Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[ad_2]
IIFL Finance launches instant business loan on WhatsApp
[ad_1]
Read More/Less
IIFL Finance has launched instant business loan on WhatsApp, whereby users of the latter will be able to avail loan up to ₹10 lakh with minimum documentation and get approval in five minutes.
The retail-focussed non-banking finance company (NBFC), in a statement, claimed that it has become the first NBFC in the country to launch instant business loan on WhatsApp.
Digital solutions for Gen Next banking
WhatsApp’s 45 crore-plus users across India can avail a 24×7 loan facility to get a loan in under ten minutes from IIFL Finance, per the statement.
Powered by AI-bot
Underlying this facility is an AI-bot that matches the users’ inputs to the loan offer, and facilitates the application through KYC, Bank Account Verification (BAV) and mandate setup, it added.
To avail loan from IIFL Finance through WhatsApp, the user will have to send a “Hi” message to a specified number, then share basic details, complete KYC, verify bank transfer details, mandate registration and receive funds in account instantly.
‘Buy-now, pay-later’ loans help fuel India’s festive recovery
Sanjeev Srivastava, Chief Risk Officer, IIFL Finance, said his company, along with technology service provider Setu, is bringing the ease of chat, to the complex journey of a loan application and disbursal.
Sahil Kini, Co-founder and CEO, Setu, said his firm’s endeavour is to make business loans accessible to every MSME in India and this is now possible with a 100 per cent digital loan journey.
[ad_2]
CLICK HERE TO APPLY
India gets 3rd set of Swiss bank details under automatic info exchange framework, BFSI News, ET BFSI
[ad_1]
Read More/Less
NEW DELHI/BERNE: India has received the third set of Swiss bank account details of with Switzerland as part of an annual exercise under which the European nation has shared particulars of nearly 33 lakh financial accounts with 96 countries.
The Federal Tax Administration (FTA) of Switzerland said in a statement on Monday that the exchange of information this year involved 10 more countries — Antigua and Barbuda, Azerbaijan, Dominica, Ghana, Lebanon, Macau, Pakistan, Qatar, Samoa and Vauatu.
While the exchange was reciprocal with 70 countries, Switzerland received information but did not provide any in the case of 26 countries — either because those countries do not yet meet the international requirements on confidentiality and data security (14) or because they chose not to receive data (12).
While the FTA did not disclose names and further details of all 96 countries, officials said India figured among those having received the information for the third year in a row and the details shared with Indian authorities pertained to a large number of individuals and companies having accounts in Swiss financial institutions.
The exchange took place last month and the next set of information would be shared by Switzerland in September 2022.
India had received the first set of details from Switzerland under AEOI in September 2019. It was among 75 countries to get such information that year. Last year, India was among 86 such partner countries.
According to experts, the AEOI data received by India has been quite useful for establishing a strong prosecution case against those who have any unaccounted wealth, as it provides entire details of deposits and transfers as well as of all earnings, including through investments in securities and other assets.
On the condition of anonymity, officials said the details relate mostly to businessmen, including non-resident Indians now settled in several South-East Asian countries as well as in the US, the UK and even some African and South American countries.
Switzerland had agreed to AEOI with India after a long process, including a review of the necessary legal framework in India on data protection and confidentiality.
The exchanged details include identification, account and financial information, including name, address, country of residence and tax identification number, as well information concerning the reporting financial institution, account balance and capital income.
For three years now, India has been among prominent countries with which Switzerland has shared these details.
Besides, Swiss authorities have already shared information about more than 100 Indian citizens and entities so far this year on receipt of requests for administrative assistance in cases involving probes into financial wrongdoings including tax evasion, the officials added. This count has been similar in the past few years.
These cases mostly relate to older accounts that might have been closed before 2018, for which Switzerland has shared details with India under an earlier framework of mutual administrative assistance as Indian authorities had provided prima facie evidence of tax-related wrongdoing by those account holders. AEOI is applicable only to accounts that are active or were closed during 2018.
