INSUBCONTINENT EXCLUSIVE:
SBI loan: SBI said a premium of 15 basis points will be added to card rate for non-salaried borrowers.
State Bank of India (SBI), the country's largest bank, recently said that it would adopt the repo rate as external benchmark for all its
floating rate-based loans from October 1
The change will impact floating rate loans for small businesses, home and retail loans, the bank said in a statement
Repo rate is the interest rate at which the Reserve Bank of India (RBI) lends short-term funds to commercial banks
Adopting repo rate as extermal benchmark would mean that any changes in the key interest rate by the central bank would be passed on
directly to the customers
Here are 10 things to know about SBI's latest announcement on loans:Under the new rule, SBI will charge a premium of 15
and Rs 75 lakh for salaried class, 40 basis points of premium will be changed
- which had introduced floating rate-based home loans from July 1, 2019 - said it has made some modifications in the scheme effective
point) in four consecutive bi-monthly reviews so far this year.The RBI will announce the next monetary policy for 2019-20 on October 4.Get
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