Banking
Big relief: 25 per cent reduction in professional fees and property tax
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Detailed
So much profit on these products
| the product | Old rate | update rate |
| life insurance policy | 5 percent | 3.75 percent |
| Dividend rent | 10 | 7.5 |
| Real estate | 1 | 0.75 |
| professional fees | 2 | 1.5 |
| Saving scheme | 10 | 7.5 |
| mutual fund | 20 | 15 |
Package aims to increase consumption
Chief Economic Advisor KV Subramanian has said that the government’s massive economic package aims to increase consumption. The Corona epidemic has led to a major decline in demand for non-essential goods and services. In such a situation, the government is trying to support every sector while keeping the effects of inflation limited. There will also be an effort not to put too much pressure on the fiscal situation. The Prime Minister in his address had also emphasized on land, labor, law and capital. In the coming times, there will be a big impact on land and labor reforms at the state level.
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Public sector banks owed loans of Rs 5.95 lakh crore for the last two months to various sectors including MSME (micro, small and medium enterprises), retail, agriculture and corporate affected due to the corona virus epidemic and the ongoing lockdown for its prevention. Approved.
Detailed
With the lockdown commencing from 25 March in the country, PSB introduced a 10 per cent additional loan facility based on the working capital limit. Under this, the maximum limit was fixed at Rs 200 crore. In another tweet, Sitharaman said that, ‘From March 20 to May 8, PSB approached 97 per cent of the eligible borrowers for emergency lending facility and enhanced working capital limit and they were given loans worth Rs 65,879 crore.’
Lockdown till May 17 The
central government first announced a nationwide shutdown of 25 days from March 25 for the prevention of corona virus. Thereafter a second phase lockdown was imposed from 15 April to 3 May. In the third phase, the lockdown has been extended from May 4 to May 17 with some relaxation.
| Period | MCLR |
| Overnight MCLR | 7.15% |
| 1 month MCLR | 7.15% |
| 3 month MCLR | 7.40% |
| 6 month MCLR | 7.55% |
| 1 year MCLR | 7.70% |
loan company PNB Housing Finance has reduced the loan rates for existing customers by 0.15 per cent. This deduction will be for both personal housing loans and property-acquired loans. The loan rate cut has come into effect from 9 May.
The bank said in a statement that the deduction will be available to all existing retail customers who have taken loans at floating rate before February 2020. PNB Housing Finance Managing Director and CEO Neeraj Vyas said, ‘We have taken this step to provide relief to customers during the current Kovid-19 crisis. This will also help in growth in the housing sector. This will benefit 2.35 lakh customers, irrespective of the principal amount of their loan. The company provides housing and non-housing loans to its retail customers. Apart from this, the company also lends construction to real estate developers.
first lowered the loan. Earlier on May 7, SBI also announced a reduction in MCLR. After the cut, the one-year MCLR has come down from 7.40 per cent to 7.25 per cent. It was reduced by 15 basis points, which would greatly benefit the customers. The new rates will be applicable from 10 May 2020.
Customers will
know that SBI has cut MCLR for the 12th consecutive time in the current financial year. This will greatly benefit the customers. This is because the EMI of their home loan will decrease. However if your home loan is linked to SBI’s MCLR rate, the new deduction may not bring your EMI down immediately, as MCLR based loans usually have a one-year reset clause. Explain that MCLR rates are based on the bank’s own cost.
Home loan will be so cheap
In this context, SBI said that if you have taken a loan of Rs 25 lakh for a period of 30 years, which is MCLR based, the EMI of your home loan will be reduced by about Rs 255.
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The challenging situation caused by the coronavirus epidemic will increase transactions through credit cards.
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The challenging situation caused by the coronavirus epidemic will increase transactions through credit cards. A senior SBI Cards official said that now that it has become necessary to live indoors, people will spend to improve the interior of the house. Hardayal Prasad, managing director and chief executive officer of SBI Cards, said, “It is too early to say anything about how the credit card industry is growing.” I have always been a supporter of digital transactions. Whatever may be the economic situation, I think the transaction through credit card will increase continuously. ‘ There will be more boost from demonetization
Prasad said, ‘The credit card industry was given a boost after demonetization. I think the coronavirus epidemic is going to be bigger than demonetization. After demonetization, cash transactions were replaced by digital. If we get even 5% of that, that will be important. So, we are looking at that. The cash you spend can actually be through the card. Now if you stay at home for a long time and are not going out, you will probably want to make your home better. ‘
Prasad said that if people live in homes, they would like better products. He may want to get a big television, a big freeze because he is not going to eat outside and will cook at home. We are looking at this type of trend. People will feel that now our home is an office, it should be made better. In such a situation, they would like to make their home better.
Expenses through cards will be less for entertainment
Prasad said that expenses will be reduced through cards for things like travel, hotels, summer vacation, cinema, and entertainment. Things are expected to be normal by October, so the business is going to be a bit challenging. He said, ‘During that time there will be festivals. The festival is important in terms of expenditure in the country. However, it is also true that 60 to 80 percent of the business is done in summer which will not happen this year.
Things will improve during the New Year,
however, Prasad expressed confidence that things will improve during the festivals and New Year in terms of expenditure. SBI Card is also looking at co-branded cards. The company has a co-branded card with Apollo Hospital. Through this, people can buy medicine online with advice from doctors.
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