Banking Frontiers Magazine features MyMoneyMantra’s Growth &amp; Tech Journey in its June 2021- Vol 2.0 edition. In a candid conversation with our Founder &amp; Managing Director, the magazine highlights the growth story of MyMoneyMantra’s recommendation engine which is backed by robust technology infrastructure constituting AI, Data Analytics and Machine Learning for seamless customer experience. Over the last five years, the company has originated more than $5 billion worth of financial services products through its platform. “Digital is a means to an end, not the end itself. Our marketplace aims to be malleable, ensuring successful transactions and long lasting relationships with our customers as well as partners. We are leveraging new age technologies like headless CMS for content, React JS &amp; Node JS for user experience, microservices based backend architecture/ MongoDB and Oracle for Database, AWS services for data engineering and PowerBI amongst others. Customers can compare products across 100+ financial institutions and opt for the most suited one digitally. We plan to achieve Rs 5.3 billion in top-line by 2023. Our goal is to de-clutter the noise in the market and help consumers make informed financial decisions,” says Mr. Raj Khosla.<h2>Highlights:</h2><ul><li>MMM has Served 7 million customers across 60 cities</li><li>100+ banking partners</li><li>Active 65 APIs with leading Banks, NBFCs &amp; Credit Bureaus</li><li>Leveraging tech to develop digital mortgage servicing with leading FIs</li><li>$870 million of credit originated in FY 19</li><li>10x increase on broker channel in last FY</li><li>Recently acquired 2 financial marketplaces: Bengaluru-based Ascon &amp; Hyderabad-based Shaster</li><li>Raised Rs1.04 billion ($15 million) from Netherlands-based IFSD BV &amp; Vaalon Capital</li><li>Owns data lake comprising 40 million+ consumer base</li><li>Developed real time recommendation engine for pan India fulfilment</li><li>Cloud hosted CRM, B2B and Analytics platform</li><li>Facilitating informed decision-making for customers</li></ul><h2>Click on the Image Below for Magazine View</h2>
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Banking Frontiers features MyMoneyMantra’s Growth & Tech Journey in its June 2021- Vol 2.0 edition.

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Becoming a Data First Company

Finance Writer: Expert in Loans &amp; Credit Cards

Priyanka Jain

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Omni Channel Content Specialist| enthusiastic personal finance writer | Top50 CM professional by WMC, CMO

Banking Frontiers features MyMoneyMantra’s Growth &amp; Tech Journey in its June 2021- Vol 2.0 edition.

<h2>SBI Launches Special COVID Schemes</h2>The PSU banks have jointly announced priority lending scheme involving COVID treatment personal loan up to Rs 5 Lakh &amp; multiple health care business loans across India.&nbsp;In the wake of ongoing second wave of pandemic, Indian Banks’ Association (IBA) and State Bank of India (SBI) on Sunday announced three special loan schemes for financing cost of Covid treatment and supporting medical infrastructure. In the joint press conference, IBA &amp; SBI shared special Personal Loan up to Rs 5 Lakh for COVID 19 treatment and Health Care Business Loan up to 2 Crore for businesses, and widened the scope of ECGLS scheme. &nbsp;<h3>SBI Personal Loan for Covid Treatment</h3>The SBI has announced special Personal Loan Scheme in the range of Rs 25,000 to Rs 5 lakh for treatment expense of COVID-19. The <a href="https://www.mymoneymantra.com/personal-loans">personal loan</a> for COVID treatment will be available to salaried, non-salaried and pensioners for up to 5 years. The COVID Personal Loan Scheme will be available at 8.5% p.a.<h3>SBI Business Loans for Health Care Units&nbsp;</h3>Besides offering relief to individuals suffering from COVID-19, this lending package also offers easy lending scheme for businesses dealing in COVID related medical supplies &amp; equipment including such as vaccine manufacturers, hospitals/dispensaries, pathology labs, manufacturers and suppliers of oxygen, ventilators, importers of vaccines &amp; COVID related drugs logistics firms.Furthermore, Healthcare <a href="https://www.mymoneymantra.com/mmm/business-loan.html">Business Loan</a> up to Rs 2 crore for 5 years will be available for existing hospitals and nursing homes to facilitate financing of cost of setting up oxygen plants and power back up system. This funding will be part of government’ ECGLS Scheme.&nbsp; What is ECLGS? The Indian government recently announced Rs 3-trillion ECLGS i.e. Emergency Credit Line Guarantee Scheme for businesses hit by Covid-19 second wave. The rate of interest is capped nominally at 7.5% p.a and these ECLGS loans are backed by NCGTC’s 100% guarantee cover.<h3>Special COVID Business Loan for Hospitals</h3>Additionally the IBA &amp; SBI bank have also announced Special Business Loans for healthcare facilities. Here, loans up to Rs 100 crore can be availed for setting up or expanding healthcare infrastructure aiding vaccine and ventilators in metro cities. Also, firms in Tier 1 and urban centres can apply for business loans up to Rs 20 crore and firms in Tier II to Tier IV cities can apply for loans up to Rs 10 crore. The tenure will be 10 years.All these schemes will be marked under COVID loan book of the banks and will be treated as priority sector lending. SBI Chairman Dinesh Khara said the schemes are purported “to mitigate potential hardship that the MSMEs could face during the second wave.”<h4>Other COVID relief credit initiatives by RBI</h4>Earlier this month, RBI had announced term liquidity facility of Rs 50,000 crore for healthcare infrastructure, Resolution Framework 2.0 for individuals, small businesses and MSMEs, and re-assessment facility for working capital limits. The government further widened the scope of ECLGS and extended the scheme till September 30, 2021. The disbursement is permitted up to December 31, 2021.Further the IBA and SBI informed that there is enough headroom under previous COVID related schemes such as collateral free automatic loans worth for MSMEs. They added that Aviation companies can avail of business loans of up to Rs 200 crore to deal with the COVID induced financial crisis. The ease of credit availability will certainly help individuals and businesses to efficiently deal with financial crisis imposed by the pandemic.

