SBI Reduces Interest Rates on Retail and Business Loans
State Bank of India (SBI) has announced a reduction in interest rates for several new retail and business loans that are linked to external benchmarks. This decision follows the Reserve Bank of India's (RBI) recent repo rate cut, signaling a move to make borrowing more affordable.
Home Loan Interest Rates
Home loan rates tied to the External Benchmark Rate (EBR), which is currently at 8.9% (RBI repo rate of 6.25% plus a 2.65% spread), will now range from 8.25% to 9.2%. The specific rate will depend on the borrower's credit score.
Here’s a breakdown of the home loan rates:
- Home Loan (EBR-linked): 8.25% to 9.2%
- Home Loan Maxgain (Overdraft): 8.45% to 9.4%
- Top-Up Loans: 8.55% to 11.05%
- Top-Up (Overdraft) Loans: 8.75% to 9.7%
- Loans Against Property: 9.75% to 11.05%
- Reverse Mortgage Loans (Senior Citizens): Fixed at 11.3%
- YONO Insta Home Top-Up Loan: 9.1%
Business Loan Interest Rates
According to bankers, interest rates on business loans are linked to the marginal cost of funds and will only decrease when deposit rates fall. Last week, HDFC Bank increased its MCLR despite the RBI rate cut, indicating that adjustments may vary across banks.
Auto Loan Interest Rates
SBI's auto loans are linked to the one-year marginal cost of funds-based lending rate (MCLR), currently at 9%, and are also likely to decrease as deposit costs decline. Standard car loans, including SBI Car Loan, NRI Car Loan, and Assured Car Loan Scheme, will range from 9.2% to 10.15%.
The Loyalty Car Loan Scheme offers slightly lower rates, ranging from 9.15% to 10.1%, depending on the borrower's credit profile. For customers interested in environmentally friendly options, the SBI Green Car Loan is available at 9.1% to 10.15% for electric vehicles.
Two-Wheeler Loan Interest Rates
Two-wheeler loans are priced between 13.35% and 14.85%, with a 0.5% concession for electric vehicles. This reflects SBI's commitment to promoting sustainable transportation options.
Disclaimer: The views and investment tips expressed in this article are for informational purposes only and do not represent financial advice. The views expressed are those of the sources cited and not necessarily those of this website or its management. Investing in equities or other financial instruments carries the risk of financial loss. Readers must exercise due caution and conduct their own research before making any investment decisions. We are not liable for any losses incurred as a result of decisions made based on this article. Please consult a qualified financial advisor before making any investment.
0 comments:
Post a Comment