SBBJ cut interest rate on car loans by 1.50 %

New Delhi, Feb 26 (UNI) State Bank of Bikaner and Jaipur (SBBJ) today reduced the rate of interest on car loans for new vehicles by up to 1.5 per cent, which will be effective from March 1.

The bank, an associate of largest lender State Bank of India (SBI), also cut the rate of interest on Vishesh Vahan Yojana Scheme loans to State government employees by one per cent.

For repayment tenure of three years, the rate of interest on loan for Rs 7.50 lakh and above is reduced by 1.50 per cent lower than the benchmark prime lending rate (BPLR) to 11.50 per cent, bank said in a statement.

For loan below Rs 7.50 lakh, the interest rate is cut by one per cent below BPLR to 12 per cent.

The bank reduced the rate by one per cent for tenure of 3-7 years to 12 per cent per annum.

For repayment tenure of upto seven years under Vishesh Vahan Yojana Vehicles Loans to State government employees, the bank has cut rate by one per cent below BPLR to 12 per cent.

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