SBI EMI’s and Loan: Increment into Interest Rates – Be Aware

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Tough situation during pandemic have given a good lesson to everyone or you can say to every class of society. During this time, people have started thinking to have saving for sure, and now started making investment into Stock option or Mutual fund or any government schemes which will give them good returns with immediate maturity options if they need. On the other side, we have some segment of society which need to depend upon the loans to survive, like for home or Car or any other needs of family. Incase if you have already taken the loan from any public sector bank then you have to see whether your bank have increased the bank rates or not, as SBI have already make increased from 1st April

According to announcement made, SBI home loan have increased marginally by 25 basis points with no waiver on processing fees. State Bank of India have now charging 0.40% on home loan disbursed, where Limited period offers rates have been replaced with new rates of Interest on Home Loan. So if you have taken from any other bank, then get ready to have increase on home loan and car loan EMI.

Now user have left with 2 options, either you need to go with extended time period EMI or EMI amount will be increased. Incase you are looking for any other bank, then you have to choose very wisely, as who are offering you same amount of loan with reduces manner of interest with extended EMI period.

While choosing your bank for your home loan or car loan everyone should understand various aspects attached like advantages too like flexible repayment period, interest concession for women borrowers, lower processing fees, no prepayment penalty on floating rate home loans, consultancy services, etc.

In the list of different PSB’s SBI have always a good edge over others as SBI Home loan or processing fees are always at good, where they also have lowest home loan interest rate, Lower Processing fees, special offers every month for women, government employees, etc. which will make your selection at SBI only.