State Bank of India doubles MTN programme size to $10 billion

MUMBAI: State Bank of India on Thursday said it has doubled its Medium Term Note (MTN) programme to USD 10 billion to fund overseas business.

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

The offering circular (OC) under the said MTN Programme has 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 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 per cent as against the earlier 10.75 per cent 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 per cent, 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

Source: Economic Times