The country's largest lender, State Bank of India, on Wednesday reduced interest rates on home and other retail loans by 0.5-1 % for different maturities as part of its festival offer.
The proposed rates are applicable for all new loans sanctioned on or after October 8 and is valid up to December 31, the Bank said here in a statement.
SBI Home loans are now cheaper by 0.50-1 % depending on loan maturities and amount of loan. The bank also gives discount if the salary account is with the SBI and further discount if a higher margin is available.
The interest rates on new car loans and two-wheeler loans have been reduced by 1 % depending on the amount and maturity of loan.
Loans for new car loans will now be available on interest rates of 11-12 % depending on the loan amount, maturity and type of loans.
Similarly, the personal loans are now cheaper by 0.50-1 %. Additionally, SBI is offering 50 % concession in processing charges on all the personal segment loans.
SBI has also reduced interest rates for small time road transport operators in SME sector by 1-2 % on the existing rates. The applicable rates will now be in the range of 10-12.25 % for various loan maturities, it said.
The festival offer has also been extended to farm mechanization loans (tractors, power tillers, combine harvesters, etc.) by reducing interest rates ranging from 1-2 % with immediate effect.
Source: Financial express