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Home loan rate cut: Home, consumer loans from NBFCs to become cheaper


Synopsis
The average base rate of 5 largest commercial banks in India has fallen by 0.15% from 7.96% to 7.81% for the quarter ending March 31, 2021.
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New borrowers of NBFCs and MFIs will have to pay lower interest from the first quarter of the new financial year 2021-22. Apart from new borrowers this interest rate reduction will also benefit individuals who have taken floating rate loans such as home loan from these lenders.
RBI has released the latest average base rate which works as a benchmark interest rate for Non Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs). This rate is the average base rate of 5 largest commercial banks in India which has fallen by 0.15% from 7.96% to 7.81% for the quarter ending March 31, 2021. There has been an overall reduction of 1.4% within last 2 years as this rate was 9.21% for the quarter ending June 30, 2019. ....

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Indian gold loan companies reports rise in robbery cases during Pandemic


Indian gold loan companies reports rise in robbery cases during Pandemic
Gold loan providing companies like Mannapuram and IIFL record frequent rise in robberies; lack of proper security found to be the main cause.
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  |  16 Dec 2020 10:12 AM GMT
New Delhi: Over eight cases of gold robbery amounting to 70 crores have been reported in the last two years by the country s leading gold loan providers/companies such as Manappuram Finance, Muthoot Finance and Indian Infoline (IIFL). With the onset of COVID-19 pandemic, various other attempts were also made in several states as the country witnessed hike in gold prices, leading to 25% surge from Rupees 43,251 an ounce at the end of last year. Reports have it that most of these successful or unsuccessful attempts take place because of little or no security, although Companies like Manappuram denied this cause referring to the sophisticated security and vigilance systems they have employed. Even the ....

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