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SBI Increases Interest Rates Makes Loans Costlier

The State Bank of India stands at the apex of government banks in the country. Being the proudest owner of the widest network of ATM across the country, State Bank of India also is extremely popular for the various services and loaning facilities that it provides to its customers across the nation. The company that started out in the year 1806 now has a total reach of 21,000 ATMs and over 1,500 branches (Core and Associate included) and is constantly striving to usher into the new era of modernity and service.

The State Bank of India was recently chosen or rather voted as the “Most Preferred Loan Services” bank. This was expressed by a report based on the research and surveys of the Awaaz Consumer Awards. The Loan services in particular are extremely popular when State Bank of India is concerned.

Over the years, they have come up with several plans and schemes that have benefited the common man and has also resulted in considerable financial gain for the company as well.

Having said that this large bank in the nation was lately in the news as the SBI increased its interest rate for loans that have had a severe impact in the loaning schemes.

As a direct effect of the current economic situation of the country, SBI had changed its loan interest rates in the month of March. This was then followed by another shock when the news broke that SBI increased its interest rates for loans all over again. This increase in loan was effective from the first of September. With this a sharp or at least a considerable change in the loaning scheme would affect State Bank of India but the increase in the interest rates was a change that several economic pundits had been suggesting the State Bank officers and Board Members since quite a time.

Under the new scheme of affairs, the new changes that were applicable from the 1st of September were as follows:

All the Loans that had an existing interest rate of 6.50 % Per Annum have swollen to a hefty 7.50 %b per annum. The only change here is that this rate is not applicable for a loan ranging from 180 days – 210 days has changed from 6.50 per annum to 6.80 per annum.

Loans that had an existing rate of 8.75 per annum have now become 9.00 per annum.

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