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With this revision in Baroda Repo Linked Lending Rate, the lender is offering home loans at a rate starting from 6.75% and car loans beginning from 7%
While the average credit score used to be around 700, many lenders are now looking to tweak it to as high as 780 for registering any new customers
However, branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank are open as they are not part of the strike
Bank credit refers to the amount of credit available to a business or an individual from a banking institution in the form of car loans, personal loans, and mortgages
Indian Overseas Bank, Central Bank of India and UCO Bank are currently under this framework that puts several restrictions on them
Stuttering of bank operations due to frequent strikes called by unions does not bode well for the economy and causes immense suffering to customers
Bank unions will strike work on March 15 and 16
Customers can continue to use the cheque books issued by erstwhile Syndicate Bank branches and their IFSC / MICR codes till June 30, 2021
Under Mudra scheme, 19.04 crore accounts with an amount of Rs 6.36 lakh crore have been sanctioned to women entrepreneurs
The interest rate war comes as banks are sitting on huge excess liquidity which as of last week was over Rs 6.5 lakh crore