To promote self-employment among young people, the Uttar Pradesh government has launched the Mukhyamantri Yuva Udyami Yojana (MYUVA Scheme). Under this scheme, eligible youth can get financial support of up to ₹5 lakh to start a small business. The biggest relief is that the loan comes with zero interest. There is also no requirement for … Read more
If you are waiting for your EMI to reduce after the recent RBI repo rate cut, this news is important. On Tuesday, Reserve Bank Governor Sanjay Malhotra instructed banks, saying, “Immediately pass on the full benefit of the repo rate reductions to customers!” Many banks, however, have not yet passed on the benefits of the … Read more
Following the Reserve Bank of India’s (RBI) 0.25% cut in the repo rate, Indian Bank has reduced its repo-linked prime lending rate (RBLR) from 8.2% to 7.95%. The bank announced that these new rates are effective from December 6. This 0.25% reduction in RBLR will make loans cheaper for customers, especially those taking home loans, … Read more
The Central Government and the Reserve Bank of India (RBI) have announced a big change: first-time loan applicants will no longer need a minimum CIBIL score. Banks cannot reject a loan request just because the person has no credit history. This decision will help millions of people who want a loan for the first time … Read more
In the coming days, home loan borrowers may have to pay higher interest. The State Bank of India (SBI), the country’s largest government bank, has increased home loan rates by 25 basis points for new borrowers. This increase will especially affect customers whose loan depends on their credit score. Along with SBI, Union Bank of … Read more
The country’s three major government banks have given good news to customers. These public sector banks—Punjab National Bank (PNB), Indian Bank, and Bank of India—have reduced their MCLR (Marginal Cost of Funds-based Lending Rate) by 5 basis points (bps) at the start of July. A cut of 5 basis points means an interest rate reduction … Read more
The Reserve Bank of India (RBI) on Friday announced a major change in the rules for gold loans, giving relief to small borrowers. The RBI has now increased the loan-to-value (LTV) ratio from 75 percent to 85 percent for gold loans up to Rs 2.5 lakh. What does a higher loan-to-value ratio mean? This means … Read more
The stage is set for home loan and auto loan rates in India to fall in the next few days. In the recent RBI Monetary Policy Committee (MPC) meeting, the repo rate — which influences bank loan rates — was cut by 50 basis points or 0.50 percent. RBI Governor Sanjay Malhotra announced the decisions … Read more
Due to geopolitical and economic uncertainty, there has been a sudden increase in the demand for gold. At the same time, central banks around the world have also been increasing their gold investments, which has further boosted its prices. The weakening of the Indian rupee against the dollar has made gold more expensive to buy … Read more
On February 1, Finance Minister Nirmala Sitharaman made important announcements benefiting Micro, Small, and Medium Enterprises (MSMEs). One key announcement was the introduction of credit cards specifically for MSMEs. This move aims to provide easier access to loans for small businesses and is expected to significantly benefit them. The credit cards will follow the model … Read more
Several big banks in India have recently updated their Marginal Cost of Lending Rates (MCLR). While some banks have increased their rates, others have left them unchanged. MCLR is the minimum interest rate that banks charge customers for loans, and it is influenced by factors such as the cost of funds, market conditions, and the … Read more