The rate cut is over and above the rate reduction by the Bank post the 100 basis points cut in the policy repo rate by the Reserve Bank of India (RBI). The new rate beginning at 8.15% p.a. is applicable to loans for the purchase of a new car and is linked to a borrower’s credit profile.

The Bank has also reduced interest rates on Baroda Mortgage Loan (Loan Against Property) from 9.85% p.a. to 9.15%* p.a. with immediate effect.

Commenting on the announcement, Shri Sanjay Mudaliar, Executive Director, Bank of Baroda, said, “The festive season is an auspicious time for new beginnings with many families looking to fulfil their aspirations of owning a new vehicle. Bank of Baroda is pleased to introduce a special offer on our car loan rates that makes car ownership more accessible and affordable. In addition, our mortgage loan offering is now even more competitive, giving a great opportunity to unlock higher value for property, and customers can raise additional funds with a reduction in interest rates from 55 bps to 300 bps, depending on CIBIL score.”

Applicants can apply for a Bank of Baroda Car Loan digitally through the Bank’s Digital Lending Platform – Baroda Digital Car Loan or by visiting the nearest bank branch.

The Bank also offers an attractive fixed rate of interest on Baroda Car Loans, linked to the Bank’s 6-month MCLR, starting at 8.65%* p.a.

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By applying through IDP Education, students can access funds faster for tuition fees, travel, and living expenses, without long waiting periods. IDP Education, which facilitates the enrollment of over a lakh Indian students into leading universities across Australia, the US, the UK, and other key countries, will offer PFL’s education loan across its digital platform and 77 offices in 63 cities nationwide. Through this collaboration, PFL has become the only financial partner of IDP Education, providing instant sanctions for education loans.

Commenting on the partnership, Vikas Pandey, Chief Business Officer – Consumer Finance and Head Digital Marketing, Poonawalla Fincorp, said, “India is one of the fastest-growing contributors to global education demand, and with that comes a responsibility — and an opportunity — to build systems that support this scale. Our partnership with IDP is not just about enabling individual journeys; it’s about strengthening the infrastructure that underpins India’s global academic ambitions. Together, we’re creating a more dependable and transparent model for how education financing should work at scale.”

“Today’s students are making highly informed choices based on long-term return on investment — not just the course, but the country, career outcomes, and financial planning,” added Piyush Kumar, Regional Director – South Asia, Canada, Latin America and Mauritius, IDP Education.. “That shift requires all players in the ecosystem — from advisors to lenders — to evolve. With this partnership, we’re meeting students where their real needs lie. We see Poonawalla Fincorp as a partner that understands both the urgency and sensitivity around education financing and brings the kind of digital infrastructure that can make a real difference to students and families navigating these decisions.”

According to a recent study conducted by IDP Education, 66 percent of student respondents identified cost and finances as their biggest concerns when considering international academic opportunities. By joining forces, PFL and IDP are making international education more accessible, helping students achieve their academic aspirations with faster and seamless financing solutions.

Each year, almost 100,000 IDP students study at more than 800 universities around the world. It has 800+ partnerships with top educational institutions across Australia, the UK, the US, Canada, Ireland, and New Zealand. Through its risk-first approach and collaboration with IDP Education, PFL aims to further strengthen its efforts to become a household name by partnering with families and focusing on a customer cohort aligned with its business model.

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CHENNAI: Shriram Finance Limited (SFL), the flagship company of the Shriram Group, continues to witness strong growth in its gold loan portfolio in Tamil Nadu. The organized gold loan market in India is expected to double in the next five years, reaching a staggering ₹14.19 lakh crore. On the other hand, the demand has surged as individuals and small businesses seek quick access to funds, aligning with the broader national trend of rapid expansion in the organized gold loan market.

