SBI reduces interest rates by 0.4%!
Posted on: 30/Sep/2015 8:49:42 AM
Following Reserve Bank of India announcement about reduction of interest for short-term loans by 0.5%, SBI has immediately followed suit by extending this by reducing its interest to the clients by 0.4%.
Following this, SBI has reduced its interest rate by 0.4% - the interest rate has come down from the existing 9.7% to 9.3%.
On this basis, the interest rates for all types of loans including housing loans, vehicle loans, etc has been reduced by 0.4%.
This reduction will be effective from 5th October morning.
As a sequence, other banks have also started announcing reduction in interest rates. Andhra Bank has reduced the basic interest rate by 0.25%. It has announced that the interest rates will be 9.75% from 29th September.
