SBI cuts interest rate on home, auto loans

State Bank of India (SBI), country’s largest bank gave another boost to borrowers by offering home loans starting at 8.30 percent and auto loans at 8.70 percent.

In a bid to push retail loans, SBI cut both home loan and auto loan rates by 5 basis points.

The effective interest rate for all eligible salaried customers will be 8.30 percent per annum for loans upto Rs 30 lakh. For car loan customers, the loan amount ranges from 8.70 percent per annum to 9.20 percent per annum compared to earlier range of 8.75— 9.25 percent.

The exact rate depends on the amount of loan and the credit score of the individual, it added.

Other lenders including HDFC Ltd, ICICI Bank, Axis Bank and LIC Housing Finance among others are offering home loans at 8.35 percent.

(Agencies)

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