State-of-the-art State Bank of India (SBI) has reduced its lending rates by 75 basis points. There has been more good news for SBI customers. If you are an SBI retail loan subscriber, it will run if you do not pay EMI for the next three months. This information was provided by SBI Chairman Rajneesh Kumar.
- RBI advised consumers to give relief
- SBI First Bank to Relieve EMI
- After 3 months will EMI have too much burden?
SBI chairman Rajneesh Kumar said the loan holders had automatically deferred the three installments of EMI. For this, the customer does not even have to apply to the banks. While there is currently no concession on SBI credit card payments. The Chairman also clarified that the non-payment of EMI payment for 3 months will not affect the credit score of the customers.
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The RBI gave advice
It may be recalled that on Friday morning, the RBI advised those who were issuing loan EMIs from banks for up to 3 months relief. The RBI has given advice due to lockdown. However, the RBI did not make this mandatory. Then SBI is the first bank that has given relief to consumers. Now, there has been increased pressure on other government and private banks to extend the loan EMI to consumers for 3 months.
After 3 months will EMI have too much burden?
No, it won’t. Yes, it is possible that the bank may increase your monthly repayments. Apart from this, you may also have the option of extending a few months of tenure or a one-time settlement. One-time settlement can take 6 to 9 months.
What type of loan will provide 3 months of relief?
If you look at the RBI statement, there are other types of retail or consumer loans other than home loans, personal loans, education loans, car loans. However, the situation is not clear when it comes to business loans.
SBI has announced a major reduction in lending rates within hours of the Reserve Bank of India cutting its key policy subject rates. SBI has reduced it’s External Benchmark Linked Landing Rate (EBR) as well as the Repo Linked Landing Rate (RLLR) by up to 75 basis points. After the rate hike, SBI’s EBR and RLLR will be reduced by 75 basis points, which will come into effect from 1st April. With this, SBI’s EBR will be reduced from 7.80% to 7.05% while RLLR will be reduced from the current 7.40% to 6.65%.
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