SBI Launches Special COVID Personal Loan up to 5 lakh

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SBI Launches Special COVID Personal Loan up to 5 lakh, Business Loan up to 2 crore & more

SBI Launches COVID Personal Loan up to 5 lakh, Business Loan up to 2 crore 

The PSU banks have jointly announced priority lending scheme involving COVID treatment personal loan up to Rs 5 Lakh &amp; multiple health care business loans across India.&nbsp;

2020 has been a difficult year for the government as well as taxpayers. The loss of income, disrupted business activity, eroded consumption &amp; industry growth are just a few mentions in the long lists of evils caused by COVID19 pandemic &amp; subsequent lockdowns. We hope that Union Budget 2021 will be successful in gearing up growth wheel in the economy. At the same time, the common man seeks respite in direct taxes, and save slightly more in the pocket. A tax payer has a wish list for FM N Sitharaman as she prepares to present Union Budget 2021 on February. Let’s walk through. <h3 style='text-align: justify;'>1. De-clutter &amp; Enhance 80C </h3> Section 80C of the Income-tax Act, 1961 is a white swan tax blanket for all taxpayers. However, it is cluttered and needs to be extended to truly relieve households financially. It covers tax exemptions for investing in PPF, EPF, life insurance premiums, children&#8217;s tuition fees, repayment of housing loan, and other tax saving investment options, for total of up to Rs 1.5 lakh. The limit of 80 C was last updated in 2014-15. Owing to rising inflation, increased cost of education &amp; persistent need for life insurance &amp; tax saving investments, the overall relief u/s 80 C should be updated to Rs 2.5 Lakh in the budget 2021. <h3 style='text-align: justify;'>2. Dedicated deduction for pure insurance</h3> Adequate life and health insurance covers are necessary for everyone in the household. Particularly for working members it is important to buy pure life cover for at least 10X annual income. Till pandemic rocked us, we largely remained a nation of under insured. People preferred to buy life covers protecting principal amount and the ones that were offering assured returns, thereby missing on to the importance of financial security of family in case of death. The need for Term Plan in the Portfolio is a real one and thus government should encourage and incentivise people buying insurance. The separate provision for the same will certainly encourage people to update their portfolio and purchase financial security against vulnerability of human life Home Loan- There are series of tax benefits Home Loan borrowers seek. Read More: <a href='https://www.mymoneymantra.com/blog/budget-2021-and-home-loan-emi/'>Budget 2021: Expectations &amp; Impact on Your Home Loan EMIs</a> <h3 style='text-align: justify;'>3. Reset benefits u/s 24B </h3> Currently, all Home Loan borrowers are eligible to claim deduction up to Rs 2 lakh for interest repayment under Section 24B of Income Tax Act. The Home Loan is a high-ticket long term loan. The first few years of a Home Loan comprise larger interest than principal component. The Rs 2 Lakh deduction thus remains largely insufficient for bearing the interest cost of even Rs 50 Lakh Home Loan. Thus, government should reset the limit of tax benefits u/s 24 B and expand this limit by at least 1 Lakh. <h3>4. Separate tax benefits for Home Loans:</h3> Alternatively, government can consider increasing overall deduction of at least Rs 5 Lakh on repayment of principal &amp; <a href='https://www.mymoneymantra.com/home-loan-interest-rates.html' target='_blank'>interest on Home Loan</a>. This will encourage purchase of homes and cut down the humungous unsold real estate inventory at a greater pace, thereby derive the growth &amp; help revive the economy post COVID. <h3 style='text-align: justify;'>5. Extend benefits u/s 80EEA for a larger base</h3> In Budget 2019, FM has announced an additional deduction of up to Rs 1.5 Lakh u/s 80EEA for first time home buyers of affordable units. This was offered over and above the existing benefits under section 24B. Herein, two updates are required. First, the benefits should be offered to a larger base of customers and not only to first time affordable housing segment. Second, the capping of relief for loans up to Rs 45 lakh unit should be revised to at least Rs 75 lakh, parallel to current property prices in the metro cities. <h3 style='text-align: justify;'>6. Increase capping on health insurance premium u/s 80D </h3> 2020 has strongly reiterated significance of Health Insurance. It is important to purchase health insurance of Rs 10 Lakh for a family of 4&#8211; 2 adults &amp; 2 minors. The current capping of Rs 25000 for self and family is inhibiting and should be enhanced to Rs 75000 so that larger insurance policies could be incentivised for actual needs. <h3 style='text-align: justify;'>7. Uniform LTCG for investments</h3> There is a need to bring uniformity in the way different investments are taxed. For instance, gains from stocks and equity funds held for a year are termed as Long Term Capital Gains (LTCG). In the case of real estate, the holding period is 2 years, for gold funds &amp; debt funds, it is 3 years. Tax treatment is different in the same asset classes. LTCG from gold ornaments, bars, coins and gold funds are taxed at 20 % with indexation, while gold bonds are tax free if held till maturity. In case sold before maturity, the tax is only 10 % without indexation. Thus, it is important that FM looks at this aspect and removes these gaps. These complications should be rationalised for efficient compliance. <h3 style='text-align: justify;'>8. Tax deductions for those working from home</h3> Another small, yet far reaching step should be to ease the financial stress of people working from home. The government should offer some kind of tax deduction or benefit to people who have incurred additional expenses during lockdown and even now. In many cases, the travel allowance has been deducted without any reimbursement for additional internet, electricity and other miscellaneous expenses that people are bearing to WFH. <h3 style='text-align: justify;'>9. Hike gratuity exemption limit </h3> Until now, max companies had set basic salary as 35-45% of the total compensation paid, which will now be calculated as minimum of 50% of the wage. Gratuity is calculated on basic pay. Thus, owing to revision in recent amendments, gratuity payout to employees will increase substantially for most companies. Thus, companies expect the larger base for gratuity exemption from this FY, i.e from existing Rs 20 lakh to Rs 25 lakh. <h3 style='text-align: justify;'>10. COVID cess for only higher income bracket only</h3> The pandemic was a dual edged sword of financial &amp; medical crisis. It is vastly assumed that FM may introduce, a COVID cess just like Swachch Bharat Cess and education Cess for tax payers this year. Herein, we hope any such additional levy should only be applied on highest tax paying bracket. People earning below 10 Lakh should not be asked to pay COVID Cess further. For, WFM a host of expenses have already been stressed on people’s pocket. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/expectations-of-tax-payers-from-budget-2021/' data-a2a-title='Expectations of Tax Payers from Budget 2021'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

2020 has been a difficult year for the government as well as taxpayers. The loss of income, disrupted business activity, eroded consumption &#038; industry growth are just a few mentions in the long lists of evils caused by COVID19 pandemic &#038; subsequent lockdowns. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/expectations-of-tax-payers-from-budget-2021/' data-a2a-title='Expectations of Tax Payers from Budget 2021'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fexpectations-of-tax-payers-from-budget-2021%2F&amp;linkname=Expectations%20of%20Tax%20Payers%20from%20Budget%202021' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Will the Budget 2021 by FM Nirmala Sitharama address the wishes of taxpayers? Let’s walk through a wish list of tax payers, home loan borrowers & salaried here.

