SBI Personal Loan

News About SBI Personal Loan

• SBI raises cash deposit limit in non-home branches

  The State Bank of India (SBI) announced that it has removed the upper limit on cash deposits in non-home branches, which was earlier Rs.25,000. However, the bank would charge Rs.50 (plus GST) on each of the cash deposit transactions in non-home branches that is above the 3 free cash deposit transactions in the course of a month. SMEs would still have a cap of Rs.2 lakh per day deposit at non-home branches. The announcement was made ahead of the festive season. The cash deposits can be done using the SBI Cash Deposit Machine (CDM) machine. The deposits are done using the ATM debit card. The machine credits the amount instantly so visits to the bank branch office is unnecessary. There is a limit, per transaction, which is Rs.49,990 for cardless deposits and Rs.2 lakh for deposits through debit cards. The SBI CDM can also be used to deposit cash in loan, recurring deposit (RD) and Public Provident Fund (PPF) accounts. The CDM accepts currency notes up to 200 in number and in denominations of Rs.2,000, Rs.500, and Rs.100.

  

  25 October 2018

• SBI Carnival 2018 Held in Hyderabad Showcasing SBI Loan Products

  The State Bank of India (SBI) has recently organised the SBI Carnival 2018 - a car and home expo from SBI - in Hyderabad. This event was inaugurated at Hitex on 1 September 2018 by the Special Chief Secretary of Revenue and Chairman of RERA, Telangana - Rajeshwar Tiwari - along with the Chief General Manager of the Local Head Office of SBI within Hyderabad Circle - Swaminathan J. During this 2-day event, more than 200 projects were showcased by over 50 builders while more than 10 car dealers unveiled. As per the statements of an official of SBI, this event is one of the biggest expos of its kind that are held in Hyderabad. Through this event, the bank has provided a platform to the visitors in order to help them select their dream car and the house that they have always wanted to own. SBI is a forerunner in bringing home loan products that are extremely competitive in nature. At this expo, the bank has decided to showcase its home loan products along with retail loan products such as car loan, personal loan, education loan, loan against property, etc. In addition to free CIBIL score check, SBI has also made arrangements so that customers can get their car and home loans approved on the spot at the expo.

  SBI acclaims that the real estate market in Hyderabad is developing in leaps and bounds owing to the high office space occupancy rate, rapid infrastructure development, and improved connectivity by the Hyderabad Metro and ORR. It is speculated that the introduction of Real Estate Regulatory Act (RERA) will help the market get further streamlined and vibrant. In the meanwhile, SBI is offering its complete support to the market by launching the most competitive and innovative products.

  

  14 September 2018

• SBI Carnival 2018 Held in Hyderabad Showcasing SBI Loan Products

  The State Bank of India (SBI) has recently organised the SBI Carnival 2018 - a car and home expo from SBI - in Hyderabad. This event was inaugurated at Hitex on 1 September 2018 by the Special Chief Secretary of Revenue and Chairman of RERA, Telangana - Rajeshwar Tiwari - along with the Chief General Manager of the Local Head Office of SBI within Hyderabad Circle - Swaminathan J. During this 2-day event, more than 200 projects were showcased by over 50 builders while more than 10 car dealers unveiled. As per the statements of an official of SBI, this event is one of the biggest expos of its kind that are held in Hyderabad. Through this event, the bank has provided a platform to the visitors in order to help them select their dream car and the house that they have always wanted to own. SBI is a forerunner in bringing home loan products that are extremely competitive in nature. At this expo, the bank has decided to showcase its home loan products along with retail loan products such as car loan, personal loan, education loan, loan against property, etc. In addition to free CIBIL score check, SBI has also made arrangements so that customers can get their car and home loans approved on the spot at the expo.

  SBI acclaims that the real estate market in Hyderabad is developing in leaps and bounds owing to the high office space occupancy rate, rapid infrastructure development, and improved connectivity by the Hyderabad Metro and ORR. It is speculated that the introduction of Real Estate Regulatory Act (RERA) will help the market get further streamlined and vibrant. In the meanwhile, SBI is offering its complete support to the market by launching the most competitive and innovative products.

  

  14 September 2018

• New SBI SME Branch Inaugurated in Partapur Industrial Estate

  The Chairman of the State Bank of India (SBI) inaugurated a branch in Meerut for its SME customers. Mr. Rajnish Kumar facilitated beneficiaries of the MUDRA loan and talked about the benefits of the loan.

  In addition to drawing light on the Pradhan Mantri MUDRA Yojna, the chairman also met with army veterans and planted trees in the SBI cantonment branch. Mr Kumar further discussed the city’s dominance in SME businesses and the financial support that the MUDRA scheme provides these businesses.