Some of these cases relate to entities set up by Indians in various overseas jurisdictions like Panama, the British Virgin Islands and the Cayman Islands, while the individuals include mostly businessmen and a few politicians and erstwhile royals as well as their family members.
The officials, however, refused to share details about the exact number of accounts or the quantum of assets held in the accounts held by Indians, for which the information has been shared with India, citing strict confidentiality clauses governing the exchange framework.
The exchanged information allows tax authorities to verify whether taxpayers have correctly declared their financial accounts in their tax returns.
For the first time, Switzerland has also agreed this year to share details about real estate assets owned by foreigners there, but the information about contributions to non-profit organisations and other such foundations, as also details on investments in digital currencies still remain out of bounds from AEOI framework.
This is being seen as a key milestone in the Indian government’s fight against black money allegedly stashed abroad, as authorities will be able to get the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
The move assumes significance on the part of Switzerland which is trying hard to reposition itself as a key global financial centre while warding off the long-persisting perception about the Swiss banking system being an alleged safe haven for black money.
Experts and those engaged in the business of attracting investments to Switzerland believe the move would also help clear misconceptions about all fund inflows into Swiss assets being illicit and would go a long way in establishing Switzerland as a preferred investment destination, including for real estate properties.
The FTA said it sent information on around 33 lakh financial accounts to the partner states and received information on around 21 lakh accounts from them.
“The FTA cannot provide any information on the amount of financial assets,” it added.
Switzerland’s first such exchange took place at the end of September 2018 and involved 36 countries, but India did not figure in the list at that time.
The Global Forum of the Organisation for Economic Cooperation and Development (OECD) reviews AEOI implementation.
[ad_2]
CLICK HERE TO APPLY
Top 5 Performing NSE Finance Stocks That Doubled Investors Money In One Year
[ad_1]
Read More/Less
Bajaj Finserv
The company saw a quarterly sales decline of 9.34 percent, the lowest in the prior three years. The stock returned 213.83 percent over three years, compared to 73.21 percent for the Nifty 100 index. The company saw a quarterly sales decline of 9.34 percent, the lowest in the prior three years. Over a three-year period, the stock generated a 213.83 percent return, compared to 78.94 percent for Nifty Financial Services. In the past year, the stock has 204% to trade at Rs 17,978 on October 11, 2021.
Since June 27, 2008, Bajaj Finserv Ltd. has issued 14 dividends. Bajaj Finserv Ltd. has issued an equity dividend of Rs 3.00 per share in the last 12 months.
State Bank of India
Over the last four years, the bank’s gross and net nonperforming assets (NPA) percentages have steadily decreased to 4.98 percent and 1.5 percent, respectively. Over the last three years, net profit per employee has been steadily increasing, with a 43.05 percent increase last year. The stock returned 74.71 percent over three years, compared to 73.21 percent for the Nifty 100 index. Over a three-year period, the stock returned 74.71 percent, while the Nifty Bank provided investors a 54.01 percent return.
Since July 2, 2001, the State Bank of India has announced 20 dividends. State Bank of India has issued an equity dividend of Rs 4.00 per share in the last 12 months. This converts to a dividend yield of 0.87 percent at the current share price of Rs 459.55.
Bajaj Finance
Bajaj Finance, founded in 1987, is a Large Cap business in the NBFC industry with a market capitalization of Rs 470,359.95 crore. The stock returned 257.62 percent over three years, compared to 73.21 percent for the Nifty 100 index. Over a three-year period, the stock generated a 257.62 percent return, compared to 78.94 percent for Nifty Financial Services.
Bajaj Finance Ltd. has issued an equity dividend of Rs 10.00 per share in the last 12 months. Since June 29, 2001, Bajaj Finance Ltd. has declared 22 dividends.
This equates to a dividend yield of 0.13 percent at the current share price of Rs 7856.00.
Cholamandalam Investment & Finance
Cholamandalam Investment & Finance Firm Ltd., founded in 1978, is a Large Cap company in the NBFC sector with a market cap of Rs 47,173.46 crore. The stock returned 156.42 percent over three years, compared to 73.21 percent for the Nifty 100 index. Over a three-year period, the stock achieved a 156.42 percent return, compared to 78.94 percent for Nifty Financial Services.
