INSUBCONTINENT EXCLUSIVE:
SBI had introduced repo-linked home loans in July this year.State Bank of India or SBI, the country's largest lender, has withdrawn the
repo-rate linked home loan scheme
The bank mentioned this on its official Twitter handle while responding to a customer's query
"Kindly note that RLLR based home loan scheme have been withdrawn
You can get the home loan migrated to MCLR based home loan," it stated
RLLR or repo-linked lending rate means that any changes in the key interest rate by the central bank are passed on directly to the customers
While MCLR or marginal cost-based lending rate is the rate to which all of bank's home loans are linked.SBI had introduced repo-linked
benchmark based interest rate from October 1, in a bid to allow faster transmission of its rate cuts to consumers
RBI had said that banks were not satisfactorily transferring the cuts in policy rates.The RBI has lowered the repo rate by 110 basis points
said that the introduction of repo-linked retail loans would be effective from October 1
IDBI Bank had earlier said that it would introduce repo rate-linked home and auto loans with effect from September 10.(With inputs from
agencies)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
Catch all the Live TV action on TheIndianSubcontinent 24x7 and TheIndianSubcontinent India
Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.
