India’s largest public sector bank SBI reduced home and auto loans interest rate by 5 basis points. The new reduced interest rates by SBI are applicable from November 1, 2017.
SBI’s earlier interest rate on home loans was 8.35% and as per revisions, now an interest rate of 8.30 per cent will be applicable from now. This is claimed to be the lowest interest rate in the country.
The interest on home loans for all eligible salaried customers with 8.30 per cent rate is up to Rs. 30 lakh. An eligible customer under 8.30 % home loan interest can also take benefits of interest subsidy of Rs. 2.67 lakh under the Pradhan Mantri Awas Yojna.
Similarly auto or car loan interest which was 8.75 per cent earlier has now become 8.70 per cent after the new reduced interest rates by the SBI. Now the car loans for SBI customers ranges between 8.70 per cent to 9.20 per cent on annual basis. Earlier it was in the range of 8.75 per cent to 9.25 per cent.
SBI is the biggest commercial bank of India in all aspects such as in terms of assets, deposits, profits, branches, customers and employees. The deposit base of SBI bank is 26.02 lakh crore.