Anbuselvam, Deputy Managing Director, Shriram Finance Ltd., speaking about the Gold Loan business in Tamilnadu (North) said, “In Q3FY25, the gold loan AUM in SFL’s Tamil Nadu branches in North Coastal, Kanchi, and Salem, Krishnagiri &  Thiruvallur Zones grew significantly. We are now looking to consolidate and grow our market share in the coming quarters and a part of our plan is to introduce the Gold loan business in more branches.“

SFL’s primary customer base in the gold loan segment consists of middle-class households, including salaried individuals, small businesses, and traders in rural areas. A significant rise in gold prices has led to an increase in the average ticket size of gold loans, which has nearly doubled from ₹0.33 lakh last year to ₹0.60 lakh in the current period. Additionally, the average loan tenure has reduced from 10 months to 7-8 months, indicating improved cash flow among borrowers.

SFL offers a diverse range of gold loan schemes tailored to meet the varied financial needs of its customers. These include single lump sum payment schemes, monthly/quarterly interest payment schemes, and monthly EMI payment schemes. The company has streamlined documentation formalities and fully automated the loan processing system to ensure quick and hassle-free loan disbursement.

Shriram Finance remains committed to empowering individuals and businesses by providing convenient and efficient financial solutions. The company’s continued growth in the gold loan segment reaffirms its position as a trusted financial partner for customers in need of timely credit.

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MUMBAI: Aditya Birla Housing Finance Limited (“ABHFL”), a wholly owned subsidiary of Aditya Birla Capital, India’s leading diversified financial services company, has launched ‘Khushi’, a customized home loan offering for women borrowers to help them on their path to homeownership.

For many women, owning a home symbolizes independence and financial security. ‘Khushi’ makes this aspiration a reality by offering flexible financing solutions tailored to diverse needs, with loan amounts ranging from ₹5 lakh to ₹1 crore. The initiative integrates ABHFL’s existing offerings, such as Pragati Home Loan and Micro LAP, ensuring wider accessibility for women from all walks of life.

Some of the key benefits include:

• Express Loan Sanction
• Customized solutions tailored to individual needs
• Unique ‘Track My Loan’ feature
• 100% digital onboarding and doorstep service

Speaking on the initiative, Pankaj Gadgil, MD & CEO, of Aditya Birla Housing Finance, said, “We believe true empowerment starts with financial independence. Today, we are proud to introduce ‘Khushi’ as a symbol of our commitment to this year’s International Women’s Day theme of Rights, Equality, and Empowerment for women. By removing financial barriers, we are simplifying homeownership and making it more accessible to help our women borrowers  take full control of their financial future with confidence.”

With ‘Khushi’, ABHFL continues to uphold its brand promise of delivering a ‘Happy Home Loan Journey’, placing customer-centricity at its core. More than just a financial product, ‘Khushi’ is a testament to progress, empowerment, and the indomitable spirit of women striving for independence. For more details, please click on the link- ‘Khushi’ Customised Home Loans

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Through this collaboration, SBI has created a customized car loan product specifically designed for Uber’s fleet partners. The collaboration aims to support both new and existing Uber fleet partners, helping them expand their businesses with ease and contributing to the ongoing growth of India’s ride-hailing industry. The integration will enable hassle-free loan disbursement, helping fleets maintain optimal performance. By leveraging Uber’s technology and SBI’s extensive financial services network, the collaboration ensures that fleet partners can manage their finances efficiently and scale their businesses faster.

Vinay M Tonse, MD (Retail Business & Operations), SBI reiterated that “At SBI, we are committed to offering innovative financial products that support businesses across India. Our partnership with Uber highlights our focus on providing tailored solutions to a diverse set of customers. By offering affordable financing solutions to Uber fleet partners, we are helping to fuel the growth of the ridesharing sector, while also ensuring that fleet owners have access to the capital they need to succeed.”

Commenting on the partnership, Prabhjeet Singh, President, of Uber India & South Asia, said, “This partnership reinforces Uber’s commitment to its fleet partners and aligns with our vision of fostering growth in India’s ride-sharing ecosystem. By providing affordable loans through SBI’s customized offerings, we aim to create an enabling environment that provides fleet partners with the tools they need to scale effectively and contribute to the overall development of the industry.” 

