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Tag: loan

ICICI-Videocon loan case: Chanda Kochhar, husband appear before ED

ICICI-Videocon loan case: Chanda Kochhar, husband appear before ED

Finance
Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar appeared before the Enforcement Directorate (ED) on Monday in connection with an alleged bank loan fraud and money laundering case registered against them. The couple arrived at the Enforcement Directorate's headquarters in Khan Market here shortly before their scheduled appearance time of 11 am, official sources said. They said the two were required to assist the investigating officer (IO) in taking the probe forward and their statement would be recorded under the Prevention of Money Laundering Act (PMLA). The Kochhars were supposed to depose before the agency early this month but they had then sought an extension of time and were allowed, they said. Chanda Kochhar's brother-in-law (Deepak's brother) Rajiv Kochhar has als...
British Steel in talks about £100m government loan

British Steel in talks about £100m government loan

Business
By Mark Kleinman, City editor The UK's second-biggest steel producer is seeking an urgent £100m‎ government loan after Theresa May's failure to pass a Brexit deal left it frozen out of an EU-wide carbon trading scheme.Sky News has learnt that British Steel, which directly employs 5000 people, is in talks with Whitehall about securing the emergency funding within weeks. Ministers have drafted in the professional services firm KPMG to advise them on the talks‎, which have been going on for several weeks, insiders said this weekend.Greg Clark, the business secretary, has been briefed about the situation.British Steel is understood to face a cash-flow shortfall as a consequence of the European Union's (EU) decision not to allocate UK-based companies their usual pe
Student loan borrowers with cancer are supposed to get a break. They’re still waiting

Student loan borrowers with cancer are supposed to get a break. They’re still waiting

Finance
On Sept. 28, 2018, President Donald Trump signed into law a bill allowing people with cancer to put their student loan payments on hold. The rollout of the new program has been rocky. The Education Department, in a notice in the Federal Register, writes: "The law was immediately effective, meaning that borrowers can immediately request and, if eligible, should receive the deferment." That's not happening. Cancer patients with student debt hoping to get this new break from their monthly bills are running into a wall. At issue seems...
Retail loan EMIs set to fall post RBI’s rate cut

Retail loan EMIs set to fall post RBI’s rate cut

Finance
The central bank's decision to reduce the benchmark interest rate on Thursday for the second bi-monthly monetary policy review in succession has now put the ball in the court of banks to see that RBI's action translates into cheaper loans for consumers. Muted growth and subdued inflation prompted the RBI on Thursday to lower its key lending rate for commercial banks by 25 basis points (bps) to 6 per cent. If the banks now decide cut interest rates in line with the RBI's policy rate cut, housing, auto, education loans would become cheaper while the EMI burden on retail consumers would fall. A state-run bank official here said there is likely to be a transmission of least 15 per cent of the RBI's cut in its repo, or short-term lending rate for commercial banks, and borrowers could look forwa...
ICICI offers instant home loan sanction

ICICI offers instant home loan sanction

Finance
ICICI Bank has introduced digital home loans and top-ups where customers can get an instant sanction and disbursement, subject to the borrower’s eligibility. The bank would deploy employees with devices in sourcing locations to enable a customer to fill in the details and obtain an instant sanction or get a top-up loan in their account immediately. “When we have already done a credit scoring of the customer and his bank statements and estimation of income, what value addition a personal interaction can do? We don’t want them to wait for an income statement and then obtain a bank statement printout from our branch and hand it over to the home loan department,” said ICICI Bank ED Anup Bagchi. He added that the value addition can come from helping the customer in finding property from among t