SBI cuts interest rates for home, auto loans by 5 basis points
India’s largest state-owned lender State Bank of India (SBI) said it has reduced interest rates for retail loans in order to boost lending.
The bank has cut the interest rate on home loans by 5 basis points (bps) to 8.30% per annum—the lowest rate for home loans in the market. The new rate is effective 1 November.
The auto loans with the bank are now offered at 8.70% per annum from 8.75% previously.
At 9.40am, the shares of SBI were trading 1.02% lower at Rs316.55 on the BSE, while the Sensex was flat at 33,599.69 points.