Dubai: Non Resident Indians (NRIs) in the UAE account for a big a chunk of property demand in their home country. While some take out personal loans from the UAE to fund their property investment in India, others choose to take a home loan from an Indian bank instead.
With the COVID-19 crisis hitting personal finances worldwide, NRIs are not immune either. This is an apt time for NRIs to consider cost savings by refinancing their mortgage taken from an Indian bank.
What is refinancing?
Refinancing means taking a new loan to pay off one or more outstanding loans and like Indian residents, NRIs too can opt for this. Refinancing a home loan will result in a lower interest rate, or one can switch from a fixed to a floating rate or vice versa. Refinancing can also be a viable option if an NRI wishes to top up the original amount borrowed. It is also useful to consolidate debt.
Bank of Baroda slashes lending rate by 10 bps to 6 75% timesnownews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesnownews.com Daily Mail and Mail on Sunday newspapers.
List of education loans at concession by State Bank of India
List of education loans at concession by State Bank of India
Here is a look at a list of education loans provided by the State Bank of India with concession.
advertisement
UPDATED: March 10, 2021 17:41 IST
SBI Education loan interest rate in India has been reduced for students who are planning to study abroad. The State Bank of India (SBI) is providing concessions in the interest rates. Here is a look at a few schemes.
SBI Student Loan Scheme: Students can take upto Rs 7.5 lakh from SBI at an interest rate of 9.30 per cent. The Marginal Cost of Funds Based Lending Rate (MCLR), which is considered as the lowest rate of interest offered by the bank, would be 7.30 per cent. Female students can get a concession of 0.50 per cent.
Punjab & Sind Bank declares MCLRs for different tenors | Business Standard News business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
The move comes two days after the RBI kept its key interest rates paused in its bi-monthly monetary policy. The central bank announcing the outcome of its bi-monthly Monetary Policy rates on February 5 said that it has decided to keep the repo rate unchanged at 4 percent and the reverse repo rate at 3.35 percent.