Instant Loans

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

He said the police arrested only the Indian agents and the companies were operating from China, and were also working without permission of the RBI

Google also said that the digital lending apps that fail to comply with the rules, will be deleted from the Google Play Store

Development fuels concern that slow deposit growth could emerge as one of the biggest constraints for loan growth in the system

The IRDAI is considering a proposal to make insurance frauds a parameter for calculating credit scores in an attempt to put a lid on the increase in such activity

A recent report by CRIF High Mark has it that small-ticket personal loans contributed 50 per cent by volume in FY21

It will be 'nimble-footed' as a NBFC and not seek a banking license, says Umesh Revankar

Private lender Bandhan Bank will gradually increase its exposure to secured loans by enhancing advances to the housing and MSME sectors, an official said. Presently, the bank's exposure to MFI loans, which are unsecured, is 47 per cent, and the share of its advances to the housing segment is at 24 per cent, retail at two per cent and the micro, small and medium enterprises sector at 27 per cent. Bandhan Bank MD and CEO Chandra Shekhar Ghosh told PTI that "the lender will increase its exposure to secured loans and has set a target to increase disbursements to housing and medium-size MSME loans. Advances to MFIs and small-ticket MSME loans are unsecured". He said that 25 per cent of its MFI loans will be converted to formal MSME advances as the interest rates in the segment are similar to micro-credit or the loans given to self-help groups (SHGs). There will be "no impact on the profitability" of the bank as there is no difference in the interest rates, he said. In the last quarter

Gold loan portfolio across banks has jumped by more than 89 per cent year-on-year to Rs 60,700 crore in FY21 and Rs 70,900 crore in the first nine months of FY22

A fintech company engaged in giving instant loans through a mobile app has been found to have repatriated Rs 500 crore 'non-genuine' funds overseas, the CBDT said

The most-expensive-debt first approach is cost-effective, while debt snowball has been found to be the most successful

Informs public about exorbitant rates of interest charged by such apps, and use of muscle power to recover dues; guides on reporting rogue service providers

However, be careful to avoid over-leveraging

Borrowers can avail loans of up to Rs 30,000, with the amount being instantly credited to the user's bank account or digital wallet, the company said

SBI, however, said it is in the process of introducing a pre-approved personal loan offering through YONO to provide relief to its salaried customers during Covid-19 crisis

An app will take a user's consent to share financial data with organisations

It's best to stay away from instant online loans; there could also be hefty pre-payment penalties

Instant money could come in the form of personal loans, bridge loans, loan against a credit card, or maybe a 'payday loan' where repayment is made when your next salary is credited