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SBI cuts rates on home, auto loans
Mumbai
Sept. 30.
The State Bank of India has cut interest rates on home and auto loans by 0.25 to 1.5 per cent even as the bank has introduced new tenure brackets in housing segment effective from tomorrow to grow faster in the highly competitive retail sector.
``The revised floating rate for home loans of up to five years is 7.75 per cent (eight per cent earlier)'', a senior SBI official told PTI here today.
The SBI has done away with the bracket of 5-10 years and introduced new brackets of 5-15 years and 15-20 years, he said. The rate for 5-15 years would be 8.25 per cent (8.75 per cent) while that for 15-20 years has been revised to 8.5 per cent (9.25 per cent).
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