As per an article by Moneycontrol News, the State Bank of India has reduced interest rates on their home loans and auto loans by 5 basis points (bps) or 0.05 percentage points. This reduction has been implemented across all brackets (all tenures). This step is expected to boost the housing and vehicle loan market.
After this change, home loans by SBI will be offered at a starting interest rate of 8.30% and auto loans will be offered at a starting interest rate of 8.70% by the SBI. These rates will be effective from 1st November 2017. Prior to this reduction, home loans were offered at interest rates starting from 8.35% while auto loan were offered at interest rates starting from 8.75%.
This reduction makes SBI the lender which is handing out housing and auto loans at the lowest rates in the market. The last interest rate cut by SBI happened on Jan 1st, 2017.