TSSC partners with SBI Card for placement-linked skill development courses for women

 The centre is set to provide National Skills Qualifications Framework (NSQF) and National Curriculum Framework (NCF) aligned short-term courses in telecom service job roles.

Telecom sector skill training provider TSSC on Monday said it has partnered with SBI Cards and Payment Services for placement-linked skill development courses to train 763 women over the next two years.

Under this partnership, Telecom Sector Skill Council (TSSC) has launched a telecom centre of excellence (CoE) at the Government College for Girls Gurugram under a CSR initiative for women empowerment.

The project will cater to 763 candidates over the span of two years beginning from September this year, the statement said.

“The CSR project under this collaboration will be a pertinent boost in skilling the female youth and help them inculcate the spirit of self-reliance to explore new job roles. This crucial partnership with SBI credit Cards for CSR is yet another step forward to drive equality of opportunity for women and empower them,” TSSC CEO Arvind Bali said.

The CSR project was envisioned under TSSC’s Livelihood Enhancement and Promotion (LEAP) Programme which caters to basic and intermediate skill building for upcoming and legacy telecom courses.

The main objective of the programme is to impart the confidence and competence to candidates in telecom trades to help support the rising demand for service, manufacturing, and retail job roles.

“We are doing our share to improve the status of women in the workforce. We are confident that this collaboration with TSSC will benefit women candidates in Haryana and assist them in moving beyond theoretical courses to become job ready. This is a one-year partnership, and we believe it will add to the momentum of initiatives already underway by the government and various companies to attract more female talent to the industry,” SBI Card Managing Director and CEO Rama Mohan Rao Amara said.

source: Financial Express

SBI all loan's EMI set to rise as lender hikes interest rates

State Bank of India (SBI) has raised the marginal cost of funds-based lending rate (MCLR) by 15 basis points across tenors, making most consumer loans costlier for borrowers. The benchmark one-year MCLR, which is used as base for fixing most of home loans, auto and personal loans, has been raised by 10 basis points (bps) to 8.05 percent, as against 7.95 percent earlier. Why are loans impacted by RBI's decision? Generally, when RBI hikes the repo rate, it increases the cost of funds for banks. This means that banks will have to pay more for the money they borrow from RBI. Consequently, banks pass on the cost to borrowers by increasing their loan interest rates, making EMIs costlier. As a result, both new and existing borrowers witness an increase in their loan interest rates.

Top Mortgage Lender, HDFC, Sees Home Loan Demand Despite Rate Hikes

 Demand for home loans is strong in India and is expected to pick up further over the next few months, the head of major housing finance firm Housing.

Home loans have grown by 16% as of end July compared to same period last year.

"The economy is buoyant, the feel good factor is high, affordability is better so people are comfortable buying houses even if rates are slightly higher," Keki Mistry, chief executive of HDFC, told Reuters.

The central bank has already raised rates three times by a total of 140 basis points in this financial year to tame stubbornly high inflation, which has remained above the central bank's tolerance band for several months.

Lenders have passed on the interest rate rises but Mistry said that there are no signs of stress among home buyers and collections on loan dues remain robust.

Interest rates are expected to rise further with economists expecting at least another 60 basis points by March 2023, according to a Reuters poll.

"The economy feel good factor is so strong that (we) expect that festival season will be very strong," Mistry said, referring to the September to December period.

"I don't think we will see too much of a rise in interest rate going ahead, some increase will be there but don't think that will deter the buyers," he said.

Economists concur, with Madan Sabnavis, chief economist of Bank of Baroda saying in a report late last month that home buyers would be prepared for fluctuating home loan rates.

Housing loans have grown by 16% as of end July compared to same period last year, according to the latest central bank data.

Demand is likely to be particularly strong from India's larger cities, where sales had slowed between 2016-2020 but where a revival is now visible, said Mistry.

HDFC Bank will offer a 10 Second Personal Loan Service at the end of this year

 The private lender HDFC Bank is expanding its offers to self-employed people who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. Now, the private lender wants to raise credit exposure to customers who are self-employed, who make up barely 5% of the market.

The 10-second loan service is something that HDFC Bank, the largest private lender in India, wants to make available to everyone, even people who don’t have bank accounts. The bank has been able to provide 10-second loans for existing customers over the previous six years and has been a paradigm pioneer in this area.

