State Bank of India (SBI), the country's largest lender, on Sunday refuted news report it is offering an 'emergency loan scheme' to its customers in the wake of the coronavirus pandemic.
"This is regarding the news being widely reported about 'SBI Emergency Loan scheme via YONO'. We would like to clarify that SBI is not offering any such loan at present," the public sector lender said in a press release.
The clarification came days after some media reported that the SBI is offering its customers up to Rs 5 lakh loan under 'SBI Emergency Loan Scheme' through its app YONO.
Denying any such plans, SBI urged its customers not to believe on these rumours.
The bank, however, confirmed that it is in the process to introduce soon a pre-approved personal loan offering through YONO to provide relief to the salaried customers of SBI who are facing cash-flow problem due to coronavirus-led nationwide lockdown.
"The details of the new product will be communicated to media once it is launched," it added.
SBI has announced to slash its Marginal Cost of Funds based Lending Rate (MCLR) by 15 basis points across all tenors, with effect from May 10, 2020. Following the reduction in rates, the one year MCLR will come down to 7.25 per cent per annum from 7.40 per cent.
As a result, EMIs (Equated Monthly Instalment) on eligible home loan accounts linked to MCLR will reduce by nearly Rs 255 for a 30-year-loan of Rs 25 lakh, SBI said.
The lender has also decided to reduce interest rates on fixed deposits (FDs) by 20 bps for upto 3-year tenor, effective from May 12.
For senior citizens, SBI has launched new retail term deposit scheme called SBI Wecare Deposit. This scheme would be in effect up to September 30, 2020. "Under this new product, an additional 30 basis points premium will be payable for senior citizen's retail term deposits with "5 Years and above" tenor only," the bank said.
By Chitranjan Kumar