Friday, 19 August 2016

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Thursday, 23 July 2015

Focus is now on personal loan space: Shyam Srinivasan

SME grew 17% y-o-y and we think this growth will continue. Corporate growth has been dented. Retail and agri segments are growing well although gold loan book is flattish. In retail, home loan is doing okay, but we are confidently stepping into the personal loan biz

Federal Bank reported a 36% y-o-y drop in net profit in the first quarter of this fiscal. Shyam Srinivasan, MD & CEO, attributed this fall to provisioning for one large account and treasury losses. The bank, however, expects NPAs to improve going forward and is now concentrating on the personal loan space. 

Excerpts from an interview:
Federal Bank’s PAT fell 36% y-o-y and NPAs also rose. What led to this?
Largely, two things impacted the quarter that went by. One was the impact of one large account worth R134 crore and, added to this, was the impact of treasury. The treasury provisions were about R49 crore whereas credit provision for the one particular account stood at R70-odd crore. A combination of these two increased the overall provisions by almost R120 crore. For the first quarter, the provisions stood at R153 crore against R22 crore in the same quarter last year.

How soon do you think you could recover your loan from this account?
We are certainly looking at recovery. The percentage of recovery and the duration in which we can make it is a challenge because we are not the sole bankers. There are nine banks and the outstanding is quite significant. The market is working on various options, including SDR. It may take some time.

What would be your outlook on NPAs going forward?
If you see our last seven to eight quarters, sequentially, it (the asset quality) has improved every quarter. I expect it to revert to that momentum. It also depends on how the economy shapes up. I would not like to guide a figure, but certainly the improvement will be seen.
How were the NIMs in Q1? What is your guidance for the same?
NIM for Q1 was 3.12%, while for the same quarter last year, it was 3.25%. NIM for Q4FY15 was 3.31%. The fall in NIMs is a function of the impact of reversal of interest on account of slippage. We have had excellent deposit growth, but deployment has been relatively muted. We are looking at an NIM of 3.2-3.22% for the full year.

What was your cost of funds for Q1?
Our blended cost of funds for Q1 came to 7.12% against 7.29% on a sequential basis. The yield on advances has fallen much more.
Any recoveries or upgrades in the first quarter?
Nothing major, apart from the routine ones. There is one account where we had a recovery of R18 crore.

Where is your growth coming from?
SME is doing well. It grew 17% on a year-on-year basis and we think this growth will continue. Corporate growth has been dented. Retail and agri segments are growing well although gold loan book is flattish. In the retail segment, home loan is doing okay, but we are confidently stepping into the personal loan business.
We have also got the approval from all authorities for launching our IFSC branch in the GIFT City. That will be a big one for us prospectively, more in the medium term. In FY17, we should see big benefits accruing from our ability to compete more formidably on the foreign currency business. By end of this quarter or early next quarter, we will be launching it.

What are your fund raising plans for FY16?
Almost none. We are very well capitalised and we don’t see any requirements in the near term.

Monday, 13 July 2015

6 things about CIBIL every young adult should know

Your CIBIL score is a measure of your financial health. A good CIBIL report and CIBIL score of 750 and above can help you get easy access to credit. But did you ever wonder how the CIBIL score is calculated, or what are the factors that may take it downhill? Here are six things that you must know about CIBIL.

How is your CIBIL score calculated?
First, you need to know the components of the CIBIL score and the weightage they carry.
· The pattern you follow in paying off your credit card and loan EMIs has the highest weightage of 35% and thus is the most important factor impacting your CIBIL score.
· Next comes the "credit utilisation" that carries a weightage of 30%. Credit utilisation ratio is arrived at by calculating the balance outstanding on your existing cards as a percentage of the total credit limit on all your cards.
· The third factor carrying a weightage of 15% is the "length of credit" or how long have you been servicing debt.
· The number of "hard inquiries" on your CIBIL report has a 10% weightage on your CIBIL score. Every time you apply for a new loan or a credit card, it gets registered in CIBIL as a hard inquiry and shaves off a few points from your CIBIL score.
· Lastly bearing a 10% weightage on your CIBIL score is the "mix of credit". A healthy mix of secured and unsecured credit, will have a positive bearing on your CIBIL score.

Now that you know what goes into the calculation of your CIBIL score, here a few mistakes you need to avoid to keep your CIBIL score intact.

Making late payments
It doesn't matter how many credit cards you own, but if you develop a habit of not paying the total outstanding amount within the billing cycle, you may be heading towards a disaster. Ensure that you spend judiciously and make all credit card repayments on time. The same holds true for loans, missing even one repayment can bring your CIBIL score down substantially.

