New Delhi
Loans from the country’s largest bank, State Bank of India, will become cheaper by half a percentage point from June 29, with the bank cutting its Benchmark Prime Lending Rate (BPLR) by 50 basis points from 12.25% per annum to 11.75%. Other banks are expected to follow suit within a week.
SBIs new rate will be passed on to all its existing customers who took home, education and personal loans at floating rates.
However, clients who availed of a special offer by the bank under which they are charged only 8% interest rate on home loans and 9% on education loans for the first year, will continue to pay the same rates.