Wednesday August 15, 2018
Home Business SBI reduces l...

SBI reduces lending rates on home and vehicle loans

0
//
47
Loans
SBI reduces lending rates on home and vehicle loans
Republish
Reprint

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

In a statement issued here the bank said, it has reduced home loan interest rates to 8.30 per cent. Similarly, automobile loan is now offered at a starting interest rate of 8.70 per cent per annum compared to earlier 8.75 per cent.

With this reduction, SBI’s offering in home loan is the lowest in the market. The new rates will be effective from November 01, the SBI claimed. The effective interest rate for all eligible salaried customers will be 8.30 per cent per annum for loans upto Rs 30 lakh.

Rates have been reduced by five bps in all the brackets. Over and above of 8.30 per cent rate, an eligible home loan customer can also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme.

For car loan customers, the loan amount ranges from 8.70 per cent per annum to 9.20 per cent per annum compared to earlier range of 8.75 per cent to 9.25 per cent. The exact rate depends on the amount of loan and the credit score of the individual.(IANS)

Click here for reuse options!
Copyright 2017 NewsGram

Next Story

SBI Launched MOPAD For Digital Convenience Of Customers And Merchants

MOPAD allows the customer to make payments through "Cards, Bharat QR, UPI and SBI Buddy (e-wallet)" on a single PoS (Point of Sale) terminal.

0
"This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.". Flickr

Lending major State Bank of India (SBI) on Wednesday launched a Multi Option Payment Acceptance Device for digital convenience of customers and merchants.

According to the lending major, MOPAD allows the customer to make payments through “Cards, Bharat QR, UPI and SBI Buddy (e-wallet)” on a single PoS (Point of Sale) terminal.

“MOPAD will help merchants to integrate different kinds of transaction through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow,” SBI Chairman Rajnish Kumar was quoted as saying in a statement.

As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner. Flickr
As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner. Flickr

“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”

Also Read: SBI reduces lending rates on home and vehicle loans

As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner.

Currently, SBI has deployed 6.23 lakh PoS terminals. (IANS)

Next Story