Expectations of Tax Payers from Union Budget 2021

Reshma Rawat

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In 1987, when HSBC Bank introduced the ATM concept in India for the first time, people were so excited that they won’t need to visit banks, stand in long queues, and fill the form to withdraw money. People were happy withdrawing cash from their bank accounts, and spend it on their expenses. The ATM and Debit Cards’ boom in India has been growing since that invention. Nowadays, people can’t imagine going through the same old process anymore. Today, most of the bank account holders have an ATM or Debit Card.However, unlike Debit Cards, <a href="https://www.mymoneymantra.com/credit-card.html">Credit Cards</a> took so long to get the acceptance among Indian customers. Credit Cards were seen as a liability in India and people were resistant to accept that transformation in the way transaction used to happen. The Credit Card market started in 1981 in India when Visa issued the card, and Andhra Bank was the trailblazer of Credit Cards in the country back then.The word credit did not go down well in the Indian anti-credit mindset in the initial years of the invention of Credit Cards. Not many people were willing to adopt that trend as they felt Credit Cards can increase their credit and liability which they might not be able to repay. If they default or delay the due payment, the outcome could be against them.The ability to ‘spend now and pay later’ became the reason behind acceptance of this plastic currency. And, gradually, with the increase in income and internet boom, salaried individuals also started using Credit Cards.Today, Credit Cards are not just merely accepted, but are being used exponentially across the country for several reasons – you can withdraw money, make utility and other bill payments, buy a recent expensive gadget and pay in instalments, transfer funds, shop, and do a lot of stuff with this single plastic card.As per the data recently released by RBI (Reserve Bank of India), around 29.8 million Credit Cards were issued in March, 2017. The usage of Credit Cards has also hit a record high in India. There is a 9% growth in Credit Card outstanding in the initial four months of FY18. The Credit Card spending stood at 33,6196 Crores on 31 March, 2017 in India. In March 2012, the figure was 8,958 Crores, that shows a leap of 275%. The number of defaults has also been reduced in recent years.<h3>So, what is the reason behind this sudden jump? Here are a few reasons:</h3><ul><li>Banks are being more flexible in issuing Credit Cards as they can easily access the credit scores of their customers through CIBIL and other credit bureaus. These scores help them determine borrower’s financial stability and the default, if any.</li><li>There is contribution of e-commerce boom too. Now more people are shopping online using digital payment methods including Credit Cards.</li><li>The merchants are providing attractive offers on Credit Cards for their customers such as cash-backs, rewards, discounts, etc.</li><li>Credit Cards enable customers can to buy expensive items on easy instalments.</li><li>The growth is also the outcome of Indian Government’s demonetization and digitalization move.</li></ul>Credit Cards are being used in India like never before, and with the speed, people are being digitally advanced now, e-payments (including Credit Cards) are expected to increase 10 times by 2010.<figure class="image"><img src="https://d1lt2ralzv8247.cloudfront.net/Credit_Card_61a1913728.png" alt="Credit Card"></figure>&nbsp;

In 1987, when HSBC Bank introduced the ATM concept in India for the first time, people were so excited that they won&#8217;t need to visit banks, stand in long queues, and fill the form to withdraw money. People were happy withdrawing cash from their bank accounts, and spend it on their expenses. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/credit-cards-resistance-acceptance-growth-india/' data-a2a-title='Credit Cards: The Resistance, Acceptance, and Growth in India'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fcredit-cards-resistance-acceptance-growth-india%2F&amp;linkname=Credit%20Cards%3A%20The%20Resistance%2C%20Acceptance%2C%20and%20Growth%20in%20India' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Credit Cards: The Resistance, Acceptance, and Growth in India -

Director - MyMoneyMantra Fintech&nbsp;

