Mumbai, Oct 10 India's largest public sector bank, the State Bank of India (SBI) Wednesday announced cut in interest rates on new loans for homes, automobiles and farm equipment as a festival season offer that runs till Dec 31 this year.
Home loan rates were lowered by 0.50-1.0 percent, depending on loan maturities and amount of loan. The bank is also offering a discount if the borrower has a salary account with it.
Interest rates for loans for cars and two-wheelers have been reduced by up to 1.0 percent, depending on the amount and maturity of loan. New car loans are now available at 11-12 percent.
Personal loans are also cheaper by 0.50 percent to 1 percent. The bank is also offering 50 percent concession in processing charges for personal loans.
The proposed rates are applicable to all new loans sanctioned on or after Oct 8 and are valid up to Dec 31, said a bank statement.
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