Personal Loan: Taking a loan from SBI has become cheaper, interest rate is reduced by 0.25% in one stroke, know the latest rates
SBI Personal Loan: The country's largest lender State Bank of India (SBI) has reduced its lending rate by 0.25 percent, giving the benefit of the reduction in the policy repo rate of the Reserve Bank to its customers.
SBI Personal Loan: The country's largest lender State Bank of India (SBI) has reduced its lending rate by 0.25 percent, giving the benefit of the reduction in the policy repo rate of the Reserve Bank to its customers. After this reduction, taking loans will become cheaper for both existing and new borrowing customers of SBI.
With this new reduction, SBI's repo linked lending rate (RLLR) will be reduced by 0.25 percent to 8.25 percent. According to the information available on SBI's website, the bank has reduced the 'External Standard Based Lending Rate' (EBLR) by 0.25 percent to 8.65 percent. The revised rates will be effective from April 15, 2025.
This reduction in interest rate has been done after the Reserve Bank cut the key interest rate by 0.25 percentage points for the second consecutive time last week. Along with this, SBI has also cut the interest rates on deposits by 0.10-0.25 percentage points. The new rates will be effective from April 15.
Now for fixed deposits up to Rs 3 crore for a period of one to two years, the interest rate will be reduced by 0.10 percent to 6.70 percent, while deposits with a maturity period of less than two years to three years will get 6.90 percent interest instead of seven percent.
HDFC Bank cuts interest on savings accounts
Meanwhile, private sector HDFC Bank has reduced the interest rate on savings accounts by 0.25 per cent to 2.75 per cent, which is the lowest among other private sector banks. According to HDFC Bank's website, the interest rate for deposits above Rs 50 lakh is now 3.25 per cent as against 3.5 per cent. This rate cut is effective from April 12.
Bank of India also changed rates
Public sector Bank of India has withdrawn its 400-day special deposit scheme, which offered 7.3 per cent interest. Mumbai-based Bank of India has announced a 0.25 per cent cut in its home loan interest rates, benefiting both new and existing customers.
Apart from home loans, Bank of India has also cut interest rates by 0.25 per cent on select existing retail loan products including vehicle loans, personal loans, loan against property, education loans and Star Reverse Mortgage Loans.
