The public sector lender State Bank of Hyderabad (SBH) has reduced interest rates on retail loans like home loans and car loans, as part of its festive season campaign. The campaign was launched on September 17 and will be offered till December 31.
An associate bank of State Bank of India, SBH has cut interest rates by almost 50 basis points on all home and car loans products. In addition to this, processing charges on car loans has been waived off completely. Similarly, the processing charges on home loans have been slashed by 50 percent.
Interest rates on car loans taken for seven years duration have been brought down to 10.75 percent from 11.25 percent. Customers will now be paying an EMI of Rs. 1699 on every Rs. 1 lakh as compared to Rs. 1725 which they were paying till now.
In the home loans segment, for loans up to Rs. 30 lakh, the interest rates have been reduced to 10.50 percent from 10.75 percent. For loans taken for more than Rs. 30 lakh, the interest rate has been brought down to 10.50 percent from 11 percent. Customers will now be paying an EMI of Rs. 915 for loans of 30 years tenure as compared to Rs. 934 which they were paying till now.
The offer is applicable on all 1484 branches of the bank, which are spread throughout the country.