Digital Loans

Geojit Credits, a non-banking financial company (NBFC), on Monday announced the launch of Loan Against Mutual Fund (LAMF). Under the scheme, the investors can avail loans starting from Rs 10,000 in digital mode. A LAMF allows investors to raise instant funds at attractive interest rates for their short-term liquidity requirements by keeping their mutual fund investments as collateral. "Our newest product, digital Loan Against Mutual Fund will be of great help to investors who can avail loans at competitive rates and not redeem their MF investments, which is part of their long-term wealth creation and investment plan," Bejoy Anthraper, Business Head of Geojit Credits, said. Geojit Credits is a subsidiary of Kochi-based Geojit Financial Services.

They say the rogue apps can come back using some other name or some forged documents

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The RBI came out with the guidelines on digital lending in September and gave time until November 30 for players to comply with the 'existing loan' category

They must also avoid applying for too many loans within a short span

The name of the bank or NBFC on whose behalf the app lends should be mentioned on the former's website

Digital lending involves giving and recovering loans through web platforms or mobile apps. Here are the new regulations and why they have been introduced

Indian CAs are accused of not conducting due diligence before signing several statutory documents for several Chinese loan apps

Rules are in the right direction

The Reserve Bank of India (RBI) on Wednesday released its guidelines for digital lending, listing companies allowed in the business, the rules for loans and data collection, and how fee is charged

Most of the dubious apps are originating from one particular country and as a result a lot of borrowers are harassed and money is being extorted from by these apps, she said

The Bureau of Immigration has issued a lookout circular against three Chinese nationals for allegedly operating an illegal digital loan app in India, officials said on Sunday

Loans can be issued to you both legally and fraudulently. So if there's a suspicious entry in your credit report, get to the bottom of the matter immediately

The personal loan programme will disburse up to Rs 1 Lakh per loan, repayable over a maximum of 36 months. The partnership is being launched in over 15,000 pin codes

Panel set up by the RBI finds more than half of about 1,100 digital loan providers operate illegally.

Analysts say the risk for traditional lenders is that they will get pushed further away from the front end of the finance chain

Anurag Thakur informed the Parliament that the MCA does not capture the data of registered companies providing online lending services

Forget lack of faith, there is fear of the law enforcement machinery even among educated, sophisticated, middle-class people

Cost of capital for most lenders has also gone up as fund flows from banks and NBFCs have dried up despite liquidity infusion by RBI; but things are looking up from last month as establishments reopen

Apex bank says digital platforms claim to offer hassle-free loans to individuals and small traders, but don't disclose who they are associated with