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Oriental Bank of Commerce along with Bank of Baroda and Bank of Maharashtra is to form a joint venture in Malaysia, for which they are awaiting RBI’s nod. The Delhi-based bank also plans to open 20 more branches in the country as part of its plans to increase business by 33% to Rs 1,00,000 crore this fiscal, OBC chairman KN Prithviraj said after inaugurating the bank’s first ‘retail shoppe’ here today. “We are targeting Rs 1,00,000 crore business this fiscal, which will be 33% growth higher than that of last fiscal,” he said. OBC is looking to increase loan advances to Rs 37,000 crore this fiscal from Rs 27,000 crore last fiscal by focusing on the retail segment. Prithviraj said the bank will open more retail shoppe as part of its efforts to push up retail loans.  OBC had taken over the ailing GTB last year and taken a hit on its profits. However, the GTB unit is expected to become profitable this fiscal onwards and push up the overall profits of OBC. While consolidating its domestic operations, OBC is now eyeing foreign shores to increase its business and become a ‘global bank’. OBC has roped in BOB and BOM to float a banking arm in Malaysia, Prithviraj said. The three banks have applied to RBI and are waiting for its permission, he said, adding OBC board of directors have approved the proposal already

ABN Amro Bank on Monday announced its foray into the housing loan segment with the lowest interest rate of 6.0 per cent in the first year and 6.5 per cent in the second year under its ‘Super Saver Loan Package’, targeting at least 10 per cent of the Rs 50,000 crore (Rs 500 billion) home loan segment.From the third year, the foreign bank will offer loans at the prevailing floating rate for all loans between Rs 100,000 to Rs 1 crore (Rs 10 million), Romesh Sobti, executive vice president, ABN Amro Bank, said after launching the scheme in New Delhi.The equated monthly installments (EMI) come to as low as Rs 717 per lakh for a 20-year loan.Coinciding with the festive seasons of Diwali and Christmas, ABN Amro Bank’s promotional ‘Super Saver Loan Package’ would be offeredThe Oriental Bank of Commerce on Friday reduced its home loan interest rate to 7.5 per cent for the salaried class.The bank would offer a package to employees of government, semi-government, public sector undertakings, banks and reputed private sector companies at 7.5 per cent on floating rate basis for five years and at eight per cent for a tenure between five and 20 years, a bank release said in Delhi.

CorpHome, the housing loan product of Corporation Bank has become cheaper from June 1, with the bank deciding to slash the rate of interest by 0.25 per cent for the tenor above five years. The reduction is applicable to all fresh loans and existing loans taken under the floating rate option stated an official release issued by the Deputy General Manager B. R. Bhat. As per the new rate, loans with a tenor of up to five years would continue to carry an interest rate of 7.5 per cent under the floating rate option and 8 per cent under fixed rate option, stated the release. The interest rate for loan period of above 5 years and up to 10 years under the floating rate and fixed rate options has been reduced by 25 basis points to 8 per cent and 8.5 per cent respectively.

For loans above 10 years and up to 25 years, the floating rate has been reduced from 8.5 per cent to 8.25 per cent, the release added.IN a move to boost its housing finance wing, Corporation Bank has reduced its interest rate to 11.5 per cent from 12 per cent with effect from January 1. The bank is also trying to expand its `housing loan base’ to Rs 800 crore by MarchThe new interest rate is applicable to all housing loans up to Rs 25 lakh and the interest is chargeable on `daily reducing balances’ only. According to a press release issued by the bank here, Corporation Bank has also increased the maximum permissible loan period to 25 years from the present 20 years subject to the age of the house/flat proposed to be purchased by the customer and the other terms of the scheme. The equated monthly instalment (EMI) will, therefore, come down. The EMI for Rs 1 lakh for a maximum period of 25 years will now come to Rs 1,008, said to be the lowest offered by any public sector bank or housing finance company in the country. The borrowers also have the option of choosing a fixed or floating rate for home loans. However, the maximum tenor of housing loans at a fixed rate of interest is restricted to 15 years.

Nelson Education, the Canadian publishing business of Thomson Corp. (TOC.TO: Quote, Profile, Research), has been forced for the second time to change terms on its C$561.5 million loan backing its buyout by OMERS Capital Partners and Apax Partners, banking sources told Reuters Loan Pricing Corporation on Wednesday.The changes signal continued pushback in the loan market that has already caused U.S. Foodservice to postpone a planned US$4 billion bank and bond package and Thomson Learning to alter the structure of its US$3.74 billion LBO loan to appease investors.A leverage covenant has now been added to a part of the Nelson Education deal. In addition, the pay-in-kind (PIK) toggle feature applying to the second-lien loan tranche has now been removed.