Aparna Sharma

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Covid-19 pandemic is an economic tsunami that has turned even the largest of the world&#8217;s economies into a standby mode. Reeling under the pressure of pandemic outbreak, India is observing a complete lockdown since March 23, 2020, shutting its all non-essential activities, i.e., commercial activities of all sorts, except for food, medicine &amp; other identified essential services like police &amp; public health care, etc. The businesses, the schools, and the universities, everything is on a standstill. On March 27, 2020, RBI Governor ShashiKanta Das acknowledged the financial stress and economic disruptions caused due to COVID19 crisis. Primarily RBI made two historic statements: 1) Steep cut of 75 bps on benchmark lending rates (which will eventually make new borrowings affordable) 2), and three months’ EMI moratorium on Term Loans, Crop Loans,  working capital credit lines, and Credit Card bills repayment. The news hit the chord with the distressed customers, and people started to cheer a loan holiday of three months finally. However, by the end of the day, the clouds were clear, and it was evident that the RBI governor has only acknowledged the issues of &#8220;financial distress.” The right to ease out the financial crunch lies solely in the hands of the respective bank. He spoke about moratorium and deferment, and not the waiver. Whether you have a running EMI, a pending Credit Card bill, or both, MyMoneyMantra has put across some interesting points to help you decode the real impact of the moratorium on your pocket. We have reviewed the RBI statement and also compiled a list of FAQs for new and old borrowers. Excerpts from RBI Governor’s speech: “In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks, and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) (&#8220;lending institutions&#8221;) are permitted to grant a moratorium of three months on payment of all instalments1 falling due between March 1, 2020, and May 31, 2020. Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, maybe shifted across the board by three months. In respect of working capital facilities sanctioned in the form of cash credit/overdraft, lending institutions are being permitted to allow a deferment of three months on payment of interest in respect of all such facilities outstanding as on March 1, 2020. The accumulated interest for the period will be paid after the expiry of the deferment period.” Four takeaways from RBI for lending customers: 1.  RBI has granted its approval for a loan EMI moratorium up till May 31, 2020. The respective bank will set the final modalities. 2. RBI allows deferment &amp; not waiver of interest payment in this period. 3. The tenor of repayment will be extended accordingly. 4. The moratorium is not applied to the interest component. A customer is bound to repay interest component accrued during the EMI holiday period, later on. So, what is good, bad or ugly in the announcements made by RBI’ for COVID hit middle class, small businesses, and salaried individuals? Let’s figure out if it is apt to opt for a Loan EMI holiday or not? The good: <ul style='padding-left: 20px;'> <li style='text-align: justify;'>You can put the bank payments on hold for all of your term loans, including Home Loans, <a href='https://www.mymoneymantra.com/personal-loan.html' target='_blank'>Personal Loans</a>, Education Loan, Working Capital Credit Lines, and Credit Card bills till 31st May 2020.</li> <li style='text-align: justify;'>The RBI has clearly reiterated that the nonpayment of EMI or failed standing instruction on EMI or Credit Card payment will not hurt your credit score. Indeed the activity in this period will not make any footprint on your credit report.</li> <li style='text-align: justify;'>So, the customers can leave aside worries of paying back their Home Loan, Car Loan or Credit Card Bills and focus on meeting essential needs during this difficult time of COVID19 Lockdown.</li> </ul> The Bad: <ul style='padding-left: 20px;'> <li style='text-align: justify;'>The EMI &amp; Credit Card bill are deferred &amp; not waived off. The nonpayment of your outstanding loan and credit lines during this period will increase the loan tenure and the overall liability.</li> <li style='text-align: justify;'>RBI has not ordered lenders to pass on EMI break to all customers. It is only approval for granting the same in case the bank deems it fit for its customers hit by COVID 19. The banks are directed to set a board to define the guidelines for customers opting for EMI holiday, and thus the final conditions for serving three months moratorium can vary as per the institution.</li> <li style='text-align: justify;'>The EMI Moratorium relief is not offered to all customers. As per the RBI press meet, you are required to apply to your bank for EMI break and share the proof of the impact of COVID 19 on your earnings to avail of the repayment deferment.</li> </ul> The Ugly: If you opt for the moratorium of three months, the interest will begin to accumulate &amp; increase your overall financial bearing. This can indeed hurt your monthly budget if you do not have a backup income source. BOTTOM LINE The moratorium or EMI holiday is for the principal component and not on the interest charges. So, if you have Rs 50000 to repay each month and you apply for a moratorium till 31st May 2020 from your bank and Credit Card Company. In June, your EMI burden will be Rs 50000 + the interest accrued. Depending on your loan schedule, this interest burden may vary. Let&#8217;s say you build up the interest of Rs. 5000 in three months. Will you be ready to repay 55000 in place of 50000 after two months? MyMoneyMantra recommends customers to carry on with their repayment schedules and avoid mounting up their repayment burden. Conduct a cost-benefit analysis and carefully weigh in the liquidity of funds in your hand. Opt for EMI holiday only in case of an extreme cash crunch. Let your standing instructions flow as usual and avail of moratorium if and only if you are financially-stressed. <h2 class='p1'>FAQs </h2> April 1 is fast approaching, and it is important to get answers to your questions. RBI has left the power to frame modalities for three months EMI moratorium on Banks, and till date, there is no official statement from banks except SBI. However, many banks such as IDFC First, Union Bank of India, Kotak Mahindra Bank have started to acknowledge social media shout outs by customers on Twitter for EMI Moratorium. Let’s discuss find out answers to all of your questions on RBI&#8217;s decision to grant Term Loan, Working Capital Credit Line, and Credit Card moratorium and deferment: <h3>✅ Will my EMI due on 2nd March be delayed till June 2020?</h3> Ans: As per RBI guidelines, the banks are allowed to extend a moratorium to the interested customers. You would need to request your bank for the EMI break. It is likely that the EMI will be cleared automatically as per the standing instruction in the System. SBI has just updated that all customers are provided with the moratorium, and those who want to pay should inform the bank and make the payment. <h3>✅ How would I know about the bank’s board-approved policies for EMI relief to the borrowers?</h3> Ans: You should get in touch with your relationship manager or contact customer care via email or phone call. Many banks like SBI, Kotak Mahindra, Union Bank of India, IDFC First, and IDBI have already started to accept customer requests for payment deferment. <h3>✅ What does it mean when RBI and banks say all EMIs on term loans stand canceled?</h3> Ans: The statement implies that all term loan customers are eligible for requesting EMI Moratorium. The final communication depends on the customer&#8217;s willingness to opt for the EMI deferment. <h3>✅ Will the non-payment of my EMI and Card Bill hurt my credit score?</h3> Ans: As RBI Governor explained, if your request for EMI delay is accepted by the bank, the non-payment will neither be marked in your credit history nor will it impact your credit score. <h3>✅ Which banks &amp; NBFCs are offering EMI deferment?</h3> Ans: All lenders registered under RBI, such as commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies and micro-finance institutions) are eligible to extend the moratorium. <h3>✅ The April &amp; May EMIs will be paid as per a new repayment schedule, or I will be asked for bullet payment?</h3> Ans: Your bank will share the details for the same. <h3>✅ What is the difference between waiver and deferment?</h3> Ans:The waiver is removing the payment while the deferment is delay in payment. RBI has recommended a delay of repayment schedule and tenor across the board by 3 months. <h3>✅ What types of loans are eligible for moratorium cover?</h3> Ans: All term loans like Personal Loan, Car Loans, Home Loan, Education Loan, Credit Card outstanding, Retail Loans (like Consumer Durable Loans, EMIs on mobiles, fridge, TV), Agriculture Term Loans and Crop Loans are open for option of three months moratorium. <h3>✅ Did RBI announce moratorium for Credit Card payments?</h3> Ans: Yes, RBI later clarified that the moratorium is open for Credit Card payments as well. <h3>✅ Are Business Loans included? What was RBI’s announcement for businesses?</h3> Ans: RBI did not specifically mention Business Loans but retail loans. It is unlikely if your bank will extend the moratorium on your Business Loan. However, if you need one, you should contact your lender, and you may even get success. Banks have also introduced special Covid 19 Loan at Concessional flat rate for MSMEs to bridge the financial issues mushroomed because of pandemic spread. Also, RBI has granted permission to banks to allow deferment for interest payments for all Working Capital Loans. 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Covid-19 pandemic is an economic tsunami that has turned even the largest of the world&#8217;s economies into a standby mode. Reeling under the pressure of pandemic outbreak, India is observing a complete lockdown since March 23, 2020, shutting its all non-essential activities <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/rbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills/' data-a2a-title='RBI’s Covid 19 Relief Policy Review: Should You Opt for Moratorium on Loan(s) EMIs & Credit Card Bills?'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Frbis-covid-19-relief-policy-review-should-you-opt-for-moratorium-on-loans-emis-credit-card-bills%2F&amp;linkname=RBI%E2%80%99s%20Covid%2019%20Relief%20Policy%20Review%3A%20Should%20You%20Opt%20for%20Moratorium%20on%20Loan%28s%29%20EMIs%20%26%20Credit%20Card%20Bills%3F' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

Have a running EMI, a pending Credit Card bill, or both? MyMoneyMantra has put across some points to help you decode the impact of the moratorium on your pocket. We have reviewed the RBI statement and compiled a list of FAQs for new and old borrowers.

