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Tata Capital Launches A Convenient and Useful Loan App
31 March, 2017: Now you can get instant offers for loans by using a mobile app since Tata Capital has made an announcement of launching a mobile app so that today’s youth can check their eligibility for a loan and also know about the status as well as the details of their loans.
With this myLoanApp, lenders can conveniently and quickly assess the loan application of the borrower by using an advanced algorithm.
This app facilitates the individuals in attaching the profiles related to the individual’s social media accounts and get their score which explains how creditworthy they are.Individuals will be able to get personal loans upto 15 lakhs in just 5 minutes.
The process of applying for loans can be made completely digital by uploading your documents on the Mobile App.
Banking Laws To Be Amending To Disclose Loan Defaulter's Names
28 March, 2017:
- It has been asked by the parliamentary committee to modify the banking laws so that the names of loan defaulters can be disclosed.
- The SBI Act of 1955, section 44 has prohibited the disclosure of the names of those individuals to whom banks owed money.
- The Committee’s report says that the defaulters names have been provided to CIBIL and RBI. The Ministry of Finance has made affirmations that there has not been any proposal for the amendment of the provisions of law that reveal the defaulters names.
- The Petitions Committee told intentional defaulters should be strictly handled and the amount that is yet to be paid by them should be received in at the stipulated period of time.
- It is important to understand the difference between the individuals who have defaulted deliberately and who have not defaulted deliberately.
- The Petitions Committee expects the Ministry of Finance to inform the outcome that has been concluded after a period of 90 -100 days of presenting the report.
- There has been an increase in the Gross NPAs of public sector banks increased.
- This increase is close to Rs 6.7 crores whereas the stressed assets amounted to around Rs 9.7 lakh crores during the month of December 31, 2016.
- The total stressed assets include a combination of both NPAs and the advances that are restructured and standard.
It has been observed that there was a growth of 7.5% in the number of stressed loans in a span of 3 months.