SBI doubles overseas borrowing target to $10 bn

State Bank of India (SBI) today said it had doubled its Medium Term Note (MTN) programme to $10 billion to fund overseas business.

The MTN programme has been upsized from $5 billion to $10 billion, SBI informed the Bombay Stock Exchange (BSE).

The offering circular (OC) under the said MTN Programme had been updated on September 19, 2011, with the audited financial data of the Bank as on March 31, 2011, and filed with the Singapore Exchange, it said.

Meanwhile, SBI extended 25 basis point (bps) concessional home loan scheme till December.

Under the scheme, SBI offers 25 bps discount on interest rates on its card rate across the tenor of a floating home loan.

The scheme which was open till October 31, 2011, has now been extended till December 31, 2011.

Under the scheme, a borrower will now be charged an interest of 10.50% as against the earlier 10.75% on loans up to Rs 30 lakh. Similarly, a loan above Rs 30 lakh, but up to Rs 75 lakh, will attract an interest of 10.75%, as per the new scheme.

In order to attract home loan customers, rivals like ICICI Bank, HDFC and LIC Housing Finance have recently launched dual interest rate products offering a fixed rate of interest to start with, which will be later aligned to the base rate as the loan progresses.