RBI's Covid 19 Relief Policy Review: Should You Opt for Moratorium on Loan(s) EMIs & Credit Card Bills?

International Women’s Day is not a single day event. Rather it is a reminder for equal &amp; gender neutral world. This year, the theme for International Women’s Day 2021 is #ChoosetoChallenge Gender Stereotypes &amp; Inequality. MyMoneyMantra wows the campaign and promotes gender equality by not only ensuring gender parity in its hiring culture but also in bringing out its marketing content including blogs, media articles and social campaigns, all highlighting financial inclusion message for women across the globe. Whether you are a working woman or run a house, you are eligible for better Home Loan Interest Rate, and Stamp Duty &amp; Property Tax concession. Still, a majority of women do not know about the available benefits. Women are naturally good at saving money as they have been managing domestic budgets from centuries. Yet significant money decisions in a majority of Indian Households are carried by male counterparts for various social reasons. Low percentage of women workforce could be one of the factors for the same. Participation percentage of women workforce in India has been constantly shrinking since 2004. And the worse has just come. Year 2020 reinforced the stark gender inequality that rests across the globe as more women lost jobs and took over unpaid household work. Financial Literacy is the hallmark for Financial Inclusion &amp; Gender Equality. When you educate a Woman, you educate the whole family. A financially savvy women can best utilise the power of compounding and secure her future. She can inculcate money talks early in the life of kids. This is why banks and financial institutions continue to provide special privileges to women customers. What is good for gender equality is good for the economy &amp; for the nation. Let’s find out how a woman home owner enjoys special benefits on housing finance. You do not need to be a working woman to become a co-applicant for a Home Loan. <h2 style='text-align: justify;'>Benefits women in India enjoy on Home Loans:</h2> Lower Home Loan Rates: Women applicants are encouraged to apply for Home Loans. Most lenders, banks and NBFCs, offer a discount of around 5-20 bps on <a href='https://www.mymoneymantra.com/home-loan-interest-rates.html' target='_blank'>Home Loan Interest Rates</a> for primary women applicants. Thus a couple can save lakhs of rupees by locking a lower rate loan deal with a woman as a primary applicant. Relaxed norms, partial waiver of processing fee, reducing balance EMI &amp; repayment ease are some other areas which an applicant should explore before locking a Home Loan. More Tax benefit: Under Income Tax Act, 1961, a Home Loan borrower in India is entitled to enjoy tax deduction under section 80C and Section 24 for max up to Rs 1.5 Lakh and Rs 2 Lakh respectively on repayment of Home Loan Principal and Interest Amount. The benefit will be in proportion to the contribution of each applicant for repayment of Principal and Interest. When a couple applies together for a loan, both partners can claim Income Tax benefits while filing the IT return. Thus the benefits can practically be doubled up for the couple, thereby leaving more in their pockets. Stamp Duty &amp; Property Tax Concession: Furthermore, several states such as Bihar, Haryana, Punjab, Maharashtra, Orissa, Uttar Pradesh, Uttarakhand besides National Capital Delhi provide concession on stamp duty for women home owners. A woman home owner can save 0.5 to 3% on the stamp duty rate across the country. The slab rates vary state-wise, so do check the available benefit in your particular region. Some States even offer lower property tax slab on the basis of gender. However to enjoy these benefits, women should be the owner of the property. Credit subsidy on buying house: Under government&#8217;s &#8216;Housing for All&#8217; scheme, it is mandatory to book the property in the name of a woman for availing a credit linked PMAY subsidy. All these housing related benefits are designed to encourage women participation in the housing sector. Furthermore, Home Loan Interest Rates are at decadal low mark. It is thus the best time to get keys of your dream home in 2021. This week SBI, HDFC and Kotak Mahindra Bank have further slashed Home Loan Interest Rates. So, do not forget to check special Home Loan Offers on the occasion of International Women’s Day. Grab the best Home Loan deal <a href='https://www.mymoneymantra.com/home-loan/hdfc-ltd.html?utm_source=google&amp;utm_medium=organic' target='_blank'><img class='alignnone size-full wp-image-12980' src='https://d1lt2ralzv8247.cloudfront.net/HDFC_limited_home_loan_2_5c36b3724a.jpg' alt='Lowest Home Loan Interest Rate on HDFC Bank' srcset='https://d1lt2ralzv8247.cloudfront.net/HDFC_limited_home_loan_2_5c36b3724a.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2021/03/HDFC-limited-home-loan_2-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2021/03/HDFC-limited-home-loan_2-768x202.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/special-benefits-women-enjoy-on-home-ownership-and-housing-finance/' data-a2a-title='Special Benefits Women Enjoy on Home Ownership & Housing Finance'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

International Women&#8217;s Day is not a single day event. Rather it is a reminder for equal &#038; gender neutral world. This year, the theme for International Women&#8217;s Day 2021 is #ChoosetoChallenge Gender Stereotypes &#038; Inequality. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/special-benefits-women-enjoy-on-home-ownership-and-housing-finance/' data-a2a-title='Special Benefits Women Enjoy on Home Ownership & Housing Finance'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fspecial-benefits-women-enjoy-on-home-ownership-and-housing-finance%2F&amp;linkname=Special%20Benefits%20Women%20Enjoy%20on%20Home%20Ownership%20%26%20Housing%20Finance' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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On the occasion of International Women’s Day, MyMoneyMantra has compiled a list of additional benefits female borrowers enjoy on Home Loan Application.

