SBI records rise in loan applications following rate cut

SBI records rise in loan applications following rate cutIndia's leading lender, the state bank of India (SBI) has recorded a rise in the number of loan applications since it reduced its interest rate in August.

The bank said that the total worth of daily home loan applications has increased in the country since the rate cut announced by the bank. The bank is now working to make it easier for customers to move loans from other banks considering difficulties faced by the customers.

Analysts say that SBI is receiving a good response in the home loan segment from customers, looking to take advantage of lower interest rates offered by the bank. It is believed that the process of getting a home loan is lengthy in SBI but still the borrowers prefer the bank due to its lower rates in the market compared to other private banks.

The bank has distributed as much as Rs 7,000 crore home loans in the previous two quarters from April to September this year. According to some estimates, the number of loan applications has doubled since August.

SBI officials have confirmed that the rate of loan applications have risen but did not announce more details relating to the matter.