The country's largest bank has cut its auto loan rate almost a week after the Reserve Bank of India announced a cut in the repo rate.
SBI cut its car loan rate by 25 bps to 11.25 per cent, which would it among the cheapest no offer.
Last Tuesday, the RBI had cut its repo rate by 50 bps and SBI had then said that it will review its lending rates after taking into account the cost of its loans.
Since then, many banks have reduced their lending rates, including
PNB and ICICI Bank. With SBI now cutting its rates, many other banks are expected to follow suit.
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