The RBI made several important announcements on Friday to save the economy from the Corona Crisis.
SBI has also made a big announcement regarding EMI. SBI has deferred three installments of EMI of borrowers. For this, the customer does not need to apply to the bank. At the same time, the situation is not clear on the credit card payment of SBI.
Along with this, State Bank of India (SBI) on Friday gave a big relief to consumers, saying that it will give the full 75 basis points rate cut to retail borrowers. The bank said in a statement that the new rate will be effective from April 1st. Borrowers can avail loans based on an external benchmark-linked lending rate and a repo-linked lending rate.
“In response to RBI’s exceptional monetary policy in support of the economy, SBI will transfer the entire 75 basis point rate cut to its borrowers,” the statement said. SBI has reduced the external benchmark-linked lending rate from 7.80 percent to 7.05 percent annually. And the repo-linked lending rate has been reduced from 7.40 to 6.65 percent per annum.
After this, the home loan will be cheaper by about 52 rupees per one lakh on a 30-year loan plan. It is noteworthy that in order to deal with the impact on the Indian economy due to the coronavirus epidemic, the RBI on Friday reduced the repo rate by 75 basis points to 4.4.