SBI Loan Update: In a major move, the State Bank of India (SBI) has reduced interest rates on various loans after the RBI cut the repo rate by 25 basis points. This is the first rate cut in five years, and it brings big relief to borrowers. Home loans, auto loans, and business loans are now more affordable, especially for those with a good credit score.
Home Loans Now More Affordable
SBI has slashed home loan rates linked to the External Benchmark Rate (EBR). The new rates range between 8.25% and 9.2%, depending on the borrower’s credit profile. For the Home Loan Maxgain (Overdraft) option, rates start at 8.45%. Top-up loans are available from 8.55%, while loans against property come at 9.75% to 11.05%. Senior citizens can benefit from reverse mortgage loans at a fixed rate of 11.3%.
Auto Loan Rates See a Dip
SBI’s auto loan rates are linked to the one-year MCLR, which stands at 9%. Standard car loans now range from 9.2% to 10.15%, while loyalty car loan schemes offer slightly lower rates of 9.15% to 10.1%. For eco-conscious buyers, the SBI Green Car Loan for electric vehicles starts at 9.1%. Two-wheeler loans are priced between 13.35% and 14.85%, with a 0.5% discount for electric vehicles.
Business Loans and Other Offers
Business loans linked to MCLR will see a reduction only if deposit rates are cut. Meanwhile, SBI’s YONO Insta Home Top-up Loan is available at 9.1%, making it a great option for quick funds.
Who Benefits the Most?
This rate cut benefits new borrowers the most, especially those with high credit scores. Whether you’re planning to buy a home, a car, or expand your business, SBI’s revised rates make loans more accessible. Check your eligibility and grab this opportunity to save big on interest!
