News SBI cuts home, auto loan rates by 5bps

[Technoglitch]

State Bank of India (SBI) on Thursday announced a reduction of interest rates on home and automobile loans by five basis points (bps).

As a result, SBI’s home loan rates will be 8.30% for loan upto Rs 30 lakh - the lowest in the industry and its car loan rates will be 8.7%. Home loan rates have been reduced for 5 bps across all brackets, SBI said in a statement. Car loan amount ranges from 8.70% to 9.20% compared to earlier range of 8.75% to 9.25% . “The exact rate depends on the amount of loan and the credit score of the individual,” the statement said.

The new rates came into effect from November 1, 2017.

Only new customers will be benefited from the rate reduction, as the lender has not reduced its marginal cost of fund based lending rate (MCLR), which is at 8%.

SBI cuts home, auto loan rates by 5bps - The Hindu

 

[Aviral Sangal]

I don't think this will make much of difference. You can always get discount of 0.05% if you bargain much.

 

[scorpionking76]

This cut will improve your loan amount by 5% as well for new customers.

 

[Sanjeev]

Atleast SBI is deducting the loan rates by some points others are adamant they still are stuck to the same rate and SBI is giving in minimum rate as compared to private banks

 

[Technoglitch]

Just now saw an interview of sbi chairman on channel news asia in which she said sbi also considers customers

 

[scorpionking76]

Just now saw an interview of sbi chairman on channel news asia in which she said sbi also considers customers

For what ?

 

[Technoglitch]

For what ?

launching products with sweet deals and cash back kind of offers