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SBI cuts loan rates, others set to follow

NEW DELHI: Here’s some good news for borrowers. India’s largest bank, State Bank of India, has cut its prime lending rate by 0.25 percentage point to 12.50%. This will result in lower interest rates on all loans offered by it, including housing and consumer loans. Now that SBI has done so, other banks are likely to follow.

SBI’s decision will also benefit existing home loan borrowers who have borrowed at floating rates. Interest rates on floating rate loans will be reduced by 0.25 percentage point.

In the last few days, Canara Bank, Allahabad Bank, HDFC and PNB Housing Finance have cut housing loan rates by 0.25-1 percentage points.

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