With festival season kicking in, more banks are now cutting interest rates on auto and consumer durable loans.
State Bank of India (SBI) has slashed interest rates on car, two-wheeler and consumer durable loans. Car loans will now be available at 10.55 per cent per annum. Processing charge has also been cut to a flat rate of Rs.500.
Indian Overseas Bank, which has launched a personal loan scheme for salaried class for purchase of consumer durables has slashed interest rates by 200 basis points from 15.25 per cent to 13.25 per cent. Corporation Bank and State Bank of Patiala have also slashed interest rates on retail and housing loans.