SBI CUTS HOME LOAN RATE, ICICI OFFERS OVERDRAFT

NEWDELHI:State Bank of India and ICICI Bank will reduce interest rates on loans and waive processing fees to cash in on the festive season.

SBI will offer home loans at 9.15%, and women borrowers will get it at 9.10%, the lowest in six years.

SBI has further slashed interest rates by 0.15% for its home loans up to ₹75 lakh, while ICICI Bank is offering overdraft facility along with home loan.

SBI Home Loans are cheapest in the market and provide an excellent opportunity for both new home buyers as well as those who wish to switch over their home loan to SBI to save on EMI, the bank said in a statement.

Another market major ICICI Bank is offering the salaried having an account with it, credit from ₹5 lakh going up to ₹1 crore against property owned by them.

The product, ‘ICICI Bank Home Overdraft’, will offer dual advantage of a term loan as well as an overdraft facility, the bank said in a statement.

“While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required,” it said.

Those buying the overdraft loan from the bank would be able to utilise the funds for their personal needs. WITH PTI INPUTS NEW DELHI: Electronic data breaches, such as the recent ATM hack that compromised more than 3.2 million debit cards, have turned costlier, Ponemon Institute-IBM said in a report.

The per capita cost of a compromised record in India went up by more than 75% in the past five years from ₹2,106 in 2012 to ₹3,704 this year, the report said.

India had the highest percentage of data leaks due to a system glitch, and the highest number of records compromised, though the per capita cost of a data breach was the lowest at $61 per record, the report said.

“What the numbers don’t talk about is the intangible loss that comes with these leaks,” said Vaidyanathan Iyer, Business Unit Executive at IBM in India. A company often ends up losing existing or potential customers, apart from running up costs for investigation, audit, crisis management and tech upgrades.

The cost depends on the industry as well as the nature of the information compromised. The Scorpene submarine leaks carried a price for national security. The recent leak that made public 500 million Yahoo user accounts, on the other hand, threatened individual security and damaged the company.