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Know the quantity of loan you can afford. The banks may sanction loan based on your income but you should look at your monthly expenditure and see if you can afford the maximum that banks offer. As a thumb rule, remember not to let your credit exceed 40% of your income!
Car loan lender SBI reports 25% increase in profits
by 18, August, 2010 0 |
The biggest car loan lender in the country, State Bank of India has reported a 25% increase in its net profits for Q1 of this financial year. The increase has been because of rising loan demand and income from retail banking.
Chairman O.P. Bhatt said, “Net profit for the April-June period rose to Rs 2,914 crore from Rs 2,330 crore a year earlier”.
3G and wireless broadband auctions have been the most beneficial to the SBI.
The bank will shortly be taking measures on its deposit and lending rates as is being done by other banks. It is believed that there will be at least 0.25% increase in both the rates of the bank.
Bhatt said, “There is an upward bias on interest rates … on both deposit and lending rates. We will review deposit rates and benchmark prime lending rate”.
The bank’s credit disbursal has seen a 21% increase in this quarter as against the numbers last year for the same. Loans have gone up to Rs 6.64 lakh crore.
Interest income has risen 6% to Rs 18,452 crore from Rs 17,473 crore. Capital adequacy ratio is 13.54% which exceeds the benchmark 9% but below the previous year’s numbers of 14.12%.
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