SBI announces home, auto loans at cheaper rates during festival season; other lenders likely to follow suit
FirstpostRecently, SBI reduced MCLR by 15 bps due to which overall home loan interest rate is now reduced by 35 bps since April 2019. Concession of 25 bps on interest rate if applied for car loan via digital platform; salaried customers can avail the loan up to 90% of the car’s on-road price pic.twitter.com/iVdGSEIsTR — CNBC-TV18 August 20, 2019 The country’s largest lender offered customers cheaper loans with added benefits such as waiver in processing fees, pre-approved digital loans and loans with no escalation in interest rates spread across various categories. The bank is offering lowest interest rate starting from 8.70 percent to customers opting for car loan, with no escalation in interest,” it said. Recently, SBI reduced marginal cost of funds-based lending rate by 15 bps due to which overall home loan interest rate is now reduced by 35 bps since April 2019.