Axis Bank offers a lifetime fixed interest home loan at 11.75% p.a. on the brand ‘NISHCHINT’ for up to 20 years
Axis Bank, India's third largest private sector bank, today announced the launch of 'NISHCHINT'-a lifetime 'Fixed Interest Home Loan Scheme', which offers home buyers housing loans at a fixed rate of 11.75% p.a. for the entire duration of the loan i.e. up to 20 years.
RK Bammi, ED-retail banking, Axis Bank said, "Customers today are facing uncertainty about EMIs on their home loans, due to interest rate increases in the market. At Axis Bank, we want to offer the customer certainty about the EMI they need to pay for the entire life of the loan. 'NISHCHINT' offers that option to the customer at a very attractive rate."
Under 'NISHCHINT', Axis Bank will offer home loans to eligible buyers up to 85% loan to value for loans up-to 20 lakhs and 80% loan to value for loans above Rs 20 lakhs, with a pre-payment charge of 2% of the outstanding amount.
A finance ministry official said discussions were held with representatives of financial institutions like Morgan Stanley, ICICI Securities, PNB Gilts, Tata Group and AK Capital, on the steps for boosting corporate bond market. The ministry will now hold discussions with SEBI and RBI in this regard
New Delhi: The finance ministry will discuss with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) the steps required to broad-base and make vibrant the corporate bond market to help mid-sized firms to raise funds at competitive rates, reports PTI.
The ministry today discussed the issue with participants of the debt market to enlist views for widening the corporate bond market.
"Various suggestions have come (on making corporate bond market vibrant), but no decision so far. We will discuss these suggestions with SEBI and RBI," a senior finance ministry official said after the meeting.
While India has a well established government securities (G-Sec) market, the corporate bond segment is yet to pick up mainly due to the asset quality of the debt papers.
The official said the discussions were held with the representatives of financial institutions like Morgan Stanley, ICICI Securities, PNB Gilts, Tata Group and AK Capital, on the steps for boosting corporate bond market.
He said there would be another round of meeting next month with the market players to crystallise the suggestions.
Sources said the government is mulling tax incentives such as reduction in Securities Transaction Tax (STT) and stamp duty, besides withdrawal of withholding tax, to help companies raise funds at competitive rates.
G-Secs are preferred over corporate bonds as they enjoy sovereign guarantee and are highly traded, as compared to bonds.
However, in comparison to G-Secs, corporate bonds offer better rate of interest and people prefer to hold them till maturity, hence there is less trading in the segment.
The official said the government is ready to put in whatever it takes to bring liquidity in the corporate bond market.
A vibrant corporate bond market, as suggested by India Inc in its 1st August meeting with finance minister Pranab Mukherjee, would help small and medium sized companies to get credit at comparative rates.
Large companies are able to get loan through private placement and from banks, while the smaller players face problems.
SBI Life Insurance retains the unique distinction of being the only Life Insurer from India of topping the prestigious Million Dollar Round Table 2011 across the globe.
For the third consecutive year, SBI Life has reached the pinnacle of the international coveted league by having 2,661 MDRT (Million Dollar Round Table 2011) members in 2011. Amongst these, 200 have achieved Court of Table (COT) and 30 Top of Table (TOT) membership statuses. SBI Life has been consistently featuring amongst the top five insurers, worldwide, since last five years. Globally, the company is ranked 5th in 2007, 3rd in 2008, and 1st in 2009, 2010 and 2011.
Reputation, standard of sales excellence and high ethical standards are some of the key values that are associated with the MDRT brand. The MDRT membership is an exclusive honour that is achieved by less than 1 percent of the world's life insurance and financial services advisors. Life Insurance professionals aspire to attain the privilege of being an MDRT member.
MN Rao, MD & CEO, SBI Life, said, "Across the globe, both, Agent and Insurance Facilitator at bank, continue to be a reliable source of personal financial advice. Our accomplishment on a global platform testifies the professional approach followed by our distributors. We will continue to focus on equipping them with relevant support to enable advisory-based delivery of life insurance solutions to our customers."
Rajiv Gupta, executive director, marketing, SBI Life added, "This accomplishment resonates our commitment towards creating quality advisors who can be looked upon as world-class benchmarks. Providing need based solutions, professional advice and unmatched service will remain the focal delivery points for our Advisors ".
An opportunity to represent one of the most trusted brands in the country, superior training program and attractive reward and recognition programmes are some of benefits availed by SBI Life Insurance Advisors.
Anand Pejawar, Executive Director, Marketing, SBI Life added "In addition to highly productive Retail Agency Channel, our integrated banc assurance approach continues to create value for Bank customers and Facilitators of our products. The bank employee, involved in the sale of the insurance products, has rapidly evolved to deliver holistic banking and insurance solutions to their customers making the bank truly a super market for all financial requirements".
SBI Life ranks number one amongst private players, as per the latest IRDA report, of July 2011. The company has a market share of 21.6% among private life insurers and a total market share of 6%.
MDRT is an association of the world's best life insurance sales (advisors) professionals. Founded in 1927, MDRT is an international, independent association of nearly 36,000 of the world's leading life insurance and financial services professionals from 76 nations and territories, representing over 450 companies. MDRT members are recognized as skilful professionals who are considered to be among the best in the industry, perform outstanding client service, and have achieved the highest standard of sales excellence in the life insurance and financial services business.