SBI cuts home and auto loan interest rates, effective from Nov 1
New Delhi : Good news for all those who are planning to buy a new home or car as State Bank of India (SBI) has cut down loan interest rates.
The bank has reduced home loan interest rates by 05 basis points to 8.30% per annum. Similarly, its auto loan will now be offered at a starting interest rate of 8.70% per annum compared to the earlier 8.75%.
With this, SBI's home loan offering stands at the lowest in the market. The new reduced rates will come into effect from November 01, 2017.
The effective interest rate for all eligible salaried people will be 8.30% per annum for loans up to Rs 30 lakh.
For car loan customers, the loan amount now ranges from 8.70% per annum to 9.20% per annum compared to earlier the range of 8.75% to 9.25% pa.
In a statement SBI MD PK Gupta said, "SBI has always been at the forefront in the passing the benefit to customers. With this reduction in rates, we are offering the lowest rates for most of our product offerings in retail loans."