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SBI Revises Home & Car Loan Interest Rates Effective from 1st November 2017

SBI updated it’s home loan & car loan interest rates on 2nd November 2017. This has been done post MCLR (Marginal Cost of Lending Rates) rate cut on the very first day of November month.

According to the officials, These rates may vary depending upon the amount of loan and the credit score of the borrower.

Bank has reduced home loan interest rates to 8.30% per annum while rates on auto loans has been lowered to 9.20% per annum. With this reduction, SBI’s offering in the home loan segment has become the lowest in the market as claimed by the banks. The new rates will be effective from November 01, 2017.

The effective SBI Home Loan rates for all eligible salaried customers will be 8.30 per cent per annum for loans up to Rs. 30 lakh. Rates have been reduced by 5 basis points (0.05 per cent) in all other loan brackets. Over and above of 8.30 per cent rate, an eligible home loan customer can also avail of an interest subsidy of Rs. 2.67 lakh under the Pradhan Mantri Awas Yojana Scheme.

However if you want to avail car loan, Interest rates ranges from 8.70% – 9.20% p.a compared to the earlier 8.75 – 9.25% p.a.

According to the officials, These rates may vary depending upon the amount of loan and the credit score of the borrower.