Cholamandalam Investment & Finance Company Ltd. distributed an equity dividend of Rs 2.00 per share in the last 12 months.
This converts to a dividend yield of 0.35 percent at the current share price of Rs 574.60. Since July 9, 2001, Cholamandalam Investment & Finance Company Ltd. has announced 33 dividends.
Shriram Transport
Shriram Transport Finance Business Ltd., founded in 1979, is a Large Cap company in the NBFC sector with a market capitalization of Rs 35,609.45 crore. The stock returned 27.2 percent over a three-year period, compared to 73.21 percent for the Nifty 100. Over a three-year period, the stock had a 27.2 percent return, compared to 78.94 percent for Nifty Financial Services.
Since September 29, 2000, Shriram Transport Finance Company Ltd. has declared 44 dividends. Shriram Transport Finance Company Ltd. has issued an equity dividend of Rs 18.00 per share in the last 12 months. This equals a dividend yield of 1.35 percent at the current share price of Rs 1331.35.
5 Performing Finance Stocks That Doubled Investors Money In One Year
| Company | Price in Rs. | 1-Year Return |
| Bajaj Finserv | 17,982.25 | 198.87 |
| State Bank of India | 460.00 | 139.16 |
| Bajaj Finance | 7,894.10 | 132.45 |
| Cholaman.Inv.&Fn | 575.65 | 126.33 |
| Shriram Transport | 1,335.95 | 108.27 |
[ad_2]
CLICK HERE TO APPLY
Income Tax Return: 4 Benefits of Filing ITR Early
[ad_1]
Read More/Less
Taxes
oi-Vipul Das
|
The Central Board of Direct Taxes (CBDT) extended the deadlines for filing Income Tax Returns (ITRs) and different audit reports for the Assessment Year 2021-22 till December 31, 2021. Due to the fact that taxpayers have two more months to submit their income tax returns online, the country’s largest lender, State Bank of India, has compiled a list of the advantages of doing so early.
Benefits of filing income tax returns early
Yesterday SBI tweeted that “You get exciting benefits on filing your ITR early with Tax2win on YONO. Besides FREE filing, you also get early refunds, enough time to reconcile, and more.” According to the bank, the benefits of filing income tax return early are as follows:
- Get the lowest price for early birds
- Early filing, early refunds
- Avoid last-minute hassle
- Get enough time to rectify errors, if any
You get exciting benefits on filing your ITR early with Tax2win on YONO. Besides FREE filing, you also get early refunds, enough time to reconcile, and more. Download now: https://t.co/BwaxSaM77i#YONO #Tax2Win #ITR #Offer pic.twitter.com/z2e5CC9KTM
— State Bank of India (@TheOfficialSBI) October 10, 2021
How to apply for an income tax return with SBI?
SBI customers who want to file their income tax returns early in order to experience the above-said benefits can do so through SBI YONO App for free. Before commencing the filing procedure they are required to keep certain documents handy such as PAN Card, Aadhaar Card, Form-16, interest income certificates, investment proof or records along with tax deduction records. Including the free application procedure of filing ITR, SBI customers will also get eCA assistance at just Rs 199 and the offer is valid till 31st October 2021. To file your income tax returns for free, follow the steps listed below:
- Sign in to your YONO SBI account
- Head to the “Shop & Order” section and click on “Tax & Investment”
- Now click on “Tax2win” in order to proceed further.
Do you want to file an ITR? You can do it FREE with Tax2win on YONO. All you need is 5 documents. Download now: https://t.co/BwaxSb3HYQ#YONO #Tax2Win #ITR #Offer pic.twitter.com/NXB32NNB60
— State Bank of India (@TheOfficialSBI) October 5, 2021
Important due dates of filing income tax return you need to know
Apart from the extension of the due date of furnishing of Return of Income for the Assessment Year 2021-22 till 31st December 2021, CBDT in the previous month had also extended the due dates which taxpayers and stakeholders must keep in mind:
- The deadline for filing a report of audit under any provision of the Act for the previous fiscal year 2020-21, which was previously extended to the 31st of October, is now extended to the 15th of January, 2022.
