SBI Home Loans: EBR reduced! New vs Old Rates Compared - Good news for home loan and MSME customers!

SBI HOME LOANS: This is nothing less than New Year gift for SBI home loan and MSME customers as the country’s largest lender on 30th December 2019 announced the reduction in its External Benchmark Based Rate (EBR) by 25 bps to 7.80% p.a. from 8.05% p.a. w.e.f. January 1, 2020. With this reduction, the interest rate for existing home loan customers as well as MSME borrowers who have availed loans linked to External Benchmark Based Rate would come down by 25 bps.

OLD RATES vs NEW RATES

The new homebuyers will get loans at an interest rate starting from 7.90% p.a. (previously at 8.15% p.a.).

Product-wise applicable interest rate for MSME borrowers and other details are being made available on the Bank’s website.

Earlier, to ensure safety of its customers regarding ATM withdrawals, nation’s largest lender, State Bank of India (SBI) had announced the launch of OTP Based ATM withdrawals above Rs. 10,000. Bank is introducing the OTP based cash withdrawal system across all SBI ATMs w.e.f. January 1, 2020 which would be functional between 8 P.M. to 8 A.M.

Customers at SBI ATMs, along with Debit Card PIN will also have to put OTP generated on their mobile numbers registered with the bank while withdrawing cash above Rs. 10,000. With this facility SBI has added another layer of safety and security in all its ATMs to minimize the number of unauthorized ATM transactions. This additional factor of authentication for ATM cash withdrawals will protect SBI debit card holders from the risk of skimming, card cloning, etc.

The One-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. However, this facility will not be applicable for cash withdrawals at non SBI ATMs because this functionality has not been developed under National Financial Switch (NFS).