Loan News

In an effort to minimize defaults, SBI has tightened the eligibility conditions for its four-wheeler loan scheme. The eligibility limit for salaried individual has been raised from Rs 2.5-lakhs to Rs 6-lakhs p.a. while the limit for SBI account holder is now Rs 4.5-lakhs p.a. The decision has been taken in view of moderation in economy, an official said.

A day after RBI kept its key policy rates on hold, SBI cut home loan rates by upto 0.4% for new borrowers, effective from Friday. Also, women borrowers would get an additional 0.05% concession on card-rates. The home loans will now be available under two slabs, under Rs.75 lakh (at 10.15%) and above Rs.75 lakh (at 10.30%), women concession excluded.