When the demonetisation was announced, scores of people rushed to the banks to deposit the currency they had before it turned into waste paper. As a result of this, most banks were flush with funds. Soon after that banks started announcing reductions in their retail loan interest rates or the MCLR. State Bank of India announced a reduction of 90 basis points, which translated into a reduction of about 0.9%. As a result of the reduction, SBI has claimed that the interest in retail loans has increased. They said that the number of queries that they got for loans tripled since demonetisation and a lowering of the interest rates. As things stand now, the interest rate for loans against properties for SBI stands at 10.50% to 11%. It has also been announced that women applying for the loan can also get up to 0.5% lower interest rates compared to those offered by other banks. However, SBI is not the only one cutting rates. Other commercial banks are also cutting rates post demonetisation.
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