State Bank of India's new plan to provide loans atattractive interest rates

State Bank of India's new plan to provide loans atattractive interest rates

Head of the holiday season, State Bank of Indiaannounced a special credit auto loan offersattractive interest rates.

The bank has decided to launch a product of new car loan, which charged Rs 1700 of the EMI on a loan of Rs 1 lakh, an interest rate of 11.5percent.

"We are seeing an attractive product for the car loan, with which EMI will be R 1700 per lakh. Ifsomeone took a loan of Rs 3 lakh, then it will pay about 5000 rupees as the cost," SBI chairmanPratip Chaudhuri said.

SBI said enough fun with loans

"Interest will be calculated on daily balance," he said.

Asked about the right edition of R 20 000 million rupees to fund its expansion plans, Chaudhurisaid, "It's a lot there and what should happen next month or more."

He said, lending rates continue to remain as a result of an inflationary spiral upward.

"Interest rates are likely to remain high becauseof high inflation ... So far, inflation is high, the Reserve Bank is struggling to lose interest," he said.

Describing the pre-stage anti-thin-client, the Chairman of SBI said the bank had alreadyrenounced the death penalty in floating loans two months ago.

"We believe (prepayment penalty) is a stepagainst the customer. We do not treat ourcustomers as hostages and to save more (so they can move to another bank in which a lower price of the loan ) "said.

Chaudhuri exudes confidence that the bank couldget a good rate of growth of deposits and advances in the current year on the back of this country is expected to grow 8 percent of GDP.