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MUMBAI: UGRO Capital, a leading DataTech NBFC focused on MSME lending, today announced its robust performance for the quarter ended September 30, 2024 (Q2 FY25), marking significant milestones in its journey towards becoming a leading MSME-focused lender. The company has reached a total AUM of INR 10,200+ crore, growing from INR 2,970 crore in March 2022, underscoring its accelerated growth trajectory and investment in data tech infrastructure.

During Q2 FY25, UGRO Capital achieved several lifetime highs in key performance metrics:

Record Loan Originations: UGRO recorded its highest-ever quarterly net loan originations of INR 1,970+ crore, a remarkable 72% increase compared to INR 1,146 crore in Q1 FY25.

Micro Enterprises Lending Surge: UGRO’s Micro Enterprises Loan vertical saw origination of INR 450 crore, more than doubling from INR 209 crore in the previous quarter. This growth reflects the company’s expanded branch network, now at 210 branches, including 46 new micro-branches added during the quarter.

Co-Lending Milestones: UGRO achieved its highest quarterly co-lending volume of INR 600+ crore, up from INR 337 crore in Q1 FY25, with its co-lending partnerships expanding to 9 banks and 7 NBFCs. The company’s off-book AUM now stands at approximately 44%.

Strengthened Borrowing Profile: The company also mobilized its highest-ever borrowings, raising over INR 1,100 crore in Q2 FY25, up from INR 375 crore in Q1 FY25, ensuring a well-diversified liability profile.

Commenting on these achievements, Shachindra Nath, Founder, and Managing Director of UGRO Capital, said, “Our performance in Q2 FY25 marks a significant leap forward, driven by our unwavering commitment to providing innovative, data-driven financial solutions for MSMEs across India. Since our inception, we have raised over INR 900 crore in 2018, INR 340 crore in 2023, and INR 1,265 crore in 2024. With a robust network of 210 branches and a dedicated workforce of around 3,500 employees, we are poised to accelerate our efforts, particularly in the Micro Enterprises Loan segment. As we continue to grow, our focus remains on empowering MSMEs, encapsulated in our core belief – MSME Accha Hai – to unlock even greater opportunities for growth and development across the sector.”

In addition to its financial achievements, UGRO Capital received a rating upgrade from India Ratings to ‘IND A+/Stable’ (long-term) and ‘IND A1+’ (short-term), further solidifying its position in the market. The company was also honored with the ‘Best Fintech Lender of the Year’ award at Financial Express India’s Best Banks Awards, presented to Mr. Shachindra Nath by Hon’ble Union Minister of Finance & Corporate Affairs, Ms. Nirmala Sitharaman.

The business updates reflect UGRO Capital’s ongoing commitment to transforming MSME credit in India through technological innovation and strategic partnerships. These updates are subject to management review and have not yet undergone a limited review by the auditors.

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The scheme is aimed at providing easy access to advanced-level skill courses, which potentially pose a significant financial barrier for many deserving students and candidates to gain futuristic and in-demand industry skills.

Recognizing the significant role played by NBFCs and Micro Finance Institutions in the skill loan market, the MSDE, with approval from the Ministry of Finance, has made pivotal modifications to the scheme guidelines. Now, NBFCs, Micro Finance Institutions, and Small Finance Banks will also be eligible to extend loans which will be backed by a guarantee against default up to 75% of the loan disbursed.   Furthermore, the maximum ticket size of individual loans eligible for credit guarantee cover has been increased to INR 7.50 lakhs from the earlier limit of INR 1.50 lakhs.

During the launch ceremony at Kaushal Bhawan, Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development & Entrepreneurship (MSDE) and Minister of State, Ministry of Education, Government of India, “The launch of the Model Skill Loan Scheme is a major milestone for our Ministry of Skill Development and Entrepreneurship. This scheme empowers youth with financial support for advanced skilling, through the instrument of collateral-free loans up to Rs7.5 lakh. NBFCs, NBFC-MFIs, & Small Finance Banks have also been made eligible lenders. As the world, including India, undergoes rapid technological and societal shifts, our education systems and job market must adapt to keep pace. We’re working hard towards a vision for 2047, with the government thinking strategically about these changes. This Model Skill Loan Scheme is a reform and liberalisation for which there was demand of the Public.”

