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Loans to get cheaper, SBI, HDFC, Federal Bank cut lending rates

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Auto, home and corporate loans will become cheaper with banks, led by market leader State Bank of India (SBI), lowering the lending rates by up to 0.50 per cent in response to the easy money policy of the Reserve Bank. (Thinkstock) Auto, home and corporate loans will become cheaper with banks, led by market leader State Bank of India (SBI), lowering the lending rates by up to 0.50 per cent in response to the easy money policy of the Reserve Bank. (Thinkstock)
SummaryAuto, home and corporate loans will become cheaper with banks, led by market leader State Bank of India (SBI), lowering the lending rates by up to 0.50 per cent in response to the easy money policy of the Reserve Bank.

0.25 per cent last September following the two CRR cuts by RBI earlier.

The largest bank, has however, not cut its deposits rates as the banks asset liability committee felt its offering is among the lowest in the market at present, the official said.

"We are gaining around Rs 275 crore and passing around Rs 350 crore...this will have a very negligible impact on our margins," the SBI official said, adding the outstanding loans under the old benchmark prime lending rate will also go down by a similar 0.05 per cent.

A majority of bankers said they would transmit the benefits of the RBI rate cut.

Last month, HDFC Bank had reduced its base rate by 0.1 per cent to 9.7 per cent, the lowest in the market.

At the same time, the benchmark prime lending rate (BPLR) of the bank was also slashed by a similar margin to 18.20 per cent.

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