Home, study loans become cheaper

For a loan of Rs 400,000, the interest rate has been reduced by 25 bps to 11.75 per cent, while for loans between Rs 4 lakh and 750,000, the rate reduction is 100 bps to 12.50 per cent.
And, for the loans of above Rs 750,000, rates have been cut 25 bps to 12.25 per cent.
SBI also offers a concession of 50 bps on interest rates for loans given to female students.
Education loans, which constitute about seven per cent of SBI’s Rs 1.75-lakh-crore (Rs 1.75 trillion) retail portfolio, saw a growth of 14.17 per cent as of December-end.
Another state-run lender, Central Bank of India, has announced a reduction of 25-50 bps on home loan rates to boost credit demand, which has seen a slow growth in the current financial year.
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