- The deadline for people entering into international transactions or specified domestic transactions under section 92E of the Act for the previous year 2020-21, which was previously extended to 30 November 2021, is now extended to 31 January 2022.
- The deadline for filing the Return of Income for the Assessment Year 2021-22, which was previously extended to 30 November 2021 under sub-section (1) of section 139 of the Act, is now extended to 15 February 2022.
- The deadline for filing the Return of Income for the Assessment Year 2021-22, which was previously extended to the 31st December 2021 under sub-section (1) of section 139 of the Act, is now extended to the 28th February 2022.
- The effective deadline for submitting a belated/revised Return of Income for the Assessment Year 2021-22, which was previously extended to 31st January 2022 under sub-section (4)/sub-section (5) of section 139 of the Act, is now extended to 31st March 2022.
Story first published: Monday, October 11, 2021, 14:20 [IST]
[ad_2]
CLICK HERE TO APPLY
Foreign holdings of Chinese bonds jump in September as policy easing seen, BFSI News, ET BFSI
[ad_1]
Read More/Less
Global bond investors bought Chinese government bonds (CGBs) in September at the fastest pace since January ahead of their inclusion in a major global index and as investors raised bets for policy easing to support slowing economic growth.
Offshore bondholders held CGBs worth 2.28 trillion yuan ($354.26 billion) at the end of September, according to data released on the weekend by China Central Depository & Clearing Co.
That was a record, and up 3.5% from a month earlier according to Reuters calculations, the biggest percentage increase since January.
The rise comes despite concern among global bondholders of possible contagion risks from a debt crisis at cash-strapped developer China Evergrande Group that has driven Chinese high-yield spreads to their widest level on record.
Indeed, some investors see an upside for Chinese sovereign debt as authorities take steps to stabilise slowing growth and ease pressure on a weak real estate market.
“I think policy in China is way too tight. I think it will get tighter as people reassess credit risk in China and that’s why the economy is slowing down sharply,” said Ariel Bezazel, head of fixed income strategy at Jupiter Asset Management.
“We think that the yield curve will shift down, and probably shift down quite dramatically as the Chinese authorities have to cut rates pretty aggressively,” he said, adding that he “wouldn’t be surprised” if the Chinese yield dipped below 2% in the next year.
The yield on China’s benchmark 10-year bond stood at 2.905% on Monday.
This month will see the start of the inclusion of China in the FTSE Russell WGBI index, which could see large amounts of passive investments flow into China’s debt markets, though Japan’s Government Pension Investment Fund (GPIF) has said it will not invest in the bonds.
($1 = 6.4360 Chinese yuan) (Reporting by Andrew Galbraith in Shanghai and Alun John in Hong Kong; Editing by Kim Coghill)
[ad_2]
CLICK HERE TO APPLY
A future yardstick or just another buzz word?, BFSI News, ET BFSI
[ad_1]
Read More/Less
BY: Harsh kumar
Businesses around the world are moving towards a more actionable and measurable sustainable development approach through Environment, Social, and Governance (ESG) reporting. It seems to be an attractive proposition for investors who prefer more environmentally, socially responsible companies over just profit-making organisations. ESG, according to various reports, could potentially facilitate more corporate accountability in terms of its performance.
Businesses around the world are moving towards a more actionable and measurable sustainable development approach through Environment, Social, and Governance (ESG) reporting. It seems to be an attractive proposition for investors who prefer more environmentally, socially responsible companies over just profit-making organisations. ESG, according to various reports, could potentially facilitate more corporate accountability in terms of its performance.
According to a survey by rating agency CRISIL, over 80% of issuers and institutional investors intend to integrate ESG in their decision-making.
“Investor community not just looks at investment opportunities but also considers risks associated during the recovery as well as structured exit from an investment. Sectors that lack long term sustained growth may find it difficult to secure equity and quasi-equity investments since we all know that equity is costlier to debt. New ideas and investment opportunities without long term vision will find fewer investors,”Inderjeet Singh, director at Deloitte India.
