Tuesday, February 24, 2009

SBI has waived off processing fee for approved projects

Another good news in markets- For all the projects which are approved by SBI, they have waived off the processing fee. People who have applied for the loans through SBI has got their cheque back. This is definitely a wonderful gesture at time when almost all banks have increased their processing fee to almost double the amount than previous year.

SBI is definitely making waved in real estate market. In Kolkata it has tied up with three builders and has made builders pay the interest amount till possession of their properties. These moves are definitely not easy to ignore in banking circles and are forcing other banks to think on same lines too. Loan approval process of SBI is definitely strict and long but this is done only to ensure that risk gets managed properly.

SBI has definitely challenged the old paradigm and have forced its competitors to think. The irony is that only Public sectors banks are being moved by such moves while private sector banks are almost reluctant to do so. This is the time when issues which are clearly visible should be solved in the interest of general public. While risk control is important but it is also important to reward the customer with good track record even if they have taken loan from private banks.

Is someone Listening????


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