SBI reduces lending rates on home and vehicle loans
IANS 02 November 2017
India's largest lender State Bank of India (SBI) on Thursday announced reduction of interest rates on home and automobile loans by five basis points (bps).
 
In a statement issued here the bank said, it has reduced home loan interest rates to 8.30 per cent.
 
Similarly, automobile loan is now offered at a starting interest rate of 8.70 per cent per annum compared to earlier 8.75 per cent.
 
With this reduction, SBI's offering in home loan is the lowest in the market. The new rates will be effective from November 01, the SBI claimed.
 
The effective interest rate for all eligible salaried customers will be 8.30 per cent per annum for loans upto Rs 30 lakh.
 
Rates have been reduced by five bps in all the brackets. 
 
Over and above of 8.30 per cent rate, an eligible home loan customer can also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme.
 
For car loan customers, the loan amount ranges from 8.70 per cent per annum to 9.20 per cent per annum compared to earlier range of 8.75 per cent to 9.25 per cent.
 
The exact rate depends on the amount of loan and the credit score of the individual.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article. 

 

Comments
S Hariharan
5 years ago
What about the proposed curtailing both withdrawals and credits and the heavy service charges from June?
anil anee
5 years ago
I dont have any documents but i have markscard my salary net 13272/- abd i have salary slip voter id pan card aadhar card i need to buy a new home please reply for anything
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