SBI cuts loan rates, others set to follow

NEW
DELHI: Here's some good news for borrowers. India's biggest bank, State Depository Financial Institution of
India, have cut its premier loaning charge per unit by 0.25 per centum point to 12.50%. This
will consequence in less involvement rates on all loans offered by it, including
housing and consumer loans. Now that SBI have done so, other Banks are likely to
follow. SBI's determination will
also profit existent place loan borrowers who have got borrowed at floating rates. Interest rates on floating charge per unit loans will be reduced by 0.25 percentage
point. In the last few days,
Canara Bank, Allahabad Bank, HDFC and PNB Housing Finance have got cut lodging loan
rates by 0.25-1 per centum points.