SBI freezes new car loans @10% for a year

SBI said it will freeze interest rates on new car loans at 10% for a period of one year.

Written by Agencies | Mumbai | Published: February 20, 2009 7:51 pm

The country’s largest public sector lender,State Bank of India,said it will freeze interest rates on new car loans at 10 per cent for a period of one year.

The bank also slashed lending rate on credit to farmers against cold storage and warehouse receipts to 8 per cent,a bank release issued here said.

The new rates will be applicable to all customers availing loans between February 23 and May 31,2009,the bank said.

After the freeze-period,the rates will be reset at the applicable card rate contracted as on the date of sanction under the respective schemes,the bank said.

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