Interest on loan - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Wed, 15 Feb 2023 07:17:49 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Interest on loan - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Big news for crores of SBI customers! Bank increased interest on loan, new rates applicable from today https://www.rightsofemployees.com/big-news-for-crores-of-sbi-customers-bank-increased-interest-on-loan-new-rates-applicable-from-today/ Wed, 15 Feb 2023 08:01:44 +0000 https://www.rightsofemployees.com/?p=11383 The country’s largest public sector bank i.e. State Bank of India (SBI) has given a big blow to its crores of customers. Bank SBI has increased its Marginal Cost Based Lending Rate ie MCLR by 10 basis points for all tenures. Now taking a loan from the bank will become expensive. The new rates of […]

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]]> The country’s largest public sector bank i.e. State Bank of India (SBI) has given a big blow to its crores of customers. Bank SBI has increased its Marginal Cost Based Lending Rate ie MCLR by 10 basis points for all tenures.

Now taking a loan from the bank will become expensive. The new rates of the bank have come into effect from February 15, 2023. Explain that after increasing the repo rate, many banks have increased MCLR.

Most consumer loans are based on a one-year marginal cost based lending rate. In such a situation, personal loan, auto and home loan can become expensive due to increase in MCLR. Now you will have to pay more EMI than before on taking the loan. This will have a direct impact on the pockets of the customers.

New MCLR rates

SBI has increased the overnight MCLR rate to 7.95 percent, MCLR rate for 1 month to 8.10 percent and MCLR rate for 3 months to 8.10 percent. At the same time, the bank’s MCLR rate increased by 10 basis points to 8.40 percent for 6 months, MCLR from 8.40 percent to 8.50 percent for 1 year, MCLR from 8.50 percent to 8.60 percent for 2 years and MCLR from 8.60 percent to 8.70 percent for 3 years. Is.

What is MCLR?

Significantly, MCLR is a method developed by the Reserve Bank of India, on the basis of which banks determine the interest rate for loans. Before that, all the banks used to fix the interest rate for the customers on the basis of base rate only.

Increase in repo rate for the sixth time in a row

Let us tell you that on February 8, RBI has once again increased the repo rate by 25 basis points. This is the increase in the repo rate for the sixth consecutive time. After the monetary policy meeting, Reserve Bank Governor Shaktikanta Das said that the pressure of rising inflation in the world is also on India and to overcome it completely, it has become necessary to increase the interest rates of loans once again. However, this time the repo rate is being increased by only 0.25 percent.

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]]> PPF Investment Rules Changed: Big News! Government has changed PPF investment rules, know before depositing money, otherwise… https://www.rightsofemployees.com/ppf-investment-rules-changed-big-news-government-has-changed-ppf-investment-rules-know-before-depositing-money-otherwise/ Thu, 13 Oct 2022 21:06:23 +0000 https://www.rightsofemployees.com/?p=5463 PPF Investment Rules Changed: The government has changed the rules for PPF investment. If you take a loan on the amount deposited in PPF, then the interest rate has been reduced from two percent to one percent. PPF Investment Rules Changed: If you also have a PPF account, then this news is of your use. […]

The post PPF Investment Rules Changed: Big News! Government has changed PPF investment rules, know before depositing money, otherwise… first appeared on Rightsofemployees.com.

]]> PPF Investment Rules Changed: The government has changed the rules for PPF investment. If you take a loan on the amount deposited in PPF, then the interest rate has been reduced from two percent to one percent.

PPF Investment Rules Changed: If you also have a PPF account, then this news is of your use. The rules of all deposit schemes are changed by the government from time to time. These changes are sometimes big and sometimes minor. Many changes took place in the last days in Sukanya Samriddhi Yojana (SSY) .

Your contribution should be in multiples of 50 in PPF account
Your contribution to the PPF account should be in multiples of Rs 50. This amount should be at least Rs 500 or more in a year. But the amount deposited in the PPF account should not exceed Rs 1.5 lakh in a whole year. Apart from this, now you can deposit money in PPF account only once in a month

Form-1 to be filled to open PPF account
To open a PPF account, Form-1 has to be submitted instead of Form A. To extend the PPF account one year before maturity after 15 years (with deposits), one has to apply in Form-4 instead of Form H.

You can choose to continue even after maturity
You can continue your PPF account even after 15 years without depositing money. There is no compulsion to deposit money in this. After maturity, if you are opting to extend the PPF account, you can withdraw money only once in a financial year.

Interest on loan
If you take a loan against the amount deposited in PPF, then the interest rate has been reduced from two percent to one percent. After paying off the principal amount of the loan, you will have to pay the interest in more than two installments. Interest is calculated from the 1st of every month.

25 percent loan
If you want to take a loan against PPF account, then two years before the date of application, when you can take a loan only on 25 percent of the available PPF balance in the account. For example, you applied on 31st March 2022. Two years before this date i.e. on March 31, 2019, if you had Rs 1 lakh in your PPF account, then you can get 25 percent loan.

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