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

a close up of a tall building

© Provided by Daily News (via HT Media Ltd.)

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

Read More

Opportunities in the Indian Personal Loan Market by Source, Tenure, Purpose, Interest Rate and Competition to 2025 – – 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’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

Read More

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.

Read More

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


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

Read More

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.

Read More

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

Read More

Personal Loan – Apply Instant Personal Loan Online @10.50% Interest Rate

If you are looking for a personal loan, compare various banks that provide credit at lowest interest rates, easy EMI options and low processing fees. Check for secured as well as unsecured loan options and get instant access to funds and finance your immediate needs.

Citibank – Best for Low Interest Rate

Citibank Personal Loan
Key Highlights
  • Low Interest rates for Salaried as well as Self-employed applicants
  • Funds will be credited to your bank account within 48 hours
  • Minimal documentation and Instant approval for existing Citibank customers

Interest Rate EMI Foreclosure/Prepayment Charges Repayment
10.50% onwards Rs.2,149 Up to 4% of the total principal outstanding amount plus interest for the month in which foreclosure is carried out Rs.1,29,463

HDFC Bank – Best for Self Employed Professionals

HDFC Bank Personal Loan
Key Highlights
  • Attractive Interest rates for self-employed individuals
  • Loan Disbursal in 10 seconds for pre-approved HDFC
Read More

Auto Loan Calculator | Chase Auto Direct

1 To finance a new or used car with your dealer through JPMorgan Chase Bank, N.A. (“Chase”), you must purchase your car from a dealer in the Chase network. The dealer will be the original creditor and assign the financing to Chase. All applications are subject to credit approval by Chase. Additional terms and conditions apply, such as vehicle make, age and mileage.

2 APR (Annual Percentage Rate) is the cost of credit, expressed as a yearly rate. APRs appearing in calculator results are based on your input. Additional terms and conditions apply such as vehicle age and mileage. When you apply for credit, your application is subject to credit approval by Chase using your full credit history, related score, income and other factors to evaluate your request and ability to repay. Consider checking your credit report occasionally to be sure inaccuracies aren’t impacting your ability to receive credit.

Read More

Loan Calculator | | Calculate your loan payment today!

Without taking out loans, many of us would not be able to buy a home, a car or afford a higher education. The fact is, mortgages, auto loans and other types of loans can help us to advance and reach important goals in our lives.

The cost of a loan depends on the type of loan, the lender, the market environment and your credit history and income. Borrowers with the best credit profile usually get the best interest rates. Before you shop for a loan, find out your credit score and look at your credit report to make sure it’s accurate. You can get your credit report and credit score for free on Bankrate.

All loans are either secured or unsecured. A secured loan requires the borrower to put up an asset as collateral to secure the loan for the lender. An auto loan is an example of a secured

Read More

Car Loan Calculator: Calculate Interest & Repayments

Things to consider before taking out a loan for a car

In order to make a car loan work for you as well as for the financial institution, you need to have a game plan before you apply. Here are some important things to think about before jumping into debt:

How much you can afford to make in repayments?

You probably know how much you can afford to borrow – but are you sure that you will be able to afford the repayments? The only way to truly know is to have a comprehensive written budget and to ensure that the car loan repayment can be easily absorbed. Don’t forget to take into account any future increase in costs or unpaid leave you might take down the track.

If you’ve used our car loan repayment calculator  above, you should have already determined how high you can afford to go.


Read More