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19 January, 2018 03:20 IST
State Bank of India reduces retail loan rates by 5 bps
Source: IRIS | 02 Nov, 2017, 10.07AM
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State Bank of India (SBI), the largest public sector bank in India has taken another leap to give further boost to the retail loan by reducing home loan and auto loan by 5 bps. The bank has reduced Home Loans interest rates by 05 basis points to 8.30% per annum. Similarly, Auto loan is now offered at a starting interest rate of 8.70% per annum compared to earlier from 8.75%. 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.

P K Gupta, MD, Retail and Digital Banking, (Q,N,C,F)* SBI said ''SBI has always been at the forefront in the passing the benefit to the customers. With this reduction in rates, we are offering lowest rates for most of our product offering in the retail loans. Lower rates along with wide distribution network & use of digital technology to enhance customer experience is a perfect package for any retail loan customer.''

The effective interest rate for all eligible salaried customers will be 8.30% per annum for loans upto Rs. 30 lacs. Rates have been reduced by 5 bps point in all the brackets. Over and above of 8.30% rate, an eligible home loan customer can also avail of an interest subsidy of Rs. 2.67 lacs under the Pradhan Mantri Awas Yojana scheme. 

For car loan customer, the loan amount ranges from 8.70% per annum to 9.20% per annum compared to earlier range of 8.75% to 9.25% PA. The exact rate depends on the amount of loan and the credit score of the individual.

Shares of the company declined Rs 3.9, or 1.22%, to trade at Rs 315.90. The total volume of shares traded was 242,910 at the BSE (9.59 a.m., Thursday).

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