STOCK MARKET BSE NSE

SBH Cuts Base Rate to 10.05 per cent

Published: 04th May 2015 06:01 AM  |   Last Updated: 04th May 2015 09:35 AM   |  A+A-

HYDERABAD: State Bank of Hyderabad (SBH), has reduced its Base Rate to 10.05 per cent from 10.20 per cent with effect from May 1.

Banks cannot lend at interest rates lower than Base Rate and reduction in this rate implies lower interest rates on housing, car, education and other retail loans.

Following the Base Rate revision, SBH said it has also reduced interest rate on housing loans with effect from May 4. While loans up to `75 lakh will now have an effective 10.10 per cent interest, loans above `75 lakh will be given at 10.15 per cent as against 10.25 per cent.

The decision to revise rates was taken after SBH’s Asset Liability Management Committee met here on April 29. It may be noted that the RBI, which cut repo rates twice between January and March,  insisted that further correction in base rate will happen only when bankers pass on rate cut benefits to consumers. Consequently, several nationalized banks and private players have lowered the rates.

Stay up to date on all the latest Hyderabad news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp