SBI slashes interest rates on automobiles and consumer durables loans
Posted on: 10/Oct/2013 12:19:57 PM
After PNB, OBC and IDBI Bank, State Bank of India is the fourth bank to Bank to offer special interest rates for loans to buy automobiles and consumer durables like televisions, air conditioners and refrigerators. State Bank of India (SBI) today reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.The decision to cut interest rates on auto and consumer durable loans comes nearly a week after the government decided to pump in funds in PSU banks so that they can lower rates to stimulate demand in the targeted sector.According to the country`s largest bank, interest rate on car loan has been slashed by 0.20 per cent to 10.55 per cent against the earlier 10.75 per
Processing charge has also been cut from 0.51 per cent of the loan amount with a minimum of Rs 1,020 to a flat rate of Rs 500.The bank has also launched a special festival loan for its salary account holders for purchase of consumer durables and two-wheelers.
Attractive discounts are available under this offer resulting in effective interest rates starting from 12.05 per cent.
