On Saturday State Bank of India (SBI) country’s largest public sector bank has announced freeze on interest rates on new home loans at eight per cent for one year.
But for its existing customers, a new scheme SBI Lifestyle Loan has been initiated under which customers will be able to avail eight per cent interest rate for one year.
As per SBI release this facility will be available to the amount of 10 per cent of their home loans but up to a maximum of Rs. 5 lakh.
The release also added the new scheme of eight per cent interest rate will be applicable for loans taken during February 2 and April 30.
The release stated the bank would be resetting the interest rate after the freeze period to the same rate as originally applicable under the respective schemes.
The existing borrowers of the bank under the two home loan schemes — loans up to Rs. 5 lakh and Rs. 5-20-lakh range — will also be offered at eight per cent for one year.
The release said at this point after the freeze period the originally constricted rate will be applicable.
In the release bank’s newly launched packages for SME borrowers —SME Care — were also mentioned under which an additional working capital facility of 20 per cent of the fund based limits to customers will be offered.
The release stated, “The loan will be given to take care of inventories of raw materials, finished goods as also delayed payments from their buyers in the current downturn at an interest rate of 8 per cent”. The repayment tenor of the loan will be one year.
The bank added in addition to this bank has also introduced SME Help, under this term loans will be given to purchase fixed assets including generator sets with concessionary interest rate of eight per cent for the first year.
The release stated after the first year, the applicable rate will be charged for the loans.
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