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Defaulted on your SBI card? Here's help

By B S Reporter in Mumbai
November 04, 2008 11:24 IST
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SBI Card is planning to roll out a 'financial difficulty package' for customers who have been good at repayment, yet defaulted in the recent months owing to the difficult financial circumstances.

"We are planning to roll out a package which would include enhancement of the loan tenure and a downward revision of interest rates," said SBI Card CEO Diwakar Gupta.

Currently the interest charged by the company is between 3.1-3.35 per cent and the revised interest charged for the defaulters would be around 2.5 per cent. Commenting about the rising delinquencies, Gupta said the company is performing at par with industry standards.

"We are neither better nor worse off compared to the industry standards. Our delinquencies are in line with the industry average of around 15 per cent," he added.

Meanwhile, SBI Cards & Payments Services has tied up with Dena Bank to launch a co-branded credit card. State-run Dena Bank has a credit card holder base of 10,000 of which 6,000 are active.

"Banking and credit card management are different and our core competence lies in banking, so we decided to partner with a professional organisation for credit cards," Executive Director Bhaskar Sen said.

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B S Reporter in Mumbai
Source: source

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