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SBI lowers interest rates on several new retail, biz loans

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MUMBAI: State Bank of India (SBI) has reduced interest rates on several new retail and business loans linked to external benchmarks, following the RBI’s recent repo rate cut.
Home loans tied to the External Benchmark Rate (EBR), now at 8.9% (RBI repo rate of 6.25% plus a 2.65% spread), are available at 8.25% to 9.2% depending on the borrowers credit score. The home loan maxgain (overdraft) option ranges from 8.45% to 9.4%. Top-up loans are priced between 8.55% and 11.05%, while top-up (overdraft) loans range from 8.75% to 9.7%. Loans against property carry rates from 9.75% to 11.05%, and reverse mortgage loans for senior citizens are fixed at 11.3%. The YONO insta home top-up loan is offered at 9.1%. Rates vary based on the borrower’s Cibil score.
According to bankers, business loans are linked to the marginal cost of funds and will decline only when deposit rates fall. Last week, HDFC Bank hiked its MCLR despite the RBI rate cut.
SBI’s auto loans are also linked to the one-year marginal cost of funds-based lending rate (MCLR), currently at 9%, and are likely to decrease only when deposit costs decline. Standard car loans, including the SBI car loan, NRI car loan, and assured car loan scheme, range from 9.2% to 10.15%.
Under the loyalty car loan scheme, rates are slightly lower at 9.15% to 10.1%, depending on the borrower’s credit profile.
The SBI green car loan is available at 9.1% to 10.15% for electric vehicles. Two-wheeler loans are priced between 13.35% and 14.85%, with a 0.5% concession for electric vehicles. These changes reflect SBI’s strategy to offer competitive rates while promoting sustainable vehicle choices.

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