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SBI freezes new car, agri loan rates for 1 year

SBI freezes new car, agri loan rates for 1 year
PTI
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First Published: Fri, Feb 20 2009. 06 20 PM IST
Updated: Fri, Feb 20 2009. 06 20 PM IST
Mumbai: The country’s largest public sector lender, State Bank of India, or SBI, on Friday said it will freeze interest rates on new car loans at 10% for a period of one year.
The bank also slashed lending rate on credit to farmers against cold storage and warehouse receipts to 8%, a bank release issued here said.
The new rates will be applicable to all customers availing loans between 23 February and 31 May 2009, the bank said.
After the freeze-period, the rates will be reset at the applicable card rate contracted as on the date of sanction under the respective schemes, the bank said.
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First Published: Fri, Feb 20 2009. 06 20 PM IST
More Topics: SBI | Car Loan | Agriculture Loan | Credit | Money |