SBI cuts interest rates 8.30% and 8.70% on House loans, Car loans. The State Bank of India has reduced its interest rates on house, car, auto. The bank has the lowest interest rate on home loans by five basis points (bps) to 8.30% per annum the lowest price for home loans in the market.
State Bank of India said for home and car loans reduced interest rates. To increase retail debt, home and auto loans will be reduced by five basis points. SBI said home loans would be 8.30 per cent and 8.70 per cent respectively.
The interest rates will apply to all eligible customers, with an annual rate of 8.30 percent for loans up to Rs 30 lakh, the bank said. Interest rates on car loans are between 8.70% and 9.20% annually. Earlier this range was between 8.75 percent and 9.25 per cent.
SBI said that the actual rate of loan depends on the individual credit score. The interest rates will come into effect from November 1, 2017. SBI has also reduced interest rates by 25 basis points for maturities. The Bank also lowered interest rates on fixed deposits for the current year. The bank said its interest rate was 6.25 percent, up from 6.5 percent earlier.
The Car, auto loans with the bank now offered at 8.70% per annum from 8.75% previously. For home loans at an interest rate now 8.30 percent previously 8.35 percent.
The effective interest rate for all eligible salaried customers will be 8.30 percent for (home) loans up to Rs. 30/- lakh. Eligible for home loan customer can also avail of an interest subsidy of Rs. 2.67/- lakh under the Pradhan Mantri Awas scheme. With this reduction, SBI’s offering lowest loan interest the market. The new rates will be effective from 1st November 2017.
Apply for SBI loan online Here interest rates 8.30% and 8.70% on House loans, Car loans