The State Bank of India (SBI) has reduced interest rates on loans for cars and consumer durables.
The processing charges have also been lowered during the festival season. SBI has slashed the interest rate on car loans by 0.2% points from 10.75 % earlier to 10.55 % now.Its processing fee used to be 0.51 % of loan amount or a minimum of Rs. 1,020.
This has now been reduced to a flat rate of Rs. 500.The bank has also launched a special festival loan for its salary account holders for the purchase of consumer durables and two-wheelers.
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