SBI raises $1 billion untied loan with JBIC and other lenders - All you need to know
In a major development, India’s largest commercial bank, State Bank of India (SBI) has signed a loan agreement amounting to up to USD 1 billion with JBIC.
In a major development, India’s largest commercial bank, State Bank of India (SBI) has signed a loan agreement amounting to up to USD 1 billion with JBIC. USD 600 mn will be financed by JBIC and USD 400 mn by other participating Banks. JBIC will provide a guarantee for the portion co-financed by the participating Bank.
The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.
JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy and society.
On the occasion of signing the agreement, C Venkat Nageswar, DMD (IBG), SBI said, “The friendship between India and Japan has a long history, rooted in spiritual affinity and strong cultural and civilizational ties. It is a historic occasion for both SBI and JBIC, as for the first time we are entering into an untied loan. This will assist in achieving our Prime Minister’s vision of making India “Atmanirbhar”.
Masayuki Tanimoto , Managing Executive Officer of JBIC said “ As per one of the surveys, India is the most favoured nation for Japanese Investment and this is one more step towards strong relationship between Japan and India.”
Earlier, with an aim to offer homebuyers an enhanced festive delight, the country’s largest lender State Bank of India (SBI) had announced concession in home loan rates by as high as 25 bps. SBI home loan customers would get an interest concession of 25 bps for buying their dream homes of above Rs. 75 lakhs based on CIBIL score and through YONO. In an extension of its festive offers announced recently, SBI offers a credit score based concessions of up to 20bps from 10 bps earlier, for a home loan of above Rs. 30 lakhs to Rs. 2 crores across India. The same concession would also be applicable for home loan customers for a loan amount of up to Rs. 3 crores in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO.
SBI now offers interest rates starting as low as 6.90% for a home loan of up to Rs. 30 lakh and 7% for above Rs. 30 lakhs.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.