For personal or credit card loans, it's time to scout for good rates

You can raise cheaper personal loans online to repay unsecured loans. For home loans, banks are taking documents online, but property verification may take time

Bindisha Sarang
Last Updated at April 9, 2020 02:17 IST

While PSU banks are focusing on existing lenders, digital lenders like Money tap are offering loans to both new and existing customers as well

The Covid-19 pandemic has led to a sharp drop in interest rates by banks. State Bank of India, the country’s largest bank, announced cut in the marginal cost of the fund-based lending rate at 7.4 per cent on Tuesday. It had already cut the external benchmark linked lending rate and repo linked lending rate to 7.05 per cent and 6.65 per cent. Most other banks have also cut their lending and deposit rates substantially. And while you are sitting at home, you can use this opportunity to switch lenders, especially in case of unsecured personal or credit card loans.

TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

MONTHLY

₹ 249

Select

ANNUAL

₹ 1799

Select

Best Offer

SMART ANNUAL

₹ 1499

₹ 1799

Opt for auto renewal and save Rs 300

Select

What you get on Business Standard Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Pick your 5 favourite companies, get a daily email with all news updates on them.
26 years of website archives.
Preferential invites to Business Standard events.