SBI CUT INTEREST RATES ON HOME LOAN

SBI CUT INTEREST RATES ON HOME LOAN

Good news for people thinking of taking their home. The country's largest bank State Bank of India (SBI) cut interest rates of home loans. SBI issued a release on Saturday and said that now the interest rate on the home loan of the bank is starting from 6.70 percent. The bank said that 6.70 per cent interest rates are being started on loans up to Rs 30 lakh. SBI said that from 6.95 per cent, interest rates are being started on Home Loans ranging from 30 lakh to 75 lakh rupees. Apart from this, the bank is offering an interest rate of 7.05 per cent on loans above Rs 75 lakh. Women are also being given additional discounts on home loans. The bank said that it is providing special exemption to women borrowers (0.05 per cent). The bank is also offering special discounts to Yono app users. SBI said that to enhance the customer experience through the YONO app, a discount of 0.05% is also being offered as a digital incentive from our home loan customers.

CUSTOMERS GET BIG RELIEF IN CASE OF KYC

State Bank of India has provided great relief to its customers in the case of KYC. The bank tweeted that in view of the lockdown restrictions imposed due to Corona virus epidemic in many states, it has been decided that now documents sent via post or registered e-mail will also update KYC.Customers will no longer need to go to the bank branch to get the KYC updated. Also, the bank said that if KYC is not updated by May 31, 2021, CIF will not be freeze. That is, banking services will remain operational. According to RBI data, in March this year, there has been an increase of 4.9 percent in banking loan disbursements. In March last year, the pace was 6.8 percent. This month, food credit has come down from 24.4 per cent to 18.3 per cent and credit to the service sector has come down from 7.4 per cent to 1.4 per cent.

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