Loan rates lowered by SBI

Since RBI is stepping for 1% point cut on SLR (Statutory Liquidity Ratio), to compensate the advantage by this SBI has reduced loan rates on Home loans and Car loans.

A war can break out for rate cuts and attracting the retail customers among the banks as there has been decrease in the loans to the industry.

The interest rate on car loans by SBI has been reduced to 10.75 per cent as compared to 11.25 per cent earlier. If the EMI is designed for 7 years tenure, it is reduced to Rs. 1,699 per lakh instead of Rs. 1,725 earlier.

For home loans:-

Amount	New rate (%)	Old rate (%)
Up to 30 lakh	10.25	10.50
30 – 75 lakh	10.40	10.75
Beyond 75 lakh	10.40	11

The reduction on Home loans by India’s largest bank is 0.60% points and on car loans is 0.50 % points.