Exceeding credit utilisation above 30%
Having a higher limit on your credit card, doesn't mean that you have to use it completely. This ways, you'll be inviting an overwhelming debt trap, as a higher credit utilisation means that more points being knocked off your CIBIL score. Therefore, keep a conscious check to see that your credit utilisation remains under 30% at all times.

Closing old credit cards
Do not commit the mistake of closing a credit card that was given to you by your parents once you are proficient enough to own a bunch of cards yourself. The reason being that if the card carries you name, it means that CIBIL has been recording your repayment history (assuming that your Mom or Dad have been footing the bill for the same). You simply need to ensure that you have cleared the balances as this will help you gain brownie points for maintaining good credit history.

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Appearing credit hungry
We are often credit card issuers and money lender to avail easy credit, but one should try to escape as much as possible unless you are in dire need of it. Applying for too many credit cards or loans will make you appear credit hungry and a considerable number of enquiries on your CIBIL report will bring your CIBIL score down.

Not having the right credit mix
If you are thinking that you are better off not availing credit at all, you are wrong. In fact, it makes a lender wary because he can't access your credit history to asses you. On the other hand, what adds on to your CIBIL score is having a good mix of credit such as a home loan, car loan, a personal loan, etc. along with a maximum of two or three credit cards. Remember, the crux of maintaining a good CIBIL score is to use credit responsibly. If you are aware of your spending habits and are making timely repayments, you have little to worry about! - Leading Financial Services Provider for Personal Loans, Home Loans, Business Loans etc., 

Monday, 6 July 2015

Now get a home loan from State Bank of India in just 10 days!

"It will bring down the average time taken for delivery of home loan to within 10 days from the date of receipt of completed home loan application form and relevant supporting documents from the customer," the release said.

Country's largest lender State Bank of India has launched an initiative to provide doorstep services and expedite home loans application process.

The initiative known as 'Project Tatkal' will help get the loan within 10 days after receipt of application form and relevant supporting documents, the bank said in a release.

"It will bring down the average time taken for delivery of home loan to within 10 days from the date of receipt of completed home loan application form and relevant supporting documents from the customer," the release said.

The implementation will be done at large centres with sizable home loan business.

The bank has also recently introduced an online customer acquisition solution (OCAS) for instant e-approval of home loan applications.

The bank has over three million home loan customers with a portfolio of over Rs 16,60,000 crore.

Thursday, 2 July 2015

HDFC Bank launches 10-second personal loan disbursement

     HDFC Bank will now disburse personal loans to its customers in just 10 seconds. With this product, existing customers will have a pre-approved loan amount available to them 24x7. "The entire process to avail of the loan is completely paperless, and users can simply log into their bank account via net-banking or mobile banking and avail of this loan at a click," HDFC Bank said.

The bank claimed that it is the first institution in the retail lending space to completely automate the entire process of loan approval and disbursement. "The 10-second loan is completely hassle-free and transparent and users will no longer have to wait for disbursement of funds, particularly in medical or other types of emergencies where there is an urgent need for cash," it said.

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"It is like having a real cheque in one's virtual wallet and is part of our mission of enabling customer delight by creating simple and speedy banking solutions that are available at a click," said Arvind Kapil, business head - unsecured loans, home & mortgage loans, HDFC Bank.

"Customer convenience lies at the heart of our digital initiatives and we have noticed growing demand from digitally-savvy customers to avoid paper-work and to accelerate processes," he said. "Most customers expect banks to connect the dots between online and offline options to deliver convenient, consistent service," he stated.

The 10-second loan is the latest initiative in HDFC Bank's digital banking offering christened 'GoDigital'. This campaign began in Varanasi last year with the launch of its 'Bank Aap Ki Muththi Mein' offering, which literally converts the mobile phone into a bank branch. Since then the bank has launched a host of digital initiatives.

"The move is part of our transformation into a digital bank which inlays digital solutions all through its value chain," Kapil said. "This means building significant efficiencies in the back-end and streamlining of processes that are central to delivering an enriched customer experience at the front-end," he said. At the end of 2014-15, 63% of all transactions at HDFC Bank were conducted through digital channels.

Saturday, 6 June 2015

Beware! Banks are spying on your spending habits

Ever wondered why you are getting calls offering personal loan? Why personal loans are being sanctioned to you instantly? Or why you get inundated with calls for a credit card even if you don't need them?

The answer is banks are engaging in data mining, where they analyse customer's profiles and behaviour. They even track down your favourite restaurant, your eating habits, shopping preferences, movies you watch, books you read, the hospital visits you made; in fact, just anything about you.

