State Bank of India provides a large variety of loans to the customers and the rates of the loans vary drastically from one variant of the loan to the other.
The different types of loans and the SBI loan rates applicable are given below.
- Home loan: SBI offers home loans for buying, repairing, renovating, extending and other a new or old house. The loans are also extended for the purpose of construction of a new home or even acquiring land. The interest rates can be floating as well as fixed. For initial years the rate of interest is fixed and then it gets converted to floating rates (if the borrower wants and this generally happens after 3 years). For first two years the rates are 8% and 9% in first and second year respectively. Third year if floating rates are chosen, it will be 2% below SBAR and 1% below SBAR if fixed is chosen. Interest rate can vary depending on the loan amount.
- Personal Loan: The rates are 0.25% above SBAR and is generally 12.00% p.a.
- Car loan: It can vary from 8% fixed to 10.5% fixed but can vary as per the car model and the market fluctuations. In case of overdraft, it can be as high as 12.00% p.a.(for new cars). For used cars, the rates are even higher and can shoot up to 15.00% p.a.
Please note that the rate of interests of the SBI loan rates mentioned here are updated from the SBI's official site and can change at the discretion of the bank.