Regulatory bodies and government institutions are continuing to encourage ESG reporting, with Securities and Exchange Board of India stating that a Business Responsibility and Sustainability Report (BRSR) will be mandatory from FY23 for the top 1000 listed companies, by market capitalization. SEBI said that this would replace the existing Business Responsibility Report (BRR).
ETCFO discussed with Inderjeet Singh, about the challenges, strategies and the pivotal role technology plays in ESG investing. Here are the edited excerpts of the interview:
Q. What strategic decisions have companies made that will bring sustainability?
Investors and regulators have both worked towards mainstreaming sustainability into businesses during the past decade. A transition to sustainable business approaches is becoming visible across sectors. There are the following strategic decisions that various companies have taken:
- Companies have started measuring their specific energy consumption, specific water consumption and environmental footprint. These are some of the most critical parameters which have a direct bearing on the long term business sustenance
- Several businesses have introduced the “cost of carbon” into their investment evaluation processes, thereby ensuring all new investments (including business expansion) is based on the principles of decarbonization. There are companies in power generation business with decision of capacity addition only through renewable sources of energy
- Some companies are even considering disinvestments or removing highly polluting businesses from their portfolio
- Several medium to large businesses have embarked upon the journey of non-financial disclosures to obtain feedback from stakeholders, as such disclosures act as channels to resonate with society and its expectation
- Environment inclusiveness has become an integral part of business continuity and the same has been appended into the corporate risk register of companies
- SEBI (LODR amendments of 2021) have also introduced mandatory BRSR compliance from FY 2022, which will further improve sustainability and allied disclosures across the value chain
Q. Do organisations think ESG investing is the way forward for long term strategy and decision making or do they think of it as just another buzzword in the industry? If yes, please tell us major challenges which organisations and investors are facing in adopting ESG reporting.Yes. Indeed ESG performance has become a yardstick for investment decisions among the investor community. There are multiple challenges that may play out differently among specific sectors such as:
- Highly competitive businesses operate at a thin margin wherein cost optimization is the operational ask, unless a large number of players transition out to more sustainable operations, the sector continues to operate as business as usual. Policy & regulatory interventions along with additional benefits such as subsidies, tax holidays etc. may be required to support it.
- Investor community not just looks at investment opportunities but also considers risks associated during the recovery as well as structured exit from an investment. Sectors that lack long term sustained growth may find it difficult to secure equity and quasi-equity investments since we all know that equity is costlier to debt. New ideas and investments opportunities without long term vision will find fewer investors
- Access to technology at a reasonable cost is also one of the key challenges in developing countries, which may hamper the economic growth in several countries. India can leverage population dividends to its advantage across sectors by further strengthening its readiness against leading ESG practices. Skipping Euro V and introducing Euro VI has resulted in access to global automotive technologies for Indian customers
Q.As one of the biggest consultancy firms, please tell us how we can leverage technology and data for ESG implementation?
Technology will be an enabler for ESG implementation. The material elements/indicators for disclosure are required to be continuously monitored by the companies making regular disclosures. It is important that a digital interface for data collection, monitoring, analysis and course correction is easily accessible to decision-makers/compliance officials within a company.
Several SaaS (Software as a Service) players are offering data capture and management solutions across the ESG value chain. Even the reporting requirements from companies to MCA require uploading of ESG performance data in xRBL format, which may help evaluate the performance of listed companies by SEBI / MCA over a period of time.
The ease of access to data, performance measurement, sector benchmarking and identification of champions; all of this is practically going to be facilitated through digitization. Digitization will remove bias and bring objectivity into the long term decision-making process.
[ad_2]
CLICK HERE TO APPLY
Reserve Bank of India – Press Releases
[ad_1]
Read More/Less
April 14, 2015
Dear All
Welcome to the refurbished site of the Reserve Bank of India.
The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.
With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.
The site can be accessed through most browsers and devices; it also meets accessibility standards.
Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.
Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.
