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
The main advantage of increasing the loan tenure is that the monthly EMI becomes smaller. With a smaller EMI, customers can easily manage their household expenses without feeling too much financial strain. Disadvantages of Long Loan Tenure A longer loan tenure means that the responsibility of repaying the loan extends over many years, keeping the … Read more
Reserve Bank Governor Shaktikanta Das did not cut the repo rate for the 11th consecutive time, but he has announced a significant benefit for farmers. After the Monetary Policy Committee (MPC) meeting, Governor Das revealed that the collateral-free loan limit for farmers has been increased by Rs 40,000. This means that farmers can now borrow … Read more