Personal Loans India : HDFC Bank planning to introduce Small Ticket Personal Loan
HDFC Bank is planning to introduce lower cost loans in November.
HDFC Bank is also planning to phase out its Small Ticket Personal Loan (STPL). It will now be called MTPL (Medium Ticket Personal Loan). The ticket size will be enhanced from Rs 10,000 to Rs 20,000 for HDFC Bank to a maximum of Rs 5 lakh for salaried individuals. In other words, it will fall into the regular loan category and STPL will no longer exist. Interest rates will also be cut from 37% to about 18-22% (reducing) and 12% flat (per annum).
The customer rates on an average ticket loan of Rs 25,000 will come down,It means that lower income groups, including hawkers, vendors, rickshaw pullers, auto drivers and small-time traders, can access loans lower than Rs 20,000 from the banks.
Sources : http://www.economictimes.indiatimes.com/