  

  29 August 2018

• SBI and NABARD Signed Agreement to Offer Easy Credit in Telangana

  The National Bank for Agriculture and Rural Development (NABARD) and State Bank of India (SBI) have come together to sign a pact that will help customers avail collateral-free loans through Joint Liability Groups (JLGs) in the state of Telangana. Under this initiative, SBI and NABARD have signed a Memorandum of Understanding (MoU) along with 7 NGOs from the districts of Medak, Warangal, and Nizamabad. The tripartite MoU has been signed by J. Swaminathan, Chief General Manager of SBI, and P. Radhakrishnan, Chief General Manager of NABARD, at Hyderabad on 10 July 2018. This agreement will promote and link the credits of 2,000 JLGs of the state during the current financial year. Furthermore, the agreement states that NABARD will provide assistance to the NGOs to form, nurture, hand-hold JLGs of sharecroppers, tenant farmers, and oral lessees. On the other hand, under the pact, SBI will offer financial support without any collateral to the groups promoted by the NGOs.

  

  25 July 2018

• SBI kickstarts YONO Rath to improve app popularity

  The State Bank of India recently flagged off YONO Rath, an effort to popularise the YONO app among its customer base. The YONO (You Only Need One) app was first released in November 2017 and satisfies all of your financial needs in one place by providing facilities such as digital banking that you might need on a daily basis. The app gives an option to open an Insta Savings Bank account without having to visit the bank branch. The application is jargon free and can be used by anyone for performing any bank activity.

  

  22 June 2018

• Several Banks Increase MCLR Following the MCLR Hike by SBI

  Before the policy rate announcement by the Reserve Bank of India (RBI), numerous lenders has increased their Marginal Cost funds-based Lending Rate (MCLR) by a minimum of 10 basis points or 0.10%. While the State Bank of India hiked its MCLR across all loan tenures up to 3 years effective from 1 June 2018, top lender such as ICICI Bank, HDFC Bank, and Kotak Mahindra Bank have followed suit. Since the interest rate offered by banks on most of the retail loan products are linked to the MCLR, this hike is expected to cause their interest rates to increase as well. This, in turn, will further lead to an increment in the EMIs of the home loan, personal loan, and car loan borrowers.

  As per the official website of SBI, the current 1-year MCLR that the bank offers is 8.25%. On the other hand, the 1-year MCLR offered by ICICI Bank stands at 8.40%. The 1-year MCLR offered by HDFC Bank varies according to its product while that of Kotak Bank is currently 8.90%.

  

  13 June 2018

• SBI looks for purchasers for bad loans

  The State Bank of India (SBI) recently put up 15 non-performing assets (NPAs) for sale. The amount of these assets are worth around Rs.989 crore. These NPA accounts will be offered to banks, asset reconstruction companies, etc. The bank issued a bid document with details regarding the NPA accounts. A few of the NPA accounts include KBJ Jewels Industry India, Aksha Gold Ornaments, and KBJ Hotel Varanasi assets. The total outstanding amounts of all these NPA accounts are around Rs.164.30 crore. Some of the other bad NPA accounts include Shri Jalaram Rice Industries, MCL Global Steel, and more.

  

  12 March 2018

• Loans to Get More Expensive Due to Rise in 1-Year MCLR of SBI

  State Bank of India (SBI) has caused a twist in the interest rate cycle by increasing the interest rate on its 1-year marginal cost of funds-based lending rate (MCLR) by 20 basis points or 0.20%. Since the 1-year MCLR directly impacts the interest rate, this move is expected to cause retail loans such as car loan, personal loan, two-wheeler loan, education loan etc. to become more expensive. This is the first time that SBI has increased the benchmark lending rate since its implementation in April 2016. Additionally, Punjab National Bank and ICICI Bank has also increased their MCLR, but only by 15 basis points or 0.15%. On the other hand, HDFC Bank is likely to review its rates sometime in the near future.

  

  6 March 2018

• SBI may reduce minimum balance for savings accounts

  It has been reported that the State Bank of India (SBI) may most probably alter its regulations regarding minimum balance that needs to be maintained for savings bank accounts. The bank will also most probably eliminate the penalties if any customer does not maintain the required minimum balance limit. The present charges for not having a minimum balance will be decreased by two-thirds. The penalty to be paid on a monthly basis for not following the regulation regarding minimum balance falls between Rs.20 and Rs.30 in semi-urban and rural areas. In urban and metro regions, the penalty ranges from Rs.30 to Rs.50.

  

  17 January 2018