TIL Desk/Business/New Delhi/ Country’s largest bank SBI, gave another boost to borrowers by offering home loans starting at 8.30 percent and auto loans at 8.70 percent. In a major filip to push retail loans, SBI cut both home loan and auto loan rates by 5 basis points or 0.05 percentage points. Rates have been reduced by 5 bps point in all the brackets (all tenures).
With this reduction, SBI’s offering in home loan is the lowest in the market. The new rates will be effective from November 01, 2017, SBI said in a statement. 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.