Special Benefits Women Enjoy on Home Ownership & Housing Finance

Home Loan Interest Rates continue to cheer residential buyers. The largest PSB State Bank of India (SBI) and private lender Kotak Mahindra Bank have further slashed housing finance interest rates by 10 bps. Customers can avail of the lowest Home Loan offers by Kotak Bank and SBI at 6.65% and 6.60% respectively till March 31, 2020. The SBI said that 100% processing fee waiver continues for those who <a href='https://www.mymoneymantra.com/home-loan/sbi-bank.html' target='_blank'>Apply for SBI Home Loan Online</a> through YONO App. The revised SBI Home Loan Interest Rates are linked to Credit Score. The customers with good CIBIL Score will be awarded with the best interest rate offer. SBI Home Loan Concessional Offer, effective from March 1, 2021 to March 31, 2021: <table class='table-bordered table'> <tbody> <tr> <td style='background-color: #8bc541; text-align: left;' colspan='1' width='621'>Loan Amount</td> <td style='text-align: center; background-color: #8bc541;' colspan='1' width='621'>Credit Score</td> <td style='text-align: center; background-color: #8bc541;' colspan='1' width='621'>Interest Rate</td> </tr> <tr> <td rowspan='3' width='205'> Up to 75 Lakh </td> <td style='text-align: center;' width='205'> 700-750 </td> <td style='text-align: center;' width='205'> 6.90% </td> </tr> <tr> <td style='text-align: center;' width='205'> 751-800 </td> <td style='text-align: center;' width='205'> 6.80% </td> </tr> <tr> <td style='text-align: center;' width='205'> Above 800 </td> <td style='text-align: center;' width='205'> 6.70% </td> </tr> <tr> <td rowspan='3' width='205'> Above 75 Lakh to 5 crore </td> <td style='text-align: center;' width='205'> 700-750 </td> <td style='text-align: center;' width='205'> 7.00% </td> </tr> <tr> <td style='text-align: center;' width='205'> 751-800 </td> <td style='text-align: center;' width='205'> 6.85% </td> </tr> <tr> <td style='text-align: center;' width='205'> Above 800 </td> <td style='text-align: center;' width='205'> 6.75% </td> </tr> </tbody> </table> * Minimum Floor rate is 6.70%. SBI Yono Applicants to get 0.05% concession. *Women applicants to get further concession of 0.05%. Furthermore SBI Bank has also slashed premium for Non Salaried customers by 5 bps to 10bps from existing 15 bps. The <a href='https://www.mymoneymantra.com/home-loan-interest-rates.html' target='_blank'>Lowest Home Loan Interest Rate</a> offer for non salaried applicants will start from 6.80%. Kotak Mahindra Bank on the other hand has offered lowest Home Loan Rate on Balance Transfer for both salaried and non salaried applicants at 6.65% onwards. The offer is available on any amount loan. Salaried new Home Loan applicants will get loans from 6.65% onwards and non salaried Home Loan applicants will get loans from 6.75% onwards. There is no loan amount capping. <a href='https://www.mymoneymantra.com/home-loan/kotak-mahindra-bank.html' target='_blank'>Kotak Home Loan Offer</a> – Available on all loan amounts. <table class='table-bordered table'> <tbody> <tr> <td width='205'> Slab </td> <td style='text-align: center;' width='205'> Salaried </td> <td style='text-align: center;' width='205'> Non Salaried </td> </tr> <tr> <td width='205'> LTV &lt;= 80% </td> <td style='text-align: center;' width='205'> 6.65% &#8211; 7.10% </td> <td style='text-align: center;' width='205'> 6.65% &#8211; 7.10% </td> </tr> <tr> <td width='205'> LTV &lt;= 80-90% </td> <td style='text-align: center;' width='205'> 6.65% &#8211; 7.10% </td> <td style='text-align: center;' width='205'> 6.85% &#8211; 7.30% </td> </tr> </tbody> </table> Surely this is the best time to apply for Home Loan in India as rates are available at decadal low levels. Let’s check current 10 Lowest Home Loan Offers in India below: <table class='table-bordered table'> <tbody> <tr> <td style='background-color: #8bc541; text-align: left;' colspan='1' width='621'>Bank </td> <td style='text-align: center; background-color: #8bc541;' colspan='1' width='621'>Lowest Interest Rate</td> </tr> <tr> <td width='308'> Kotak Bank Home Loan </td> <td style='text-align: center;' width='308'> 6.65% </td> </tr> <tr> <td width='308'> SBI Home Loan </td> <td style='text-align: center;' width='308'> 6.70% </td> </tr> <tr> <td width='308'> Axis Bank Home Loan </td> <td style='text-align: center;' width='308'> 6.75% </td> </tr> <tr> <td width='308'> Citi Bank Home Loan </td> <td style='text-align: center;' width='308'> 6.75% </td> </tr> <tr> <td width='308'> HDFC Bank Home Loan </td> <td style='text-align: center;' width='308'> 6.80% </td> </tr> <tr> <td width='308'> ICICI Bank Home Loan </td> <td style='text-align: center;' width='308'> 6.80% </td> </tr> <tr> <td width='308'> Union bank of India Home Loan </td> <td style='text-align: center;' width='308'> 6.80% </td> </tr> <tr> <td width='308'> PNB Home Loan </td> <td style='text-align: center;' width='308'> 6.80% </td> </tr> <tr> <td width='308'> Bank of Baroda Housing Loan </td> <td style='text-align: center;' width='308'> 6.85% </td> </tr> <tr> <td width='308'> LIC Housing Finance </td> <td style='text-align: center;' width='308'> 6.90% </td> </tr> </tbody> </table> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/sbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent/' data-a2a-title='SBI, Kotak Bank Slash Home Loan Rates, Lowest offer at 6.65%'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

Home Loan Interest Rates continue to cheer residential buyers. The largest PSB State Bank of India (SBI) and private lender Kotak Bank have further slashed housing finance interest rates by 10 bps. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/sbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent/' data-a2a-title='SBI, Kotak Bank Slash Home Loan Rates, Lowest offer at 6.65%'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fsbi-kotak-bank-slash-home-loan-rates-lowest-offer-at-6-65-percent%2F&amp;linkname=SBI%2C%20Kotak%20Bank%20Slash%20Home%20Loan%20Rates%2C%20Lowest%20offer%20at%206.65%25' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Leading lenders SBI and Kotak Bank have further slashed Home Loan interest rates. The lowest Home Loan is available at 6.65%. Check limited time slab rate here.

