ESAF Bank launches electric vehicle loan scheme ‘Go green’

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The Thrissur-based ESAF Small Finance Bank Limited has announced the latest “ESAF Go Green” range of electric vehicle loan schemes. The launch coincides with COP26.

“ESAF Go green” loans validate ESAF Small Finance Bank’s social business strategy seeking a triple bottom line impact; people; planet; and prosperity. We believe that these products will help the customers discover the eco-friendly electric vehicles at low-interest rate, zero foreclosure charges, minimal processing fee and zero documentation charges.” ESAF Small Finance bank said in a statement.

Also read: ESAF Bank join hands with Nabard for local economic development

The government and local bodies have introduced concessions and incentives to increase the use of electric vehicles which are beneficial to consumers and the environment. The government had also given special consideration in the budget to promote the use of electric vehicles. ESAF Small Finance Bank caters to more than 46 lakhs customers through its 550 banking outlets across 21 States and two UTs.

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BOI conducts ‘customer outreach programme’ in Delhi, BFSI News, ET BFSI

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New Delhi [India], November 13 (ANI): With an aim to take mainstream banking services to the people, the Bank of India has been conducting “Customer Outreach Programme”through its branches across the country to include more and more people in the mainstream banking and offer them banking services of their choice.

One first such programme was conducted at Srinagar on October 6, 2021.

According to the official release, BOI conducted another ‘Customer Outreach Programme” at its National Banking Group, New Delhi on November 11 with an attendance of over 100 customers including new and existing customers from all the branches across the New Delhi Zone.

The programme was inaugurated by Managing Director and CEO Atanu Kumar Das by opening New 116 BCs outlets at various locations in Ladakh, Delhi, Punjab and Rajasthan.

Speaking on the occasion, Das highlighted various initiatives taken by the bank under RAM (Retail, Agri and MSME) in recent times for the benefit of its customers.

He informed that the bank has recently slashed ROI for home loans and vehicle loans and has posted a net profit of 1,050.98 crores for the quarter of September 2021 marking a rise of 99.89 per cent.

He said, “BOI is committed fully to the economic revival process.”

He further added that BOI is at the forefront of successfully implementing all the government-sponsored schemes viz. MSME, Mudra, Stand-up, Start-up, PM SVANidhi schemes.

Bank has achieved 33 per cent PMSBY enrolments in PMJDY against DFS Targets 30 per cent for Q2FY21-22 and has won the “APY Annual Award (2020-21)” for overall performance for achieving ‘per APY’ target. The bank is implementing an E-PLATFORM solution for Straight through the process of major Banking products.

Das also distributed sanction letters to the beneficiary customers of various banking products viz. Housing Loan, Vehicle Loan, Stand up and Startup, MSME and PM SVANidhi schemes to the tune of ‘300cr.

It is noteworthy that during the month-long “customer outreach programmes”, the Bank of India has sanctioned ‘5000 cr and disbursed more than 4000 cr in the RAM segment alone. Another 8500 cr disbursal was done in corporate segments.

Bank intends to enrol 1500 BCs in these states during this quarter. Field General Manager Arun Kumar Jain, Zonal Manager, New Delhi Zone Ajay Kumar Panth, other senior officers and respective branch heads along with customers were present during the programme. (ANI)



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Bank of India cuts home, vehicle loan rates, BFSI News, ET BFSI

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State-run Bank of India on Sunday announced a cut in its interest rates on home and vehicle loans by 35 basis point and 50 basis points, respectively.

With this cut, the interest rate on home loans starts at 6.50 per cent against earlier 6.85 per cent, and at 6.85 per cent against 7.35 per cent prior on vehicle loans, the bank said in a release.

This special rate, which is effective from October 18, 2021, till December 31, 2021, is available for customers applying for fresh loans and also for those seeking transfer of loans, it said.

The lender said it has also waived processing charges for both home and vehicle loans till December 31, 2021.

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Medium industries show a sharp 72% jump in credit growth in July, BFSI News, ET BFSI

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With the easing of restrictions of movement and economy, credit offtake is also rising.

The credit growth in the last two months is being led by is led by MSMEs, agriculture and retail even as corporate lending stays tepid.

Lending to MSMEs, agriculture and retail picked up sharply in July this year over previous year’s levels, data on sectoral deployment of bank credit released by the Reserve Bank of India showed.

Credit to agriculture and allied activities expanded 12.4% in July 2021 as compared with 5.4% in last July. But credit to medium industries rose at a much faster pace – by 72% – in July 2021 as compared to a contraction of 1.8% a year ago.

Hinterland growth

Much of the growth has accordingly come from urban, semi-urban and rural areas. Weighted average lending rates on outstanding and fresh loans are down 91 basis points (bps) and 80 bps, respectively, since the pandemic-induced lockdown in March 2020.

Credit to micro and small industries rose 7.9% in July 2021 as compared to a contraction of 1.8% a year ago.

Retail loans, too, expanded at a faster pace of 11.2% in July 2021 as compared to 9% a year ago, primarily due to higher growth in ‘loans against gold jewellery’ and ‘vehicle loans’ growth of 1.4% a year ago.

Credit growth to the services sector slowed to 2.7% in July 2021 from 12.2% in

July 2020, mainly due to slowdown in bank lending to ‘NBFCs’, and ‘commercial real estate.

In June

Loans to agriculture and allied activities showed an accelerated growth of 11.4 per cent in June 2021 as compared to 2.4 per cent in June 2020.

Retail loans, covering housing and vehicles, among others, registered an accelerated growth of 11.9 per cent in June 2021 compared to 10.4 per cent a year ago.

The overall credit growth in the industrial segment fell by 0.3 per cent in June 2021 from growth of 2.2 per cent a year ago.

Credit to medium industries rose by 54.6 per cent in June 2021 compared to a contraction of nine per cent a year ago.

Credit growth to micro and small units rose to 6.4 per cent in June 2021 compared to a contraction of 2.9 per cent in June 2020.



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Tata Motors partners with Bank of Maharashtra for passenger vehicle retail financing scheme, BFSI News, ET BFSI

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Homegrown auto major Tata Motors on Monday said it has partnered with Bank of Maharashtra to offer retail financing scheme for its passenger vehicles.

Under the partnership, Bank of Maharashtra will provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.15 per cent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions, the company said in a statement.

Besides, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturist, it added.

On the other hand, a maximum of 80 per cent financing can be availed on the cost of the vehicle by corporate clients, the company said.

Tata Motors Passenger Vehicles Business Unit Vice president, Sales, Marketing and Customer Care Rajan Amba said, “Given the ramifications of the second wave of the pandemic, we, at Tata Motors, have always tried to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates.”

The partnership with Bank of Maharashtra is aimed at offering special finance schemes to support to the company’s customers in these tough times, it added.

“We hope that these offers will make the process of purchasing a car that much easier for customers and that this will positively impact their overall buying experience of Tata cars,” Amba said.

Bank of Maharashtra Executive Director Hemant Tamta said, “We are optimistic that we can forge a great partnership and serve our customers with the best products and services.”

Tata Motors said the partnership is also offering its customers a hassle-free option of getting their loans approved with zero processing fee till September 30, 2021 under “Monsoon Dhamaka Offer”.

Prospective buyers can also avail of a special EMI option starting with Rs 1,517 per lakh for 7 years.banking



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