"As the Prime Minister has said that it will be a major scheme, which will provide some form of interest subvention. We will come with the final detail of the scheme very soon,” Puri told reporters at a media briefing here.
Muthoot further said, “with the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections.”
SBI believes that it is important to offer better rates to customers displaying good repayment history.
HDFC reduces its Retail Prime Lending Rate (RPLR) on housing loans.
SBI now offers interest rates starting as low as 6.90 per cent for a home loan of up to Rs 30 lakh and 7 per cent for above Rs 30 lakh.
With the reduction in rates, ICICI Bank's one year MCLR is 7.45 per cent, and six month MCLR is 7.40 per cent.
This is the 14th consecutive reduction in the bank's MCLR, which continues to be the lowest in the market.
The move comes after the country’s largest lender SBI slashed its MCLR by 25bps.
The bank also slashed its interest rates on retail term deposits by 20 basis points for 'up to 3 Years' tenor, effective from May 12.
SBI has also decided to cut in the retail fixed deposits or FD rates. The reduction in MCLR and FD rates will come into effect from February 10.