By year’s end, we intend to release the product to the larger open market for personal loans after providing service delight to our current clients.

The HDFC Bank is increasing its offers to self-employed people who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. Now, the private lender wants to raise credit exposure to customers who are self-employed, who make up barely 5% of the market.

The private lender has 12 million pre-approved loan customers across all of its products and has established an infrastructure basis throughout 650 districts in India to disburse unsecured loans.

At Rs 1.48 lakh crore, personal loans made up the greatest portion of retail loans, while 10-second loans made up the highest portion as of the end of June 2022.

SBI offers personal loans to existing borrowers at housing loan rates

State Bank of India is offering a bonanza to its existing home-loan customers. They can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer from the nation's top lender.

In effect, an existing borrower can take a personal loan at 10.15%, provided he had been paying his home loan EMIs on time. For women, this will be even cheaper at 10.10%. The rates imply a 0.35-0.40 percentage point cut in the top-up loan rates that SBI has been charging.


It charges 13.50-18.50% on personal loans to other customers. A senior SBI official, who did not want to be named, said the rate on top-up loans was lowered to boost the bank's loan book. "Also it is a safe bet for the bank to attract their existing customers with good track record to borrow from them rather than approaching its rival banks."

The rate reduction comes at a time when RBI has signalled a softer interest rate regime by cutting policy rates twice - both by a quarter percenta

Festive Season Starts,Banks woos Customers with lucrative offers

State Bank of India (SBI) confirms that sanctions for home loans and car loans have picked up smartly since the start of Navratri.

SBI is looking to increase the sourcing of home loans to R300 crore per day and sanctioning about R260-270 crore over the current festive season.

While the bank hasn’t really trimmed interest rates —it offers the most competitive rate for home and car loans — processing fees have been waived for auto loans. Also, last year, State bank had tightened the eligibility criteria for SBI car loans but these have been eased since then.

According to latest Reserve Bank of India data, consumer loans in the banking system grew at 12.8% year-on-year to R10,79,200 crore compared with the 7.6% credit growth to industries in August.

Prepay your personal loans, Take top -up

The home loan and personal loan cannot be clubbed since both are different products. You can ask your home loan lender to give you a top-up loan on the security of the house and use that to prepay your personal loan. You will be eligible for a top-up loan only if your income is sufficient to repay both the home loan and the top-up loan and the property value is sufficiently large to provide an appropriate margin for both loans put together. If your existing home loan lender is not willing to consider your request, you can shift your loan to another lender with a request for a top-up loan which is likely to come at the same rate on the home loan.
* I had applied for a credit card from the bank in which I have a savings account. But they have rejected my application. What could be the reason behind such action?
Before issuing credit cards or for that matter any credit facilities, banks obtain the credit report of the applicant from the Credit Information Bureau of India Ltd (CIBIL). A bank can reject the credit card application if the applicant has a bad credit record or inadequate income. You are entitled to know the reason for the rejection of your application from the bank. Ask for a formal rejection letter and if the bank refuses, then you can file a complaint to the banking ombudsman at bankingombudsman.rbi.org.in. You can get a copy of your credit report from CIBIL using this link www.cibil.com/ credit-score to download the form.
* I am a 44-year-old businessman, with an annual inco-me of Rs 3.5 lakh. I have a life insurance cover of Rs 12 lakh. Please tell me if this cover is enough; if not please suggest me an action plan.
Considering your age and annual income, you need to take a life cover of at least 12 times of your annual income — i.e Rs 42 lakh. So you need to take an additional life cover worth Rs 30 lakh. A term insurance policy for a 44-year-old non-smoker for 25-year term — if bought online — would be cost you upwards of Rs 11,289.
I have been investing in Reliance mutual fund growth SIP since last three years. The return is not satisfactory. I can continue my contribution to SIP for the next three to five years. Is it advisable to continue my SIP or withdraw in loss?
Never stop an SIP when the market is down. Generally, investments made in the downturn reduce your average cost and produces excellent returns over the long term. So you should definitely continue the SIP though you can review whether the fund chosen by you is still appropriate or not. Reliance MF-Growth is a mid-cap fund. By looking into the fund performance, it has not beaten its respective benchmark returns.