State Bank of India freezes interest rates @ 10% for a year

A good news for consumers, SBI freeze interest rates on new car loans at 10 per cent for a year. Now it's time for us to go for cheap car loans.

State Bank of India said on Friday it will freeze interest rates on new car loans at 10 per cent for a year.

The bank also slashed lending rate on credit to farmers against cold storage and warehouse receipts to 8 per cent, a bank release said.

The new rates will be applicable to all customers availing loans between February 23 and May 31, 2009, the bank said.

After the freeze-period, the rates will be reset at the applicable card rate contracted as on the date of sanction under the respective schemes, the bank said. Source: rediff.com