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It's back to square none. India squanders all the gains made in June

If such intermittent closures keep getting extended by local administrations, demand for the entire quarter could be impacted, said ex ...
The Economic Times
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| 14 July, 2020, 09:13 AM IST | E-Paper
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    SEARCHED FOR:CAR LOAN APPLICATION

    Lenders include COVID-19 query to clear home loan applications

    "We ask the applicants about the layoffs, pay cuts and losses in business due to coronavirus related lockdown before accepting their loan applications," said an official in the LIC Housing Finance Limited.

    HDFC Bank probes lending practices at vehicle unit

    India’s most valuable lender by market capitalization decided against proceeding with an e...

    Maharashtra faces cash crunch, takes loan to pay salaries; gives nod for purchase of luxury cars

    Maharashtra is facing a cash crunch that it ...

    • While banks and NBFCs are still reluctant to finance used bikes, the good news is the financing penetration has gone up in pre-owned cars and SUVs. Droom, for instance, saw an 85% increase in loan application in June alone.

      DRL, Glenmark, Syngene or Pfizer have a fairly good growth profile over the next few years.

      ICICI Bank announced the launch of a facility that enables retail customers to get loan of up to Rs 1 crore instantaneously by pledging their holdings in both debt and equity schemes of mutual funds.

      In April and May the increase in business volumes came more from existing customers taking advantage of higher loan-to-value (LTV) due to a spike in gold prices to increase their borrowings against existing pledges. But absolute footfalls have not increased and acquisition of new customers has not picked up.

      ​The RBI had announced the moratorium, which ends August 31, to protect borrowers hit by the Covid-19 crisis. The lenders opposed any interest waiver and defended the right to charge interest on interest, saying any waiver would set a bad precedent.

      Hundreds of customers have taken to social media to complain of intimidation and harassment by collection agents of online loan applications. They claim that cyberbullying techniques such as naming and shaming, intimidation using fake legal notices and repeated ‘harassment’ calls are being made by some companies seeking missed dues on short-term loans.

      The partnership would support all the customers segments -- salaried, self-employed, agriculturists and businessmen to purchase cars, the auto major said. Customers will benefit from the range of offers like buy now and pay later, step up EMI and balloon EMI.

      The spec sheets are in real danger of being outdone by the swelling list of purchase offers.

      A top government official told ET that public sector banks are trying to reach out to MSMEs, which are their existing customers, for loans under the ‘Atmanirbhar Bharat’ package that promised ₹3 lakh crore in collateral free loan.

      Requests have come from states such as Tamil Nadu, Andhra Pradesh, Telengana, and Maharashtra whose discoms have high payables to power plants, sources said. Uttar Pradesh discoms with Rs 14,700 crore dues to power generation companies are taking requisite approvals to submit a loan proposal, a state government official said.

      The company said it has also partnered with the leading banks HDFC and ICICI, in order to facilitate application of loans online without the need to visit any bank branch for approval.

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