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08 July, 2020, 10:55 AM IST

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No corporate loan sanctions, renewals without LEI code: IRDAI

In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) code on or before July 31, 2020. The IRDAI also asked the insurers to advice their corporate borrowers having total exposure of Rs 50 crore and above to obtain LEI code on or before June 30, 2020 and provide the same.

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  • ‘We will try to improve and grow our book in retail’

    Lenders face problems on two fronts – LAP loans to developers with property as security cover and other categories of borrowers who collateralised personal properties. The first category of borrowers – the developers – is most likely to default on repayments, lenders believe.

    PFC, under the administrative control of the Ministry of Power, is the largest non-banking financial corporation (NBFC) in power sector in India.

    Lenders told ET that they were more stringent in extending the second phase of the moratorium.

    The subvention will begin from June for the next one year for borrowers that had opted out of the moratorium offer. RBI extended the moratorium benefit till August 31 for borrowers under stress. The ministry also said that banks, NBFC and MFI that channel Mudra loans to the bottom-of-the-pyramid borrowers cannot raise interest rates on Shishu loans till the subvention scheme remains operational.

    The subvention will begin from June for the next one year for borrowers that had opted out of the moratorium offer. RBI extended the moratorium benefit till August 31 for borrowers under stress. The ministry also said that banks, NBFC and MFI that channel Mudra loans to the bottom-of-the-pyramid borrowers cannot raise interest rates on Shishu loans till the subvention scheme remains operational.

    Gold loans attract an interest of 11.9% to 16% depending on the tenure of the loan.

    Charge filings with the Ministry of Corporate Affairs, compiled by data intelligence provider Propstack, show that ICBC and CDB have not disbursed any large-ticket term loan in India since 2018.

    "Asset quality will likely be impacted most for personal loans and credit cards with home loans and auto loans experiencing less of a shift" said a report by credit bureau Transunion Cibil. Based on a historical analysis of consumer payment hierarchy, the TransUnion CIBIL research observed that when norrowers face financial distress, they pay mortgages first, then personal loans, and cards are the last product to be prioritized in terms of payment obligations relative to those other products.

    The notification, on Wednesday, widened the scope of CSR, which was earlier restricted activities benefiting the army, navy and air force veterans and their dependents and war widows.

    A senior government official said that PFC and REC have fixed interest rates under the liquidity package at 8.75% for three-year loans, 9% for five year loans, 9.25% for seven years and 9.5% for 10-year term loans. The interest rates will be valid for the next 60 days.

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