In Thiruvananthapuram Kerala, the State Bank of Travancore has launched two new schemes particularly for Indian womens .
Tata Motors has tie up with Union Bank of India (UBI) for financing its range of passenger vehicles.
UBI offers car loans up to 85 per cent of invoice, for tenure ranging up to 5-years, at a very competitive rate of 11 per cent to 11.25 per cent.
This facility will be available at all branches of Union Bank of India and 329 sales touch-points of Tata Motors. This tie-up will provide a single-window for both cars as well as car loans and will make car buying easier for customers, the release said.
Bharti AXA Mutual fund launched daily systematic transfer plan (DSTP), after its previous launch of daily systematic investment plan in Nov 2008.
Under DSTP plan, you can invest a minimum of Rs. 10,000 and in multiples of Re. 1 thereafter in Bharti AXA liquid fund/ Bharti AXA Treasury Advantage fund.
From that bulk money parked in liquid fund, an allocated amount, (as per the wish of investor) will be transferred to Bharti AXA Equity Fund.
For DSTP, Bharti AXA has tied up with a number of banks through which amount will be auto-debited from investors’ account on daily basis. Those banks are HDFC, Kotak Mahindra, BoB, Axis Bank, ICICI, IDBI, SBI, Standard Chartered etc. An investor can invest in the plan only in three denominations – Rs.300 or 400 or Rs.500.
Going forward, we will make this plan available with our ELSS scheme,” said Vikaas Sachdeva, country head – business development, Bharti AXA Investment Managers.
Added Sachdeva, “We will promote this plan using all our 57 branches across the country; we are tying up with national distributors, banks and independent individual advisors for aggressive promotion of this plan.”
There is no entry load if an investor opts for this plan. But it carries an exit load of 3.5 % if redeemed within 1 year; 2.5% if redeemed after 1 year but within 3 years.
Central Bank of India has reduced its lending rates on new home loans
upto Rs 20 lakh at 8 % for the 1st year.
Lending rates for loans b/w Rs 5 lakh to Rs 20 lakh will now be offered at 8 % as against 9.25 % earlier.
After 1 year, this rate will be reviewed according to the prevailing market situations, a Central Bank official said.
Loans sanctioned between March 12 and April 30, 2009 can avail the benefit of the scheme, the bank said.
State owned banks started cutting their home loan rates after country’s largest lender, State Bank of India reduces its new home loan rates at 8 per cent for one year recently.
Reliance Mutual Fund in India has been awarded the best equity fund house of the country for 2008 by an international research firm Morningstar India, the domestic arm of Morningstar Inc, a global research and information provider on stocks, mutual funds.
“The objective of awards was to recognise funds that had delivered superior performance in 2008 and also had delivered strong risk-adjusted returns for investors over the long haul, relative to appropriate benchmarks,” Reliance statement quoted Morningstar as saying.
Reliance MF remained the largest fund house in the country with an assets under management of of Rs 81,62,708 crore at the end of February 2009.
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