SBI announces extension of special Home loans and Car loans rate till September 2009
Offers Home loans at 8% and Car loans at 10% for the first year
Tweet-- In order to stimulate growth in the real estate and the automobile sectors, the country’s largest Bank proactively slashed interest rates in February 2009 for Home Loans and Car Loans. The initiative has proved to be tremendously popular and has been instrumental in stirring the sluggish housing and automobile industry. Encouraged by the overwhelming market response to its schemes, SBI has decided to extend the concessional interest rate facility to 30th September 2009.
Accordingly, under the SBI Home Loan Scheme, new home loans sanctioned and disbursed up to September 2009 will be available at concessional rate of interest of 8% per annum for the first year and at the contracted applicable rate of interest thereafter. Similarly, under the SBI Lifestyle loan scheme, a top-up scheme for existing home loan customers, all loans sanctioned and disbursed up to September 2009 will be available at 8% for the first year and will be reset thereafter to the interest rate applicable on the home loan of the customer.
SBI Car loans sanctioned and disbursed up to September 2009 will be available at a concessional rate of 10% for the first year and at the usual prescribed rate thereafter.