SBI, Kotak Bank Slash Home Loan Rates, Lowest offer at 6.65%

Good News for home borrowers in Delhi. Delhi Cooperative Housing Finance Corporation Limited (DCHFCL) has slashed Home Loan interest rates from 7.45 per cent to 6.75 per cent. The news rates are effective from 21 January 2021. The fall in interest rates was announced after the Delhi Government declared 20% reduction of circle rates on properties in the capital for 6 months. The government had directed the Housing Corporation to reduce <a href='https://www.mymoneymantra.com/home-loan-interest-rates.html' target='_blank'>Home Loan Interest Rates</a> and ease the cash crunch of people struggling due to COVID19. The reduction in circle rates is applicable on residential, commercial and industrial. The press statement of government said, “With the reduction in circle rates, the common people will be able to realize the dream of buying a house for their family.” Delhi Cooperative Minister Rajendra Pal Gautam in the press statement said, on the resolve of the CM Arvind Kejriwal, I have directed to reduce the interest rates as compared to private banks so that the common people can avail loans at cheaper rates to buy a house. <h2 style='text-align: justify;'>Impact on Home Loan EMIs</h2> The reduced rates are lowest Home Loan Interest Rates and thus result in lowest <a href='https://www.mymoneymantra.com/home-loan-emi-calculator.html' target='_blank'>Home Loan EMIs</a>. <table class='table-bordered table'> <tbody> <tr> <td width='205'> </td> <td style='text-align: center;' width='205'> Existing </td> <td style='text-align: center;' width='205'> New </td> </tr> <tr> <td width='205'> Home Loan Interest Rates </td> <td style='text-align: center;' width='205'> 7.45% </td> <td style='text-align: center;' width='205'> 6.75% </td> </tr> <tr> <td width='205'> Home Loan EMI/ Lakh </td> <td style='text-align: center;' width='205'> Rs 803 </td> <td style='text-align: center;' width='205'> Rs 760 </td> </tr> </tbody> </table> Furthermore, the Housing Corporation is also planning to launch a new housing loan scheme for middle class and weaker income sections. The cut of 20 percent circle rate should reduce stamp duty or registration charges by 1 percent. Particularly in posh localities such as New Friends Colony, Friends Colony, Maharani Bagh, Vasant Vihar, Anand Niketan the impact should be seen. In these areas market rate is lower than the circle rate. Reduced circle rate &amp; interest rates will certainly improve real estate sector’s sentiment. It should boost volume of property transactions. The FM has also boosted affordable housing in the budget 2021. Together all these steps, should build movement in real estate transactions and revive economy after COVID shocks. Right steps to propel property buying and selling activity in the Capital! <a href='https://www.mymoneymantra.com/home-loan/kotak-mahindra-bank.html?utm_source=google&amp;utm_medium=organic' target='_blank'><img class='alignnone size-full wp-image-12160' src='https://d1lt2ralzv8247.cloudfront.net/Kotak_Mahindra_Bank_Home_Loan_54d3d11ac5.jpg' alt='Lowest Home Loan Interest Rates on Kotak Mahindra Bank' srcset='https://d1lt2ralzv8247.cloudfront.net/Kotak_Mahindra_Bank_Home_Loan_54d3d11ac5.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/11/Kotak-Mahindra-Bank-Home-Loan-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/11/Kotak-Mahindra-Bank-Home-Loan-768x202.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/home-loan-interest-rates-slashed-delhi-circle-rate-cut/' data-a2a-title='Home Loan Interest Rates Slashed in Delhi after Circle Rate Cut'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

Good News for home borrowers in Delhi. Delhi Cooperative Housing Finance Corporation Limited (DCHFCL) has slashed Home Loan interest rates from 7.45 per cent to 6.75 per cent. The news rates are effective from 21 January 2021. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/home-loan-interest-rates-slashed-delhi-circle-rate-cut/' data-a2a-title='Home Loan Interest Rates Slashed in Delhi after Circle Rate Cut'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fhome-loan-interest-rates-slashed-delhi-circle-rate-cut%2F&amp;linkname=Home%20Loan%20Interest%20Rates%20Slashed%20in%20Delhi%20after%20Circle%20Rate%20Cut' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Following circle rates cut in Delhi, Delhi Cooperative Housing Finance Corporation Limited (DCHFCL) has slashed Home Loan Interest Rates from 7.45% to 6.75%.

Home Loan Interest Rates Slashed in Delhi after Circle Rate Cut

Finance Minister Nirmala Sitaraman launched PM Aatmnirbhar Swasth Bharat Yojana in addition to National Health Mission. Rs. 64,180 crore to be invested in health infrastructure over the 6 years. This will develop capacity of primary, secondary and third sherry of the health system. It will give new strength to existing health systems of our nation and plan to create new institutions to cater the detection and the cure of a new and emerging disease. PM Swasth Bharat Yojana is an addition to the national health mission. Key highlights of the scheme are mentioned below: <ul style='padding-left: 20px;'> <li style='text-align: justify;'>Support of over 17000 rural and 11000 health and wellness sector</li> <li style='text-align: justify;'>Integrated public Health care labs in all districts</li> <li style='text-align: justify;'>3382 block public health units in 11 states</li> <li style='text-align: justify;'>New Critical care hospital blocks in 602 districts</li> <li style='text-align: justify;'>12 New Central Institutions</li> <li style='text-align: justify;'>15 health emergency operation centres</li> <li style='text-align: justify;'>2 Mobile Hospitals</li> <li style='text-align: justify;'>9 Bio safety level 3 Labs</li> </ul> <h3 style='text-align: justify;'>What is PM Swasth Bharat Scheme?</h3> PM Atmnirbhar Swasth Bharat Yojana is a government sponsored scheme that aims at improving primary, secondary, and tertiary care health systems, strengthening existing national institutions, creating new institutions, catering to detection and cure of new and emerging diseases in India. This scheme aims to support 17,788 rural and 11,024 urban Health &amp; Wellness Centers, establish integrated public health labs in every district, strengthen the National Centre for Disease Control, its 5 regional branches &amp; 20 metropolitan health surveillance units, establish 9 Bio-Safety Level III laboratories, and 4 regional National Institutes of Virology. <h2 style='text-align: justify;'>Benefits of PM Swasth Bharat Yojana</h2> Following are the key benefits of the scheme: <ul style='padding-left: 20px;'> <li style='text-align: justify;'>The scheme will help in detecting and curing new and emerging diseases through strengthening existing national institutions and creating new ones.</li> </ul> <ul style='padding-left: 20px;'> <li style='text-align: justify;'>The scheme will strengthen the primary, secondary, &amp; third sherry of the health system facilities in every corner of our nation.</li> </ul> <ul style='padding-left: 20px;'> <li style='text-align: justify;'>The scheme will provide support to rural as well as urban health and wellness centers.</li> </ul> <ul style='padding-left: 20px;'> <li style='text-align: justify;'>The scheme will enable opening of new Public Health Units in airports, seaports and land crossings.</li> </ul> <ul style='padding-left: 20px;'> <li style='text-align: justify;'>Such implementations will help India prepare against the Covid-19 like pandemics in the future.</li> </ul> Also Read: <a href='https://www.mymoneymantra.com/blog/6-pillars-of-union-budget-2021-and-their-inclusions/' target='_blank'>6 Pillars of Union Budget 2021 and Their Inclusions</a> <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/pm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details/' data-a2a-title='PM Aatmnirbhar Swasth Bharat Yojana – Rs. 64,180 Investment Details'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

