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Arcil acquires Rs 1,200 cr of information on loans retail consumer loans
Hemang Palan
Posted online: Tuesday , August 26, 2008 at 01:03 hrs
Updated On: connecticut mortgage loans Tuesday , August student loans for schools 26, 2008 at joint venture loans for iraq 01:03 hrs
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Arms, refinance car loans a pioneering initiative of Asset Reconstruction Company of India Ltd (Arcil), has recently acquires over Rs 1,200 crore worth of distressed consumer loans including hour cash loans housing and auto portfolio. This recovery mainly includes housing loans of Rs 1,000 crore quicken loans law suit status given by National Housing Board and ICICI Bank. low interest government loans Arcil has sticky assets of around Rs 10,000 crore which Private Student Loans Borrow Up To have been acquired from other banks and financal direct loans payment institutions during the last three years
S Khasnobis, managing director and CEO, Arcil, said, personal loans military “This is the first time that an organised pan-India
key loans
attempt is being made to recover distressed consumer retail loans. Arms would focus on resolution through dialogue and borrower co-operation, thereby fostering the culture of responsible borrowing and repayment.”
Khasnobis said the resolution strategy for retail assets that would be acquired by Arms would be quite different from corporate assets’ recovery practice adopted by Arcil. personal loans no credit check In the retail loans segment, a recovery solution would be arrived at after thoroughly payday loans - anchorage assessing the borrowers’ paying capacity and the values of the collaterals. alternative student loans bad credit However, the company would not acquire unsecured loans like credit and personal loan. “Though we would acquire them, at Personal Loans With Online Instant Approval a much later stage, we will have to deal with them indirectly as it may involve the same borrowers. We will try to work out a resolution for retail assets,” he said.
Arcil’s latest fha neiamiah loans initiative assumes significance as a rough estimate by Crisil puts the size of bad loans in the fannie mae type loans retail segment as on March 31, 2008, at poor credit unsecured loans around Rs 15,000 crore. This corpus includes housing as well as auto loan fast personal loans next day defaults personal loans with low interest in the country. Bankers believe the delinquencies in home and auto loan portfolios may rise further in the
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current fiscal due to the escalated interest rates, after ca development loans the regulators took consumer reports home loans a tough no pmi loans stance in its latest william d ford direct loans monetary
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policy in a bid to tame the spiraling inflation. According to the figures released by the Reserve Bank of India, as of May 2008, the total outstanding housing loans in India was estimated at Rs 2,62,486 crore.
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