A) Canara Bank
B) Union Bank of India
C) Central Bank of India
D) Bank of Baroda
E) State Bank of India
Correct Answer: E
Solution :
India's largest lender. State Bank of India, on 1 February 2016, launched a FlexiPay Home Loan scheme for young working professionals, which gives borrowers an option to pay only interest during a three-five year moratorium period. The customer, there- after, will pay moderated Equated Monthly Installments (EMIs). The EMIs will be stepped up during the sub-sequent years, capturing payment of the principal component. FlexiPay Home Loan scheme is not a "teaser loan scheme" as loans under the new scheme would be given on floating rate basis from the very beginning. Teaser home loans are offered at a fixed low rate of interest in the initial years and are then adjusted to a higher floating rate for the remaining tenure.
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