Your loan repayments too are intensely scrutinised. These informations help banks take a quick call whether to offer you a loan or deny one, and effectively check bad loans. It also helps banks frame a strategy to sell financial products, have tie-ups with retail stores or simply entice with a good deal so that a good customer transfers his/her loan account.

A senior SBI official said, "We compile such customer data which help us decide on how to sell our insurance, mutual fund products or lure one customer to bank with us or have more than one relationship with an existing customer. Suppose a customer has a savings bank account with us and a home loan with another bank we try to woo the customer to shift his loan account."

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According to Harshala Chandorkor, senior vice-president, Consumer Services and Communications at Credit Information Bureau (India) Ltd (CIBIL), "Banks are engaging in data mining to understand the profile of their customers and understand the health and behaviour of their portfolio. It helps them to deepen their relation with existing customers, enhance credit limits on your credit cards, deny credit cards if your credit history is poor and have tie-ups with retailers. We at CIBIL undertake data mining to understand the profile and behaviour of the customers which help banks to define their strategies."

The bank has a data mining centre in Belapur, Navi Mumbai. With strict KYC (Know your customer) norms in place, banks get all the basic information from the customers themselves. And often customers with a savings account will be having a debit card, a credit card, a home loan or a car loan. Each time your card is used your bank gets a feedback of what you do with your money.

All banks, especially those in private sector, undertake data mining to understand the customer better before marketing various financial products to them and to avoid bad loan decisions. Tie-ups with online retailers are also undertaken considering the customer profile. HDFC Bank debit card has offers on various travel portals, and jabong and ebay. Banks like ICICI and HDFC are active in making calls to sell credit cards and personal loans.

For example, SBI debit card has tie-up with LG and other traders that the bank markets it as a 24x7 market place; ICICI Bank has tie-up with Shoppers Stop, Flipkart etc. Thus, each bank, depending on the kind of customer profile, will go in for tie-ups with merchant establishments who, in turn, will give discounts on the bank's credit, debit cards.

A senior banker with Union Bank of India said, "We regularly monitor our savings bank customers to find out from where they may have taken a home loan or a car loan. And try to find out how the bank could not have caught the customer. His relationship with the bank cannot just be a savings bank account. It makes sense for the bank to have more than one relationship with the customer."

Tuesday, 2 June 2015

Should I Use a Personal Loan to Pay off My Student Debt?

With large student debts, many graduates are seeking new ways to pay off their student loans. An emerging option is the use of small personal loans to pay off and save on high-interest loans.

A personal loan can be a quick way to pay off your financial expenses under new, hopefully more favorable conditions. The loan has a set term and fixed payment throughout the life of the loan. Personal loans typically do not have any prepayment penalties and they affect your credit the same way a student loan would. Overall, a personal loan is not drastically different from a student loan – you are just using a new loan to pay of an existing student loan.

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There are many benefits to using a personal loan to pay off student loans.

You may have access to a lower fixed rate loan by using a personal loan.
Personal loans usually have shorter payoff periods if your goal is to pay off your loans as fast as possible.
Your student loan can be combined into one convenient payment.
You can release any cosigners you have on your student loans. If you qualify for the personal loan on your own, the person who cosigned for your student loans will not be obligated on your new loan.
Unlike most student loans, a personal loan is dischargeable in bankruptcy.


One drawback to using a personal loan to pay off student loans would be that you could lose the benefits of forbearance and deferment options on federal loans, or the reduced payments available with private loans. Check to see if your existing loans have these benefits and if you have a need to utilize them.

Another disadvantage is most lenders have a limit on loan amounts for personal loans. Since a personal loan does not have any collateral, lenders typically limit the amount that can be borrowed. Furthermore, if you still have new credit a lender may not feel like you have sufficient credit history to warrant a high loan amount.

So if you are a borrower with a large amount of student loan debt you may not be able to pay off all of your student loans utilizing a personal loan. Also, there aren’t any tax benefits on a personal loan. Each year borrowers can utilize a tax deduction for up to $2500 paid in interest on their student loans, but this is not extended to personal loans.

Should I get a personal loan?

A personal loan is one of many options worth considering when trying to reduce your student loan interest rates. There are several lenders on the market that offer personal loans to pay off student loans. Alternatively, refinancing lenders will pay off your existing loans for you as well as typically have lower rates than personal loans. Depending on your financial situation there are pros and cons to both refinancing and using a personal loan to pay off your student loans. Figure out what your repayment goals may be and explore your options.