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Are the banks lending more loans after the rate cut?

| Filed under News and Views

rate cut Are the banks lending more loans after the rate cut?

 

 

 

 

 

 

 

 

There has been cut in the intrust rates by the RBI lately too by 50 bps. The concern came with the Global economic conditions and slowdowns and the worsening of the economic situation at the domestic levels. The aim of the banks would be to boost the economy through credit markets. The frequent rate cuts and the pressure that the monetary policy has been passed by the RBI has actually put a hold with the actual credit deployment activity. The RBI’s latest data figures the credit deposit ratio has done a fall from 75.0 to 72.0 levels, at the beginning of the 3rd quarter. The primary reason that can be pointed out would be the fall in the demand of loans by the oil companies which was running to the banks when the prices shot the $100 a barrel mark. The next fiscal would be expected to see a rise in the credit lending to the corporate sector to grow well.

 

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What is Guarantor for loans

| Filed under Economy

Meghna has a financial exigency. And like most people for Meghna too a bank loan is the most reliable option. However, her bank insists that she gets a personal guarantor to process the loan request. Meghna is not alone here. Despite a successful track of repayment record and healthy financial transactions banks sometimes insist on a personal guarantor to process loans. But why and when banks insist on a guarantor? And what are the legal obligations of a guarantor? Let’s find out.

8 What is Guarantor for loans (more…)

PAN – Permanent Account Number

| Filed under Economy

Is your total income exceeding the maximum limit not chargeable to income tax? Then it is time that you get yourself a Permanent Account Number or PAN! Even if your answer is a no to the above question you will still require a PAN number if you are someone coming under the class or group as specified by the central government!

pan card 197230312 285x300 PAN Permanent Account Number


So the next time you file your income tax you are legally obliged to quote your PAN number on all papers including the tax payment challans. Moreover, you should quote your PAN if you:

  1. Buy or sell an immovable property; or
  2. Have deposits in banks that exceeds the allowable limits; or
  3. Buy mutual funds more than the specified limits.

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Taking a loan with your credit card

| Filed under Economy

Taking a loan on your credit card

Getting cash on your credit card is a very expensive affair. When you borrowing cash on your card; you may get an offer from the bank to opt for the EMI (Equated Monthly Installment) facility to make the payment. Loan from your credit card facility does not come cheap and the interest on the EMI is excessive. The interest rate may vary from 30-45% Better that you make the payment before the due date in one go and give the EMI facility a miss.

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Credit cards How Useful are they ?

| Filed under Economy

Credit cards How Useful are they ?

credit card main Full 300x268 Credit cards How Useful are they ?

Credit card is a way of payment using plastic cards. The issuer or bank lend money to the card holder on the basis of different interest rate. It is a convenience. One important thing is to use it thoughtfully. The credit card industry has seen many changes due to the financial crisis. Nowadays banks are altering credit limits, doing away with interest free periods and charging higher interest rates on the credit borrowed.

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ICICI Banks “New Terms” Get Hold Of Credit Card Defaulters At Salary Source

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card351 300x189 ICICI Banks New Terms Get Hold Of Credit Card Defaulters At Salary Source

ICICI bank is going forward with a tool to empower them which allows to collect defaulters credit card payments from the employer. Its a situation were the employees would not be able to get a hold nor object with the deduction of the default payment dues at source. The move which is now made by ICICI would be backed by the rest of the banks. This is stated with the new clause stated in the terms and conditions. There is no law which bars a bank from such a move, the move is expect to effect only the people who make defaults with their credit card payment.

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Any ATM Any Card- You can have it free

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atm machine 300x198 Any ATM Any Card You can have it free
Starting from April, All transactions from ATM’s of different Banks were made free. In simple sense you can make your ATM card to work with any bank’s ATM machine which is free of change now. Before the bank changed Rs 20- Rs 50 per transaction depending on the bank. Most of the banks were not prepared for this move, and many banks were not ready with the technical side.
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Recurring Deposit or Jeevan Saral ? Which is the best?

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coins Recurring Deposit or Jeevan Saral ? Which is the best?

 

Recurring Deposit or Jeevan Saral ? Which is the best?

You all might have heard about and has an idea of what is meant by recurring deposits schemes, acquiring small amounts of money and investing it for long term and to reap better returns at maturity. So this post would analysis some point which would tell us Recurring Deposit or Jeevan Saral ? Which is the best?
The usual players in the field were banks and post offices, now there is a new entry to this sector… any guess? Its the LIC or the Life Insurance Corporation of India. The LIC has started a special plan called “Jeevan Saral” which is famous now, Its launch was a couple of years back.

Jeevan Saral can be termed as a simple assurance plan where the policy holder choose the amount and also the mode of the premium payment. It also gives the policy holder protection from death which is of 250 times of the monthly premium, that he pays. With the age of the policy holder the terms also changes. The benefit at death includes the total risk cover plus the loyalty bonus if any. There is also promise by the LIC about the returns of premium which excludes the first year premiums and extra rider premiums.

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