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India: Surprise Rate Cut |
rffrydr
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 Posted: Wed Oct 10, 2007 8:22 am Post subject: India: Surprise Rate Cut |
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Zeenews Bureau
Mumbai, Oct 10: The country`s largest lender, State Bank of India, on Wednesday reduced interest rates on home and other retail loans by 0.5-1% for different maturities as part of its festival offer.
The proposed rates are applicable for all new loans sanctioned on or after October 8 and is valid up to December 31, the bank said in a statement.
SBI home loans are now cheaper by 0.50-1% depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available.
Additionally, the bank has also announced an interest rate cut on automobile and personal loans.
New car and two-wheeler loans have also been cut by around 1.00%. Now new car loans are being offered at 11-12%, depending on loan value, maturity and loan type.
SBI personal loans are also now cheaper by 0.5-1.00%; additionally, the bank is also offering 50% concession in processing charges on all the personal segment loans.
Bureau Report
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India: Surprise Rate Cut Replies |
rffrydr
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rffrydr
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| Posted: Sat Nov 01, 2008 8:36 pm Post subject: |
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The "most educated" go last.
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HenryTo
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| Posted: Sat Nov 01, 2008 7:50 pm Post subject: |
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Reserve Bank of India unexpectedly cuts the repo rate by 50 bps over the weekend:
http://online.wsj.com/article/SB122554808055290861.html?mod=testMod
| Quote: | The Reserve Bank of India on Saturday slashed its key lending and also lowered its cash reserve ratio, acting days after its scheduled policy meeting as a deepening global financial crisis threatens to stall growth.
The RBI cut the repurchase, or repo, rate by 0.50 percentage point to 7.5%, which will be effective Nov. 3 to ease the impact of the global liquidity crisis on India, the central bank said in a statement. In a surprise move, the central bank had cut repo by one percentage point on Oct. 20, its first such cut since March 2004.
The central bank also cut its cash reserve ratio, or the proportion of deposits that banks have to set aside as cash, by one percentage point to 5.5%. The recent CRR reduction follows a hefty 2.50-percentage-point cut through October.
The CRR reduction, which will be effective through two equal installments on Oct. 25 and Nov. 8, will release 400 billion rupees ($7.9 billion) into the banking system, RBI said. |
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