State Bank of India (SBI) has reduced interest rates on several new retail and business loans linked to external benchmarks. Home loans tied to the External Benchmark Rate (EBR), now at 8.9% (RBI repo rate of 6.25% plus a 2.65% spread) Top-up loans are priced between 8.55% and 11.05%, while top-up (overdraft) loans range from 8.75% to 9.7%. Loans against property carry rates from 9.75%, and reverse mortgage loans for senior citizens are fixed at 11.3%. The YONO insta home top up loan is offered at 9.1%. Rates vary based on the borrower’s Cibil score. According to bankers, business loans are linked to the marginal cost of funds and will decline only when deposit rates fall. Last week, HDFC Bank hiked its MCLR despite the RBI rate cut. The changes reflect SBI’s strategy to offer competitive rates while promoting sustainable vehicle choices. The SBI green car loan is available at9.1% to 10.15% for electric vehicles. Two-wheeler loans arepriced between 13.35% and 14.85%, with a 0.5% concession for electric cars.
