Personal

People’s Bank slashes loan interest rates up to 6% SMEs, 9% for Personal Loan facilities



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People’s Bank has stepped forward to fulfill its obligations and assist the Government’s ongoing efforts to re-start the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives by reducing interest rates to 9% onwards across several loan schemes.

In accordance with the clear direction and guidance of the Government, the Chairman and Board of Directors together with the management of the Bank has announced special concessionary interest rates across the board with almost all of them at single digit levels. Accordingly, interest rates for all Educational Loans, Personal Loans and Housing Loans have been reduced to 9% onwards while the interest rate for Vehicle Loans has been dropped to 10%. Small and Medium-scale Enterprises (SMEs) are able to obtain loans from as low as 6% upwards, the lowest in the market

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Opportunities in the Indian Personal Loan Market by Source, Tenure, Purpose, Interest Rate and Competition to 2025 – ResearchAndMarkets.com – Press Release

DUBLIN–(Business Wire)–The “India Personal Loan Market by Source (Bank & Non-Banking Financial Company (NBFC)), by Tenure (Less than 1 Year; 2-3 Year; & 4-5 Years), by Purpose (Home Improvement; Wedding; Travel; & Others), by Interest Rate (10%-15% & 16%-20%), Competition, Forecast & Opportunities, 2025” report has been added to ResearchAndMarkets.com’s offering.

The Indian Personal Loan Market is expected to grow at a formidable rate of around 10% during the forecast period. The increasing gap income and expenditure coupled with rising aspirations, especially among the young population, are the key factors driving the Indian Personal Loan Market. Additionally, the size of personal loans is much smaller and easy to access which is further propelling the market. Furthermore, digitisation has resulted in lowering costs, which is anticipated to positively influence the market in the coming years.

The Indian Personal Loan Market is segmented based on source, tenure, purpose, interest rate, company and

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NatWest Adds $2.8 Billion Provision for Pandemic Loan Losses

(Bloomberg) — NatWest Group Plc joined its rivals in painting a grim picture of the coronavirus-stricken U.K. economy, taking a further 2.1 billion-pound ($2.8 billion) charge to cover soured loans and prepare for a severe recession.

Britain’s biggest corporate lender set aside double what analysts expected, and said impairments would be between 3.5 billion pounds and 4.5 billion pounds this year. It’s also bracing for a downturn as steep as 16.9%.

“Our performance in the first half of the year has been significantly impacted by the challenges and uncertainty our economy continues to face as a result of Covid-19,” Alison Rose, boss of the bank formerly known as Royal Bank of Scotland Group Plc, said on Friday.

Barclays Plc and Lloyds Banking Group Plc took similar charges earlier this week. Together, the three lenders have now set aside more than 10 billion pounds to cover failing loans amid the pandemic.

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Rep. David Schweikert made a fake loan. Do voters care about ethics?

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Opinion: A phony loan? Using campaign funds to pay a babysitter? It’s not a good look for Rep. David Schweikert. But is it enough for voters in Scottsdale to dump him and send a Democrat to Congress?

After a two-year investigation, the House has socked Rep. David Schweikert with a $50,000 fine and a reprimand for violating 11 ethics rules.

“Representative Schweikert did not act in a manner that reflected creditably on the House,” according to the House Ethics report released Thursday, which laid out a surprisingly sizable amount of misconduct over a seven-year period.

Of course, the words “credible” and Congress don’t exactly go hand in hand. Still, this thing’s going to leave a mark.

The good news for Schweikert: Unlike a certain Arizona congressman who was asking

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About 7% of auto and personal loans are in financial hardship programs

Correction: An earlier version of this story misstated the total amount of credit products currently in hardship programs. 

Just over 7% of auto and personal loans are in some type of financial hardship program as of June, while 6.79% of mortgages and 3.57% of credit card accounts are in some kind of payment relief. 

That’s according to TransUnion, which defines financial hardship plans as a deferred payment, forbearance program, frozen account or frozen past due payment. But despite the high numbers, the number of accounts going into these types of payment relief programs is starting to level off, says Matt Komos, vice president of research and consulting at TransUnion.

