SBI Personal Loan: The country’s largest lender, State Bank of India (SBI), has reduced its lending rate by 0.25 per cent, passing on the benefit of the Reserve Bank’s policy repo rate cut 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 Reserve Bank’s policy repo rate cut to its customers. After this cut, taking loans will become cheaper for both existing and new borrowing customers of SBI.
With this new cut, SBI’s repo-linked lending rate (RLLR) will come down by 0.25 percent to 8.25 percent. According to the information available on the SBI website, the bank has reduced the ‘External Standard Based Lending Rate’ (EBLR) by 0.25 percent to 8.65 percent. The revised rates will become effective from April 15, 2025.
This cut in interest rate comes 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 reduced 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, the interest rate for a period of one to two years 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 reduces interest on savings account
Meanwhile, private sector HDFC Bank has reduced the interest rate on savings accounts by 0.25 percent to 2.75 percent, which is the lowest among other private sector banks. According to the HDFC Bank website, the interest rate for deposits of more than Rs 50 lakh is now 3.25 percent as against 3.5 percent. This reduction in rate 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Public sector Bank of India has withdrawn its 400-day special deposit scheme, which offered 7.3 percent interest. Mumbai-based Bank of India has announced a cut of 0.25 percent in its home loan interest rates, which will benefit both new and existing customers.
Apart from home loans, Bank of India has also cut interest rates by .25 percent on select existing retail loan products including vehicle loans, personal loans, loan against property, education loans and star reverse mortgage loans.
