Press Esc to close
Saturday 28 February 2015
News updated at 2:30 AM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

SBI, HDFC Bank cut lending rates by 5 to 50 basis points

Mumbai, Jan 30, 2013 (PTI):
File photo

The country's premier lender State Bank of India (SBI) and the private sector HDFC Bank on Wednesday announced a cut in lending rates, taking a cue from the central bank's announcement of policy rate cut at its review meeting on Tuesday.

SBI informed BSE that it is effecting a cut of 5 basis points (bps) each in both base rate (BR) and benchmark prime lending rate (BPLR) effective from February 4, 2013 at its Liability-Asset meeting on Wednesday, while HDFC Bank decided to reduce auto loan rates by up to 50 basis points (bps) effective February 1. One basis point is equivalent to one-hundredth of a percentage point.As such, SBI's base rate now stands revised to 9.7 percent from the existing 9.75 percent per annum and BPLR to 14.45 percent from 14.50 percent earlier.

HDFC auto loan

Further, private sector lender HDFC Bank chose to prune auto loan rates by up to 50 bps. Effectively lending rates for other borrowers including SME and corporates remains the same.

With this, HDFC Bank's interest rate on car loan will be lower by 25 bps and for two-wheelers it will be cheaper by 50 bps, while in the case of commercial vehicles too, the reduction in the lending rate will be 25 bps, said a top official from the Bank headquartered in Mumbai.

HDFC Bank will now offer the car loan ranged between 10.5 to 11.5 per cent for 36 to 60 months tenure as against 10.75 to 11.75 previously, that is prior to the RBI's announcement of rate cut.

Similarly, post-rate cut the interest rate on two-wheeler loans would be adjusted to between 19.25 to 22.25 per cent, while on commercial vehicles, the rate on heavy commercial vehicle will be down by 25 bps to 11 percent and for light commercial vehicle will be reduced to 13.75 per cent.


Go to Top

Photo Gallery
A performance by the Gurkha Band of the British Army at the Queen's Birthday Party

A performance by the Gurkha Band of the British Army at the Queen's Birthday Party

Railway Minister Suresh Prabhu in the Rajya Sabha during Budget Session

Railway Minister Suresh Prabhu in the Rajya Sabha during Budget Session

RJD chief Lalu Prasad Yadav performs ritual at the marriage of his daughter Raj Laxmi with Tej Prat

RJD chief Lalu Prasad Yadav performs ritual at the marriage of his daughter Raj Laxmi with Tej Prat

Activists shout patriotic slogans as they pay tributes to the freedom-fighter Chandrashekhar Azad

Activists shout patriotic slogans as they pay tributes to the freedom-fighter Chandrashekhar Azad

Foreign delegates pose for a group photo at Parliament House

Foreign delegates pose for a group photo at Parliament House

Swine Flu vaccination program at a school in Bikaner

Swine Flu vaccination program at a school in Bikaner

Social Activist Anna Hazare addresses farmers protesting against the Land Bill in Meerut

Social Activist Anna Hazare addresses farmers protesting against the Land Bill in Meerut

Crime Branch seizes fake currency worth more than Rs 2.5 Lakhs

Crime Branch seizes fake currency worth more than Rs 2.5 Lakhs

Memebers in the Lok Sabha during the Budget session

Memebers in the Lok Sabha during the Budget session

Students march and light flares during the second day of student strike in Madrid, Spain...

Students march and light flares during the second day of student strike in Madrid, Spain...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523