SBI doubles MTN programme size to $10 billion

The MTN programme has been upsized from $5 billion to $10 billion. SBI has also extended its 25 basis point concessional home loan scheme till December

Mumbai: State Bank of India (SBI) on Thursday said it has doubled its Medium Term Note (MTN) programme to $10 billion to fund overseas business, reports PTI.

The MTN programme has been upsized from $5 billion to $10 billion, SBI informed the BSE.

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

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

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

The scheme which was open till 31 October 2011 has now been extended till 31 December 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 Rs30 lakh. Similarly, a loan above Rs30 lakh, but up to Rs75 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.

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