borrowers | Common News Update

Feb52021 by adminNo Comments

Democrats’ $50,000 student loan forgiveness plan would make 36 million borrowers debt-free

Finance

The Senate's top Democrat, Chuck Schumer of New York, along with Sen. Elizabeth Warren, D-Mass., and other Democratic legislators on Thursday, reintroduced a resolution again calling on the White House to forgive $ 50,000 in student debt for all borrowers by executive action."During a time of historic and overlapping crises, which are disproportionately impacting communities of color, we must do everything in our power to deliver real relief to the American people, lift up our struggling economy and close the racial wealth gap," Schumer said in a statement."Democrats are committed to big, bold action, and this resolution to cancel up to $ 50,000 in federal student loan debt is one of the strongest steps the president can take to achieve these goals."The resolution, first made in the Sena...

Sep292020 by adminNo Comments

Borrowers seeking loan moratoriums rose after June; will be judicious on loan recasts: Axis Bank

Finance

MUMBAI:Axis Bank on Tuesday said there was an uptick in the number of borrowers who opted for loan moratoriums after June and emphasised that the lender will be "judicious" in restructuring borrowings under the new rules. About Non-Performing Assets (NPAs), the bank's Chief Executive Officer and Managing Director Amitabh Chaudhry said its stress tests are now showing lower slippages across any scenario than earlier. "The 9.7 (per cent) was the number as of June 30. Obviously over a period of time some more customers do ask for moratorium, so I can definitely say that the number has gone up a little bit rather than coming down, which has happened for everyone," Chaudhry told in an interview. The chief of the country's third largest private sector lender was responding to a query on the qu...

Sep212020 by adminNo Comments

SBI launches e-facility for restructuring of retail loans for borrowers affected by Covid-19 stress

Finance

Mumbai: The country's largest lender State Bank of India (SBI) on Monday said it has launched a facility on its website to help retail customers check their eligibility for one-time loan restructuring announced by the RBI. Last month, the Reserve Bank of India (RBI) had announced a one-time restructuring scheme for personal loan and corporate borrowers affected by COVID-19 stress. "We thought instead of people actually visiting our branches, we can provide this tool and they can initially check their eligibility," the bank's managing director (retail & digital banking) C S Setty told reporters. An eligible customer, however, will have to later visit the bank's branch for completion of other formalities such as signing of papers and others, he said. The bank's retail customer will be as...

Jun182020 by adminNo Comments

90% borrowers didn’t defer EMI: SBI to Supreme Court

Finance

NEW DELHI: State Bank of India, the largest bank in the country, told the Supreme Court on Wednesday that 90% of borrowers did not avail the moratorium till August 31 on repayment of loans through EMI to question the brouhaha caused by PILs over waiver of interest on interest accrued on deferred EMIs. Appearing for SBI, senior advocate Mukul Rohatgi said, “Nearly 90% of borrowers have not availed the moratorium and are paying their EMIs regularly during the lockdown period. If on one hand the compound interest in deferred EMIs are not charged from borrowers, and on the other hand the banks are bound to pay compound interest on depositors' money, how will the banks survive?” The bench said it was not asking for waiver of interest during the moratorium period, but asking the finance ministry...

Apr22020 by adminNo Comments

Coronavirus: Interest-free overdraft plan for struggling borrowers

Business

People struggling financially amid the coronavirus pandemic should not be charged interest on the first £500 of existing overdrafts for 90 days, the UK's financial watchdog has proposed.The Financial Conduct Authority (FCA) also suggested repayments on loans and credit cards should be frozen for up to three months for those in trouble.The FCA said the outbreak had caused an “unprecedented financial shock”.Experts suggest that support from banks at present is "patchy".Quick changeIn a timeframe reserved for emergency measures, the City watchdog is asking banks to respond to its proposed measures by Monday 6 April, and it wants them to come into force by Thursday 9 April.After the FCA recently announced an "overhaul" for overdraft ...