NBFCs stop lending on fear of rising defaults
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NBFCs stop lending on fear of rising defaults
Mamtha Asokan / TNN / Updated: May 24, 2021, 11:17 IST
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CHENNAI: Hit with a drop in instalment collections due to the Covid-induced lockdowns across the country, non-bank lenders are slowing fresh disbursements and even halting them for unsecured loans.
From an average default rate in collection efficiency at 2-3% in pre-Covid times, non-banking finance companies (NBFCs) are now seeing 6-8% of borrowers missing their payment schedules during the second wave of the pandemic. IIFL Finance has halted fresh disbursements for unsecured loans for micro-businesses & personal loans.
Singapore Court Approves $3.5 Billion Asset Freeze for Hin Leong Founder
by Ship & Bunker News Team
Monday May 24, 2021 A $3.5 billion owned by Singapore s High Court accepted a request for the asset freeze on behalf of the company s liquidators on Friday, news agency
Reuters reported on Monday, citing comments from the liquidators. The liquidators now plan to require the Lim family to disclose their assets. Hin Leong collapsed last year in the wake of the crude-price crash and allegations of forged documents being used to secure funding from banks. The firm and its subsidiary Ocean Bunkering, formerly one of Singapore s top marine fuel suppliers, has been wound up.