SBI slashes interest rates on car, consumer goods loans

The State Bank of India (SBI) on Wednesday reduced interest rates on auto loans, slashed processing fees and launched consumer loan products for salaried employees, while Dena Bank lowered home loan and auto loan rates. The banks joined a clutch of other public sector banks that announced rate cuts to lure the customers in the ongoing festival season.
The country’s largest lender, SBI, has slashed interest rate on auto loans by 0.20 percentage points to 10.55% against the earlier 10.75%.
“Processing charge has also been cut from 0.51% of the loan amount with a minimum of Rs. 1,020 to a flat rate of Rs. 500,” SBI said in a statement.  tanu  pgdm 1st