Instant Loans

Finance ministry pulls up PSBs over mis-selling of insurance products

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

YSRCP MP Vijay Sai Reddy raises instant loan app fraud issue in RS

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 asks loan apps to display link to partner bank, NBFC: Report

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

Credit-deposit growth gap widens to a three-year high of nearly 5%

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

Top Headlines: COAI on captive pvt networks, fintechs see surge in loans

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

Small ticket, big business: Fintech firms see surge in instant loans

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

STFC not considering increase in lending rates: Company vice-chairman

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

Bandhan Bank to increase exposure to secured loans, says MD & CEO

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 NBFCs may adopt aggressive growth strategies amid competition'

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

I-T Dept raids instant loan app company; Rs 500-cr transferred illegally

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

Forget Squid Game, here are some strategies to get out of debt in real life

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

RBI warns public about shady digital lending apps promising quick finance

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

Use 'pay later' loan facility only if interest rate is attractive

However, be careful to avoid over-leveraging

Lending platform mPokket to disburse instant loans of Rs 1,200 cr in FY21

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

Not offering any emergency loan through YONO platform, clarifies SBI

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

Account aggregator to make applying for loan less cumbersome for users

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

Points you must consider before applying for instant online loans

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

Instant loans could hit your borrowing capacity for a bigger loan

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