The latest changes come on the back of other alterations to the deal last week whereby pricing on the first- and second-lien tranches was lifted to 250 basis points over Libor (from 225 basis points over Libor) and 575 basis points over Libor (from 525 basis points over Libor), respectively.The company also issued both term loans at 99.75, while stripping away the super-priority status from the revolver.The bank loan consists of a C$50 million revolver, a C$330 million term loan (to be issued in U.S. dollars) and a C$181.5 million second-lien term loan (to be issued in U.S. dollars). The financing is led by the Royal Bank of Canada (RY.TO: Quote, Profile, Research).Thomson Corp. announced in May that it was selling its education assets for about $7.75 billion to pursue opportunities better aligned with its growth strategy.

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ICICI Bank, the largest private sector bank in the country, today raised the interest rate on auto loans by one percentage point. The bank has also decided to raise domestic term deposit rates by half a percentage point across all maturities with effect from Tuesday. The bank has also discontinued the discounts on home loans to meet the rising cost of funds, which has pushed up home loan rates in some cases. ICICI Bank had also increased home loan rates and its Benchmark Prime Lending rate by 50 basis points last month.

ICICI Bank is a market leader in retail loans, with home loans comprising 50 per cent and auto loans forming about 40 per cent of the retail portfolio. The largest bank in the country, State Bank of India, had hiked the interest rates on home loans by 25-75 basis points in February. HDFC Bank, the other large player in the auto loan segment, had hiked rates by around 50 basis points over a month ago, said a senior official from the bank. The bank would take a call on interest rates within a day or two. “There is pressure on loan rates in the system as a whole, given the fact that deposit rates are rising,” he said. The Reserve Bank of India had increased reverse repo and repo rates by 25 basis points in its mid-term review of the monetary policy in January, signalling a hardening of interest rates.

The House was heading to a vote late Wednesday on the measure, which would help an estimated 5.5 million students who get need-based federal loans.The government pays the interest that accrues on those loans while students are in college. Students pick up the payments after they leave school.The rates would drop from 6.8 percent to 3.4 percent in stages over a five-year period under the House proposal. That would cost nearly $6 billion, according to the Congressional Budget Office.To avoid increasing the deficit, the bill’s cost would be offset by reducing the yield on college loans the government guarantees to lenders and cutting the guaranteed return banks get when students default.

Banks also would have to pay more in fees.”This bill is good for students. It’s good for the budget, and its deserving of our support,” said Rep. John Spratt, D-S.C.The House was expected to approve the bill, though its future is uncertain beyond that. The Bush administration and some top Republican lawmakers oppose it. Sen. Edward Kennedy, D-Mass., head of the Senate’s education committee, plans to pursue broader education legislation that addresses the proposed interest rate cut.Democrats, who took over Congress this year, are trying to make good on a campaign pledge. However, the plan has been scaled back.During last year’s campaign season, Democrats did not spell out that the cut they were talking about passing in the first 100 hours of the new Congress would only affect need-based loans.

 They also pledged to lower interest rates for parents who take out college loans for their children, and said they wanted to increase the maximum Pell grant award from $4,050 to $5,100. Pell grants go only to the neediest students and do not have to be paid back.California Democratic Rep. George Miller, chairman of the House committee on education, said lawmakers plan to address those issues later.Republicans said the money would be better spent on grants, not loans. “To make college accessible, we should focus on what we can do now for students not when they graduate,” said Rep. Shelly Moore Capito, R-W. Va.California Rep. Howard “Buck” McKeon, the highest-ranking Republican on the education committee, criticized Democrats for considering the legislation without hearings. He also said he worried the cuts could lessen the services and benefits students receive.McKeon noted Congress cut $12 billion from the student loan program last year as part of a budget bill.

Every student has to do a lot of study. Some become research scholars, some opt for medicine, some choose engineering and some go for environment study. Whatever line of study you choose you have to pay to study and here the role of student debts and student loan consolidation starts. Everybody has a different financial background. Some students who have a good background can pay for their fees easily while others with limited means have to hunt for finances through different sources. Sometimes one loan is not enough and we have to take another loan to cover-up for the one taken earlier. In this way, sometimes one finds that it is no longer possible to continue with the payments and study. In such a situation, you can always lookup to a student loans consolidation program.