Finance Minister Nirmala Sitaraman launched PM Aatmanirbhar Swasth Bharat Yojna in addition to National Health Mission. Rs. 64,180 crore to be invested in health infrastructure over the Six years. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/pm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details/' data-a2a-title='PM Aatmnirbhar Swasth Bharat Yojana – Rs. 64,180 Investment Details'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fpm-aatmnirbhar-swastha-bharat-yojna-rs-64180-investment-details%2F&amp;linkname=PM%20Aatmnirbhar%20Swasth%20Bharat%20Yojana%20%E2%80%93%20Rs.%2064%2C180%20Investment%20Details' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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Finance Minister Nirmala Sitaraman launched PM Aatmnirbhar Swasth Bharat Yojana in addition to National Health Mission. Rs. 64,180 crore to be invested in health infrastructure over the Six years.

PM Aatmnirbhar Swasth Bharat Yojana - Rs. 64,180 Investment Details

Taking the lead in easing the financial stress of retail banking customers, the Bank of Baroda has rolled out an exclusive Personal Loan product for its existing retail customers. Being a Bank of Baroda customer of any of the retail loans such as Home Loan, Loan Against Property, or Auto Loan, you can <a href='https://www.mymoneymantra.com/personal-loan.html' target='_blank'>Apply for a Personal Loan</a> up to Rs 5 lakhs and confidently tide through the liquidity crunch caused due to the COVID 19 pandemic. <a href='https://www.mymoneymantra.com/personal-loan.html?utm_source=google&amp;utm_medium=organic' target='_blank'><img class='alignnone size-full wp-image-9747' src='https://d1lt2ralzv8247.cloudfront.net/Contactless_Emergency_Loan_with_instant_approval_c92c0553c0.jpg' alt='Contactless Emergency Loan with instant approval' srcset='https://d1lt2ralzv8247.cloudfront.net/Contactless_Emergency_Loan_with_instant_approval_c92c0553c0.jpg 906w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/04/Contactless-Emergency-Loan-with-instant-approval-300x79.jpg 300w, https://www.mymoneymantra.com/blog/wp-content/uploads/2020/04/Contactless-Emergency-Loan-with-instant-approval-768x202.jpg 768w' sizes='(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px' /></a> The customers need to approach their home branches to avail of the offer. In a bid to ease the liquidity crunch of its customers, the BOB has offered a much lower rate of interest for COVID 19 Personal Loan. This scheme is open to customers until September 30, 2020. In order to be eligible for Bank of Baroda Covid19 Personal Loan, you should have a running loan with a fair credit rating. Here is a quick list of eligibility and other details about the BOB Covid19 Loan Scheme. <ul style='padding-left: 20px;'> <li class='li1'>You should be a retail loan customer Bank of Baroda.</li> <li class='li1'>You should have a credit score of 650 or above.</li> <li style='text-align: justify;'>The customers of Home Loans and Loan Against Property can apply for Personal Loan up to 10 percent of their existing loans.</li> <li class='li1'>The customers of auto loans can apply for a maximum of 20 percent of their loan.</li> <li class='li1'>The loan is available for a maximum tenor of 5 years.</li> <li style='text-align: justify;'>The rate of interest starts from 10.25 percent. The interest is linked to BRLLR, presently being 7.25%. The lower than regular Personal Loan interest rate is offered to all COVID loan applicants, irrespective of their credit rating.</li> <li class='li1'>The customer can also make use of COVID 19 moratorium of three months.</li> <li style='text-align: justify;'>The overall tenure including moratorium should not be more than 5 years, and the interest will be accrued during the moratorium period.</li> <li class='li1'>A penal interest of 2 % will be charged in case of overdue.</li> <li class='li1'>There are no prepayment charges.</li> <li class='li1'>A unified processing fee of Rs 500 along with GST is levied.</li> </ul> The BOB has already reduced its Repo Linked Lending Rate by 75 basis points, ensuring complete benefit transmission to customers after RBI’s repo rate cut. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/bank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers/' data-a2a-title='Bank of Baroda Announces COVID 19 Personal Loan up to Rs 5 Lakh for its Customers'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

Taking the lead in easing the financial stress of retail banking customers, the Bank of Baroda has rolled out an exclusive Personal Loan product for its existing retail customers. <div class='addtoany_share_save_container addtoany_content_bottom'><div class='a2a_kit a2a_kit_size_32 addtoany_list' data-a2a-url='https://www.mymoneymantra.com/blog/bank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers/' data-a2a-title='Bank of Baroda Announces COVID 19 Personal Loan up to Rs 5 Lakh for its Customers'><a class='a2a_button_facebook' href='https://www.addtoany.com/add_to/facebook?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='Facebook' rel='nofollow' target='_blank'></a><a class='a2a_button_twitter' href='https://www.addtoany.com/add_to/twitter?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='Twitter' rel='nofollow' target='_blank'></a><a class='a2a_button_linkedin' href='https://www.addtoany.com/add_to/linkedin?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='LinkedIn' rel='nofollow' target='_blank'></a><a class='a2a_button_whatsapp' href='https://www.addtoany.com/add_to/whatsapp?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='WhatsApp' rel='nofollow' target='_blank'></a><a class='a2a_button_wechat' href='https://www.addtoany.com/add_to/wechat?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='WeChat' rel='nofollow' target='_blank'></a><a class='a2a_button_pinterest' href='https://www.addtoany.com/add_to/pinterest?linkurl=https%3A%2F%2Fwww.mymoneymantra.com%2Fblog%2Fbank-of-baroda-announces-covid-19-personal-loan-up-to-rs-5-lakh-for-its-customers%2F&amp;linkname=Bank%20of%20Baroda%20Announces%20COVID%2019%20Personal%20Loan%20up%20to%20Rs%205%20Lakh%20for%20its%20Customers' title='Pinterest' rel='nofollow' target='_blank'></a></div></div>

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The Bank of Baroda has introduced a COVID19 Personal Loan for its customers with a credit score of 650 or above. Open till September 2020, the scheme comes along a lower interest rate for BOB Home Loan, LAP & Auto Loan borrowers.

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