Close Look To The Reductions By Sbi And Their Benefits

The State Bank of India has come up with several schemes at this festive season

. Starting from the august, SBI has taken several steps regarding home & auto loan segment in the favor of the customers. The lending rates have been reduced, the base rates were even slashed down, and various other combo offers have been introduced. However, the matter of discussion relates to the actual situation. How much actually does the customers benefit from them? Who would benefit better-existing customers or new customers? Let us glance over it.

The new customers of SBI would benefit from the housing loan policy, as after the rate deductions, they would get the home loan at 10%-10 .15%. Moreover, the existing customers with fluctuating home loans would also benefit as the interest would go down by 25 basis points (1 basis point is equal to 0.01%).

Now, let us look at certain questions that would help in making the best of the new schemes.

Some customers are paying much higher interests than the existing rates. What to do to pay less interest as per the new scheme?

Although, the base rate of lending loan have been reduced, yet there would be some customers, who took loan around 3-5 years ago, who would be paying much higher interests. These customers can think about going for refinancing loan. Consult the bank and try to get best home refinance loan at lower rates. This is generally accepted by the bank by charging certain charges.

The customers, who are not associated with the SBI bank can avail the benefits or not?

If the home loan customer is paying higher rates to another bank as compared to SBI, the after making certain calculations, they can apply for home loans with SBI. This switch is beneficial only when there is a huge or remarkable difference. The best part is that in this festive season, customers are not charged with the conversion fees, valuation charges, prepayment penalty, and various other charges, due to which shifting is now easier. This abolition of charges have been done by various state-run as well as private banks like Bank of Baroda, Central Bank of India, Indian Bank and Corporation Bank.

Is there some good time in switching to SBI?

To avail the benefits of switching, one must think logically and wait for the correct time. If anyone is planning to shift to SBI, then remember that SBIs interest rate should at least be 50 basis points lower than the existing rate. Before switching, doing through research on the cost-benefit analysis is must. The borrowers can also make use of several EMI calculators available online to check whether the decision of shifting with prevailing rates would be beneficial in long run or not.

These things would help in making the best of the schemes by the SBI bank. No doubt, the schemes have been launched to improve the economic condition and raise the graph in the fiscal report, but this is also of benefit for both the existing as well as new customers.

by: Ashlesh Sharma

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