The public sector lender, State Bank of Hyderabad (SBH), has decreased its interest rates for retail loans segment by 75 basis points. The new rates will be applicable from August 21. The rate cut will be effective on new loan disbursals under floating rate.
The new rates for various loan products under the retail loans segment are as follows:
Home loans - For home loans up to Rs. 30 lakhs, interest rates have been slashed by 25 basis points, bringing down the rate to 11 percent. For loans above Rs. 30 lakhs, the interest rates have been reduced by 50 basis points to 11.50 percent.
Car Loans - The new interest rates on auto loans is 11.25 percent.
Gold Loans - For loans till Rs. 1 lakh, the new rate is 13 percent. On loans above Rs. 1 lakh, interest rates have been reduced to 13.25 percent.
An associate of State Bank of India, SBH has issued a statement saying that it will increase its focus on retail business in the current fiscal.