[sbinews] SBI home, education, car loans cheaper by 0.25% (Economic Times)
- From: "Rajendra S. Pai" <rajendra.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Tue, 13 Jan 2004 09:20:50 +0530
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SBI home, education, car loans cheaper by 0.25%
(Ecnonomic Times)
PTI[ SUNDAY, JANUARY 11, 2004 12:08:27 PM ]
MUMBAI: State Bank of India has entered the new year with a bang by reducing
interest rates on housing, education and car loans by 0.25 per cent.
"The revised housing loan floating rate for a tenure of upto five years
would be 7.5 per cent (earlier 7.75 per cent)", a senior SBI official told
PTI here today.
The floating rate would be 8.00 per cent (8.25 per cent) and 8.25 per cent
(8.5 per cent) for 5- upto 15 years and 15- upto 20 years respectively, he
said.
The fixed interest would be higher by 0.25 per cent compared to floating
rates, he added.
Union Bank of India had last week hiked the interest rates for home loans by
0.5 per cent across all maturities for both fixed and floating options.
In case of car loans, the customers can avail loans upto three years at
floating rate of 9.25 per cent (9.5 per cent) and for 3-7 years at 9.75 per
cent (10 per cent).
SBI had last reduced interest rates on housing and car loans with effect
from October one.
The SBI official said education loans of upto Rs four lakh and above Rs four
lakh would be charged an interest rate of 10.5 per cent (10.75 per cent) and
11.5 per cent (11.75 per cent) respectively.
The country's largest bank has already announced its benchmark prime lending
rate (BPLR) at 10.25 per cent, which was 0.25 per cent lower than its prime
lending rate, with effect from January one.
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