SBI slashes rate on car loans to 10%
NEW DELHI: After cutting its home loan rate by almost 3 percentage points to 8%, the country's biggest bank, State Bank of India has cut its car loan rate also by 1.5 percentage points to 10% under the floating interest rate scheme. The bank also announced massive cuts of up to 6.5 percentage points in interest rates to farmers against their produce, bringing the new rate to 8%. The reduction in the car loan rate should act as a major boost to the auto industry, which had been facing a slowdown compounded by high interest rates. "As SBI is ...

