DNA Hindi: State Bank of India, one of the largest public sector banks, provides service to more than 47 crore customers today.
SBI has increased in some time and registered the highest profit ever. It is expected that SBI can expand its network to add more customers.
SBI provides self-help groups with a good interest rate loan facility of up to Rs 10 lakh to the customers without any collateral. It will end on March 2023.
SBI tweeted this saying, ‘SBI is empowering Self Help Groups (SHGs) with excellent benefits on credit facilities.’
SBI SHG Group Shakti Abhiyan Interest Rates:
- For loans up to Rs.3 lakh – Rural women groups of all districts – Interest rate – 7%
- Above Rs.3 lakh up to Rs.15 lakh – 1-year MCLR
- Above Rs 5 Lakh – For all SHGs – 9%
Avail of loan without collateral
According to SBI’s website, as of March 31, 2022, the bank has contributed Rs 24,023 crore to 8.71 lakh SHGs, of which women-led 91%.
The bank offers both term loans and cash credit limits to the SHGs.
State Bank of India extends loans to SHGs to help the groups meet all their credit requirements, including housing,
education, marriage and activities that generate wealth and social needs like credit exchange.
According to the RBI, the loan amount given to self-help groups under the DAY-NRLM program has been increased from Rs 10 lakh to Rs 20 lakh without collateral.
Banks can sanction SHGs for savings-linked loans per the operational guidelines issued by NABARD.
However, in the case of matured SHGs, the bank can give loans beyond the limit of four times the amount saved.
