EMI News

Although the current repo rate pause means no immediate EMI relief, borrowers can still take several effective steps to reduce their monthly home loan payments.

 In 2024–25, Gen Z alone accounted for about 43 percent of India’s total consumer spending, with their direct expenditures reaching around $250 billion a year. Their influence is reshaping retail and luxury markets across the country.  

Cases like this are not isolated to Bank of Baroda; other banks may also do this if a large payment is made close to an EMI date or if the borrower does not specify the purpose. Ideally, the bank should inform the customer or provide a choice before processing in this manner.  

Check out the current lending rates for loans offered by different public and private sector banks in India.

SBI, on Friday announced that it raised 100 million dollars (About Rs 830 crore) through bonds to boost business expansion.

While some banks offer no-cost EMIs with no interest charged.

With a 30-year tenor home loan at 8.3 percent, the starting EMI (monthly installment) is as low as Rs 755 per lakh.

SBI is waiving processing fees on personal loans up to Rs 20 lakh. The scheme is ending on March 31, 2024. The usual processing fee for such loans is 1.5 percent of the loan amount.

Before proceeding with any purchase, ensure a thorough understanding of the terms and conditions attached to the no-cost EMI.

RBI ordered all regulated entities to implement the guidelines by December 31, 2023 and inform all existing customers/borrowers about the reset option of floating interest rate for EMI available to them.  

Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI.

Canara Bank also added that existing borrowers of the Bank shall have an option to switch over to interest rates linked to MCLR other than Fixed Rate Loans.

Indian Overseas Bank said that Interest Rate of Loans for Overnight Tenor MCLR and One Month MCLR Shall be Sanctioned Only by the Top Management at Central Office. It also further clarified that Discretion to Sanction Overnight and One Month MCLR is not Available with Any Other Functionaries.

If you are planning to take a Personal Loan or a home loan, you must get your CIBIL score checked. CIBIL score principally highlights your financial picture and helps lending institutes to assess the capability of repayment.  

With the increase, EMIs will go up for those SBI borrowers who have availed loans on MCLR, not for those, whose loans are linked to other benchmarks. Most of the loans are linked to the one-year MCLR rate.  

Home loan borrowers rejoice! RBI increases housing loan limit by 100% These banks can give double the loan now.

Grant for remaining claims submitted by Lending Institutions. In the context of COVID-19, loan moratorium was announced. SBI is the nodal agency under the scheme.

The 'Retail Bonanza-Festive Dhamaka' offer rate is linked to borrowers' credit score, it said, adding, the bank has already waived processing fee for its gold, housing and car loan.

Digital loan vs Conventional loan --Which is better? Check 5 merits of Digital Loan. Also find out the reasons to get a Digital Loan.

Few mindful financial steps can go a long way. Keep credit score in the green range for successful loan application. Here’s a five-point guide to maintaining a good credit score.