Speaking on the occasion Shri Atul Kumar Tiwari, Secretary, MSDE said, “The ‘Skill Economy’ is increasingly market-led, with new-age learning integrating into the skill development ecosystem. Youths from urban and semi-urban areas recognize the available opportunities for skilling and livelihood improvement. With the help of this initiative, aspiring candidates can choose from a plethora of skill courses in sectors such as healthcare, IT, AI-data science, cloud application, digital marketing, hospitality, animation, gaming, graphic designing, and drone technology. These courses, driven by changing industry dynamics, offer substantial placement opportunities and potential for international mobility.“

Many aspiring candidates are left without the necessary financial backing to pursue skill training due to the lack of a robust skill loan market. To maintain a smooth credit flow in the skilling sector and offer affordable finance for specialized skill courses to low-income youths, the MSDE introduced the Credit Guarantee Fund Scheme for Skill Development (CCFSSD) in July 2015. The updated Model Skill Loan Scheme aims to overcome the hurdles in meeting the demands of a highly skilled workforce amid rapid technological advancements.

Gracing the event were the Secretary, Ministry of Skill Development and Entrepreneurship (MSDE), Shri Atul Kumar Tiwari; AICTE, Shri T.G. Sitharam; Senior Economic Advisor, MSDE, Shri Nilambuj Sharan; alongside CEO, CEO, NSDC, and MD, NSDC International, Shri Ved Mani Tiwari; Chairman, National Credit Guarantee Trustee Company (NCGTC), Shri Durgesh Pandey, Deputy CEO, Indian Banks Association, Shri Gopal Bhagat and CEO, Eduvanz Financial Services, Shri Varun Chopra.

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MUMBAI: Bajaj Housing Finance launched Sambhav Home Loans today – a product to provide affordable and accessible housing finance.

The all-new Home Loan product is designed for first-time homebuyers looking to make their dream of home ownership a reality through affordable housing finance. In line with this, the income norm on Sambhav Home Loans starts from only Rs. 10,000 per month, with loan amounts as low as Rs. 10 Lakh. The affordable income criterion makes this an accessible option for prospective borrowers across a wide range of income groups.

Both salaried and self-employed applicants from a range of employment types, such as manufacturing, trading, and the informal job sector, among others, are eligible for finance as part of this product. Subsequently, the eligibility, documentation, and application process for Sambhav Home Loans have been kept flexible to accommodate all such employment types.

Apart from minimal eligibility requirements, Sambhav Home Loans offer a host of benefits. Borrowers enjoy attractive interest rates with affordable EMIs and the option to choose a repayment tenor of up to 20 years. Eligible borrowers also benefit from a sizeable loan amount, which makes homeownership more convenient.

With the launch of Sambhav Home Loans, Bajaj Housing Finance now offers a full suite of offerings in housing finance, covering all customer categories. With over 6,000 approved projects, the Lender offers custom mortgage solutions across India. Interested applicants can either apply online through the Lender’s website or walk into any of its branches.

* Salary norms and minimum loan amount are subject to change based on city | T&C apply

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MUMBAI: Indian Renewable Energy Development Agency Ltd. (IREDA) has reported a remarkable performance for the first quarter ended 30^th June 2024. According to provisional figures, subject to audit, the company recorded substantial increases in loan sanctions, disbursements, and its loan book.

During the first quarter of FY 2024-25, IREDA sanctioned loans amounting to Rs. 9,136 crore, reflecting a significant growth of 382.62% compared to Rs. 1,893 crore in the corresponding quarter of the previous fiscal year. Disbursements during the same period stood at Rs. 5,320 crore, marking an increase of 67.61% year-on-year compared to Rs. 3,174 crore in the first quarter of FY 2023-24. The total loan book outstanding as of 30^th June 2024, reached Rs. 63,150 crore, representing a notable growth of 33.77% from Rs. 47,207 crore in the previous year.

