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HDFC Bank's auto loans to have step-up repayments

HDFC Bank's auto loans to have step-up repayments

Finance
MUMBAI: In a bid to expand the auto loan market in the midst of a slowdown, HDFC Bank has introduced a scheme that increases car affordability through step-up repayments and bullet repayments - in which the principal and interest of the loan are paid at one go. According to HDFC Bank executives, the step-up repayment feature would reduce installments by 22-25%, while the bullet repayment feature will enable them to pay equated monthly installments (EMIs) for only 30-50% of the loan amount. One out of every four cars that is purchased on loan, is financed by HDFC Bank. The country's largest auto financier is facing a slowdown as car sales have taken a hit. Car sales are slower because of five reasons: High fuel prices, availability of cab aggregators in cities, courts making it mandatory to...
HDFC disburses Rs 1,100 crore subsidy to 51,000 home buyers under PMAY

HDFC disburses Rs 1,100 crore subsidy to 51,000 home buyers under PMAY

Finance
NEW DELHI: Housing finance firm HDFC said Sunday it has disbursed over Rs 1,100 crore subsidy to over 51,000 customers under the government's flagship scheme Pradhan Mantri Awas Yojana (PMAY). HDFC has provided loans of over Rs 9,800 crore under PMAY-Credit Linked Subsidy Scheme (CLSS), to these customers belonging to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) category, the housing finance firm said in a statement. It further said HDFC during the quarter ended September 30, 2018 approved 37 per cent of home loans in volume terms and 18 per cent in value terms to customers from the EWS and LIG segment. The company on an average has been approving 8,300 loans on a monthly basis to the EWS and LIG segment, with monthly such average approvals at app...
HDFC Bank sends 250 summons via WhatsApp, e-mail to customers

HDFC Bank sends 250 summons via WhatsApp, e-mail to customers

Finance
HDFC Bank has sent nearly 250 summons through e-mail and WhatsApp to customers who evade compliance and hopes to settle cases faster by adopting the newer methods of communication. "HDFC Bank is pursuing with various courts in the country to take up digital means of communication which include issuing notices, summons, through e-mails and WhatsApp which will help in faster disposal of the cases," a bank official said. The official said over 60 lakh cheque bounce cases are pending in the country and HDFC Bank has taken a lead by requesting the courts to use digital means to issue summons. "We have been sending summons through e-mail, on WhatsApp. In many cases, we have seen that customers deny having received any summon at all if sent through post. "It also happens that people change res...
HDFC hikes interest rates on home loans 20 basis points

HDFC hikes interest rates on home loans 20 basis points

Finance
MUMBAI: Mortgage lender HDFC on Thursday hiked interest rates on home loans by 20 basis points, a day after RBI raised the benchmark repo rate by 25 bps to 6.5%. As per the new rates, women borrowers can avail a home loan of upto Rs 30 lakh at 8.7% while other customers will be charged a rate of 8.75%. New rates are effective from 1st August. For loans above Rs 30 lakhs women borrowers will be charged at 8.80% while other borrowers will be charged a rate of 8.85%. On Wednesday, at least three banks - Union Bank of India, Kotak Mahindra Bank and Karnataka bank – increased their marginal cost of lending rates (MCLR) by 5-10 basis points. The largest mortgage loan providers such as State Bank of India (SBI), ICICI Bank and Punjab National Bank have kept their MCLR rates unchanged. On J...
HDFC Mutual Fund gets Sebi go-ahead for IPO

HDFC Mutual Fund gets Sebi go-ahead for IPO

Finance
New Delhi, Jun 28 () HDFC Asset Management Company, the country's largest mutual fund firm, has received Sebi's go-ahead to float an initial public offer. The company had filed draft papers with Securities and Exchange Board of India (Sebi) in March and received its "observations" on June 22, as per the latest update with the markets watchdog. Sebi's observations are necessary for any company to launch public issues like rights issue, initial public offer (IPO) and follow-on public offer (FPO). HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments. Going by the draft papers, the proposed IPO offers up to 2.54 crore equity shares of the fund house through an offer for sale of 85.92 lakh shares by HDFC and up to 1.68 cro...