Thank you for your continued support.
Department of Communication
Reserve Bank of India
[ad_2]
CLICK HERE TO APPLY
This Bank Is Offering Home Loans With 6.5% Interest Rate: Here’s How To Apply
[ad_1]
Read More/Less
Attractive rates on loans
KMBL is providing low rates on a range of loans throughout the festive season. The interest rate for KMBL’s home loans starts at 6.5 percent per year. Personal loans start at 10.25 percent per annum, property loans at 7.25 percent per annum, and two-wheeler loans at 16.49 percent per annum. Loans against securities, business loans, healthcare finance, and working capital solutions all have competitive interest rates.
There are also unique deals on gold loans, agri finance, construction equipment loans, commercial vehicles, auto loans, and tractor finance that include processing fee exemptions.
Elizabeth Venkataraman, Kotak Mahindra Bank’s Joint President For Consumer, Commercial, and Wealth Marketing, stated, “As we enter the festive season, we are pleased to bring back Khushi ka Season for our customers. As we slowly get back to normalcy, our aim is to spread more cheer by giving our customers access to the best offers, deals and rates, adding more value to their festive purchases. We have also expanded the reach of the festival by tying up with local stores, giving our customers more choices, while at the same time lending support to our neighbourhood shops.”
Features of Kotak Mahindra Bank home loans
Kotak Mahindra Bank provides a range of customized services to its home loan borrowers. For an uninterrupted home loan buying experience, the bank offers zero processing fees on online applications for home loans, doorstep service to get your home loan processed and sanctioned, easy documentation, home loan insurance, online EMI calculator, get an In-Principal sanction letter through online, an option to get in touch with the home loan expert get answers to your inquiries and concerns.
You can get a house loan sanctioned in as little as 24 hours and using your income tax records, Kotak grants in principle authorization of your home loan through a seamless and seamless approach. To apply for a house loan, you’ll need to submit your address proof, age proof, identity proof, banking details, proof of your education credentials, in addition to your Home Loan application form.
Eligibility required to apply for a home loan at Kotak Mahindra Bank
According to the official website of the bank, here are the eligibility criteria that you need to consider while applying for a home loan:
Age:
- Salaried individuals should have an age limit between 18 and 60 years old
- Self Employed individuals should have an age limit between 18 and 65 years old
Gross Income of Resident Indian Individual:
- (Delhi, Mumbai, Bangalore, Pune & Chennai) – Minimum income limit should be Rs.20,000/month.
- (Other cities) – Minimum income limit should be Rs.15,000/month.
Minimum Qualification: If a borrower is employed in a private limited company or partnership firm, he or she should be a graduate. However, there is no such requirement if the candidate works for a public limited company, a multinational corporation, the government, or a public sector organisation.
Home Loan Eligibility Criteria for a Partnership Firm / LLP/Indian Company
- He or she should have been around for at least three years of employment.
- Gross Income of Partnership firm/ LLP/ Indian Company: (Delhi, Mumbai, Bangalore, Pune & Chennai) – Minimum net income limit should be Rs.2,40,000/- p.a.
- (Other cities) – Minimum net income limit should be Rs.1,80,000/- p.a
Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)
- HUF Karta must be an applicant or co-applicant.
- He or she should have been around for at least three years of employment.
- IT returns of HUF for 3 years are required.
- Net Income of a Hindu Undivided Family should be Rs.2,40,000/-p.a if residing in Delhi, Mumbai, Bangalore, Pune & Chennai and the minimum income should be Rs.1,80,000/- p.a if residing in other cities.
Documents required to apply for a home loan at Kotak Mahindra Bank
The below-listed documents are required to get a home loan from Kotak Mahindra Bank with an interest rate of 6.5%.
