India’s largest lender, SBI (State Bank of India) offers a wide range of financial products including home loans, car loans and education loans. These loans are linked to the MCLR or marginal cost of funds based lending rate. The interest rates vary from one loan to another depending on factors like the loan tenor and type among many others. For home loans up to Rs. 30 lakh, SBI offers interest rates between 8.35-8.40%.
For car loans, State Bank of India (SBI) offers interest rates between 8.90-9.40% as per reports. The present loan interest rates are based on the 1 year MCLR of 8.15% as per the website of the lender. The home loan category encompasses home loans, NRI home loan and home loan balance transfer.
8.35% is the interest for home loans up to Rs. 30 lakh in case of salaried female borrowers. The rates are 8.40% in case of loans up to Rs. 30 lakh for other borrowers. For non-salaried customers, rates range between 8.45-8.50% for loans up to Rs. 30 lakh. Interest rates are 8.45% for non-salaried female borrowers and 8.50% for other non-salaried applicants.
In case of car loans, the rates range between 8.9-9.4% as mentioned earlier. These are inclusive of NRI car loans, car loans, SME retail car loans which excludes fleet and taxi categories. 17.40% is the interest rate charged for two wheeler loans. 11.8% is charged as the rate of interest on superbikes.
In case of education loans, these include scholar loans, student loans and loans for studying abroad. The student loan scheme has SBI providing up to Rs. 10 lakh and Rs. 20 lakh for studying in India and abroad respectively. The interest rate for education loans up to Rs. 7.5 lakh is 10.15%. For loans above this amount, the interest rates will be 10.90%. There is a 0.50% concession on the rates of interest in case of female students. There is 1% as a concession for the entire loan tenor in case there is prompt servicing of the interest as applicable throughout the moratorium period inclusive of the duration of the course as per the bank’s policy.