SBI Slashed Home, Auto Loan Rates


Bangalore: Largest bank of India, SBI has slashed the home loan rate by 0.60 percent and auto loan rate by 0.50 percent, which going to take effect from August 7, though SBI has not yet announced whether this change will be applicable for the existing customers.

SBI has reduced interest rate on home loans of up to 30 lakh to 10.25 percent from existing 10.50 percent (after 0.25 percent concession over the card rate), a senior bank official said. On the home loans of beyond Rs 30 lakh but less than 75 lakh, the new rate will be 10.40 percent against the existing 10.75 percent, down 0.35 percent.

The new rates will be effective from August 7, the official added. The base rate or minimum lending rate of SBI stands at 10 percent. Base rate is the benchmark rate below which a bank cannot lend. With regard to the car loan, the reduction is to the extent of 0.5 percent.