Pradip Kumar Das, CMD, IREDA, commented on the achievement, “IREDA’s robust performance in the first quarter underscores our commitment to accelerating the deployment of renewable energy solutions in India. The substantial increase in loan sanctions and disbursements reflects our proactive approach in supporting projects that contribute to India’s renewable energy goals.“

IREDA continues to play a pivotal role in financing renewable energy projects across various sectors, including solar, wind, hydro, biomass, waste to energy, ethanol, electric mobility, and emerging technologies like Green Hydrogen and Offshore Wind, etc. The company’s efforts are aimed at fostering sustainable development and reducing carbon emissions in alignment with national and global environmental objectives.

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Pune’s Evolving Transportation Preferences

Pune is witnessing a change in transportation preferences. The city’s growing infrastructure and economic development have catalyzed demand for personal vehicles. A heightened demand for personal transportation has boosted the demand for flexible financing solutions.

A notable trend is the growing preference for car financing among youth and millennials. The average age of individuals opting for car financing is 34 years, reflecting a growing inclination towards personal vehicle ownership among young professionals and families. This demographic increasingly views cars as essential and safer means of travel, crucial for maintaining independence and efficiency in their daily commutes. Ambitious young consumers are reshaping the car market as they prioritize convenience, safety, and efficiency. They prefer purchasing pre-owned vehicles and view financing as a smarter, more accessible way to achieve car ownership. This reflects the aspirations of a young, dynamic generation striving for greater autonomy and an improved way of traveling as they continue to navigate the roads of Pune.

Popular Cars Financed in Pune

In Pune, the demand for reliable and practical vehicles is reflected in the popularity of models such as the Wagon-R, Swift, and Hyundai-GRAND I10. These cars are favored for their affordability, efficiency, and comprehensive features. 

Swift stands out with its sporty design and responsive handling, appealing particularly to younger demographics and first-time car buyers. Meanwhile, the HYUNDAI-GRAND I10 is recognized for its compact design and advanced connectivity features, making it a top choice for urban commuters. Customers in Pune are moving towards hatchbacks because of their affordability, fuel efficiency, and compact design, making them ideal for navigating Pune’s congested roads and tight parking spaces. Their versatility, ample cargo space, and advanced technological features appeal to a wide range of buyers, particularly young professionals and families. Their low maintenance costs and good resale value add to their attractiveness. These benefits collectively make hatchbacks the go-to choice for many in Pune, balancing cost-effectiveness with the convenience of personal vehicle ownership.

Gajendra Jangid, Co-Founder at CARS24, stated “The strong preference for car financing in Pune underscores a broader trend towards flexible and accessible car ownership. This shift reflects an evolving consumer behavior that prioritizes convenience and affordability in acquiring personal vehicles. Our focus is on enabling a seamless, reliable, and cost-effective car ownership journey for all “customers, supporting this transformation in the automotive landscape.”

59% of car buyers in Pune prefer getting their cars financed

CARS24 offers a variety of financing options designed to meet diverse needs, making car ownership more accessible and attainable. Featuring an average EMI of INR 12,000 over 60 months, and an average interest rate of 15.2%.

59% of people in Pune opt for financing their cars, reflecting the city’s growing aspiration of personal vehicle ownership. Nationwide 63% of people opt to get their cars financed. With versatile repayment options, CARS24 empowers buyers to tailor their financing according to their financial circumstances. Most loans are processed within a couple of hours, simplifying the car-buying process significantly. Nationwide, CARS24 receives around 620 loan applications daily.

By offering flexible repayment options and ensuring most loans are processed within a few hours, CARS24 significantly simplifies the car-buying process.

With a presence in over 180 cities across India, CARS24 is at the forefront of transforming car ownership in India. This commitment to innovation and customer-centric solutions underscores CARS24’s pivotal role in shaping the future of personal mobility in India.

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