr> <tr> <td style="width: 233.75pt; border-right: 1pt solid windowtext; border-bottom: 1pt solid windowtext; border-left: 1pt solid windowtext; border-top-width: initial; border-top-style: none; padding: 0cm 5.4pt;"> Canara Bank </td> <td style="width: 233.75pt; border-top-width: initial; border-style: none solid solid none; border-left-width: initial; border-bottom-width: 1pt; border-bottom-color: windowtext; border-right-width: 1pt; border-right-color: windowtext; padding: 0cm 5.4pt;"> 8.05% - 10.05% p.a. </td> </tr> </tbody></table> Also Read: <a data-type="tilCustomLink">Meet World's youngest climate activist from India - Licypriya Kangujam</a> Floating based loans are linked to repo rate SBI has announced that the floating based loans given away to micro, small and medium enterprises, retail and housing segments will henceforth be linked to the repo rate, which will serve as the external benchmark. Repo rate can be described as the key interest rate applied by the Reserve Bank of India on the short-term funds given to the commercial banks in the country. Also Read: <a data-type="tilCustomLink">Mukesh Ambani's Reliance, Jet Airways and other top newsmakers on 2019</a> What does the revised interest rate system mean? Linking the loan interest rates to the repo rates will mean that repo rate will be considered as the external benchmark in a way that any key interest charged by the RBI will quickly passed on to the customers. The SBI website says that the bank will have a 2.65 percent markup over the repo rate. Earlier in August, the RBI had cut the repo rate by 35 points to 5.40 percent. Hence the external benchmark rate of the SBI will work out to 8.05 percent as per the SBI’s new regulation. Interest rates on term loans In cases of term loans for the salaried class up to Rs 30 lakhs, SBI said a premium of 15 points will be added on top of the external benchmark (EBR) rate. Hence the revised interest rate of term loans in this case will work out to 8.20 percent (8.05 percent plus 0.15 percent) as per the bank’s new interest rate system. What does the revised loan rate system bring the borrowers? SBI has now decided to switch over to floating interest rates by linking the loan rates on its loans to the repo rates. This will mean that the customers will be billed based on the latest repo rates. Whenever the repo rates fall, the customers get to save. Very rarely when the repo rates go up, the borrowers will have to bear higher bills on their borrowings. However, in most cases, the floating loan interest rates appear to be much cheaper than the fixed home loan interest rates. Know that the loan rates will also be determined by factors like your income, credit score, property’s location, loan type, tenure of the loan, loan amount, type of interest rate and the promo offers in vogue.

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