SBI slashes interest rates on retail loans

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Mumbai, Oct 10 (UNI) Amid speculations about a further CRR hike, country's largest public sector lender State Bank of India (SBI) today cut its interest rates on all loans.

The revised rates are applicable for home loans, car loans, two-wheeler loans and personal loans from October 8 and will be valid up to December 31, the bank said.

The rates for home loans have been cut by 0.50 per cent to one per cent, while car and two-wheeler loans have been reduced by one per cent depending on maturities.

With this, new car loans are now available at 11 per cent to 12 per cent depending on the loan amount.

Similarly, the personal loans will become cheaper by 0.50 per cent to one per cent.

This apart, the bank will also offer 50 per cent concession in processing charges on all the personal segment loans, it added.

For small road transport operators in SME Sector, the bank has reduced interest rates ranging from one per cent to two per cent, with which the rates will now be in the range of 10 per cent to 12.25 per cent for various loan maturities.

The rate cuts have been mooted as a festival offer and have also been extended to the farm mechanization loans. In this category, the rates have been cut in the range of one to two per cent, the bank said.


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