Student Loans Consolidation Explained

In a student loans consolidation program, you will get an opportunity to club all your outstanding loans installments into one consolidated repayment to be made to the consolidating company once a month. You need not to worry about paying to the various agencies from where you took loan earlier. The student loan consolidation company will pay to these agencies. This means that you have to apply for a new loan to clear your earlier outstanding loans. In this way, you can manage your debts to a great extent, and do not have to worry about installment payments all the time, and use this time saved in doing something worthwhile.

A student loans consolidation program will give you multiple benefits. It will make life much easier and comfortable for you. It will be more convenient for you to pay one installment than paying three or four installments in a month. The possibilities of missing an installment become negligible, as you have to keep track of only one installment payment every month.

You invariably save some money when you consolidate your monthly payments into one. When you take loans for study, they usually come at a high interest rate as you were in need of money at that time. Student loans consolidation usually comes at a lower rate of interest, and when you consolidate your loans, you start paying less in term of interest payment every month.

When you decide to apply for student loans consolidation, you also get an opportunity to defer your payment schedule for a few months. This gives you a respite to manage your finances and create an environment so that future payments are never in doubt. Parents and relatives can be a help only to a certain extent after which you have to manage on your own. Studies at a higher level are very demanding in these times. Therefore, never consider a student loan a barrier in your studies. Always take a loan like a bridge between you and your success.

Student loans consolidation helps students in need of finance because of the accumulated debt pressure of various types of loans. A student loan consolidation program provides student loan debt counseling along with the Student Loans Debt Consolidation to provide you an understanding of the ways of managing debt burden.

Interest rates on student loans look set to double, it emerged this week. The interest charged on a student loan now stands at just 2.4%, but rising inflation means students and graduates could soon face interest rates of twice that on their outstanding loans.That’s because the Student Loans Company interest rate, which is set every autumn, is based on the March retail price index, which this year jumped to 4.8%.The Welsh party Plaid Cymru this week described the student loan system as “a complete scandal”. Plaid member Bethan Jenkins said: “If interest rates double, many will be charged £50 a month in interest alone. We cannot allow this to continue.”

In a statement, higher education minister Bill Rammell did not explicitly confirm or deny this would happen. He says that, by simply being revalued in line with inflation, loans retain their original value and students pay back in real terms exactly what they borrowed.”As in any year, the prospective rise in student loan interest rates is a simple reflection of the increases in the retail price index (RPI) and is not intended to be punitive in any way,” he addedThe Department for Education and Skills points out that student loan repayments are linked to how much people earn, not how much they owe, and students do not pay back their loans until they have left their course, are in work and earning more than £15,000 a year.

Federal Student Loan Consolidation , today announced that interest rates on existing variable-rate student loans will climb eight basis points, or .08 percentage points July 1, 2007. While interest rates on new Federal Stafford and PLUS loans are fixed under federal law, students, graduates and parents who have older, variable-rate student loans can take advantage of the lower rate if they apply for student loan consolidation by June 30.Most federal Stafford and PLUS loans first disbursed before July 1, 2006 charge variable interest rates that are set by federal formula and based on the last auction of 91-day U.S. Treasury bills in May.

Interest rates on loans disbursed after that date are fixed at 6.8 percent (Stafford) and 8.5 percent (PLUS)”This Spring 2007, college grad’s who still have variable rate loans may consider applying to consolidate before their six month, post grad grace period ends,” said John Wrinn, President, Student Loan Financial Group. “Students can lock in a lower rate if they lock the rate prior to June 30th. Also, parents with PLUS loans will save an eight of a percent by consolidating before July 1st, instead of waiting.When a student decides to consolidate their student loans, the loan consolidation lender pays off the student’s current federal student loans in full and creates a new loan, with a new interest rate and a longer repayment term. Federal student loan consolidation has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, rounded up to the nearest 0.125 percent or 8.25 percent, whichever is less.

For existing Federal Stafford and PLUS loans that still carry a variable interest rate, the interest rates as of July 1, 2007 will be:Stafford Loans (in school, grace and deferment periods): 6.62 percent Stafford Loans (repayment): 7.22 percent — PLUS Loans: 8.02 percentIn addition, there is no credit checks, no fees, no prepayment penalties as well as student loan consolidation can reduce the monthly payment amount by nearly 50 percent. That is because student loan consolidation stretches the repayment period from the standard 10 years to up to 30 years, depending on the amount of the education debt.Student and parent customers who consolidate their Stafford, PLUS and other eligible federal student loans using a Student Loan Financial Group Consolidation Loan can also reduce their interest rate by an additional 1.25 percentage points by making scheduled loan payments on time, and by using automatic debit to make payments electronically. Combined, these benefits can provide the average customer with $4,300 in savings on a $20,000 loan.