Several bank branches to remain open on May 8 to accept LIC IPO applications

The government-owned State Bank of India (SBI) announced on Friday that all branches will remain open on May 8 to accept applications for the LIC IPO, a day after the RBI directed all ASBA designated branches to remain open for the mega IPO on Sunday.

LIC recently announced special loan offers to its employees in order for them to participate in the IPO.

SBI is offering LIC employees a personal loan of up to 20 lakh rupees, or 90 percent of the purchase price of shares, whichever is less, at a special rate of 7.35 percent, which is lower than the three-year marginal cost of lending rate (MCLR) of 7.4 percent.

In addition, SBI has waived the processing fee for LIC employees on their five-year loan, with a margin of 10% of the loan amount with no security or guarantee.