News That Matters

Tag: loan

SBI Card restructures dues, offers loan option

Finance
(This story originally appeared in on Sep 12, 2020)MUMBAI: SBI Card is restructuring credit card dues for those who availed moratorium by converting it into loans where the interest is up to 70% lower. The company is also promising users that, should the Supreme Court grant any interest relief during the moratorium period, the benefit will be adjusted against subsequent instalments on the loan. Speaking to TOI, SBI Card MD & CEO Ashwini Kumar Tewari said, given that interest on credit card balances that are revolved is over 40%, the outstanding will keep growing if cardholders delay payments. “According to our Q1 numbers, in the month of May, we had Rs 7,083 crore under moratorium, which came down to Rs 1,500. A large chunk of this has been repaid, while those who have not repaid have
Who does and does not qualify for a bank loan amid a pandemic?

Who does and does not qualify for a bank loan amid a pandemic?

Finance
Banks have quietly tightened loan rules in the past few months due to the significant supply and demand disruptions caused by the Covid-19 crisis. According to various reports, loan seekers who work in such sectors as media, aviation and hospitality are having a hard time getting their applications processed. Such customers are now largely a no-no when it comes to loans, particularly for private sector banks, a report in the Financial Express said. Banks are being especially cautious in lending to retail borrowers employed in Covid-hit sectors, says Sanjay Thakur, a senior banker and industry veteran working with a leading private sector bank. If you work in one of these sectors and still manage to get a loan, it will be a smaller amount and will come at a relatively higher interest rate. ...
HSBC profit dives 65% as it warns loan losses could hit £10bn

HSBC profit dives 65% as it warns loan losses could hit £10bn

Business
HSBC saw its pre-tax profit plummet by 65% in the first half of the year as the UK's largest bank was forced to hike funds to cover bad loans due to the coronavirus.The lender reported profits of $ 4.3bn (£3.2bn) in the half year to 30 June, down from $ 12.4bn (£9.5bn) for the same period in 2019. HSBC's results reflected the trend of lenders globally increasing their financial buffers to absorb loan losses as companies reel from the impact of the COVID-19 crisis. Image: Unrest in Hong Kong has added to the challenges of the Asia-focused bank In response to the coronavirus pandemic the bank's provision for bad debts in the first-half soared to $ 6.9bn (£5.3bn), compared to $ 1bn (£760m) for the same period a year earlier.It had s
PNB Housing Finance expects to disburse Rs 13,000 crore loan this fiscal: MD and CEO Neeraj Vyas

PNB Housing Finance expects to disburse Rs 13,000 crore loan this fiscal: MD and CEO Neeraj Vyas

Finance
New Delhi: PNB Housing Finance hopes to disburse around Rs 13,000 crore loan in current fiscal, and expects demand to pick up around October-November with the onset of festive season, its MD and CEO Neeraj Vyas said. Demand from mass housing statement has started picking up post relaxations in coronavirus-induced lockdowns and gradual reopening of economy, he said. "Demand in a particular segment (mass housing) is picking up, which generally in the market is called green shoots (of revival). We were expecting that we would be touching sometime in September disbursements of Rs 500 crore, but we have already crossed that mark," Vyas told in an interview. PNB Housing Finance, promoted by Punjab National Bank, disbursed loans of about Rs 694 crore (Rs 674 crore retail loan and Rs 20 crore co...
These business owners got a PPP loan. It may not be enough

These business owners got a PPP loan. It may not be enough

Finance
Robert Miller, a Pittsburgh area restaurateur, has watched with sadness as some of his favorite local eateries closed for good in recent weeks.Union Standard, Pizza Taglio, Spoon — just a handful of the businesses lost in the age of the coronavirus pandemic."They're all places people would know by name," Miller said.Miller, 45, expects his restaurants would have been among the wreckage if it weren't for aid received as part of federal coronavirus relief.His three establishments — Sidelines Bar and Grill, Sidelines Beer House and The Fire Side Public House — collectively got about $ 212,000 in funding through the Paycheck Protection Program and $ 775,000 from the Economic Injury Disaster Loan program.But the PPP money has been gone for weeks, sales are down at least 50% from