Loan

In a first, personal loans beat credit to industry

MUMBAI: The share of personal loans in bank credit has for the first time overtaken overall loans to the industry sector during the second quarter of the current financial year. This has happened with loans to industry as of end-September 2021 shrinking by Rs 66,239 crore over March 2021 levels, while loans to individuals grew Rs 73,011 crore during the period.
According to data released by the Reserve Bank of India, bank credit outstanding on the last Friday of September was Rs 109.5 lakh crore. Of this, the share of loans to industry dropped to 26% (Rs 28.3 lakh crore)
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YOUR QUERIES: LOANS: Collateral-free education loan up to Rs 7.5 lakh is available

The housing finance institutions would look at the last three years of ITR filing to gauge your home loan repayment capacity.

By Chaitali Dutta

I want to apply for an education loan for my daughter. Do I have to give collateral for a loan of Rs 15 lakh?
—Anuradha Biswal
Collateral-free education loans are usually restricted to Rs 4-7.5 lakh. Any loan above these amounts will attract security which could be by way of a pledge of financial assets or real estate.

I had applied for a home loan with a private bank. After six months, it has rejected my

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Biden Cancelled $11.5 Billion Of Student Loans, But Here’s The Legal Memo On Student Loan Forgiveness

Here’s the redacted memo on student loan forgiveness that could determine if President Joe Biden cancels student loans.

Here’s what you need to know.

Student Loans

A new Freedom of Information Act request has revealed a heavily-redacted memo on the president’s legal authority to cancel student loans unilaterally. The seven-page memo is titled “The Secretary’s Legal Authority for Broad-Based Debt Cancellation,” is addressed to U.S. Secretary of Education Miguel Cardona, is written by the acting general counsel of the U.S. Department of Education, and is dated

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Student Loan Cancellation Could Cost $1 Trillion

Student loan cancellation has a cost — and it could be $1 trillion.

Here’s what you need to know.

Student Loans

A viral Facebook post on October 25, 2021 claims that the federal government will save money if student loans are cancelled:

“Wait was nobody going to tell me that US student loans cost the government over $60B more to service than they bring in a year??? They could literally be cancelled this second and the gov would have *more* money.”

The author claims that student loan servicing — which pays student

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Black borrowers liken student loan debt to ‘Jim Crow,’ new study finds

The report, which focuses on the perspectives and life experiences of nearly 1,300 Black borrowers, likened the disparities to “Jim Crow.” Many respondents believed student loans were not set up to give Black Americans financial freedom and they disrupt their quality of life and mental health, according to the findings.

Some of the key findings from the study, “Jim Crow Debt, How Black Borrowers Experience Student Loans,” were that most Black borrowers do not believe student loans are “good debt.” They believe income-driven repayment plans are a lifetime debt sentence, limiting student loan debt cancellation harms Black borrowers the most, … Read More

A city loan will help turn a triangular patch of Five Points into a 49-unit affordable condo complex

The for-sale units would be available for people making up to 80 percent of the area median income.

Kevin J. Beaty/Denverite

City lawmakers on Wednesday tentatively approved providing a loan to help pay for a 49-unit affordable condo complex in the Five Points neighborhood, which would develop an eight-story complex atop a narrow triangular plot.

Both Lead Housing Development Officer Adam Lyons and Councilmember Paul Kashmann called the Chestnut Place Condos an exciting project for the city.

It’s not hard to see why: Affordable for-sale complexes in Denver are relatively rare. The most recent example of a city-backed affordable condo

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First Horizon won’t weaken standards to boost loan growth, CEO says

First Horizon CEO Bryan Jordan says he refuses to lower underwriting standards to match rivals’ loan growth, expressing optimism about credits in the works at the Memphis, Tennessee, company.

Loans grew by 1% at First Horizon in the third quarter compared with the prior quarter, excluding Paycheck Protection Program loans.

The $88.5 billion-asset company is looking to “protect the integrity of the balance sheet” by avoiding stretching its credit quality standards in a “very, very competitive” market, Jordan said Wednesday in response to an analyst’s comment that First Horizon’s loan growth was weaker than that of other Southern banks.

First

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Riverton Medical District awaits loan decision; Updated design revealed

(Riverton, WY) – A few dozen community members braved the chilly rain and attended the Riverton Medical District (RMD) community meeting at Riverton Middle School last night, October 19th. Updates were provided by two members of the RMD team, Corte McGuffey and Vivian Watkins.

Two main updates from last night’s meeting included funding and the potential new design of the hospital.

Vivian shared their loan application for $55M through the USDA Community Facilities Program is currently under review at the regional level with the third and final review at the national level being the next and last step.

The loan

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City sets up first Black-led community development loan fund

Indianapolis is making preparations for its first Black-led Community Development Financial Institution, which will aim to offer businesses in economically disadvantaged communities access to capital and other financial products, as well as help with information access and relationship-building.

Mayor Joe Hogsett’s administration included $1 million in initial funding for a CDFI in a spending plan for federal dollars, which the City-County Council approved last month.

“We’re proud to partner with the City-County Council and numerous stakeholders to begin the process of establishing our first Black-led CDFI loan fund,” Hogsett said in a written statement. “This represents an enormous opportunity to

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Navient’s out. Now what? – The Washington Post

Announced in September, the deal will deliver about 5.6 million federal student loan accounts to Maximus, a student loan company that manages debt collection for the department. The company will take over Navient’s contract, which the Biden administration extended for two years as the department works to restructure its servicing platform.

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