Monthly mania

Fund houses are racing against time to launch monthly income plans (MIPs) to cash in on the thriving demand for the product. HDFC Mutual Fund's monthly income plan, the latest in a series of MIP launches, grossed over Rs 900 crore in IPO. And there's more in the pipeline… HSBC Mutual Fund is launching an MIP that offers two plans - regular and savings. Under the regular plan, investment in shares is capped at 15 per cent, while under the savings plan, equity investment could be scaled up to 25 per cent. Principal Mutual Fund is introducing a plan under its MIP called MIP Plus, under which investment in shares could go up to 25 per cent from 15 per cent in the existing scheme.

Joy ride

If you are thinking of buying a Hero Honda motorbike, you could borrow cheap from Punjab National Bank. The bank is offering up to 90 per cent of the price of the motorbike in loans at 11 per cent for one year and 11.5 per cent for five years. Launched in Punjab and Haryana, the scheme will soon be rolled out nationally.

Uco salutes elders

Uco Bank has launched a unique personal loan scheme for pensioned individuals. Under the scheme, called Uco Pensioner, the bank lends up to Rs 1 lakh at 12 per cent per annum. The amount has to be repaid in two years. A personal guarantee has to be furnished. There's no processing fee or prepayment penalty.