“This pandemic is really like nothing we’ve ever seen,” Komos says, especially in regard to the rate at which the economy changed and unemployment exploded. Because of the widespread uncertainty, some consumers may have signed up for hardship programs quickly, almost

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Do’s and don’ts of repaying your personal loan early

What you need to know before writing the final check to your personal loan. (iStock)

Personal loans are the fastest-growing type of consumer debt. They can be an effective way to consolidate other forms of debt or to pay for an unplanned expense, like pricey home improvements or a car repair.

In fact, more than 20 million consumers have a personal loan. If you’re among the ranks, you may be in a position to pay your personal loan off early, using the government stimulus check or money you’ve been saving by cutting back in other areas of your budget, such as fuel or entertainment.

Before you decide to pay off your loan amounts early, consider these do’s and don’ts when it comes to a personal loan.

Do be sure you can cover your monthly payments

Be sure your budget can cover essential expenses, like housing, utilities, and groceries.

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personal – WordReference.com Dictionary of English







WordReference Random House Learner’s Dictionary of American English © 2020
per•son•al /ˈpɜrsənəl/USA pronunciation  
adj. 
  1. of or relating to a person;
    individual:[before a noun]He gave his own, personal opinion.
  2. private:My feelings for the deceased were too personal for me to share at the funeral.
  3. directed to or intended for a particular person:[before a noun]I asked him for a personal favor.
  4. referring or directed offensively to a particular person:personal remarks about his wife.
  5. done, carried out, held, etc., in person:[before a noun]a personal interview with the Pope.
  6. relating to the body, clothing, or appearance:[before a noun]personal cleanliness.
  7. Grammar[before a noun] of, relating to, or showing grammatical person:The personal ending-o in the Spanish hablo ,
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How To Get A Personal Loan

A personal loan can be a great way to get the cash you need to consolidate debt, finance a home improvement project or make a large purchase. The average interest rate on a two-year personal loan is around 10.6 percent, according to the Federal Reserve, compared to the average credit card interest rate of about 17.7 percent.

Whether you’re interested in borrowing from a bank, credit union or an online lender, the process is mostly the same. But getting a loan the smart way requires a little extra research and care to make sure you get the best offer available.

How to get a personal loan in 8 steps

  1. Run the numbers
  2. Check your credit score
  3. Consider your options
  4. Choose your loan type
  5. Shop around for the best personal loan rates
  6. Pick a lender and apply
  7. Provide necessary documentation
  8. Accept the loan and start making payments

1. Run the numbers

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Personal loans can help in a crunch. But read this before you apply

While the stimulus checks have started dropping into bank accounts and many creditors are offering relief on payments, those options may not be available to everyone or they may not be enough. That’s why some people are turning to unsecured personal loans, often used for debt consolidation or home improvement projects, to cover emergency expenses.

While some lenders are offering low interest relief loans, others are tightening credit requirements for borrowers.

Here’s what you need to know about taking out a personal loan during this crisis and whether or not one makes sense for you.

An unsecured personal loan is money borrowed from a bank, credit union or online lender that can be used for anything. The money is paid back in installments over time, usually with a fixed interest rate.

While many experts would caution against personal loans, which often come with high interest rates and fees, they could

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Medical Bills Are the Biggest Cause of US Bankruptcies: Study

Bankruptcies resulting from unpaid medical bills will affect nearly 2 million people this year—making health care the No. 1 cause of such filings, and outpacing bankruptcies due to credit-card bills or unpaid mortgages, according to new data. And even having health insurance doesn’t buffer consumers against financial hardship.

The findings are from NerdWallet Health, a division of the price-comparison website. It analyzed data from the U.S. Census, Centers for Disease Control, the federal court system and the Commonwealth Fund, a private foundation that promotes access, quality and efficiency in the health-care system.

“A lot of Americans are struggling with medical bills,” said NerdWallet Health Vice President Christina LaMontagne.

NerdWallet estimates that households containing 1.7 million people will file for bankruptcy protection this year.

Even outside of bankruptcy, about 56 million adults—more than 20 percent of the population between the ages of 19 and 64—will still struggle with health-care-related bills this

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