For salaried applicants:
- Photograph
- Pan card
- Aadhaar card
- Residence proof
- Salary Slips of last 3 months
- Form 16 and ITR of last 2 years
- Bank statement of the last 6 months
- Bank statement of any other bank a/c (of all applicants whose income is considered) – last 6 months
- Relationship proof
- Details of existing loans if any
- All property documents if any
For Self Employed applicant:
- Bank statement/pass book copy
- Age proof
- Business continuity and income proof
- Job card or job confirmation proof
- Proof of existence of partnership firm/company / HUF / LLP
Kotak Mahindra Bank Floating Home Loan Interest Rates
The applicable interest rates on home loans of Kotak Mahindra Bank are as follows:
Special Balance Transfer Rate (Salaried and Self Employed)
| Segment | Loan amount | Effective Rate Of Interest |
|---|---|---|
| Salaried | Any loan amount | 6.50% onwards |
| Self Employed | Any loan amount | 6.60% onwards |
Salaried – Non Balance Transfer
| Loan amount | Effective Rate Of Interest |
|---|---|
| Any loan amount | 6.50% – 7.10% |
Self Employed – Non Balance Transfer
| Loan amount | Effective Rate Of Interest |
|---|---|
| Any loan amount | 6.65% – 7.25% |
How to apply for a home loan at Kotak Mahindra Bank?
For borrowers who want to apply for a home loan at Kotak Mahindra Bank with an interest rate of 6.5%, can apply for the same by following the steps listed below:
- Visit https://www.kotak.com/en/personal-banking/loans/home-loan.html and click on “Apply Now”
- Now you will be redirected to the page https://homeloan.kotak.com/app-screen1 where you need to click on “Apply Now” under the “Home Loan” section.
- If you are an existing customer you can click on “Apply Now” and enter CRN & registered mobile number for login.
- If you are a new customer, you can click on “Apply Now” where you are required to enter the mandatory details such as Applicant type, Income type, Resident status, gender, Name as per PAN, email ID, mobile number and alternate mobile number to proceed further.
[ad_2]
CLICK HERE TO APPLY
Bank credit to grow at 7.5- 8.0 per cent for FY’22: CARE Ratings
[ad_1]
Read More/Less
The outlook for bank credit growth is expected to be in the range of 7.5 per cent to 8.0 per cent for FY22 on the back of a low base effect, economic expansion, extended Emergency Credit (ECLGS) support, and retail credit push, according to CARE Ratings.
On a year-on-year (y-o-y) basis, non-food bank credit growth stood at 4.9 per cent in March 2021 as compared to 6.7 per cent in March 2020, per Reserve Bank of India data.
“The medium-term prospects look promising with diminished corporate stress and increased provisioning levels across banks. Retail loan segment is expected to do well as compared with industry and service segments,” the credit rating agency said in a report.
Q2 disbursements by some banks rise but overall loan growth muted
The agency assessed that y-o-y bank credit growth rate increased by 160 basis points (bps) to 6.7 per cent (fortnight ended September 24, 2021) from the year ago level of 5.1 per cent (fortnight ended September 25, 2020) and remained stable when compared with the previous fortnight.
“The y-o-y increase reflects the low base effect and the easing of lockdown restrictions across regions in India.
“In absolute terms, credit offtake increased by ₹ 6.8 lakh crore over the last twelve months and by ₹ 0.5 lakh crore as compared with the previous fortnight,” the report said.
Festive season credit pick up
The agency expects bank credit to improve further in the coming fortnights led by growth in the retail segment in the wake of onset of the festive season and rate cuts.
“This rise is expected to be supported by rate cuts by banks to push retail credit as several banks are offering loans at record low-interest rate ahead of the festive season,” the credit rating agency said in a report.
For example, in September 2021, banks like Kotak Mahindra Bank and Punjab & Sind Bank cut 1-year MCLR/ marginal cost of funds based lending rate (on m-o-m basis) by 5 basis points (bps) each, respectively.
Also, to attract borrowers several banks have slashed the home loan interest rates as a special offer in the festive season — for example, State Bank of India, Bank of Baroda and Kotak Mahindra Bank have reduced their home loan rates by 45 bps, 25 bps, and 15 bps, respectively, the report said.
Similarly, foreign banks have also started to pitch for home loans at lower interest rates. HSBC India reduced home loan interest rates by 10 bps to 6.45 per cent.
[ad_2]